How much is Tony Elumelu Worth? Tony Elumelu Net Worth in 2026

By the Alux Research Team. How we estimate net worth

Tony Elumelu’s net worth is estimated at $1.6 billion as of November 2026, a rough figure with a range of $1.0 billion to $2.2 billion.

In December 2025 his Heirs group paid about $500 million for a fifth of the oil producer Seplat. By August 2026, on our arithmetic, those shares were worth about twice that. It is the most useful number in his whole fortune, because it is one of the few that a stock market prices every day.

Elumelu built his name in banking, took over the Nigerian lender UBA in 2005, and now chairs Transcorp and a group with stakes in banking, power, hotels and oil.

Net worth	$1.6 billion (rough estimate, range $1.0 to $2.2 billion)
Estimated annual income	Not published; dividends and fees are not disclosed in full
Born	22 March 1963, Jos, Nigeria (age 63)
Country	Nigeria
Known for	Leading UBA from 2005, chairing Transcorp, and founding the Heirs group
Main income sources	Listed stakes in Seplat, UBA and Transcorp; Heirs Energies; insurance and other investments

How much is Tony Elumelu worth in 2026?

We put Elumelu at about $1.6 billion. This one is a rough estimate. The listed stakes are documented, but they are held through family investment companies, we do not know who else owns those companies, and much of the oil business is financed with debt.

Public estimates disagree because some count the full value of Heirs group companies as his, and some value the oil business at what was paid for it, with no allowance for borrowing. A second reason is the naira: the currency has moved enough that the same shares give a different dollar number depending on the date.

How we got to $1.6 billion

Source	Our estimate	What it rests on
Seplat Energy shares	$1.09 billion	Nairametrics reported that Heirs entities hold 126.4 million shares. We value them at the London price of 6.47 pounds quoted for August 2026, at an assumed $1.33 to the pound. The Lagos price is much higher and would give about $1.5 billion, but few shares trade there.
UBA shares	$217 million	About 6.31 billion shares (roughly 14 percent of the bank, held directly and through two family companies) at N45.45 on 30 September 2026, which is N287 billion, converted at about N1,320 to the dollar.
Transcorp shares	$88 million	About 3.14 billion shares at N37.00, which is N116 billion at the same rate. A March 2025 report put the family stake in Transcorp at 35 percent, so this row may be low.
Oil licence OML 17 (Heirs Energies)	$350 million	Assumption. Offshore Technology reported the 45 percent interest at about $1.1 billion, and Energy Intelligence reported a loan of up to $750 million to Heirs Energies from Afreximbank in December 2025. The 2021 purchase was made by Heirs Holdings together with Transcorp. We keep about $350 million as equity.
Insurance, finance and property	$165 million	Assumption. A 2025 breakdown listed an insurer at about $28 million, a financial services firm at $61.5 million and property at $75 million. The source is weak and the numbers are old.
Outside owners and borrowing	minus $310 million	Assumption. The listed stakes sit in group companies and some of the Seplat purchase was probably financed. We remove about 22 percent of the listed holdings, around $310 million.

The rows add up to $1.6 billion. The first three rows come from share prices and share counts. The last three are our judgement and could move the total by half a billion dollars either way.

The $500 million Seplat bet

Heirs Holdings bought 120.4 million Seplat shares from Maurel and Prom in December 2025 for about $500 million, according to Nairametrics. Our calculation: $500 million divided by 120.4 million shares is $4.15 a share. At 6.47 pounds and $1.33 to the pound, a London share was about $8.61 in August 2026, so the same shares were worth roughly $1.04 billion, a gain of about $540 million in eight months on paper.

On 30 September 2026, Heirs Energies bought another 6 million shares, taking the combined holding to 126.4 million, or 21.07 percent of the voting rights.

What the banks are worth

Elumelu retired as chairman of UBA on 21 August 2026 after hitting the 12-year limit for bank non-executive directors, Nairametrics reported; he had led the bank from 2005. His stake of roughly 6.3 billion shares was worth N287 billion at the end of September 2026, after the share price rose from N38.40 at the end of June. Transcorp, the hotels and power group he also chairs, went the other way and fell 10.8 percent over the same quarter to N37.00.

What would move the figure

Seplat is now most of the visible money, about four fifths of the listed portfolio on the Lagos price. A 10 percent move in its share price shifts the total by about $110 million. He is also reported to become chairman of Seplat on 1 January 2027, which would not change what he owns. Disclosure of the ownership of Heirs Holdings, or a refinancing of OML 17, would replace our assumptions with real numbers.

Tony Elumelu net worth FAQ

What is Tony Elumelu’s net worth?

Our rough estimate is $1.6 billion as of November 2026. The stakes in Seplat, UBA and Transcorp account for about $1.4 billion of that before deductions.

How much did Tony Elumelu pay for Seplat?

Heirs Holdings bought 120.4 million Seplat shares, about 20 percent, in December 2025 for roughly $500 million. A further 6 million shares were bought on 30 September 2026.

How much of UBA does Tony Elumelu own?

Roughly 6.31 billion shares, about 14 percent of the bank, held directly and through two family companies, worth about N287 billion at the end of September 2026. He retired as UBA chairman on 21 August 2026.

How old is Tony Elumelu?

He was born on 22 March 1963 in Jos, Nigeria, so he is 63.

What is OML 17?

An oil mining licence in Nigeria. Heirs Holdings and Transcorp bought a 45 percent interest in 2021 for about $1.1 billion, Offshore Technology reported, and Heirs Energies arranged a loan of up to $750 million in December 2025, according to Energy Intelligence.

Why do estimates of Tony Elumelu’s net worth differ?

They differ on whether group companies count in full, whether borrowing is deducted and which naira rate is used. Ours is a wide range.

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How we estimate net worth

Our estimates are based on public reporting, company valuations, and deal and earnings figures all compiled in an internal valuation model. They are approximate, and figures change over time as new information emerges.

Last updated: November 2026.