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Billionaire Tony Elumelu’s Wealth Hits $2.15bn as UBA, Transcorp, Heirs Energies Growth Accelerates

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Billionaire Tony Elumelu's Wealth Hits $2.15bn as UBA, Transcorp, Heirs Energies Growth Accelerates

Billionaire Tony Elumelu’s Wealth Hits $2.15bn as UBA, Transcorp, Heirs Energies Growth Accelerates

Billionaire Tony Elumelu, (CFR) 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.

Billionaire Tony Elumelu's Wealth Hits $2.15bn as UBA, Transcorp, Heirs Energies Growth Accelerates

MoneyCentral estimated Mr. 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 Tony O. 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’s analysis is laid out below.

Publicly Traded Stakes

Transnational Corporation of Nigeria (Transcorp)
Ownership: Elumelu controls a significant stake in Transcorp via HH Capital Limited, Heirs Holdings Limited and personal/family holdings. As of Full Year 2024, his family’s stake (including wife Awele Elumelu) hit 35.93% or 3.652 billion shares per latest financials.

Elumelu’s 2,997,789,337 shares are held indirectly through HH Capital Limited and 68,386,431 shares are held indirectly through Heirs Holdings Limited. A further 68,276,011 are held directly.

A share reconstruction exercise was concluded in 2024, leading to a reduction in the volume of shares held, however the percentage holdings remain the same.

Market Value: Transcorp’s shares have surged from a reconstructed share price of N5.16 in March 2023 to N51 per share on March 10th 2025. Total market capitalization of Transcorp as at Monday March 10th was N523.8 billion.

The 35.93% stake was equivalent to N187.9 billion or $125 million (at N1500/$).

Growth: Transcorp Plc recorded 107% revenue growth to N407.9 billion ($271 million) in 2024, while Full Year profit rose a massive 189.7% to N94 billion ($62.6 million), signaling strength.

The Board of Directors approved and paid an interim dividend of N4,064,799,029.30 or 40 kobo per ordinary share (equivalent of 10 kobo per share pre capital reconstruction). The Board of Directors has proposed N6,097,198,543.95 or 60 kobo per share as final dividend, bringing the total dividend for 2024 to N10,161,997,574 or N1.00 per share.

It is instructive to note that Elumelu and family will be paid N3.65 billion as dividend for 2024.

United Bank for Africa (UBA)
Ownership: Mr. Elumelu is the Chairman of United Bank for Africa (UBA) and largest individual shareholder. Data from the 2023 financial statement (2024 numbers are awaited) shows that Elumelu owns a 7.43% stake in UBA.

UBA has 34.2 billion shares outstanding, with Elumelu’s shares comprising 2.3467 billion indirect shares owned through Heirs Holdings Limited (1.814 billion shares), HH Capital Limited (302.29 million shares) and Heirs Alliance Limited (231 million shares) plus 195.12 million direct shares.

Market Value: UBA’s share price hit N37.60 in March 10, 2025 trading, up from N23 per share a year ago in March in 2023.

UBA Chart
Source: Bloomberg
UBA’s market capitalisation is N1.286 trillion meaning Elumelu has a stake worth N95.54 billion or $63.69 million (at N1500/$).

Growth: UBA’s gross earnings rose significantly in the 9-months 2024 period by 83.2 per cent to N2.398 trillion up from N1.308 trillion recorded in September 2023.

There was a 20.2 per cent increase in Profit before Tax (PBT) to N603.48 billion from N502.09 billion recorded at the end of the third quarter of 2023, while profit after tax also surged by 16.9 per cent to N525.31 billion from N449.26 billion recorded a year earlier in the period under review.

Full Year 2024 numbers are being awaited but expected to follow the same trajectory as 9-montsh 2024 results.

Key Subsidiaries via Heirs Holdings
Heirs Holdings was founded in 2010 and is Mr Elumelu’s private investment engine and wholly family-owned (likely held via trusts or direct shares). It controls stakes across sectors and here’s the big ones:

Transcorp Power
Ownership: A Transcorp subsidiary, 50% owned by the group. Mr Elumelu’s 35.93% stake in Transcorp flows through here indirectly.

