A financial expert explains why some of Africa’s most prominent business figures, such as Tony Elumelu and Adedeji Adeleke, do not appear on Forbes’ Billionaire List, despite their companies being valued in the billions.
According to Innocent Tino, a self-proclaimed investment banker and communications specialist, a company’s total valuation does not equate to the personal net worth of its largest shareholder.
"Individuals like Tony Elumelu and Adeleke, whose companies are valued at billions, are absent from the Forbes list because they are merely majority shareholders. This doesn’t imply that 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 does not amount to a billion dollars in that $2.5 billion. They mention him as the owner because he holds the largest share—even if it isn’t up to a billion dollars," he added.
Tino emphasized the distinction between personal wealth and corporate valuation, especially for executives leading publicly traded companies.
"The companies’ worth is not their personal worth. These are PLCs (Public Limited Companies), owned by many shareholders," he explained.
Tony Elumelu, the chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), is well-known for his investments and leadership in Africa’s financial sector.
However, according to Forbes’ methodology, his shares in Transcorp and UBA do not suffice to place him in the billionaire category when evaluated in U.S. dollars.
Forbes’ Billionaire List assesses individuals’ personal net worth, considering only assets directly owned by them, such as shares, private businesses, and other holdings, while excluding assets tied to publicly traded companies they do not entirely control.
Tino’s comments serve as a reminder that while these business leaders possess considerable influence and control within major corporations, their financial standing on global wealth rankings is dictated by precise valuation methods.
