Billionaire Elumelu’s wealth hits $2.15b as UBA, Transcorp, Heirs Energies growth accelerates

Billionaire Tony Elumelu has a net worth of $2.15bn, according to MoneyCentral’s analysis of stakes in various companies controlled by him, which have seen record growth in recent years.

MoneyCentral estimated Elumelu’s net worth as of March 10, 2025, by piecing together his stakes in companies, primarily through his family-owned investment vehicle, Heirs Holdings, and his direct and indirect holdings in publicly traded entities like Transnational Corporation of Nigeria (Transcorp) and United Bank for Africa (UBA).
Heirs Holdings’ investment portfolio spans the power, energy, financial services, hospitality, real estate, healthcare, and technology sectors, operating in twenty-four countries worldwide.

It is inspired by Africapitalism, the belief by Elumelu that the private sector is the key enabler of economic and social wealth creation in Africa.
MoneyCentral defines a billionaire as an individual who has a net worth of $1 billion or more.

In calculating net worth, we priced the stakes in public companies as of March 10, 2025, and included dividend income paid to that date.

Private companies were valued in several ways, most often by applying price-to-sales and price-earnings ratios of similar public companies. We tried to identify and confirm all potential liabilities; however, we made no assumptions about personal debt.

MoneyCentral analyzed Tony Elumelu’s investments across various companies.
Publicly Traded Stakes Transnational Corporation of Nigeria (Transcorp) Elumelu holds a significant stake in Transcorp through HH Capital Limited, Heirs Holdings Limited, and personal/family shares. As of Full Year 2024, his family’s stake, including that of his wife, Awele Elumelu, was 35.93%, amounting to 3.652 billion shares.

His shares are divided as follows: 2,997,789,337 shares held indirectly via HH Capital Limited, 68,386,431 shares held indirectly via Heirs Holdings Limited, and 68,276,011 shares held directly.

A share reconstruction exercise in 2024 reduced the number of shares but kept the percentage ownership unchanged.

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Transcorp’s share price rose from N5.16 in March 2023 to N51 per share on March 10, 2025, bringing the company’s total market capitalization to N523.8 billion. The 35.93% stake was valued at N187.9 billion or $125 million (at N1500/$).

Transcorp Plc recorded a 107% revenue increase in 2024 to N407.9 billion ($271 million). Full Year profit rose by 189.7% to N94 billion ($62.6 million).

The company paid an interim dividend of N4.06 billion (40 kobo per share) and proposed a final dividend of N6.09 billion (60 kobo per share), totaling N10.16 billion for 2024. Elumelu and his family are set to receive N3.65 billion in dividends.

United Bank for Africa (UBA)
Elumelu, the Chairman of UBA, is the bank’s largest individual shareholder. The 2023 financial report (2024 figures are awaited) showed that he owned 7.43% of UBA’s 34.2 billion outstanding shares.

His shares include 2.3467 billion indirect shares held through Heirs Holdings Limited (1.814 billion shares), HH Capital Limited (302.29 million shares), and Heirs Alliance Limited (231 million shares), along with 195.12 million direct shares.

UBA’s share price rose from N23 in March 2023 to N37.60 per share on March 10, 2025.

In the first nine months of 2024, UBA’s gross earnings grew by 83.2% to N2.398 trillion, compared to N1.308 trillion in September 2023. Profit Before Tax (PBT) increased by 20.2% to N603.48 billion, while Profit After Tax rose by 16.9% to N525.31 billion.

Full Year 2024 financial results are expected to align with this growth trend.

Key Subsidiaries via Heirs Holdings

Transcorp Power, a Transcorp subsidiary, is 50% owned by the group. Elumelu’s 35.93% stake in Transcorp translates to an indirect interest in the subsidiary. Transcorp Power had a market capitalization of N2.73 trillion ($1.82 billion) as of March 10, 2025.

The company reported a 115% revenue increase to N305.9 billion in 2024, achieving 61% of its 2031 revenue target with six years remaining. Profit After Tax grew by 165% to N80 billion in 2024, compared to N30.2 billion in 2023.
Heirs Energies (formerly Heirs Oil & Gas)
Heirs Energies has expanded operations since acquiring OML 17 in July 2021. Within 100 days of taking over, oil production doubled from 27,000 to 52,000 barrels per day.

The asset is fully owned by Heirs Holdings, which acquired 45% of OML 17 for $1.1 billion. Heirs Energies is the sole operator of OML 17 in Nigeria’s Niger Delta.

In 2025, OML 17’s production capacity and reserves suggest a valuation between $1.5 billion and $2 billion.
With Brent crude at $70 per barrel, Seplat, a comparable oil producer with 52,947 BOEPD in 2024, had a market capitalization of $2.23 billion (N3.35 trillion) as of March 10, 2025.

Elumelu’s full stake in Heirs Energies, held through Heirs Holdings, is valued at $2 billion but may drop to $1.75 billion due to a potential profit split with Transcorp Plc.

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