Tony Elumelu‘s remarkable journey in the African business realm is exemplified through the continuous success of the enterprises he oversees, namely United Bank for Africa (UBA), Transcorp, and its subsidiary Transcorp Hotels. Recognized as one of Africa’s most influential business leaders, Elumelu has just set a new milestone by becoming the third Nigerian billionaire to hold stakes in two companies collectively valued at over 1,000 billion Nairas (1.1 billion dollars).
This achievement follows in the footsteps of other Nigerian magnates such as Femi Otedola and Abdul Samad Rabiu, highlighting the growing influence of entrepreneurs from the country on the African economic stage. Tony Elumelu‘s rise can be largely attributed to the outstanding market value of Transcorp Hotels Plc, a subsidiary of Transnational Corporation of Nigeria Plc (Transcorp), where Elumelu holds a substantial 29.5 percent stake.
The meteoric rise in the market capitalization of Transcorp Hotels Plc, surpassing the trillion Naira mark due to a spectacular 1,500% increase in its share price over the past year, is a testament to Elumelu‘s savvy leadership in the hotel sector. Furthermore, his strategic vision in the financial sector has also borne fruit, with UBA surpassing the 1,000 billion Naira threshold earlier this month.
The success of Transcorp, Transcorp Hotels, and UBA highlights Elumelu‘s astute diversification of his business portfolio and his ability to excel in different sectors. These impressive performances also mirror the broader trend of the Nigerian Stock Exchange, which recorded double-digit gains in the first month of the new year, driven by sustained investor interest.
As of the market closing on Friday, January 12, the benchmark index displayed a cumulative return of 11.06 percent, with the all-share index reaching 83,042.96 basis points. The market capitalization of listed stocks increased by 4.24 percent week-on-week, reaching 45.44 billion Nairas (49.9 billion dollars). This upward trend significantly impacted Tony Elumelu‘s personal wealth, positioning him among the wealthiest individuals in Africa’s largest economy.
Notably, the market value of his stake in UBA, a key player in the financial services sector with a strong presence in 24 African countries, the UK, France, and the United Arab Emirates, has seen a substantial increase since the beginning of the year. With a rise of 17.19 billion Nairas (18.91 million dollars), his stake has increased from 64.83 billion Nairas (71.32 million dollars) to 82.01 billion Nairas (90.22 million dollars).
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