Tony Elumelu Now 3rd Nigerian Businessman to Hold Stakes in N2 Trillion Companies.

Tony Elumelu, one of Africa’s most important business executives, has become the third Nigerian billionaire to control holdings in two companies worth more than N1 trillion ($1.1 billion). This achievement, like those of Femi Otedola and Abdul Samad Rabiu, demonstrates the expanding prominence of Nigerian corporate executives.

The current feat can be attributed to the rising market value of Transcorp Hotels Plc, a hotel subsidiary of Transnational Corporation of Nigeria Plc (Transcorp), in which Elumelu owns a significant 29.5 percent share. The company’s market value hit N1 trillion, thanks to a 1,500 percent increase in its share price over the last year.

Elumelu’s diverse business portfolio includes the financial industry, with United Bank for Africa (UBA) recently breaking the N1 trillion ($1.1 billion) mark. The success of Transcorp, Transcorp Hotels, and UBA demonstrates Elumelu’s excellent leadership across multiple industries.

The increase in the market prices of companies tied to Elumelu is consistent with the larger trend on the Nigerian Exchange, which has seen double-digit gains in the first month of the year, owing to continuous purchasing activity among investors.

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As of the close of trade on Friday, January 12, the benchmark index’s year-to-date returns were 11.06 percent, with the all-share index reaching 83,042.96 basis points. The market value of listed shares increased by 4.24% week on week to N45.44 trillion ($49.9 billion).

Elumelu’s associated companies’ market valuation has increased significantly, consolidating his position as one of the wealthiest individuals in Africa’s largest economy.

Notably, the market value of his stake in UBA, a major player in the financial services sector with a strong presence in 24 African countries, the United Kingdom, France, and the United Arab Emirates, has increased by N17.19 billion ($18.91 million) since the beginning of the year, from N64.83 billion ($71.32 million) to N82.01 billion ($90.22 million).

Elumelu’s recent achievement as the third Nigerian billionaire to own holdings in two trillion naira enterprises indicates not just his strategic business ability, but also the resilience and development potential of Nigeria’s finance and hospitality sectors in the current economic climate.