Elliot, who is representing Surulere constituency, contested on the platform of the All Progressives Congress (APC).
He defeated Bayo Smith, the candidate of the Peoples Democratic Party (PDP).
Reacting to his inauguration, he thanked everyone who believed in him and voted for him on his facebook page.
Elliot has starred in over two hundred films and a number of television shows and soap operas.
He won best supporting actor in a drama at the 2nd Africa Magic Viewers’ Choice Awards and also nominated for best supporting actor at the 10th African Movie Academy Awards.