Transcorp Group, UBA Others Gains of N1.6 trillion in 2023

Tony Elumelu’s businesses ended 2023 among the best-performing ones, capping an incredible year for the billionaire investor.

The firms’ combined market valuation increased by a staggering N1.6 trillion, making it one of the biggest returns for a collection of NGX companies controlled by a billionaire.

Mr. Elumelu is connected to the listed firms Transcorp Group, Transcorp Hotel, UBA, Africa Prudential, and United Capital, of which he owns a controlling stake.

The firms’ aggregate market worth at the end of the year was N2.1 trillion, an astounding increase in value of N1.6 trillion from the beginning of the year when it was only N467 billion.

While Elumelu does not own all of the shares in the company he controls the entities as the largest single shareholder.

This also compares to the NGX which experienced a remarkable bull run, boasting an impressive 45.9% YoY gain in its All Share Index (ASI).

Despite grappling with challenges such as high inflation, a depreciating exchange rate, and persistent security concerns, Elumelu’s companies have delivered outstanding performances sure to propel the billionaire into the revered Forbes List, according to Nairametrics estimates.

Known as a banking whiz kid in the late 90’s, Elumelu’s businesses now span hospitality, oil, and gas, financial services, banking, Agro-allied, power, and insurance.

He is also widely known for his promotion of Africapitalism and his philanthropic work through the Tony Elumelu Foundation.