Nigeria may have just gained another billionaire, as estimates suggest that Tony Elumelu's net worth has crossed the billion-dollar threshold, reaching $2.15 billion. The Nigerian business mogul's wealth is primarily driven by his stakes in Transnational Corporation of Nigeria (Transcorp) and United Bank for Africa (UBA), as well as his family-owned investment vehicle, Heirs Holdings Limited.

According to MoneyCentral's estimates, Elumelu's stakes in Transcorp and UBA have seen significant growth in recent years. His family's stake in Transcorp amounts to 35.93%, or 3.652 billion shares, as of 2024. Additionally, Heirs Holdings Limited is the indirect owner of 68,386,431 shares in Transcorp, while HH Capital Limited is the indirect owner of 2,997,789,337 shares. The total market capitalization of Transcorp as of March 10th, 2025, was N523.8 billion.

Elumelu also owns a 7.43% stake in UBA, with 195.12 million direct shares and 2.3467 billion indirect shares held through Heirs Holdings Limited, HH Capital Limited, and Heirs Alliance Limited. UBA's share price as of March 10th, 2025, reached N37.60, up from N23 per share in March 2023. The bank's market capitalization is N1.286 trillion, meaning Elumelu has a stake worth N95.54 billion or $63.69 million.

In addition to his stakes in Transcorp and UBA, Elumelu's net worth is also driven by his investments in Heirs Energies, Heirs Insurance Group, United Capital Plc, and real estate, as well as cash holdings. A breakdown of the calculations by MoneyCentral estimates that these investments contribute significantly to his net worth, with Heirs Energies valued at $1.75 billion, Heirs Insurance at $28 million, United Capital at $61.5 million, and real estate at $75 million, among others.

Notably, neither Forbes nor Bloomberg's billionaire indexes have updated Tony Elumelu's net worth to reflect his estimated $2.15 billion worth. Forbes currently estimates his net worth at $700 million, while Bloomberg's billionaire index only lists Aliko Dangote, with a net worth of $28.1 billion, as the only Nigerian on the list.

This development is significant for Nigeria, as it highlights the growth and success of the country's entrepreneurial ecosystem. Elumelu's achievement serves as a testament to the potential for wealth creation in Africa's largest economy.

As the news of Elumelu's estimated billionaire status spreads, it is likely to have a ripple effect on the business community in Nigeria and beyond. His success story may inspire a new generation of entrepreneurs and investors, driving further growth and innovation in the region.