He chairs Heirs Holdings,[2] Transcorp, United Bank for Africa (UBA) and is the founder of The Tony Elumelu Foundation.

[5][6] An Igbo by ethnicity, he grew up with four siblings, one of whom is Ndudi Elumelu, a minority leader in the Nigerian legislature.

[7][8] Elumelu studied Economics at Ambrose Alli University, obtaining a Bachelor of Science with a Lower Second Class (2:2).

The Tony Elumelu Foundation’s belief that the private sector’s role is critical for Africa’s development is hinged on the economic philosophy of Africapitalism, which was introduced by Elumelu; "that the African private sector has the power to transform the continent through long-term investments, creating both economic prosperity and social wealth.

"[24] In 2015, Elumelu committed $100 million to create 10,000 entrepreneurs across Africa over the next 10 years through the Tony Elumelu Foundation Entrepreneurship Programme - a Pan-African entrepreneurship initiative designed to empower African entrepreneurs through a multi-year programme of training, funding, and mentoring.