Value: Transcorp Power has a market captalisation of N2.73 trillion ($1.82 billion) as at March 10, 2025.

Elumelu’s share via Transcorp’s 36% is $653 million, however due to the classic conglomerate discount this is already baked into the Transcorp PLC’s valuation so there will be no double-counting by us.

MoneyCentral will include this in the Net worth of Mr. Elumelu in the future if personal or family owned stakes are revealed apart from ownership stakes through Transcorp PLC.

Growth: Transcorp Power is growing so fast that analysts are struggling to catch up. Transcorp Power reported a 115% increase in revenue to N305.9 billion for 2024, equivalent to 61 percent of its 2031 revenue targets being achieved last year with six more years still left (2025 – 2031) in the forecast period.

Profit after tax surged by 165% to N80 billion in Full Year (FY) 2024, from N30.2 billion in FY 2023.

Transcorp Hotels Plc
Ownership: This is another major subsidiary that is 76% owned by Transcorp Plc. It owns the flagship Transcorp Hilton Abuja.

Value: Same as Transcorp Power there will be no double counting through Transcorp Hotels when determining Mr. Elumelu’s net worth. However, Transcorp’s hospitality arm has a market capitalization of N1.292 trillion or $861 million.

Growth: Transcorp Hotels delivered 69% revenue growth to N70.134 billion in Full Year 2024, while profit after tax rose 138% to N14.895 billion.

As the major subsidiaries (Transcorp Power and Transcorp Hotels) continue to grow it will be reflected in the valuation of the parent Transcorp Plc and as such increase Mr. Elumelu’s net worth.

Heirs Energies (formerly Heirs Oil & Gas)
Ownership: Heirs Energies has demonstrated remarkable operational excellence since acquiring the OML 17 block in July 2021. Within just 100 days of taking over operations, the company doubled its oil production from 27,000 to 52,000 barrels per day.

The asset is 100% Heirs Holdings-owned which bought 45% of OML 17 for $1.1 billion in 2021 with Transcorp (Energy Capital Power). Heirs Energies is the sole operator of OML 17, in Nigeria’s Niger Delta.

Market Value: The asset (OML 17’s) output of 52,000 bpd with 2P reserves of 1.2 billion boe, and an additional 1 billion boe resources of further exploration potential and gas assets, suggest a $1.5-$2 billion valuation in 2025.

With Brent oil at $70/per barrel, Seplat a comparable indigenous oil producer with 52,947 barrels of oil equivalents per day (BOEPD) in 2024 had a market capitalization of $2.23 billion or N3.35 trillion as at March 10 2025.

We would value Mr. Elumelu’s full Heirs Energies stake through control of Heirs Holding, the owners of the asset at $2 billion, dropping to $1.75 billion due to potential profit split with Transcorp PLC.

Heirs Insurance Group (Heirs Insurance, Heirs Life Assurance)
Ownership: 100% Heirs Holdings.

Growth: Nigeria’s insurance market is small with about N1.5 trillion ($1 billion) in gross premiums in 2024. Heirs Group’s General and Life companies, combined, recorded a 59.30% increase in Gross Written Premium (GWP), rising from N19.9 billion in 2022 to N31.7 billion, for the year ending December 31, 2023, as they both enter their fourth year of operations.

In addition, the Group’s earned insurance revenue for year 2023 stood at N20.5 billion, a surge of 80% from N11.3 billion in 2022, reaffirming the Group as one of the fastest-growing insurance groups in Nigeria.

Value: The firm could garner a valuation of 2 times sales comparable to AXA Mansard Insurance.

This would value it at N42 billion or $28 million (2x revenue, per solid growth and industry norms). Mr. Elumelu’s full stake would then be also equivalent to $28 million.

United Capital Plc
Ownership: Heirs Holdings has a stake (the size is unclear, but we estimate at possibly 25%).

Growth: United Capital’s after tax profit surged by 111% to N24.1 billion from N11.4billion in 2023. In respect of the current year, the Directors propose that a final dividend of N0.50 kobo per ordinary share of 50 kobo each amounting to N9.0 Billion, be paid to shareholders upon approval at the Annual General Meeting.

