Tony Elumelu Biography, Net Worth, Wife, Family, Son, Tribe, State

Tony Elumelu is an economist, a successful banker and investor. He is famous for his propounded theory on Africapitalism. He believes so much in Africa and desire everyday to witness a prosperous Africa.

Full name

Tony is just coined from his name and many also call him TOE due to his uncommon personal brand positioning. His full name is Anthony Onyemaechi Elumelu.

State of Origin

He is from Aniocha North Local Government Area, Delta State, South-South Nigeria.


He is married to Dr. Awele Vivian Elumelu


He was born after Nigeria Independence and he celebrated his 60th birthday on 22nd March 2023.

Early life/Background

His parents were living far away from his home country or state when the joy of a bouncing baby boy was heard in their household. He was born on 22nd March 1963 in the city of Jos which is located in the present day Plateau State, North central geo-political region of Nigeria. Before the state creation, Jos was under Northern region and it is also correct to say that he was born in the Northern region of Nigeria. His childhood was not a lonely one as he grew up with his siblings while enjoying the immediate environment that marked the commencement of his formative years.


Tony was not born with a silver spoon and not many things are known about his parents as they were not famous or have a particular media visibility in political or business views but they brought up their children properly and gave them the necessary education needed to thrive in formal and informal sectors.

His father’s name is Mr. Dominic Elumelu while his mother’s name is Mrs. Suzanne Elumelu.


Tony is one of the billionaires in Nigeria that carries the proud emblem of been born in Nigeria, raised in Nigeria and did all their education in Nigeria. His first and second degree programs were all done in Nigeria even when he can afford to go to Ivy League schools after his first degree and securing job that positioned him to solve his basic needs in Abraham Maslow’s hierarchy of needs.

Though he was born in the north, he chose to study in the southern part of Nigeria which marked his familiarization to the regions, closer to his roots and desire to dare to do mighty things even when there is iota of fear. He studied economics at Ambrose Alli University Ekpoma in present day Edo State.

His knowledge in economics made him to understand the basic laws that are essential for wealth creation. He mastered how to use the factors of productions to his own advantage which made him to be successful in the latter days of his career. After his first degree program at Ambrose Alli University, he prepared to undergo compulsory National Youth Service. He was posted to Sokoto, State where he did his National service in 1985.

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He also went back to school to pursue his Master’s degree in economics in a popular school in Southern Nigeria. He attended University of Lagos, Lagos State where he participated actively in all activities leading to the award of Master of Science degree in economics.

Banking Career

Before his journey in entrepreneurship, he worked in union bank and also sought employment as a salesman to learn the rudiments of marketing as he cannot be a successful business man without mastering how to market himself as a brand and his business in the other hand.

When he has gotten the necessary trainings and experience needed, he then shared his dream to people close to him and he led group of people that are hungry for success like him and they took over or acquired a struggling bank that may had file bankruptcy if they had not intervened. As an economist, he knows what can work and what may be difficult while daring to putting modalities to carryout whatever he has set his mind on.

Tony and his group acquired Standard Trust Bank to turn it around. He worked with commitment, devotion and grace also found him and his investors which led to the success of the bank. Even though Tony believes that there is luck factor in certain endeavours, he also believes that hard work cannot be substituted for anything. He works hard and goes about his dreams without listening to naysayers. He always advises people to do things afraid and do it unsure.

He deployed his baby step strategies into Standard Trust Bank and grew the bank to be profitable in admiration of investors. He also led a mega change that disrupted banking industry when he made necessary arrangement with his investors and team to seek the merging of his bank Standard Trust Bank and United Bank for Africa (UBA). After the successful merging of the two banks, he was appointed as the Chief Executive Officer/ Group Managing Director of the bank. He brought uncommon leadership into the bank which he started by transforming United Bank for Africa to be an outstanding brand.

The bank has a red colour but the male employees of the bank dresses in a special way that makes them unique as employees of the bank. Tony wears red tie with a white shirt, black or navy blue suits alongside a red stockings too. Male employees almost if not totally dress in his type of corporate for working activities. He also revealed the secret on how he built UBA Group. According to him, he recognized the importance of leadership, purpose, leveraging technology, people and process (LPLPP).

In leadership, there was a well defined vision, milestones to accomplish which is SMART and it all helped them to have a strong leadership while eliminating all obstacles that could be a hindrance. As the bank GMD, he made sure that every team member knew the purpose of the bank establishment which gears into democratizing access to financial services. Everyone working for the bank understood it and work for the fulfillment and sustainability of the purpose. Bank stakeholders were equally informed and they held him and his team accountable.

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The fast changes in the world brought by technology enabled him to preach the need to embrace technology to push for the realization of the bank’s purpose already mentioned.

An uncommon gift he has is the ability to attract right people suitable for right jobs. He ensured that they recruit the right people, train them and share the bank vision to them as well.

Process is important and his legacy leadership enforced putting the right things in place without compromise which everyone working for the bank are mandated to follow.

He built United Bank for Africa (UBA) to be one of the high ranking banks in Africa and the world at large. In 2010, he step down as the group managing director to become the chairman of the bank board of directors.

Family business

Aside his chairmanship position in UBA, he also established a family holding company called Heirs Holding which has investment in hospitality, power, insurance, health care, oil and Gas. The family business has subsidiaries that operate in more than twenty countries in the world.


Life has given him much knowing his story and how he started from the scratch. He identified that seed capital of funding is one of the greatest problem that young entrepreneurs from Africa faces and he founded a reputable NGO alongside his wife Awele Vivian Elumelu. In 2010, The Tony Elumelu Foundation (TEF) was founded and ever since then he has used the foundation to empower thousands of Africans with $5000 seed capital and also series of trainings to understand the rudiments of entrepreneurship.

Social Media

Tony is very active on social media such as facebook, Twitter, LinkedIn, Instagram. He uses his verified social media pages to engage on educative activities, personal life such as family and exercises.


Tony understood that there are different clothes for different occasions. He dresses very well and in unique ways that makes him outstanding.


Tony and his lovely wife have seven children together. Their first daughter and child recently graduated from London School of Economics and Political Science.

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