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Companies related to Tony Elumelu closed 2023 as one of the top performers of the year, marking a remarkable year for the billionaire investor.
Combined the companies gained a whopping N1.6 trillion in market capitalization, one of the largest gains for a group of companies owned by a billionaire on the NGX.
Transcorp Group, Transcorp Hotel, UBA, Africa Prudential, and United Capital, all listed companies, are associated with Mr. Elumelu where he has majority ownership.
The companies ended the year with a combined market valuation of N2.1 trillion compared to N467 billion at the start of the year, an astonishing N1.6 trillion in additional value.
While Elumelu does not own all of the shares in the company he controls the entities as the largest single shareholder.