Tony Elumelu Says Afreximbank Pivotal to Heirs Holdings Foray Into Energy sector

Tony Elumelu Says Afreximbank Pivotal to Heirs Holdings Foray Into Energy sector

Chairman of Heirs Energies, Tony Elumelu, has said that one of its pivotal partnership journeys was supported by African Export-Import Bank (Afreximbank), a financial institution pivotal to his foray into the Energy sector.

The pan-African bank, led by Prof Benedict Oramah, who was lauded by Elumelu for offering support to African entrepreneurs.

Speaking at the Afreximbank annual general meeting in Abuja, Elumelu emphaised that banks like Afreximbank support the efforts of African private sector actors to industrialise the continent, create employment, and fuel long-term economic growth.

He said, “With their backing, our acquisition in the energy sector, through Heirs Energies, did not just empower us as investors, it empowered Nigeria’s oil industry, creating jobs, and strengthening national capacity.”

Elumelu revealed that he led a $2.5 billion acquisition bid for strategic oil assets from Shell, which was one of the largest transfers of resource assets to indigenous capital.

It must be noted that the deal birthed Heirs Energies , which is Africa’s largest integrated energy platform.

The chairman United Bank for Africa (UBA) Plc said that Heirs Energies produces 58,000 barrels of crude per day, heaping encomium on Professor Oramah’s Afreximbank for its role in the success of the assets.

The billionaire investor and philanthropist emphasises the importance of electricity to Africa’s economic growth and job creation while saying that his firm is poised to improve power generation in the country

He said “At Transcorp, we are one of Nigeria’s largest power providers. We cannot develop Africa without reliable electricity.

Power is the foundation of everything: trade, healthcare, education, and digital inclusion. While the world is racing toward AI and the Fourth Industrial Revolution, we are held back by the basics, electricity, broadband access, and digital infrastructure. We must fix these foundational issues if we are serious about development.”