Value: United Capital has a market capitalsation of N369 billion or $246 million as at March 10 2025. A 25% stake means Mr. Elumelu’s Net Worth would be valued at $61.5 million.

Other Assets used in calculating Mr. Elumelu’s Net Worth
Real Estate: Mr. Elumelu owns “extensive” Nigerian property (Forbes, 2024). There are no specifics, so we assign a $75 million conservative estimate for a billionaire’s portfolio.

Cash & Investments: Mr. Elumelu has got liquid assets especially with major dividends coming from all his investments. We estimate cash holdings at $50 million likely, per billionaire norms.

Philanthropy
Heirs Holdings is inspired by Africapitalism, the belief of the Chairman, Tony O. Elumelu, CFR that the private sector is the key enabler of economic and social wealth creation in Africa.

Driven by this philosophy, Heirs invest for the long-term, bringing strategic capital, sector expertise, a track record of business turnaround success and operational excellence to companies they invest in.

Mr. Elumelu’s philanthropic Foundation catalyses entrepreneurship across Africa, through the USD $100million Tony Elumelu Foundation Entrepreneurship Programme, advocacy and research.

Bottomline: Tony Elumelu’s Total Net Worth Estimate is $2.15 billion
Source of wealth

Source: MoneyCentral

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WHO IS AFRAID OF FIDELITY BANK -By Udeme Etukeyen

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WHO IS AFRAID OF FIDELITY BANK -By Udeme Etukeyen

Leading up to the recent superlative annual reports showcasing one of the most significant growth experienced by a Nigeria Financial Institution in recent years I was forced to ask “what is Fidelity Bank” doing right?

My banking and financial sector experience got me digging deeper into the statistics of the report-Fidelity Bank recorded a substantial 210.0% growth in PBT, reaching N385.2 billion in FY 2024. Deposits increased by 47.9%, from N4.0 trillion in 2023FY to N5.9 trillion in 2024FY, Gross earnings shooting by 87.7% to N1,043.4 billion which was primarily caused by a 106.9% increase in interest and similar income. Was I impressed? Absolutely

Now to the scary part, they opened the year with a bang implying that 2025 year end results was going to be nothing but spectacular; check this out-Fidelity reported a whooping 167.8% increase in PBT (Profit Before Tax)to N105.8 billion in Q1 2025, compared to N39.5 billion in Q1 2024. Gross earnings from January to April had reached some N315.421 billion signaling a 64.21% increase year-on-year.

These results were nothing short of astonishing and with great hope I sat my team to review our Investment Strategy to accommodate taking up equities in Fidelity and advising our portfolio investors to do same.

We quickly appraised the fundamentals and Key Success Factors to include their focus on the strategic youth economy that the Creative and Digital Transformation sector promises, the banks bullish inroads in MSME promotion and financing, their glowing penchant for Gender inclusion without abandoning the core sectors of Mining, Renewables and other key industries

Then came the dissecting of Leadership, my team of analysts mostly female went on about Fidelity MD being one of the most experienced and affable Amazons in the industry; done this, achieved that and all the entreaties you’d expect from smart ladies who feel mentored from a distance. I didn’t hesitate to draw their attention to the experience of the menfolk within the organization like I had any measurable data to establish that mix…truth remains you can’t but admire the Banks Leadership and strides

A deeper look at the banks expansion globally could reveal a strategic and noiseless acquisition of Union Bank,London and their planned incursion into African and other European financial markets, you just can see that such daring strides and impact would give competition and detractors sleepless nights. Not in an era where sleeping pills are sold strictly by prescription and no thanks to the high cost of medication for peddlers of cheap propaganda

Within barely 30days of announcing such magnificent results little wonder how pundits would cook or spin a narrative to suggest a bank that has announced herself as First Tier with shoulders leveled up with other Banking giants would shudder over a judgement against her customer G.Cappa or even the contribution they would be required to cough out over that said Sagecom saga. With that judgement not going the way of pundits a contemptuous attempt at calculating interest at unclassified rates from an initial N14b to cause an unnecessary scare or negative press on the bank speaks volumes of how we unrepentantly strive to destroy value in our economy.

