Our investment portfolio spans the power, energy, financial services, hospitality, real estate, healthcare and technology sectors, operating in twenty-four countries worldwide.
We are inspired by Africapitalism, the belief of our Chairman, Tony O. Elumelu, CFR that the private sector is the key enabler of economic and social wealth creation in Africa.
Driven by this philosophy, we invest for the long-term, bringing strategic capital, sector expertise, a track record of business turnaround success and operational excellence to companies we invest in.
Our philanthropic Foundation catalyses entrepreneurship across Africa, through the USD $100million Tony Elumelu Foundation Entrepreneurship Programme, advocacy and research.
We are long-term investors in Africa’s most strategic sectors
Deeply rooted in our employees are our values, which drive us towards a common sense of purpose to create long lasting value for our stakeholders.
Tony O. Elumelu is an African leading investor and philanthropist.
He is the Founder and Chairman of Heirs Holdings, his family owned investment company , which invests in strategic sectors of the African economy, including financial services, hospitality, power, energy, technology, and healthcare, as part of its commitment to improving lives and transforming Africa.
Tony is also the Chairman of the United Bank for Africa (UBA) Group which operates in 20 countries across Africa, as well as the United Kingdom, France, the UAE, and the United States.
He chairs Nigeria’s largest quoted conglomerate, Transcorp Group, whose subsidiaries include Transcorp Power, a leading producer of electricity in West Africa, and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand. Together with Heirs Energies, one of the continent’s largest natural resources producers, Transcorp Power is executing Africa’s foremost integrated energy business, dedicated to ensuring African resources drive and power value creation on the African continent
In 2010, he created The Tony Elumelu Foundation (TEF), the leading philanthropy empowering a new generation of African entrepreneurs across all 54 African countries. Since inception, the Foundation’s flagship programme has identified and funded over 24,000 young African entrepreneurs and created a digital ecosystem of over 2.5 million Africans, as part of a ten-year US$100m commitment to fund, mentor, and train young Africans.
In 2020, TIME magazine named Tony as one of the 100 Most Influential People in the World and in 2022 TIME again recognised him with its inaugural TIME100 Impact list, honouring him alongside five other global leaders who have gone above and beyond to move their industries – and the world – forward.
The Federal Government of Nigeria honoured Tony with the title, Commander of the Order of the Federal Republic, in 2022 for his contribution to Nigeria’s economic and social development. In May 2025, he was awarded the Gabonese national honour of ‘Commander in the National Order of Gabonese Merit’ in recognition of his contributions to youth entrepreneurship and Africa’s development. He has also been recognised with Belgium’s oldest and highest royal order.
Tony sits on a number of global boards, including the Global Leadership Council of United Nations Generation Unlimited and the IMF’s Advisory Council on Entrepreneurship and Growth, where his experience will ensure that Africa’s entrepreneurial potential is central to global economic policymaking.
Emmanuel N. Nnorom is CEO of Heirs Holdings. Prior to joining the Heirs Holdings Group, served as CEO of Transnational Corporation of Nigeria Plc, overseeing the Transcorp businesses, including Transcorp Power, Transcorp Hilton, Transcorp Hotel, Calabar and Transcorp Energy.
Prior to Transcorp, Emmanuel had held senior positions at Heirs Holdings and had served as an Executive Director at UBA and Managing Director of UBA Africa, overseeing the Group’s African subsidiaries and executing corporate strategy in 18 African countries. Other senior roles within UBA included Group COO UBA, followed by his appointment as UBA's Group CFO, with responsibility for Finance and Risk.
Emmanuel is qualified as a chartered accountant, and brings over three decades of professional experience in the corporate and financial sectors, working with publicly listed companies. He is an alumnus of Oxford University's Templeton College, and a prize winner and Fellow of the Institute of Chartered Accountants of Nigeria.
Dr. Awele V. Elumelu, OFR is a business leader dedicated to transforming healthcare and fostering entrepreneurship across Africa.
