The Chairman of Heirs Energies, Tony Elumelu, has seen his net worth rise to an estimated $3.2 billion, driven largely by the strong performance of his diversified business portfolio, with energy assets providing the biggest boost.
An analysis by MoneyCentral shows that the sharp increase in Elumelu’s wealth was fueled by Heirs Energies, the integrated energy company that has emerged as the crown jewel of Heirs Holdings.
The company’s gross asset value is estimated at $3.52 billion, and after accounting for net corporate debt of about $770 million, Elumelu’s equity in the business is valued at roughly $2.75 billion.
Strategic acquisitions in the oil and power sectors have repositioned the company at the centre of Africa’s evolving energy landscape.
Beyond energy, Elumelu’s long-standing investments in banking and conglomerates continue to deliver steady value.
His 16.3 per cent stake in United Bank for Africa (UBA), listed on the Nigerian Exchange Group (NGX), is valued at about $192 million.
If the bank maintains its N5 per share dividend, he is projected to earn approximately N33.4 billion ($23 million) in dividends for the 2025 financial year from UBA alone.
Elumelu also controls a 35.93 per cent stake in Transnational Corporation Plc (Transcorp Group), valued at around $114 million, reflecting the group’s exposure to power generation, hospitality and energy infrastructure.
In addition, the billionaire businessman is believed to own extensive real estate assets across Nigeria.
Elumelu’s Heirs Energies buys 20% of French oil firm’s stake in Seplat for $500m
Although detailed disclosures are unavailable, these properties are conservatively estimated to be worth about $75 million.
His cash and liquid investments, supported by regular dividend inflows from banking and energy holdings — including potential earnings of about $20 million from dividends linked to his Seplat energy exposure — are estimated at roughly $50 million.
Another fast-growing contributor to Elumelu’s wealth is the Heirs Insurance Group, which comprises Heirs Insurance and Heirs Life Assurance.
The group’s insurance revenue rose by 53 per cent to N31.4 billion in 2024, from N20.5 billion a year earlier. Using valuation multiples comparable to AXA Mansard Insurance, the business is estimated to be worth about N61 billion, or $42 million.
Although Elumelu, 62, has consistently emphasised that wealth creation is secondary to his philosophy of “Africapitalism”— which promotes private-sector-led development, infrastructure investment and job creation — the scale and pace of his recent gains have made his financial growth difficult to ignore.
Through the Tony Elumelu Foundation, he remains focused on nurturing the next generation of African entrepreneurs, having committed to empowering 10,000 entrepreneurs over a 10-year period with seed funding of up to $5,000 each.
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