Tony O. Elumelu

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Biographical Information

"Tony O. Elumelu is a Nigerian-born banker, investor and philanthropist... Elumelu was the driving force behind the rise of United Bank for Africa, one of the very few financial services institutions...

"Elumelu is Founder and Chairman of Heirs Holdings Limited, an African proprietary investment company that focuses on creating economic prosperity and social wealth in Africa, via long-term investment in a number of sectors, including financial services, healthcare, natural resources, infrastructure, agriculture, real estate and oil and gas. He is also Founder of The Tony Elumelu Foundation, an Africa-based and -funded philanthropy, committed to the economic transformation of Africa by enhancing competitiveness and growth in the African private sector...

"In 2005, Elumelu made a career-defining move. He conceived and executed the merger of Standard Trust Bank and United Bank for Africa Plc, at the time Nigeria’s third largest bank, in the largest financial services transaction of its kind in sub-Saharan Africa positioned itself as a flagship in Nigerian banking industry and an African financial services leader....

"In 2010, the Boston Consulting Group named UBA as one of only 40 African champions, referring to African multinational corporations that have positioned themselves successfully in the global arena.

"In 2003, the government of Nigeria conferred on Elumelu the national honour of Member of the Order of the Federal Republic. In 2006, he was voted African Business Leader of the Year by Africa Investor. African Banker magazine voted him African Banker of the Year in 2008, the same year he completed a two-year term as President of the West African Bankers' Association. The following year, he was appointed by Nigeria’s president as one of 10 to serve on the Presidential Committee on the Global Financial Crisis. The committee was chaired by the president and was created to set up to advise how Nigeria should address the impact of the global financial crisis.

"Elumelu retired as Group Chief Executive Officer of UBA in August 2010. Yet he continues to devote his time to economic development. He serves on the boards of a number of institutions, in addition to his principal role at Heirs Holdings, which he launched upon his retirement from UBA. He sits on the board of UBA Capital (Europe) Limited and African Care Centre. He chairs the Board Risk and Investment Committee of the Africa Finance Corporation, and serves on the Advisory Board of Development Partners International LLP, London...

"He also serves on the World Economic Forum’s Regional Agenda Council on Africa and is a member of the Bretton Woods Committee, which brings together international leaders in business, finance and civil society...

"Tony Elumelu was born in Jos, Nigeria, in 1963. He earned a Bachelor of Science degree in Economics from Bendel State University and a Master of Science in Economics from the University of Lagos. He also attended Harvard Business School, where he completed the Advanced Management Program. He has also completed management programs at the Institute of Management Development in Lausanne, Switzerland, and the Singapore Institute of Management. He holds an honorary doctor of science degree from Benue State University and an honorary doctor of business administration from the University of Nigeria, Nsukka.

"He is married to Awele, a medical doctor and together they have five children." [1]

Convergence Africa

"Kenya, September 22, 2011 — Legatum (, a private international investment group, and Omidyar Network, a philanthropic investment firm, today announced the launch of Convergence Africa, a high-profile one-day conference, headlined by globally-renowned champions of entrepreneurs Sir Richard Branson, Founder of the Virgin Group; and Tony O. Elumelu MFR, former Group CEO of United Bank for Africa, Chairman of Heirs Holdings Group and Founder of The Tony Elumelu Foundation. Convergence Africa will take place on December 8th at the Kenyatta International Conference Centre in Nairobi, followed by the Africa Awards for Entrepreneurship Gala Banquet. Tickets and attendance information for both events are available at" [4]

Resources and articles

Related Sourcewatch


  1. Founder, Tony Elumelu Foundation, accessed November 27, 2011.
  2. People, African Finance Corporation, accessed November 27, 2011.
  3. Goodwill Ambassadors, Nigerian Women Trust Fund, accessed December 14, 2020.
  4. Sir Richard Branson and Tony O. Elumelu MFR to Headline Inaugural Convergence Africa Conference, Tony Elumelu Foundation, accessed November 27, 2011.