Nigerian businessman Tony Elumelu makes $123million in 3 weeks | Welcome to Linda Ikeji's Blog

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Thursday, 21 November 2013

Nigerian businessman Tony Elumelu makes $123million in 3 weeks

According to Forbes Africa, former United Bank for Africa (UBA) Managing director, and chairman of Heirs Holdings, Tony Elumelu made $123million in just three weeks. Wow! Read below...

From Forbes
It’s just paper gains, but it counts. Nigerian banker Tony O. Elumelu has become at least $123 million richer between November 1 and November 21 as shares of Transcorp PLC, a Nigerian-Stock Exchange-listed conglomerate, surged 186% in that period.
Transnational Corporation Of Nigeria, usually referred to as Transcorp, is an emerging conglomerate holding investments in hotels, power and agriculture. On November 1, the company’s stock was trading at N1.87 ($0.01), and at the close of trading today (Thursday), the stock was trading at N5.35 ($5.35). According to an analyst who did not want to be quoted, there has been an unprecedented demand for Transcorp’s shares at the bourse on account of the company’s recent acquisition of the Ughelli Power plant, a strategic power generation company that the government recently sold in a privatization exercise.

Transcorp PLC, under Elumelu’s leadership, acquired the plant for $300 million. Transcorp officially took over the plant on November 1. Investors are scrambling for the stock in anticipation of the long-term impact the new acquisition will likely have on Transcorp’s financial results.

Elumelu began gobbling up shares in the company in April 2011 through his wholly-owned proprietary investment vehicle, Heirs Holdings. In September 2011, he was appointed chairman of the company, promising to diversify the company’s business interests and deliver value to shareholders – promises he seems to have delivered on. 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. His shares in Transcorp alone are now valued at N30.7 billion or $188 million.  A representative for Elumelu could not be reached for comment at press time.

Elumelu made his fortune by acquiring a small, struggling Nigerian commercial bank and building it into the United Bank of Africa Group, a leading financial services institution with operations in several African countries as well as in New York and London. He stepped down as the bank’s CEO in 2010 to focus on investing in African businesses through his private investment vehicle, Heirs Holdings and to groom Africa’s next generation of business leaders through his Tony Elumelu Foundation.

74 comments:

ST. KIZITO BOUTIQUEZ said...

Entrepreneurs. When I read their stories, I get hard, and double my hustle. Oluwa bless us all.........amen

ayeni kayode vincent said...

wow

STANCRAMENTO!!! said...

The rich get richer,while the poor ar dying of hunger!

↭PRINCE JOBLESS↭ said...

Still a million pound bellow my dad in the pecking order.

Tiana said...

D Hole tin confuse me, jst tell me how I fit make dat money in simply english

Anonymous said...

Na wao oh! When you are made you are made! E nor easy sha, one day by Gods grace e go reach our turn... God dey





Choi! See the razzness that was spotted on the streets of Sokoto

Anonymous said...

TOE is the boss! Trust me he's worth more than this...this is just Transcorp alone! he's just not a noise maker

Anonymous said...

Too much money.

#More Gist

curvy ZO said...

Transcorp shares r just shooting...no big deal...

Anonymous said...

Linda devil can't not stop me I'm d first to comment. Mehn he is making money ooh. Linda post my comment

temmy thayour said...

Issokay

Rough Diamond said...

Hardwork, focus, determination pays @d long run!
I will never give up!
Dis man no get two heads!
God bless my hustle!!!

Mich said...

Transcorp shares surged? Great piece of information except for some crazy stock brokers that will never explain what this implies in details.
Meanwhile,congratulations to Mr Elumelu.

BONARIO NNAGS said...

wooow! good for him.

~BONARIO~says so via NOKIA3310

Anonymous said...

BLOOD OF JESUS.....JESU!!!!!!! Linda y nah? See nah I nor fit slip again

ONYX GODWIN said...

haven't seen wat will make me not successfull!!! #inspired *ONYXGODWIN *

Anonymous said...

