Heirs Holdings
Family-owned pan-African investment company in Lagos, founded in 2010 by Tony O. Elumelu; holds stakes in banking, insurance, power, energy, hospitality, healthcare and technology firms.
USEFUL FOR Co-investors
Family & background
- HEADQUARTERS
- Lagos, Nigeria
- FOUNDED
- 2010
- OUTSIDE CAPITAL
- No — own capital only
Investment approach
- GEOGRAPHY
- Africa
- ROUTES
- Direct investments
- STRATEGIES
- Direct investments
Overview
Heirs Holdings is a private, family-owned investment company headquartered in Ikoyi, Lagos, founded in 2010 and chaired by Tony O. Elumelu after he retired as Group Managing Director of United Bank for Africa. It invests in banking, insurance and financial services, power, energy, real estate and hospitality, healthcare and technology, and says it operates across 24 countries, with portfolio companies employing more than 40,000 people. Its holdings include UBA, Transcorp Power, Transcorp Hotels, Heirs Energies, Heirs Insurance Group and Avon HMO; in January 2021 it announced the acquisition of oil block OML 17 from Shell, Eni and Total in a deal described as over USD 1 billion.
Investment thesis
Long-term investment in strategic sectors of the African economy, guided by its chairman's philosophy of Africapitalism: the private sector driving Africa's development through investments that create both economic and social value.
Holdings & investments (15)
- United Bank for AfricaFintech
- Heirs Insurance GroupFintech
- Africa Prudential PlcFintech
- United Capital PlcFintech
- Transcorp Power PlcClimate & Energy
- Transafam PowerClimate & Energy
- Heirs EnergiesClimate & Energy
- Transcorp EnergyClimate & Energy
- TenoilClimate & Energy
- Transcorp Hotels PlcConsumer & E-commerce
- Afriland Properties PlcReal Estate & PropTech
- Avon HMOHealthTech
- Avon Medical PracticeHealthTech
- Heirs TechnologiesSoftware & SaaS
- RedtechSoftware & SaaS
People
- Tony O. Elumelu, CFRFounder and Chairman · source
- Emmanuel NnoromGroup Chief Executive Officer · source
- Chiugo NdubisiExecutive Director · source
- Dr. Awele V. Elumelu, OFRFounding Director · source
- Victor OsadolorNon-Executive Director · source
- Obinna UfudoNon-Executive Director · source
- Sola Yomi-AjayiNon-Executive Director · source
- Chinedu EzeGroup Company Secretary/Legal Counsel · source
Classification
Family Holding. A family's holding company that owns stakes in several separate businesses or invests beyond its own group, without calling itself a family office. How family capital is classified →
FAQ
Heirs Holdings is a family holding based in Lagos, Nigeria, founded in 2010.
Heirs Holdings invests directly in companies. Its stated asset mix includes direct investments.
Heirs Holdings invests in Real Estate & PropTech, Industrial & Manufacturing and Software & SaaS.
Key people at Heirs Holdings include Tony O. Elumelu, CFR (Founder and Chairman), Emmanuel Nnorom (Group Chief Executive Officer), Chiugo Ndubisi (Executive Director) and Dr. Awele V. Elumelu, OFR (Founding Director).
Heirs Holdings's holdings and investments include United Bank for Africa, Heirs Insurance Group, Africa Prudential Plc, United Capital Plc, Transcorp Power Plc, Transafam Power, Heirs Energies and Transcorp Energy, among others.
The most recent publicly reported investment by Heirs Holdings is OML 17 (via Heirs Energies, with Transcorp), announced in Jan 2021.
No. Heirs Holdings invests its own capital and does not raise money from outside investors.