Tony Onyemaechi Elumelu CON (born 1963) is a Nigerian economist, entrepreneur, and philanthropist transforming African business. Born in Jos, Plateau State, Elumelu studied economics at Ambrose Alli University and earned an MSc from the University of Lagos. He began his banking career at AllStates Trust Bank in 1985. As CEO of Standard Trust Bank, he led its merger with UBA (2005), creating one of Africa's largest banks with operations in 20+ countries. His "Africapitalism" philosophy advocates that African private sector must drive the continent's development. In 2010, he established the Tony Elumelu Foundation, committing $100 million to empower 10,000 African entrepreneurs over 10 years. The program has exceeded targets, empowering 18,000+ entrepreneurs across 54 African countries. Elumelu chairs Heirs Holdings, UBA, Transcorp, and sits on global boards. His approach proves that successful capitalism can coexist with social responsibility and African development.


AFRICAPITALISM VISIONARY:
Tony O. Elumelu believes Africa’s private sector can drive socio-economic transformation. He grew Standard Trust Bank into a national force before orchestrating its merger with United Bank for Africa (UBA) in 2005, creating a pan-African financial giant.

PORTFOLIO BUILDER:
Through Heirs Holdings he invests in power (Transcorp Power), hospitality (Transcorp Hilton), healthcare, and oil and gas (Transcorp Energy), emphasising long-term, inclusive growth. UBA now operates in 20 African countries, the UK, France, and the US.

PHILANTHROPY AT SCALE:
The Tony Elumelu Foundation (TEF) committed $100 million to support 10,000 entrepreneurs over 10 years; it has surpassed that goal, funding 18,000+ businesses and catalysing over $120 million in additional investments. TEF Entrepreneurship Programme provides seed capital, training, and mentorship across 54 African nations.

THOUGHT LEADERSHIP:
Elumelu coined “Africapitalism,” advocating shared prosperity through investments that generate economic and social returns. He co-chairs the UN’s Global Entrepreneurship Initiative and champions policy reforms for SMEs.

FAST FACTS:
- Born 22 March 1963 in Jos, Plateau State.
- Education: Economics (Ambrose Alli University), MSc Economics (University of Lagos), AMP (Harvard Business School).
- Honours: Commander of the Order of the Niger (CON), TIME 100 Most Influential People (2020).
- Favourite mantra: “Luck favours the prepared mind.”