- Elumelu highlighted Heirs Holdings’ role in improving power distribution at the company’s 14th-anniversary celebration.
- Heirs Holdings marks 14 years of impact with a renewed focus on advancing Africa’s energy and power sectors.
Heirs Holdings recently celebrated its 14th anniversary, underscoring its ongoing impact and commitment to driving positive change in Africa, particularly within the energy and power sectors. The Lagos event highlighted the company’s significant role in enhancing energy infrastructure and addressing power distribution challenges in Nigeria.
During the ceremony, Heirs Holdings Chairman Mr Tony Elumelu reaffirmed his dedication to improving power distribution despite the sector’s difficulties. He pointed out the challenges local distribution companies face in absorbing the total output from Transcorp Power’s plants, emphasising the need for practical solutions.
Elumelu showcased Transcorp’s acquisition of the Abuja Electricity Distribution Company, a major player in Nigeria’s power sector, as a sign of the company’s active involvement and resolve to overcome industry obstacles.
Reflecting on the company’s journey, Elumelu noted, “Since 2010, we have focused on strategic investments that drive Africa’s energy and power sectors forward. Our vision was to build a role model company that represents African values and aspirations while tackling critical issues in power distribution.” He added, “Our achievements, guided by excellence, enterprise, and execution, demonstrate how robust corporate governance and resilience can drive success and innovation.”
Elumelu also highlighted Heirs Holdings’ philanthropic investments, noting the $100 million dedicated to supporting 20,000 young African entrepreneurs. These entrepreneurs have created 400,000 jobs and contributed to a broader network of opportunities across the continent, indirectly supporting energy and power sector growth.
Owen Omogiafo, Group CEO of Transnational Corporation PLC, spoke about the company’s energy assets, including OPL 281, and its focus on energy sufficiency and renewable energy opportunities. “We are deeply rooted in Africapitalism, balancing profitability with positive social impact. Our diverse portfolio, with three out of seven listed companies, reflects our commitment to wealth distribution and transformative energy solutions,” she said.
Osa Igiehon, CEO of Heirs Energies Limited, revealed that the company handles approximately 5% of Nigeria’s oil production and domestic gas supply. He emphasised Heirs Holdings’ vision of developing an integrated energy business to meet Africa’s energy needs. “Our contributions to Nigeria’s energy security are significant, and within just three and a half years, we have established ourselves as a leading player in the sector,” Igiehon stated.
The event also featured insights from Adesimbo Ukiri, CEO of Avon HMO, who addressed the healthcare sector’s challenges but highlighted Avon’s impact on healthcare coverage, including its contribution to energy sector employees and communities.
Peter Ashade, CEO of United Capital Group, noted the company’s management of seven different business areas, including energy finance and investment. The launch of Ucee Microfinance Bank further expands their financial services, supporting energy sector investment.