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Heirs Holdings commits funds for African power sector

African businessman, investor and economist Tony Elumelu. (Image source: Tony Elumelu Foundation)

Heirs Holdings, which is owned by African businessman Tony Elumelu, has committed US$2.5bn for improving the African power sector

The company, which is a pan-African proprietary investment firm, is also the single largest investor included in the White House statement announcing US President Barack Obama’s Power Africa initiative.

Power Africa will be a multi-stakeholder partnership between the US, the governments of Ghana, Tanzania, Kenya, Liberia, Nigeria and Ethiopia and the African private sector with a shared objective of accelerating investment in Africa’s power sector in the next five years.

Earlier this year, Elumelu’s holding company, through its investee company Transnational Corporation of Nigeria (Transcorp), had purchased the Ughelli power plant, one of Nigeria’s largest power assets, which it has plans to restore to its full generating capacity of 1,000MW.

Elumelu said, “The investment we are making demonstrates our intent to become a significant player in the African power sector. It also shows in a clear and meaningful way that African capital can and should be part of the solution to Africa’s challenges.

“We need more African companies to step up and get involved in Africa's development. Heirs Holdings investment in Power Africa is not just about creating value for shareholders.”

 

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