One would think that interpretation of the judgment and computation of due figures which will understandably come with a payment plan be awaited instead of the usual bad blood generated and envisaged by toddler media characters.

It is not in doubt that the discerning public sees through the cruise and flat falling attempt of dramatic clout chasers ever ready to stain Fidelity’s white apparel which savvy Investors and analysts are filled with bridal admiration

Like Joseph Campbell hinted in his famous quote “The cave you fear to enter holds the treasure you seek.” We cast our treasures and bets on Fidelity Bank as the Nigerian treasure house to beat in the years ahead!

*Udeme Etukeyen is an Abuja based Pan African Investment Advisory Expert*

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Fidelity Bank grows PBT by 167.8% to N105.8 billion in Q1 2025

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Fidelity Bank grows PBT by 167.8% to N105.8 billion in Q1 2025

Lagos, Nigeria – May 1, 2025 – Fidelity Bank Plc, one of Nigeria’s leading Tier-1 financial institutions, has announced a remarkable financial performance for the first quarter of 2025, recording a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8% compared to N39.5 billion in Q1 2024.

The bank’s unaudited financial statements, released on the Nigerian Exchange (NGX) on April 30, 2025, highlight a substantial increase in Gross Earnings, which rose to N315.4 billion, marking a year-on-year growth of 64.2% from N192.1 billion in the same period last year. Growth in interest income was primarily led by 38.6% yoy (7.4% ytd) expansion in earning assets base, while the increase in non -interest revenue came from FX-related income, trade and commission on banking services, etc., supported by increased customer transactions.

Commenting on the bank’s performance, Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc, stated, “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth. This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”

Other areas of the unaudited financial statements, equally show a marked improvement with Total Deposits growing by 11.1% ytd to N6.6tn from N5.9tn in December 2024, driven by 10.6% ytd growth in low-cost deposits to N6.1tn, which represents 92.2% of total customer deposits. Local currency deposits increased by 2.0% ytd while foreign currency deposits increased by 21.4% from $1.9bn in December 2024 to $2.3bn.

Net Loans and Advances increased by 5.0% ytd to N4.6tn. The growth in the bank’s Loan Book was skewed to LCY Loans as cost of risk declined to 0.6% from 1.5% in 2024FY.

“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe added.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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“Calm Down, Wait for Facts!” — Oba Solomon Weighs In on Verydarkman Arrest, GTBank Boycott

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“Calm Down, Wait for Facts!” — Oba Solomon Weighs In on Verydarkman Arrest, GTBank Boycott

“Calm Down, Wait for Facts!” — Oba Solomon Weighs In on Verydarkman Arrest, GTBank Boycott

Controversial Nigerian preacher, Oba Solomon, has called for calm amid rising public outrage and online campaigns following the arrest of popular social media critic Verydarkman (VDM), which has sparked mass calls to boycott Guaranty Trust Bank (GTBank).

VDM was reportedly apprehended after visiting a GTBank branch with his mother to resolve issues related to unexplained debits. While the exact reason for his detention remains unclear, speculation that the bank collaborated with the Economic and Financial Crimes Commission (EFCC) to arrest one of its own customers has ignited a firestorm of backlash online.

But as hashtags trend and tempers flare, Oba Solomon is urging Nigerians not to jump to conclusions.

“I cannot tell the government to release VDM until I know his offence. Nobody is above the law,” he said in a viral video posted Saturday evening.

Breaking ranks with many social media influencers and online commentators, Solomon refrained from condemning either the EFCC or GTBank, instead urging Nigerians to wait for an official statement expected on Monday from the anti-graft agency.

“Everybody should calm down and wait till Monday when the EFCC will release the official statement on why he was arrested. If they fail to do that, we can then swear for them,” he added, injecting his characteristic mix of bluntness and satire.

The preacher emphasized the importance of due process and warned against rushing to vilify institutions without verified facts.

“The government can arrest anyone, anywhere. But let us not make noise without evidence. Let’s hear from them first.”

As tensions continue to mount and digital protests against GTBank gain momentum, Oba Solomon’s remarks serve as a rare voice of caution—reminding Nigerians that clarity, not chaos, should lead the conversation.

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