MoneyCentral estimated Elumelu’s net worth as of March 10, 2025, by piecing together his stakes in companies, primarily through his family-owned investment vehicles, Heirs Holdings, and his direct and indirect holdings in publicly traded entities, like Transnational Corporation of Nigeria (Transcorp) and United Bank for Africa (UBA).
Heirs Holdings’ investment portfolio spans the power, energy, financial services, hospitality, real estate, healthcare and technology sectors, operating in 24 countries worldwide.
It is inspired by Africapitalism, the belief by Elumelu, that the private sector is the key enabler of economic and social wealth creation in Africa.
MoneyCentral defines a billionaire as an individual, who has a net worth of $1billion or more.
It stated: “In calculating net worth, we priced the stakes in public companies as of March 10, 2025, and included dividend income paid to that date.
“Private companies were valued in several ways, most often by applying price-to-sales and price-earnings ratios of similar public companies. We tried to identify and confirm all potential liabilities; however, we made no assumptions about personal debt.
