Heirs Holdings recently celebrated its 14th anniversary, marking over a decade of driving positive change and sustainable development across Africa and beyond. The company’s diverse portfolio spans the power, energy, financial services, hospitality, real estate, healthcare, and technology sectors.
During the ceremony in Lagos, Heirs Holdings Chairman, Mr. Tony Elumelu, reaffirmed his commitment to improving power distribution in Nigeria, despite the sector’s challenges. This commitment is particularly notable given the current issues in the domestic power sector, including the difficulty local distribution companies face in absorbing all the power generated by Transcorp Power’s plants.
Elumelu highlighted Transcorp’s acquisition of the Abuja Electricity Distribution Company, ranked third in the country, as evidence of the company’s involvement in the sector. He acknowledged the tough environment but emphasized Heirs Holdings’ ability to turn around businesses and create value.
Reflecting on the company’s journey, Elumelu said, “In 2010, we embarked on a bold journey to invest across key strategic sectors and catalyze Africa. Our vision was clear: to establish a role model company that embodies African aspirations and values, one that endures and champions Africa on the global stage. We committed ourselves to building a lasting legacy.”
He continued, “As we reflect on our achievements, driven by our core values of excellence, enterprise, and execution, we look both back and forward. We have built a reputation for transforming sectors, turning around businesses, and driving innovation, exemplifying how strong corporate governance, discipline, and resilience can lead to success.”
Elumelu also highlighted the company’s philanthropic efforts, stating, “Our philanthropy has invested US$100 million into the lives of 20,000 young African entrepreneurs, who have created 400,000 jobs on the continent and established networks and opportunities for many more.”
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During a fireside chat at the event, Owen Omogiafo, Group CEO of Transnational Corporation PLC, mentioned that Transcorp’s energy business includes OPL 281 and significant oil and gas assets. She emphasized the company’s commitment to energy sufficiency and exploration of renewable energy opportunities. “There’s more coming. We are firmly rooted in the principle of Africapitalism, balancing doing well with doing good. Transcorp Group has three out of seven listed companies, reflecting our principle of wealth distribution. We will continue to transform Nigeria, transform Africa, and improve lives,” she said.
Osa Igiehon, CEO of Heirs Energies Limited, disclosed that the company operates about 5% of Nigeria’s oil production and domestic gas supply. He emphasized Heirs Holdings’ vision of building an integrated energy business that addresses Africa’s energy needs, a journey that began over a decade ago. “We are proud of our contributions to Nigeria’s energy security and sufficiency. Most importantly, within just three and a half years, we are already seen as a top player,” Igiehon said.
Adesimbo Ukiri, CEO of Avon HMO, highlighted the challenges in the healthcare sector but expressed pride in Avon’s achievements over its 11 years of existence. “For instance, we have impacted about 500,000 Nigerians through our services at hospitals. We offer health plans that cater to all classes of people—companies, individual users, and their families. Over the years, we have paid over N38 billion in hospital claims, a significant achievement for an HMO,” Ukiri noted. She pointed out that only about 8% of Nigeria’s population currently has access to healthcare coverage and emphasized Avon’s commitment to expanding this reach. “That means 92% don’t. Nigeria is huge. It takes investment to reach all those people, so we will be at the forefront of that,” she assured.
Peter Ashade, CEO of United Capital Group, shared that the company currently manages seven different businesses, including investment banking, securities, asset management, trustees, wealth management, and consumer finance. Last week, United Capital Plc launched a new subsidiary, Ucee Microfinance Bank.
The event concluded with the cutting of an anniversary cake, led by Mr. Tony Elumelu and his wife, Dr. Awele V. Elumelu, Chairperson of Avon Medical.
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