Heirs Holdings

Heirs Holdings
Company typePrivate
IndustryFinancial services, Power, Oil and Gas, Real Estate, Hospitality, Healthcare and Insurance
FoundedAugust 1, 2010; 14 years ago (2010-08-01)
FoundersTony Elumelu
Headquarters
Ikoyi, Lagos
,
Nigeria
Area served
Worldwide
Key people
Tony Elumelu
Chairman
Emmanuel Nnorom
Group CEO
Websiteheirsholdings.com
Footnotes / references
[1]

Heirs Holdings is a family-owned investment holding company headquartered in Lagos, Nigeria with investment interests in various sectors in Africa.[2]

History

Heirs Holdings was founded in 2010 by Tony O. Elumelu has more than 670 employees, CON after his retirement in 2010 from the United Bank for Africa (UBA) Plc, where he had served as Group Managing Director.[3][4]

In 2011, Heirs Holdings made its first investment by acquiring a controlling stake in Transcorp, Nigeria's largest listed conglomerate.[5][6]

In 2012, Heirs Holdings made further investments in the real estate and financial sectors. Afriland Properties Plc, a property management, investment, and development company; United Capital Plc, a financial and investment services group; and Africa Prudential Registrar Plc, a share registration service provider.[7]

In 2013, Heirs Holdings committed US$2.5bn, as the single largest private sector investor in President Barack Obama Power Africa Initiative with the ambition to add 30,000MW of new electricity generation capacity, to increase electricity access by at least 60 million new connections in Sub-Saharan Africa.[8][9]

In 2020, Heirs Holdings successfully acquired OML17 from Shell, Total and Eni in what's termed the largest oil and gas transaction in Africa for the year 2020.[10][11][12]

Investments overview

Heirs Holdings' Investments are organised into six verticals: Financial Services, Power, Oil and Gas, Real Estate, Hospitality and Healthcare.[13]

Financial Services

Heirs Holdings’ interests and investment in financial services cuts across banking, insurance, investment banking, asset management and capital market registration.[14][15]

  • United Bank for Africa Plc (UBA) – A Nigerian pan-African financial services group headquartered in Lagos with subsidiaries in 20 African countries and offices in London, Paris, and New York.
  • United Capital Plc – Financial and investment services group
  • Africa Prudential Registrars – A Nigerian Capital Market Registration Company
  • NASD OTC Market – A secondary trading market for securities of unlisted public limited companies (PLC) primarily in Nigeria
  • Heirs Insurance Brokers Limited (HIB) – insurance broking and risk management firm.
  • Heirs Insurance Limited – covers general insurance services
  • Heirs Life Assurance Limited – provides specialist life insurance services.

Real Estate and Hospitality

Investment in property development and facility management services.

  • Afriland Properties Plc – Property management development company working across the real estate value chain.
  • Transcorp Hotels plc – Nigerian based hospitality firm and owner of the Transcorp Hilton Hotel, Abuja.

Power, Oil & Gas

Investment in Power, Oil & Gas sectors

  • Transnational Corporation of Nigeria – diversified conglomerate with business interests are in Power and Energy.
  • Transcorp Power – power generating companies in Nigeria in electricity generated and wheeled unto the national grid. Following power sector reforms in Nigeria and privatization of national power assets, Transcorp Plc won the bid for a distressed power generating company, Ughelli Power Plc – operator of Ughelli Power Plant in 2012 and the Afam Power Plant in 2020.[16][17]

These investments are part of Heirs Holdings’ commitment to USAID's Power Africa initiative.[18]

  • Tenoil Petroleum & Energy Services (TENOIL) – An indigenous operator of OPL 2008, a 40 km2 block which holds gas reserves and operates under a Production Sharing Contract with the Nigerian National Petroleum Corporation.[19]
  • Heirs Energies (Formerly Heirs Oil & Gas) [20] – An integrated energy company. In January 2021, Heirs Holdings announced its acquisition of 45% operating stake in a permit known as Oil Mining Lease 17 from Shell, Total and ENI in a deal worth more than $1 billion.[11]

Healthcare

Investment in health facilities, equipment, and services.[21]

  • Avon HMO – A Health maintenance organisation (HMO) licensed by Nigeria's National Health Insurance Scheme (NHIS) to operate as a national HMO in October 2012
  • Avon Medical Practice – A private healthcare provider based in Lagos, Nigeria.

Leadership

Board of directors

As of August 1, 2021:[22]

  • Tony Elumelu (chairman)
  • Emmanuel Nnorom (CEO)
  • Dr. Awele Elumelu (Non-Executive Director)
  • Angela Aneke (Independent Non-Executive Director)
  • Alex Trotter (Independent Non-Executive Director)
  • Andrew Alli (Independent Non-Executive Director)
  • Victor Osadolor (Non-Executive Director)
  • Dan Okeke (executive director)
  • Chiugo Ndubisi (executive director)

References

  1. ^ "Heirs Holdings Investments". Heirs Holdings. Archived from the original on October 27, 2021. Retrieved November 6, 2021.
  2. ^ "Nigerian Mogul Tony Elumelu Makes $123 Million In 3 Weeks". Forbes. Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  3. ^ "Elumelu returns to UBA as Board Chairman". Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  4. ^ "The 20 Most Powerful People In African Business 2012". Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  5. ^ "Shares: Heirs Holdings' Strategic Buy Shocks Transcorp Board". Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  6. ^ "Heirs Holdings push Transcorp shares higher on NSE". Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  7. ^ "HH at Ten". Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  8. ^ "Can Moguls Untangle Nigeria's Power Lines?". Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  9. ^ "POWER AFRICA PRIVATE SECTOR PARTNERS". Archived from the original on October 22, 2021. Retrieved October 20, 2021.
  10. ^ "Afreximbank releases $250m for TNOG's acquisition of 45% stake in OML 17". Archived from the original on October 27, 2021. Retrieved October 20, 2021.
  11. ^ a b "Nigeria's Heirs Holdings buys 45% stake in OML 17 onshore oilfield". Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  12. ^ "Nigeria: OML 17 allows Tony Elumelu's Heirs to take on Seplat". Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  13. ^ "Africa's Heirs Holdings Portfolio Company, Planet Labs, is Going Public". Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  14. ^ "Investment Portfolio". Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  15. ^ "Holding Company – Heirs Holdings". Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  16. ^ "Only two of six privatised power plants delivered on targets – BPE". Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  17. ^ "Transcorp buys Afam power". Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  18. ^ "Transcorp Nigeria Plc to invest $2.5bn in power sector". Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  19. ^ "Nigeria: Tony Elumelu gets deeper into oil sector with OML 17". Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  20. ^ Akintayi, OpeOluwani (October 19, 2023). "Heirs Holdings Oil & Gas becomes Heirs Energies". Punch Newspapers. Retrieved March 7, 2024.
  21. ^ "Avon Medical launches new dialysis centre". Archived from the original on October 25, 2021. Retrieved October 20, 2021.
  22. ^ "Heirs Holdings – About us – Heirs Holdings – About us". Archived from the original on October 25, 2021. Retrieved November 6, 2021.

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