Tony Elumelu Credits Afreximbank for Accelerating Heirs Holdings Move In Energy Investment Deal

At the AFREXIM Bank Annual Meetings held at the Transcorp Hilton, Abuja, Tony O. Elumelu CFR, Founder and Group Chairman of Heirs Holdings, took center stage in a fireside chat moderated by BBC News anchor Lukwesa Burak. The session focused on the power of strategic partnerships in accelerating Africa’s economic transformation underscoring the impactful collaboration between Afreximbank and leading African multinationals.

Tony Elumelu spotlighted the groundbreaking energy investment journey of Heirs Holdings and Heirs Energies, citing their acquisition of key oil assets in Nigeria.

“One of the sectors we decided to invest in was the energy sector,” he shared. “Energy investments, as we all know, are highly capital intensive.” 

According to Tony Elumelu, Heirs Holdings identified Shell’s OML 17 and OML 11 assets as strategic opportunities back in 2017. After protracted negotiations, Shell agreed to divest on the condition that they could prove their financial capacity to manage a $2.5 billion transaction.

Heirs Holdings turned to Afreximbank and the African Finance Corporation (AFC) to bridge a $750 million funding gap. What followed was a testament to the responsiveness and commitment of African financial institutions.

“Afreximbank committed $600 million, and AFC provided $150 million. What stood out was the ease, the speed, and the efficiency with which the transaction was executed,” he emphasized.

The successful acquisition not only marked a major milestone for Heirs Energies but also set a precedent for how homegrown capital and institutions can catalyze private sector-led growth in Africa.

The fireside chat highlighted the increasingly vital role of institutions like Afreximbank in financing large-scale, Africa-focused ventures, and supporting visionary African entrepreneurs in unlocking the continent’s vast economic potential.