Tony O. Elumelu, a Nigerian investor and founder of African investment
firm Heirs Holdings, joins the rich list with a net worth of $1 billion.
Elumelu owns a controlling stake in Transcorp, a listed Nigerian
conglomerate that has interests in insurance, healthcare, hotels, power
production, energy and agriculture. Elumelu is a proponent of
Africapitalism, an economic philosophy that propagates that the African
private sector has the power to transform the continent through long-term
investments, creating both economic prosperity and social wealth.
Elumelu made his fortune when he bought into a struggling Nigerian
commercial bank and transformed it into the United Bank for Africa, a
leading commercial bank with a presence in 19 African countries.
Photo credit:USA Africa Online
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