African Business Leader Tony Elumelu & Wife, Awele Hold On To Nigeria’s Leading Power Couple’s Title
No other couple comes close.
Back-to-back successes across different spheres, year in and year out.
And crowning it with an end-of-the-year celebration many would die for.
Yet, starting another year on a note of far-reaching impact—on a continental level.
Tony and Awele have cemented their status as Nigeria’s leading power couple through enduring achievements in business, philanthropy, and personal endeavors.
As a fitting testament, on Saturday, March 22, 2025, the Tony Elumelu Foundation unveiled the 11th cohort of the TEF Entrepreneurship Programme.
Founded in 2010 by Elumelu—with his wife as co-founder—TEF is the leading philanthropy implementing entrepreneurship development across Africa at a scale no other organization is matching.
Launched in 2015, the Tony Elumelu Foundation Entrepreneurship Programme has lifted 2 million Africans out of poverty, provided 2.5 million young Africans with access to training on TEFConnect, and disbursed more than $100 million in direct funding to thousands of African entrepreneurs—who are estimated to have created over 1.5 million direct and indirect jobs—boosting the continent’s economy with about $4.2 billion in revenue.
It is these milestone impacts that the Elumelus are building on with the unveiling of another batch of potential TEF change-makers, who will be granted access to non-refundable seed capital, world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities, among other fortune enhancers.
The announcement of this year’s TEF beneficiaries—selected through a rigorous process conducted by Ernst & Young, one of the Big Four globally recognized accounting firms—fell on Mr. Elumelu’s birthday.
Checks revealed it wasn’t just the TEF 11th cohort that was full of smiles this period—stakeholders of the financial powerhouse, United Bank for Africa (UBA), where Elumelu is Chairman, also received heartwarming news.
The financial institution, with Elumelu playing pivotal behind-the-scenes roles, released its audited financials for the year ended December 31, 2024, recording significant growth across major indicators.
Here are the figures that tell the story:
Profit before tax went up by 26.14%, reaching N766.6 billion, an improvement from the N607.7 billion posted at the end of 2023.
Gross revenue soared to N3.19 trillion—a 53.19% increase—surpassing the N2.08 trillion recorded the previous year.
Total assets continued their year-on-year rise from N20.65 trillion in 2023 to N30.4 trillion at the end of December 2024.
Profit after tax recorded a 6.1% increase, climbing from N757.68 billion in 2023 to N803.72 billion in 2024.
The impressive performance enabled the global bank to fulfill Mr. Elumelu’s promise to shareholders at the last Annual General Meeting, with the declaration of an increased dividend of N3.00 kobo for every ordinary share of N50.00 kobo for the financial year ended December 31, 2024.
Another pointer to his entrepreneurial influence lies in the commanding N408 billion revenue performance of Transnational Corporation Plc (otherwise known as Transcorp), where he is also Chairman.
Transcorp—one of Nigeria’s largest quoted conglomerates, playing big in the power and hospitality sectors—declared a 107% revenue growth, hitting N408 billion in full-year 2024, up from N197 billion the previous year.
Highlights of this impressive feat amid a challenging economy include:
Profit-before-tax improving by 132%, from N58.8 billion to N136.7 billion.
Profit-after-tax recording a 188% jump, from N32.6 billion in 2023 to N94.1 billion in 2024.
Operating income pegged at N149 billion, up 83% from N81.4 billion.
Yet, these feats do not fully measure the value Mr. Elumelu—who just turned 62—is bringing to bear, as his better half also blazes another trail in her professional calling.
Mrs. Elumelu, who is the third-largest shareholder at Transcorp with 2 billion shares, is a distinguished medical doctor and business leader whose significant contributions have notably advanced healthcare and entrepreneurship in Africa.
She is the Chairperson of Nigeria’s leading health insurance provider, Avon Healthcare Limited, as well as the Founder/CEO of Avon Medical Practice—a dual position Dr. Elumelu has leveraged to enhance access to quality healthcare services across Nigeria.
A corporate governance expert, Mrs. Elumelu,54, provides strategic guidance as a Non-Executive Director at Heirs Holdings—the Elumelu family-owned investment company, committed to improving lives and transforming Africa through long-term investments in key sectors, including financial services, hospitality, power, energy, and healthcare.
She plays a prominent role in the operations of Heirs Holdings.
Appointed Private Sector Champion for Immunization in Africa by Gavi, the Vaccine Alliance in 2018, the organization leveraged her expertise and networks to promote vaccination and immunization efforts across the continent.
She further contributed insights to global health initiatives through her appointment to the advisory board of the Yale Institute of Global Health in 2020.
Mrs. Elumelu has relentlessly deployed her multifaceted roles to champion gender equality and increased female representation in leadership positions.
Also, on his part, Tony Elumelu has become a permanent fixture on the global stage, particularly for his passionate campaign for shared prosperity in Africa.
Elumelu has become the foremost champion of a better Africa, making a strong case for transformative investments on the continent—insisting that no other part of the globe offers better returns on investment than Africa.
“Every challenge in Africa—whether it’s infrastructure deficit, energy insufficiency, or transportation inadequacy—is an investment opportunity,” the master entrepreneur told a gathering of global decision-makers at the World Government Summit in Dubai last month.
The outing was one of the several global forums where he has taken the message of Africa’s limitless opportunities.
Despite their demanding careers, the Elumelus prioritize family and personal well-being. They are parents to seven children and often share glimpses of their family life, showcasing a balance between professional commitments and family time.
Tony, a fitness enthusiast, emphasizes the importance of health and often engages in exercises, including playing football with his sons. He also enjoys music as a form of relaxation, occasionally sharing moments of himself lip-syncing to songs by renowned musicians.
On her part, Dr. Elumelu is an internationally recognized marathoner, a significant part of her public persona.
Among others, she recently completed the 42-kilometer Tokyo Marathon 2025 and had previously participated in the 42.2-kilometer Bank of America Chicago Marathon and the 42-kilometer Manchester Marathon among others—winning medals in all.
Through their individual and joint efforts, Tony and Awele Elumelu exemplify the synergy of business acumen, philanthropic dedication, and personal fulfillment, solidifying their status as Nigeria’s leading power couple.
And to cap it all—their annual end-of-the-year all-white party remains unmatched, with no close rival in attendance, featured entertainers, or its unbroken run.
And despite these towering feats, Nigeria’s leading power couple is not taking a pause in their high-impact doings.
Mr. Elumelu provided insight into the “why” behind their passion while responding to the question “What are your fears?” from one of the new hires at Heirs Holdings Group during an induction session in August 2024.
“Building a lasting legacy and impact keep me up at night,” the change-maker replied—a belief widely regarded as a shared value with his better half, Awele, given their similar drive.
Source: SocietyNow
