Nigerian Billionaire Tony Elumelu is a name that has become synonymous with success in Nigeria and beyond. Born in 1963 in Jos, Plateau State, Nigeria, Elumelu is a businessman and philanthropist who has made a name for himself in the world of finance. So how did he get so rich? Here’s a closer look at the life and career of this remarkable man.
Elumelu’s early life
Elumelu grew up in a middle-class family, with his father working as a civil servant and his mother running a small business. Despite not coming from a wealthy background, Elumelu was determined to succeed. He went on to study economics at Ambrose Alli University in Nigeria, and later obtained an MBA from the University of Lagos.
Career in banking
After completing his education, Elumelu began his career in banking, working for the Union Bank of Nigeria. He quickly rose through the ranks, and in 1997, he was appointed CEO of Standard Trust Bank at the age of just 34. He is credited with turning the struggling bank around, transforming it into one of Nigeria’s most successful financial institutions.
Business empire
In 2005, Elumelu left Standard Trust Bank to start his own investment firm, Heirs Holdings. Over the years, he has built up an impressive business empire, with interests in industries ranging from banking and energy to hospitality and real estate. He is also the founder of the Tony Elumelu Foundation, which provides support and mentorship to entrepreneurs across Africa.
Elumelu’s success has not gone unnoticed. He has received numerous awards and accolades over the years, including being named one of Time magazine’s 100 most influential people in the world in 2020.
Your network and greed can turn you into a billionaire overnight!
As we all know what looks too good is usually too good.
All this time it seemed that the rich Tycoon Tony Elumelu climbed up all by his own efforts now a fellow Billionaire Otedola has let the cat out of the bag as to how Tony Elumelu actually got stupendously Wealthy.
FULL STATEMENT BY FEMI OTEDOLA
In 2005, while Tony was the Managing Director of Standard Trust Bank he approached me to get funds to acquire UBA. I enthusiastically gave him $ 20 million, which was N2 billion at that time to buy the necessary shares in UBA for the acquisition. After a short period of time the share price moved up and I decided it was a good moment to sell and get out of the bank. However, Tony appealed to me to hold on to the shares as he was convinced that there were future prospects – so I kept the shares.
I became Chairman of Transcorp Hotel in 2007 with a shareholding of 5% and unknowingly Tony gradually started buying shares quietly.
Otedola opens up on relationship with Elumelu, Transcorp shares
“I offered to buy Transcorp Plc for N250 billion, but unfortunately, my offer was rejected,”
Mr Otedola made the revelation in a statement that marks his first public intervention in the recent battle for the soul of Transcorp. He was responding to repeated enquiries made to him by PREMIUM TIMES regarding why he acted the way he did in the Transcorp transaction.
“I offered to buy Transcorp Plc for N250 billion, but unfortunately, my offer was rejected,” Mr Otedola said.
Otedola quietly purchased a staggering amount on the public market raising alarm bells.
The billionaire recently divested his newly acquired stake in Transnational Corporation of Nigeria (Transcorp) to Mr Elumelu, pulling the plug on the scramble for the top ownership of the group.
Mr Otedola sold his substantial shareholding of 6.3 per cent, a haul of 2.6 billion shares bought in separate transactions, to Mr Elumelu.
Earlier, within days of his acquisition of a substantial shareholding, Mr Elumelu had racked up his interest from 2.07 to 25.9 per cent.
Sources with details of the matter told PREMIUM TIMES that Mr Otedola’s move to take the peak spot in the conglomerate’s ownership upset the Transcorp chair, prompting him to open talks. He eventually agreed to compensate the businessman with millions of dollars, sources said.
The businessman Otedola also alleged that Mr Elumelu stabbed him in the back a number of times in the past.
He said in 2012, he told Mr Elumelu about his interest in Ughelli Power Plant and the Transcorp chair “quietly went ahead” to outbid him in the acquisition of the plant.
As to the back stabbing
In 2005, while Tony was the Managing Director of Standard Trust Bank he approached me to get funds to acquire UBA. I enthusiastically gave him $ 20 million, which was N2 billion at that time to buy the necessary shares in UBA for the acquisition. After a short period of time the share price moved up and I decided it was a good moment to sell and get out of the bank. However, Tony appealed to me to hold on to the shares as he was convinced that there were future prospects – so I kept the shares.
I became Chairman of Transcorp Hotel in 2007 with a shareholding of 5% and unknowingly Tony gradually started buying shares quietly.
By the following year in 2008 I went bankrupt in Nigeria. Tony proceeded to take my shares in UBA to service the interest on my loans and he also took over my shares in Africa Finance Corporation, where I was the largest shareholder.
Shortly after, Albert Okumagba informed me that an American firm wanted to acquire my shares in Transcorp, which I then agreed to sell. However, this supposed American firm turned out to be Tony Elumelu. The revelation of this prompted me to resign as Chairman of the hotel.
Years later in 2012 Tony said he wanted to see me so we met in my office where I had previously had a meeting with foreign investors who had not yet departed the premises. Curious to know, he asked what sort of meeting I had had and I disclosed that I wanted to go into the power business, specifically Ughelli Power Plant. Tony quietly went ahead to bid for Ughelli and he outbidded me by offering to buy the plant for $300million.
And as some would say: the rest is history.
Fast forward to the present…
I offered to buy Transcorp Plc for N250 billion, but unfortunately, my offer was rejected. My goal was to maximize the company’s potential as a Nigerian conglomerate with a market cap of at least N2 trillion instead of the current N40 billion, but it seems some shareholders have a different vision.
It’s not always what it seems
Your network and greed can turn you into a billionaire overnight!
