Claims Tony Elumelu Makes His Fortune Through FX Manipulation Untrue
Claims that foremost banker and entrepreneur, Tony Onyemaechi Elumelu makes his fortune through Foreign Exchange (FX) manipulation are untrue after all, information at the disposal of highstreet.ng has revealed.
Bank chiefs in Nigeria recently became subject of discuss following a viral video where Chief Olabode George, a former military officer and politician, labelled them beneficiaries of manipulative activities in the foreign exchange market.
In the said clip, Chief George, a chieftain of Peoples Democratic Party (PDP) specifically cast aspersions on persons of the now deceased Chief Executive Officer of Access Holdings Group, Herbert Wigwe and Tony Elumelu. Maintaining they become stupendously wealthy courtesy of manipulation of foreign exchange.
Mr Wigwe along with his wife, Chizoba, son, Chizi and Abimbola Ogunbanjo, the former Chairman of the Nigerian Exchange Group lost lost their lives on February 9, 2024, in a helicopter crash in the United State of America.
But contrary to Chief Olabode George’s claims, a background check by highstreet.ng on how Tony Elumelu transformed one of the reputable business leaders to have come from the continent of Africa as well his investments across sectors of the economy suggested the allegations are farther from the truth.
Aside currently chairing the board of United Bank for Africa (UBA) – the financial institution he previously led as Group Managing Director after it merged with Standard Trust Bank in 2005 – the extraordinary businessman notably owns huge interest in Heirs Holdings, Transnational Corporation (Transcorp Group) and more.
Available information shows he midwifed UBA from a single-country banking group to a Pan-African bank with subsidiaries in 20 African countries, France, the United Kingdom and United State of America.
Interestingly, Heir Holdings, Mr Elumelu’s family-owned investment holding company, founded in 2010, maintains a portfolio of investments across several sectors of the Nigeria’s economy.
Further checks by highstreet.ng revealed Mr Tony Elumelu holds controlling interest in Transnational Corporation, a diversified conglomerate with business interests in Power, Hospitality and Energy, through Heirs Holdings.
Elumelu, the African philanthropist who is unrelenting in his effort to make the continent of Africa a better place, in 2015, committed a whopping sum of $100 million to uplift 10,000 entrepreneurs over the next 10 years through his philanthropic initiative, Tony Elumelu Foundation.
He founded Tony Elumelu Foundation in 2010.
