Billionaire Tony Elumelu takes time off in France’s Biarritz after historic growth across his business empire

In the quiet elegance of France’s Basque coast, Nigerian billionaire businessman Tony Elumelu has taken a well-earned pause after a series of landmark business achievements. The chairman of Transcorp Group, Heirs Holdings, United Bank for Africa and the Tony Elumelu Foundation is spending time in Biarritz, the refined seaside town long known as one of Europe’s most fashionable coastal retreats, after a period that delivered strong financial gains across the companies tied to his broad business empire.

Elumelu shared a glimpse of the break with his millions of followers on Instagram after moving through a demanding international schedule that included stops in Abuja, Geneva and London. “Busy past week: Abuja, Geneva, London and now rest and relaxation in Biarritz,” he wrote in a post on his official account. In another message he offered a personal note about the French coastal town that has become part of his routine. “Fun fact: for decades now I always go to Biarritz for rest and refuel after busy work periods.”

Tony Elumelu expands influence across Africa

For Elumelu, the pause comes at the end of a stretch marked by a series of deals and financial milestones that have reshaped the scale of several companies he leads or backs. In the days leading up to Christmas, he guided Heirs Energies through a $750 million financing agreement with the African Export–Import Bank, providing fresh capital to support the company’s growth plans. Only ten days later he oversaw one of the most notable locally driven transactions in Africa’s oil and gas sector in recent years when his investment vehicle acquired a 20.07‑percent stake in Seplat Energy Plc.

The deal involved the purchase of 120.4 million shares previously held by the French oil and gas producer Maurel & Prom, giving Elumelu the position of top shareholder in the London‑ and Lagos‑listed energy company. Since the acquisition, the value of the stake has climbed sharply. What was valued at about $496 million—between $494.5 million and $496 million on Dec. 31, 2025 depending on currency conversion—has risen to roughly $725 million at the time this report was drafted.

The gains in Seplat have come alongside increases in Elumelu’s holdings in several other listed companies. His 30.83‑percent stake in Transcorp Group has risen by $27.2 million this year, moving from $98 million on Jan. 1 to $125.2 million. His 16.38‑percent holding in United Bank for Africa has also strengthened, increasing by $56.7 million, from $192.7 million at the start of the year to about $250 million.

Transcorp’s growth shines across sectors

Back in Abuja, where many of the group’s key operations are based, the financial results tell the story of a business empire enjoying one of its strongest periods. Transcorp Hotels Plc, the country’s leading hospitality group and owner of the landmark Transcorp Hilton Abuja—Nigeria’s only five‑star hotel and one of the largest in sub‑Saharan Africa—closed 2025 with revenue above $70 million, beating expectations in a competitive hospitality market. Profit after tax surged 47 percent to N21.85 billion ($15.8 million), compared with $10.76 million in 2024, underscoring strong demand and improved operating performance. 

The group’s energy arm also delivered stronger numbers. Transcorp Power Plc reported revenue above $290 million in 2025 as higher electricity generation boosted earnings and strengthened the company’s balance sheet. Profit after tax rose 14 percent to N91.42 billion ($66.9 million), up from N80.01 billion ($58.53 million) the previous year. 

Those performances helped lift the wider Transcorp Group to one of the most profitable positions among major Nigerian companies. Total assets crossed the N1 trillion mark—about $740 million—while shareholders received a full‑year dividend payout of N20.3 billion ($15 million). For the year ended Dec. 31, 2025, profit after tax increased by 44 percent to N135.9 billion ($100.2 million), up from N94.1 billion ($69.3 million) in 2024. Revenue rose 33 percent to N544.1 billion ($402.8 million), compared with N407.9 billion ($302 million) in the prior year, supported largely by growth in its power and hospitality businesses.

Tony Elumelu reflects amid Biarritz calm

Against that backdrop of rising profits, expanding holdings and large‑scale transactions, the Atlantic breeze of Biarritz offers a quieter setting for reflection. The coastal town has long been known as Europe’s surfing capital and a favored retreat for visitors seeking both culture and natural beauty. Its beaches—including the famous Côte des Basques and the sweeping sands of Grande Plage—draw surfers and travelers from across the world, while landmarks such as the Rocher de la Vierge, the Hôtel du Palais, the Biarritz Aquarium, the Phare de Biarritz lighthouse and the Art Deco Casino Barrière anchor the city’s historic charm.

Life in Biarritz moves at a pace very different from the boardrooms and deal tables that define much of Elumelu’s schedule. The town’s blend of French and Basque culture shows up in its cuisine, where small plates of pintxos, traditional axoa stew and slices of Bayonne ham are staples of local dining. In the summer months, warm Atlantic weather fills the beaches and promenades, while the city’s mix of French, Basque and Spanish languages reflects its place near the border between France and Spain.

For Elumelu, whose work spans banking, energy, hospitality and philanthropy across Africa, the trip is less a holiday than a familiar pause between high‑impact business cycles. His message from Biarritz hints at a routine developed over decades: step away briefly, recharge and prepare for the next round of decisions that shape a business empire stretching across several of the continent’s key industries. For now, though, the billionaire investor is simply enjoying the calm of the Basque coast—far from the meeting rooms of Abuja and the financial centers of Geneva and London—after a period that delivered some of the most notable financial gains across the companies tied to his name.