![L-R: Tony Elumelu, the chairman of Heirs Holdings, Transcorp, and UBA, and Dr Adedeji Adeleke who owns multiple investments most especially in the power sector. [Facebook]](/_next/image?url=https%3A%2F%2Fimage.api.sportal365.com%2Fprocess%2F%2Fsmp-images-production%2Fpulse.ng%2F31032025%2Ffe0d853f-23d4-4dc7-af05-5c4e9fe9d462.jpg&w=3840&q=75)
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A financial expert has explained why some of Africa’s most well-known business figures, including Tony Elumelu and Adedeji Adeleke, do not appear on Forbes’ Billionaire List, despite their companies being worth billions of dollars.
According to Innocent Tino, a self-acclaimed investment banker and communications specialist, a company's total valuation does not equate to the personal net worth of its largest shareholder.
"People like Tony Elumelu and Adeleke, whose companies are worth billions, are not on the Forbes list because they are just majority shareholders. That doesn’t mean the entire company’s valuation belongs to them," Tino stated in a Facebook post.
He further clarified that companies like Adeleke’s, valued at $2.5 billion, are owned by multiple investors.
"His share is not up to a billion dollars in that $2.5 billion. But they will mention him as the owner because he has the largest share—even if it isn't up to a billion dollars," he added.
Tino emphasised the distinction between personal wealth and corporate valuation, particularly for executives leading publicly traded companies.
"The companies’ worth is not their personal worth. It is called PLC (Public Limited Companies), owned by many," he explained.
Tony Elumelu, the chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), is widely recognised for his investments and leadership in Africa’s financial sector.
However, according to Forbes' methodology, his shares in Transcorp and UBA are not enough to place him in the billionaire category when measured in U.S. dollars.
Forbes’ Billionaire List evaluates individuals’ personal net worth, considering only assets directly owned by them, including shares, private businesses, and other holdings, while excluding assets tied to publicly traded companies they do not fully control.
Tino’s remarks remind us that while these business leaders wield significant influence and control in major corporations, their financial standing on global wealth rankings is dictated by precise valuation methods.