If you invest where TONY Invest you will get Rich trust me.

Anonymous said...

Very stingy man...lol

splendidsolo said...

Wow this is amazing. congrat bro and all the best in your future endeavours!

bbm pin 23491053 said...

Rich gets richer and the poor gets scrolled... That's the formular in this world. Cheers elumelu. Engr Emy...

wonder said...

Great!

Anonymous said...

I pray the stocks do not crash that is if he doesn't establish the plant well.kudos to him all the same

Joshua Dunmoye said...

Great news for once Linda! Good news I like to read about. Thanks

Anonymous said...

Aunty Linda, seriously, do you sleep at all?

Mz Daisy said...

Congrats bro?!!! nobi your mate?

Ur Madam said...

I should have bought transcorp shares

Anonymous said...

AWELE HIS WIFE MY FRIEND IS SERIOUSLY ENJOYING..THE WORST PART IS THAT SHE IS ONE OF THE MOST SIMPLE RICH LADIES IN LAGOS...HARDLY WEARS MAKE UP AND HAS ALWAYS BEEN A VERY INTELLIGENT VERY UNDERSTATED LADY..

Anonymous said...

..it's "PAPER GAIN".. Pls check the meaning it's not like he's made the money..it's a projection...

Anonymous said...

Shame to all this fucking billinaires the can't even contribut to the nigerian economy.. all prefere have private jet, cary olosho for coded, fly abroad shitty.... God dey!

Anonymous said...

Start by improving your spelling and grammar from broken English, dear. Its whole not hole, can Not fit, simple English not simply english.

benita matthew said...

U need a medical check up lyk ur president.

Anonymous said...

Aunty Linda na wa o! shey u sef no sabi maths ni??? If N1.87 = (0.07$), how would N5.35 = $5.35????

Kudos to Tony!

Anonymous said...

Babe abeg, first go learn how to speak/write correct english make you nor go fall inside "Hole"

PC's heir said...

That's true,and I don't know how he does it.Congrats sir Tony

SIMPLYCOCK said...

I knew it!
All the while Forbes wasn't ranking Elumelu among Africa's richest men, I felt something, that the dude had yet to play ball with the avaricious guys in Forbe's...
But now e bi like say magga (Elumelu) don pay...
So, Forbe's cannot but trumpet his entrepreneurial accomplishments to high heavens...
Wait and see...
Now, dude's name must, under must, show in the next whitewashed ranking of Africa's richest men, powered by that slutty, exploitative and mendacious Forbe's Magazine!!!

Olufunmi said...

wow!! just wow!

ladywannabeblog.blogspot.com

Anonymous said...

Linda pls how do I sent u a real life story to publish

Clifford Nze said...
This comment has been removed by the author.
bonita bislam said...

Quite unblievabl yet true.som ppl's stars r rili shining

Clifford Nze said...

This is a clear indication that our stock market is a place of hope for a posterity investor as well as speculators. Billions were lost during the crash of 2006/2007, but those who knew the secret were not detered. Invest wisely and be patient, if a stock like Transcorp could attract such earnings in 21 days, that tells you a lot about the benefits of shareholding in the short/long term positions.

Clifford Nze said...
This comment has been removed by the author.
Anonymous said...

Chai!u wish!Wake up from ur slumber........

usorolight said...

The man is like warren buffet,he invests in pennystock,now the stocks he bought has exploded,that is quiet good. Xo inspired

Anonymous said...

More work, far less sleep

Zainab Olayiwola said...

Wow! 9c investment decision. Did I say 9ce? Xcellently Gr8.

Fammie said...

God give me great Ideas and let me make good investment plans....Inspired

Anonymous said...

K!

Anonymous said...

This is better news than who wore it best/check out tatoo n d likes. This will spur youths to work harder n may God bless our hustle.

Anonymous said...

