Nigerian tycoon Tony Elumelu’s Heirs Holdings eyes expansion with more subsidiary listing

Feyisayo Ajayi -

Key Points

  • Heirs Holdings, led by Tony Elumelu, plans to list more subsidiaries on the Nigerian Exchange to enhance investment access for Nigerians. 
  • The firm is also considering listings in other African markets to further democratize prosperity and expand its footprint.
  • Since 2010, Heirs Holdings has focused on key sectors and aims to drive inclusive growth across Africa.

Heirs Holdings, a leading African investment firm led by Nigerian business executive Tony Elumelu, is set to expand its presence on the Nigerian Exchange (NGX) with plans to list more of its portfolio companies. This move aims to “democratize prosperity” by giving more Nigerians access to investment opportunities.

Elumelu, Founder and Group Chairman of Heir Holdings, made the announcement during a media parley in Lagos, marking the company’s 14th anniversary. He revealed that the group is also considering listing its companies in other African markets when conditions are favorable.

“All our businesses in African countries are privately owned. We would like to democratize prosperity by listing them in those markets. Where we have listed, people have benefited significantly from the listing,” Elumelu said. “So, we will initiate public offerings in those markets, but at the right time to do so.”

Elumelu’s vision realized: Heirs Holdings’ decade of impact and legacy

This latest development comes on the heels of Heirs Holdings’ recent launch of Heirs Technologies, a subsidiary dedicated to driving Africa’s digital transformation through innovative solutions tailored to the continent’s unique needs. Elumelu’s portfolio of publicly listed companies, which includes Transcorp Hotels, Transcorp Plc, United Bank for Africa, United Capital, Africa Prudential, and the newly listed Transcorp Power and Afriland Properties, underscores his influence in the African business landscape.

Elumelu highlighted that Heirs Holdings’ journey since its inception in 2010 has been guided by a long-term vision to invest in Africa’s key strategic sectors and unlock the continent’s potential. “Through the group’s relentless dedication and resilience, it has demonstrated that an African institution can consistently generate long-term value while leaving a legacy of success across Africa’s most vital sectors,” he stated.

Owen Omogiafo, CEO of Transcorp Group, emphasized that the group remains Nigeria’s largest listed conglomerate with a strong presence in the power, hospitality, and energy sectors. Meanwhile, Peter Ashade, Group CEO of United Capital, highlighted the firm’s role in enhancing shareholder value and contributing to the growth of Nigeria’s financial ecosystem.

Heirs Holdings champions inclusive growth across Africa

Under Tony Elumelu, Heirs Holdings has solidified its position as a cornerstone of Africa’s investment landscape. The company, known for its broad and diverse portfolio, has made significant strides in sectors ranging from finance and energy to healthcare, real estate, hospitality, and new technology. These strategic investments are part of a larger mission to foster inclusive growth and contribute to Africa’s long-term prosperity.

Elumelu, who also serves as chairman of the United Bank for Africa and Transcorp, has been instrumental in steering Heirs Holdings toward success. His leadership has not only facilitated strategic acquisitions but also ensured the efficient operation of the company’s various ventures. Through these efforts, Heirs Holdings continues to play a pivotal role in reshaping the African continent’s economic landscape, with a focus on sustainable development and improving the quality of life across the region.