CHAIRMAN, Heirs Holdings Group, Transcorp Group and UBA Group, Tony Elumelu, has said leadership capacity, a culture of excellence, a high-performance environment, corporate governance, risk management and non-interference management are critical pillars to Ministry of Finance Incorporated (MOFI’s) drive to unlock value from Nigeria’s assets and enterprises as a country.
The Ministry of Finance Incorporated recently hosted a public wealth management seminar at the Federal Capital Territory, Abuja, where Elumelu was the keynote speaker and provided insight on the theme.
Speaking at the event, Elumelu cited the example of Temasek, established in 1974 in Singapore, with the same aspiration to manage wealth and assets as Nigeria’s Ministry of Finance Incorporated.
He noted that through efficient management, leadership and strategy, the assets valued at $300 million during the inception of Temasek are now valued at $300 billion.
He said, “The Temasek arrangement allowed the Singapore government to focus on its core role of policymaking and regulations. Today, Temasek has investments in the strategic sectors of its economy to unlock significant value – transportation, industrial, financial services, technology, telecommunications, real estate and consumer goods. Temasek typically owns significant company stakes, often focusing on strategic investments that align with Singapore’s economic development goals.”
The African business leader also stressed that Temasek actively manages its investments, engaging with portfolio companies to drive growth and value creation.
“This means they are not a passive investor that sits back but more like a private equity firm that works closely with management to unlock value. We need this approach in Nigeria,” Elumelu added.
Elumelu commended the leadership of the MOFI for looking widely for models and approaches and bringing a private sector mindset to the stewardship of public assets.
The banker and industrialist emphasised the need for long-term thinking that values excellence in all areas and is strong on corporate governance. For him, the focus should be on execution, execution, execution – and reward.
He assured that Heirs Holdings Group stands ready to partner with MOFI to unlock wealth and value from national assets and enterprises.
Providing further insight into the turnaround story of Heirs Holdings Group, Transcorp Group and United Bank for Africa, (UBA), he highlighted the following key transformations: the turnaround of a defunct Crystal Bank birthed into Standard Trust Bank, which is now part of today’s United Bank for Africa (UBA).
Today, UBA Group operates in 20 African countries, the UK, France, the UAE and the USA.
In 2010, following his retirement as the CEO of UBA, and in looking for new opportunities and ventures, the Heirs Holdings Group, his family’s investment firm, acquired Transcorp Plc.
Transcorp moved from the only asset, the hotel in Abuja, to investments in power and the oil and gas sectors.
In power, Transcorp acquired the 972MW gas fired Ughelli Power Plant and ramped up its generations from 160MW to 701MW within four years of taking over the plant.
The Transcorp Ughelli Power Plant is the first privatised power company to be discharged from post-privatisation monitoring, surpassing all set targets by the BPE and the National Council on Privatisation.
Transcorp Hotels has also been issued a Certificate of Discharge by the National Council on Privatisation.
Transcorp has partnered with the Federal Government to unlock the value of state-owned enterprises and we have shown how private sector efficiency translates into profitability and increased prosperity.
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