Heirs Holdings, in its 14 years of operation, has invested over $100 million to support 20,000 young African entrepreneurs, creating 400,000 jobs across the continent. The group, led by Chairman Tony Elumelu, remains committed to accelerating economic growth in Nigeria and Africa through strategic investments in key sectors like power, energy, financial services, hospitality, real estate, technology, and healthcare.
Speaking at the 14th anniversary celebration in Lagos, Elumelu highlighted the group’s transformative impact on Africa’s economic landscape. He emphasized the group’s dedication to enhancing power distribution in Nigeria, despite the challenges faced by local distribution companies in absorbing electricity generated by Transcorp Power, a subsidiary of Heirs Holdings.
Elumelu pointed to the acquisition of Abuja Electricity Distribution Company (AEDC), Nigeria’s third-largest electricity distributor, as evidence of the group’s active participation in the power sector. Despite a tough operating environment, Heirs Holdings has a proven track record of turning around underperforming businesses into valuable assets.
Reflecting on the group’s journey, Elumelu noted that since 2010, Heirs Holdings has pursued a mission to invest in critical sectors, acting as a catalyst for Africa’s economic development. “As we reflect on our achievements, driven by our core values of excellence, enterprise, and execution, we look both back and forward. We have built a reputation for transforming sectors, turning around businesses, and driving innovation, exemplifying how strong corporate governance, discipline, and resilience can lead to success,” he stated.
Owen Omogiafo, CEO of Transnational Corporation Plc (Transcorp), underscored the importance of power in driving Nigeria’s and the global economy. Through Transcorp’s investments, the group is committed to fostering sustainable power generation, transmission, and distribution. Omogiafo emphasized the group’s dedication to Africapitalism, which aligns profitability with positive social impact.
Omogiafo also highlighted Transcorp’s success in listing three out of its seven companies, ensuring that the wealth generated is distributed equitably. She noted that Transcorp accounts for about 15% of Nigeria’s power generation, covering a landscape of over 130,000 square kilometers through its investments in Transcorp Power and Transafem Power.
Osa Igiehon, CEO of Heirs Energies Limited, revealed that the company contributes significantly to Nigeria’s oil production and domestic gas supply, accounting for approximately 5% of the country’s output. Heirs Holdings is focused on addressing Africa’s energy challenges and driving sustainable economic growth through its energy investments.
Adesimbo Ukiri, CEO of Avon HMO, reflected on the challenges in the healthcare sector but expressed pride in Avon’s achievements. Over 11 years, Avon HMO has impacted about 500,000 Nigerians through its services and paid over N38 billion in hospital claims. Ukiri emphasized the need for investment to expand healthcare coverage in Nigeria, where only 8% of the population currently has access.
Heirs Holdings also celebrated a significant milestone in its pan-African expansion, with its financial services group receiving a license to operate as an Asset Manager in the West African Economic and Monetary Union (WAEMU) bloc. This license enables the group to offer services in WAEMU member countries, furthering its mission to drive economic growth across Africa.
