Heirs Holdings, the pan-African investment group founded by Tony O. Elumelu, CFR, is celebrating its 15th anniversary this month.
Created in 2010, the Group was built on a bold mission: to transform Africa by creating both economic and social wealth. Its philosophy — Africapitalism — puts the private sector at the centre of Africa’s growth story.
Over the last 15 years, Heirs Holdings has invested in power, energy, banking, insurance, technology, real estate, healthcare, and hospitality. Today, its portfolio spans 24 countries across four continents with an asset base of $10.2 billion.
“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,” said Tony Elumelu.
Landmark Achievements
In 2021, the Group led Africa’s largest oil and gas transaction with the acquisition of OML 17 from Shell, Total, and Eni. Daily oil output was doubled to over 50,000 barrels, with expanded gas supply for power and industry.
Through Transcorp Power, Heirs Holdings grew generation capacity at Ughelli from 160MW to 610MW within one year, a 306% rise. It also turned around Afam Power Plc, restoring a 138MW unit to the national grid after 15 years of silence.
In hospitality, the Group upgraded the Transcorp Hilton Abuja in a $130 million project and launched the 5,000-capacity Transcorp Event Centre. Its insurance arm introduced Nigeria’s first fully digital insurance hub — the Heirs Insurance Experience Centre.
Heirs Holdings’ fintech subsidiary, Redtech Limited, processed over ₦12 trillion ($10 billion) in transactions in 2024, building next-generation digital payments for Africa.
Impact Beyond Business
Beyond profits, the Group has backed communities and entrepreneurs. The Tony Elumelu Foundation (TEF), funded by Heirs Holdings, has empowered more than 24,000 entrepreneurs across Africa with $100 million in seed capital. Those businesses have created 1.5 million direct and indirect jobs.
Avon HMO, the healthcare arm, has extended services to over 250,000 people across 2,500 hospitals. Afriland Properties continues to redefine real estate with projects such as Afriland Towers, Heirs Towers, and Afriland Estate in Abuja.
Through CSR and sustainability programmes — from education and healthcare to environmental support — the Group has improved thousands of lives in African communities.
Tony Elumelu said, “For over 15 years, we have proven that our approach, Africapitalism, works and we are just getting started.”
Heirs Holdings at 15 is not just celebrating years; it is celebrating a vision fulfilled and still unfolding. What do you know about Africapitalism, and can it become Africa’s most powerful development model? Readers may have their say in the comments.Rate, Like 👍, Comment💬, share this article, and join us on our social media handles. You can also Submit your own story to get featured and earn rewards!
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