Is Nigerian billionaire Tony Elumelu a fraud or genuine investor, entrepreneur and philanthropist? PART 1 Updated for 2021


Updated: March 6, 2021

He mingles and jingles with Bill Gates and Aliko Dangote as he talks about his mom. He wears red ties and red socks and matches them with dark suits as he grants interviews to CNN and other media outlets around the world. He meets with world’s leaders, Presidents, kings and queens as well as A-rated investors and entrepreneurs. He brags. He counsels. He lectures. He teases. He promises. He is invited to speak in the United States and around the globe, including at the well attended World Bank-IMF Meetings in Washington D.C. He’s described as a successful entrepreneur, a billionaire, a role model to those wanting to achieve great success in Africa and the planet.

By many accounts, 56-year old Tony Onyemaechi Elumelu, a Nigerian economist, entrepreneur, and philanthropist, who is the chairman of Heirs Holdings, the United Bank for Africa, Transcorp and founder of The Tony Elumelu Foundation, is seen as a citadel of excellence and success.

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Tony Elumelu

And he’s being recognized by the government. Elumelu holds the Nigerian national honors, the Commander of the Order of the Niger (CON) and Member of the Order of the Federal Republic (MFR) and was recognized as one of “Africa’s 20 Most Powerful People in 2012” by Forbes Magazine.

Tony Elumelu and Aliko Dangote

In 2015, he began one of the most ambitious Pan-African entrepreneurship initiatives in modern history when his foundation, the Tony Elumelu Foundation (TEF) launched the Tony Elumelu Entrepreneurship Program.

He promised then to provide a $100 million commitment of his own money to train, mentor and make funding available for 10,000 African entrepreneurs over a ten-year period.

Bill Gates and Tony Elumelu

In the next few weeks, TODAY NEWS AFRICA USA would be examining the journey, the good, the bad and the very ugly sides of Tony Elumelu.

We would revisit some of his controversies and corruption and fraud allegations and links between him, the United Bank for Africa (UBA), the scam called the Assets Management Corporation of Nigeria (AMCON), fuel subsidy scams and the creation of a myth.

We will separate wheat from chaff and stick only to facts and documents as well as interviews with those who have worked with him or dated the Nigerian billionaire at home and abroad.


Simon Ateba
Simon Ateba
Simon Ateba covers the White House, the U.S. government, the International Monetary Fund, the World Bank and other financial and international institutions for Today News Africa in Washington D.C. Simon can be reached on


  1. It’s always interesting to explore the hiccups and triumphs encountered on one’s life journey to becoming an impactful figure. Such knowledge grants better insights to transactions that lead to true progress of a nation OR if it’s all just smoking mirrors. Nice share Simon… looking forward to learning more!


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