The clown that says he is stingy you expect a man to sweat for his mulla and then u think he will spend it not on his family but a hoe....joker go and get a job....@ prince jobless darling I like u but you can win Olympic gold for telling lies..million pound Kor billion ni.....

Anonymous said...

true ibo man... hard work brought him here...this is how ibo people are... they work hard for everything! thumbs up1

Anonymous said...

D rich gets richer coz d rich always work hard neva 2 b poor bt d poor always find some silly excuse 2 y dey r poor.......

Anonymous said...

Nobody told us what happened to UBA IPO money when Elumelu was heading the UBA. These people are frauds.

NewsINigeria Blogspotcom said...

Hmmm, well be will always ask myself when will I get there. Really, God need to bless me

Anonymous said...

I berra invest o,in the right places sha!

BelLaBomba said...

How do I meet him pls. I wanto KNOW him

Anonymous said...

Aunt Linda is making money buy the number of post we make how she go sleep, she needs to keep posting something interesting so we can comment o!!

Manymen said...

I must say that Mr Tony Elumelu is one of my Role models, i admire him a lot, at the age of 34 he took over a struggling bank together with his team and became the youngest CEO in the banking industry. The rest as they say is history.
I salute his industry, his perseverance, his hard work, and above all his spirit of nothing is impossible.
He is a lesson to all aspiring entrepreneurs. Focus is the key. Not some jokers flaunting there wealth on blogs and living a fake life without any meaningful impact on humanity.
His interview on African voices was spot on. The only thing I look forward to is his autobiography, which will definetly be a best seller.
I doff my hat to you my friend and elder brother.
More millions in dollars.

Anonymous said...

Oh Shatap!

Anonymous said...

Week one he made 1million,in week two he made 2million & in week three he made 3million. That's d 123million in 3weeks. God dey.

Wale Akintola said...

N1.87 ($0.01) and N5.35 ($5.35). See Mathematics!!!!

MY TURN said...

He bought the land, was eventually chairman hmmmm all i can say is sharp guy keep it up.

BARRY9ICE said...

we jst keep hearing figures day & night, the rich keep getting richer while d poor re getting poorer. may God help us in dis country

Anonymous said...

Transcorp rose over 400% in the last three weeks. Instituional and retail investors are smilling home. currently the stock is on full bid as investors are still taking position and pricing the stock into the future.

well for those who had thier funds in the company when it crashed to 50kobo in 2008 this is good news for the as stock may get back to the N7.50K it traded in 2008.

jeneviv Emma said...

God dey ..

Anonymous said...

Mr. Elumelu, Mr. "africapitalism", you are a capitalist, yet you are promoting "africapitalism"; yet you say "africaptalism" is not "capitalism"...confusion...chop your money and stop deceiving us with your caricature neoliberal "africapitalism" nonsense.

Anonymous said...

Go to her bio u wld see her email

Anonymous said...

No b ur junior b whiz kid were dey count him own money, agbaya like u still depending on his father's money. Sorry ass mofo.

Anonymous said...

Ask Tony elumelu and alpha beta Aw much he says he makes in order to evade tax. Good news for him though.

Anonymous said...

To you: stingy, To him: frugal.

Anonymous said...

She was obviously speaking pidgin you mofos

Anonymous said...

Wow...God pls remember your daughter o.

Anonymous said...

Bia linda,wen people post comment,wetin dey hard u 2 approve dem 4 odas 2 read???see dis intrsting article nw,u dey stingy wt people comment as if u wan use do bathing soap bt if na Tonto puffing ciga tru her ass,u go sabi kip space 4 load more comment..Na u 4 wa ooo!

AGB said...

Yeah most of the poor keep dying from hunger Co's they stay up all day on lindaikeji's blog & nairaland etc hating other people & being bitter & "advising" people to go & get "married" while the wealthy men stay up strategizing how to conquer more grounds.

Anonymous said...

I am sure he sold atleast 500 million shares to make back his initial investment... Money hez making now na jara...

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