Heirs Holdings, the family-owned pan-African investment group established by Tony O. Elumelu, CFR, is celebrating 15 years of transformative impact, driving inclusive economic growth across Africa through strategic investments in key industries.
Founded in 2010, Heirs Holdings embodies Elumelu’s Africapitalism philosophy, which champions the private sector as the catalyst for long-term economic and social development. Over the past decade and a half, the Group has built a $10.2 billion investment portfolio spanning 24 countries across Africa, Europe, North America, and Asia.
Guided by its mission to transform Africa and create shared prosperity, Heirs Holdings has invested in sectors critical to the continent’s progress, including power, energy, banking, insurance, technology, real estate, hospitality, and healthcare. By tackling infrastructure gaps, expanding access to financial services, and ensuring African resources fuel African value chains, the Group has delivered both profit and social impact. Its commitment is further demonstrated through its support for the Tony Elumelu Foundation (TEF), which has pioneered a new model of philanthropy and empowered entrepreneurs across all 54 African countries.
With a workforce of over 20,000 employees, Heirs Holdings has invested significantly in human capital through graduate training programmes and leadership initiatives. This people-first approach underscores the Group’s belief that Africa’s greatest asset is its talent.
Over the past 15 years, Heirs Holdings has achieved major milestones that showcase its commitment to value creation and sustainable growth. These include the landmark acquisition of OML 17, Africa’s largest oil and gas deal of 2021, which has since doubled production to over 50,000 barrels per day; the transformation of Ughelli Power Plc with a 306% increase in generation capacity; and the revival of Afam Power Plc, restoring 138MW to the national grid after 15 years.
In hospitality, the Group invested $130 million in upgrading the iconic Transcorp Hilton Abuja and launched a 5,000-capacity events centre. In healthcare, Avon HMO has expanded access to over 250,000 people through 2,500 hospitals globally. In real estate, Afriland Properties Plc has delivered landmark commercial and residential projects in Lagos and Abuja. Heirs Insurance Group has broken ground in democratising insurance access through digital-first offerings, including Nigeria’s first fully digital insurance hub.
Heirs Holdings’ fintech subsidiary, Redtech Limited, processed over ₦12 trillion ($10 billion) in payment transactions in 2024, strengthening Africa’s digital payments infrastructure. Beyond business, the Group’s sustainability initiatives and CSR programmes have supported healthcare, education, environmental protection, and community development across the continent.
The Tony Elumelu Foundation remains the largest Africa-funded philanthropy focused on entrepreneurship, disbursing over $100 million in seed capital to more than 24,000 entrepreneurs, generating 1.5 million jobs across Africa.
Tony O. Elumelu, CFR, Group Chairman of Heirs Holdings, said, “We established Heirs Holdings to be more than a business. Heirs Holdings is a mission. A mission to demonstrate that Africa can generate shared wealth, create employment, and improve lives by doing business the right way. For over 15 years, we have proven that our approach, Africapitalism, works and we are just getting started.”
As Heirs Holdings celebrates its 15th anniversary, the Group stands as a benchmark for sustainable investment, a champion of African entrepreneurship, and one of the most admired business brands on the continent.
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