Tony Elumelu

Anthony Onyemaechi Elumelu

Anthony Onyemaechi Elumelu, known as Tony O. Elumelu, is a Nigerian investor, entrepreneur, philanthropist and former banker. He founded and chairs Heirs Holdings, established the Tony Elumelu Foundation and formerly led United Bank for Africa as chief executive and Group Chairman.

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About Tony Elumelu

Profile information current to 2026-08-22.

Nigeria · Investor, Entrepreneur, Philanthropist · 3 affiliations

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Also known as: Tony O. Elumelu
Known for: African investment and business leadership; Nigerian banking-sector leadership; African entrepreneurship promotion
Country: Nigeria

Investor
Entrepreneur
Philanthropist
Former banker

At a glance

Elumelu founded Heirs Holdings in 2010 and remains its chairman as of August 22, 2026.
He led the 2005 merger of Standard Trust Bank with United Bank for Africa and subsequently led UBA.
He served as UBA Group Chairman from 2014 until his retirement from the chairmanship and board took effect on August 21, 2026.
The Tony Elumelu Foundation's Entrepreneurship Programme was launched in 2014 as a US$100 million commitment to identify, train, mentor and fund entrepreneurs across Africa.

Banking career

Elumelu's rise in Nigerian banking included leading a group that acquired the struggling Crystal Bank in 1997 and transformed it into Standard Trust Bank. In 2005, he led Standard Trust Bank's merger with United Bank for Africa and subsequently led UBA. He retired as UBA Group Managing Director and Chief Executive Officer in 2010.

Investment and corporate leadership

After leaving UBA's executive leadership, Elumelu founded Heirs Holdings in 2010 and serves as its chairman. UBA appointed him chairman of its board in August 2014; his retirement as Group Chairman and from the board became effective on August 21, 2026.

Entrepreneurship and philanthropy

Elumelu founded the Tony Elumelu Foundation in 2010. The foundation launched its Entrepreneurship Programme in 2014 as a US$100 million initiative intended to identify, mentor, train and fund entrepreneurs across Africa.

Background and education

Elumelu was born on March 22, 1963. He earned a Bachelor of Science degree in Economics from Bendel State University and a Master of Science degree in Economics from the University of Lagos, and has attended advanced-management programmes at Harvard Business School and IMD.

Affiliations

Heirs Holdings Founder and Chairman 2010–present
Tony Elumelu Foundation Founder 2010–present
United Bank for Africa Group Chairman 2014-08-25–2026-08-21

Timeline

1997 Elumelu led the group that acquired the struggling Crystal Bank and transformed it into Standard Trust Bank.
2005 Standard Trust Bank merged with United Bank for Africa in a transaction led by Elumelu.
2010 Elumelu retired as UBA Group Managing Director and Chief Executive Officer.
2010 Elumelu founded Heirs Holdings.
2010 Elumelu founded the Tony Elumelu Foundation.
2014-08-25 UBA appointed Elumelu chairman of its board.
2014 The Tony Elumelu Foundation launched its US$100 million Entrepreneurship Programme.
2026-08-21 Elumelu's retirement as UBA Group Chairman and from the UBA board became effective.

Additional verified details

Current context

Elumelu is chairman of Heirs Holdings. Heirs Holdings' corporate page identifies Tony O. Elumelu, CFR as chairman.
Elumelu is no longer UBA Group Chairman. UBA announced on July 8, 2026 that his retirement from the chairmanship and board would take effect on August 21, 2026, and that Emmanuel N. Nnorom had been elected as his successor effective that date.

Biographical facts

Elumelu was born on March 22, 1963.
He earned a Bachelor of Science degree in Economics from Bendel State University and a Master of Science degree in Economics from the University of Lagos. Africa Finance Corporation's 2013 annual report also identifies him as an alumnus of advanced-management programmes at Harvard Business School and IMD.
In 1997, a group of young entrepreneurs led by Elumelu acquired the struggling Crystal Bank and transformed it into Standard Trust Bank.
In 2005, Standard Trust Bank merged with United Bank for Africa in a transaction led by Elumelu; he subsequently led UBA.
Elumelu retired as UBA Group Managing Director and Chief Executive Officer in 2010.
The Tony Elumelu Foundation launched its Entrepreneurship Programme in 2014 as a US$100 million commitment to identify, mentor, train and fund entrepreneurs across Africa.