Nigerian banking tycoon Tony Elumelu eyes new investments in Caribbean markets

Tony Elumelu, a Nigerian banking tycoon, has made public his investment interests in Caribbean markets, a strategic move that will see him explore growth opportunities in the region through collaboration to foster wealth creation in Africa, the Caribbean and the Black diaspora.

Elumelu is the founder of one of Nigeria’s largest financial services groups, United Bank for Africa Plc (UBA). He holds a substantial 6.96-percent stake in the pan-African banking group, which is valued at N20.1 billion ($48.3 million).

In addition to his banking investments, he also has interests in the oil, healthcare and insurance industries across Nigeria through his privately-owned investment holding, Heirs Holdings.

Elumelu stated during his speech at the annual Jamaica Stock Exchange Investments and Capital Markets Conference that he would meet with politicians during his visit to Jamaica later this year, at an unspecified date, in order to further his business and investment interests in the region.

“We have a customer base of over 25 million around the globe. We are not in the Caribbean, but that is something we will explore when I come to Jamaica with the CEO of UBA Americas operation,” Elumelu said while expressing support for future investments in Caribbean markets through his financial services group, UBA.

The Lagos-based businessman was the most notable overseas participant at the conference, with plans to invest in Jamaica.

Other panelists included Ekow Afedzie, managing director of the Ghana Stock Exchange, Dr. Melida Harris Barrow, founder and chairman of the 6 Region Global Chamber of Commerce, and Olga Cantillo, executive vice president and CEO of the Panama Stock Exchange.

Elumelu underscored the need for collaboration between African and Caribbean market players: “We need to ensure that the cultural linkages that connect Africa and the diaspora are strengthened, not weakened,” he said. “We have so much to learn from one another; our experiences and knowledge must be used for the betterment of our communities because no one will develop them for us.”

Heirs Holdings Oil & Gas Limited, his investment holding’s oil and gas unit, recently launched a tender for work on one of its oilfields, the OML-17 Multiphase Pump Gathering Station Project in southern Nigeria.

Following the completion of the work, the contractor will provide two years of operational spares, deliver the pump and other facilities to the site, perform performance testing and finally hand over the oil field to the HeirsHoldings Oil & Gas Limited operations team.