Business mogul, Tony Elumelu, achieved a financial feat that has puzzled and interested entrepreneurship lovers. In barely one month, Tony had amassed a stunning profit of $123 million.
Tony Elumelu is the Chairman of Union Bank Of Nigeria and Transcorp Conglomerate with operational interests in Energy, Agriculture and Hospitality businesses (& development).
According to Forbes, Elumelu started acquiring shares in Transnational Corporation of Nigeria Plc in April 2011. 5 months later (September) he became the chairman of the company. By November Transcorp shares had hit a 186% rate.
Tony Elumelu is also the Chairman of Heirs Holdings, an investment company with interests in financial services, real estate, energy, agribusiness and healthcare. From Heirs, he was able to obtain shares from Transcorp.
“He currently owns over 5.7 billion shares of the company (5,745,890,693 to be exact, according to Transcorp’s latest corporate filings), held in his own name and via Heirs Holdings, equating to a 22.26% stake, making him the company’s largest individual shareholder.”
A reliable source from the Nigerian Stock Exchange revealed that there was an upsurge in the demand of Transcorp’s shares the minute Transcorp (under the administration of the billionaire) purchased and took over the Ughelli Power plant on November 1, 2013.
The high demand of the shares was a smart business move from investors to invest in the oil and gas asset which cost $300 million. By November 21, the shares had translated into the sum of $123 million.
On assuming the leadership of Transcorp, he promised to foster diversified business interests and values for shareholders. In 3 weeks, he gave proof of his word.
His story with Standard Trust Bank is yet another business wonder. He purchased the enterprise which, after a merger, became The United Bank Of Africa. UBA is now a multi-national bank with branches in New York and London.
Elumelu is a visionary who believes in the concept of “Africapitalism”- the power to grow and improve African economy by empowering the private sectors.
In 2015, he announced he would fund 1,000 budding entrepreneurs as part of a $100 million initiative to boost the African private sector through his Foundation.