Photo: 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...

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.