A founding Director of Heirs Holdings, the family-owned investment company, investing in strategic sectors of the African economy, including energy, power, banking, insurance and financial services, technology, real estate and hospitality and healthcare, and committed to improving lives and transforming Africa, Dr Elumelu also chairs several Heirs Holdings group boards, including:
• Avon Healthcare Limited (Avon HMO), Nigeria’s leading health insurance provider, and Avon Medical Practice, a growing network of full-service clinics and medical centres, driven by her commitment to improving access to quality healthcare in Nigeria.
• Heirs Insurance Brokers, the brokerage arm of Heirs Insurance Group. Through an extensive network of insurance partners, Heirs Insurance Brokers delivers tailored solutions that help clients mitigate risks, protect assets, and preserve wealth.
• Transcorp Hotels Plc, Nigeria’s leading hospitality company, owner of the iconic Transcorp Hilton Hotel Abuja, where she drives its commitment to redefining hospitality across the continent. Transcorp Hotels is a subsidiary of Transnational Corporation Plc, Nigeria’s largest quoted conglomerate with strategic investments in the power, hospitality, and energy sectors.
As Co-Founder of The Tony Elumelu Foundation, committed to empowering entrepreneurs across Africa, Dr Elumelu advocates extensively for gender inclusion and youth entrepreneurship, across the continent. The Foundation has empowered over 27,000 young African men and women across the 54 African countries with non-refundable grants, mentorship, and business training.
In 2023, in recognition of Dr Elumelu’s healthcare leadership, entrepreneurship development, and philanthropy, she was conferred the ‘Officer of the Order of the Federal Republic’. In 2026, she was recognised as a TIME100 Philanthropy honouree, named among the world’s most influential philanthropists for her transformative impact across Africa through the Foundation.
In 2018, Dr. Elumelu was appointed as the Private Sector Champion for Immunisation in Africa by Gavi, the Vaccine Alliance. In this role, she harnesses her knowledge, corporate networks, and expertise from the healthcare and business sectors to champion vaccination and immunisation in Africa.
She also sits on a number of regional and global boards including the Yale Institute for Global Health, the Ellen Johnson Sirleaf (EJS) Presidential Centre for Women and Development, the African Union’s African High-Level Ministerial Committee on Global Health Architecture (AHLMC).
Dr. Elumelu holds a Bachelor of Medicine, Bachelor of Surgery degree from the University of Benin, with advanced executive and professional certifications from the International Institute for Management Development, Switzerland, Harvard Business School, and the Indian School of Business. Her career as a medical doctor includes experience with the Lagos University Teaching Hospital, in Nigeria, and Grantham and District Hospital, Grantham, in the UK.
Chiugo Ndubisi is responsible for providing strategic oversight of investment and integration across Heirs Holdings’ investment portfolio.
Chiugo is an accomplished financial services professional, with over 25 years of experience in banking and finance. Prior to joining Heirs Holdings, he served as an executive director at the United Bank of Africa Plc (UBA), overseeing Treasury and International Banking. He was also responsible for the Group’s international subsidiaries: UBA America; UBA UK; UBA France; and UBA Dubai. At UBA, his previous roles included Group Chief Operating Officer and Group Executive, Transformation & Resources.
Chiugo has also served as a member of the Board of Trustees, Central Bank of Nigeria Banking Industry Resolution Trust Fund, as well as member of the Audit Committee of the Nigeria Interbank Settlement Systems (NIBSS). He is an alumnus of the Wharton Business School, and a fellow of the Chartered Institute of Taxation of Nigeria (CITN), the Chartered Institute of Bankers of Nigeria (CIBN) and the Institute of Chartered Accountants of Nigeria (ICAN).
Alexander Trotter is an investor in public and private companies, with a particular focus on Africa.
He began his career at Linklaters, as a corporate lawyer, and has held senior roles with UBS, Global Asset Management (GAM), the United Bank for Africa (UBA), and currently serves as a partner at Newmarket Asset Management. He is also a Trustee of the Tony Elumelu Foundation.
He co-founded Quality Foods Africa, a Nigerian quick service restaurant business, with an investor base including the International Finance Corporation and the development agencies of the United Kingdom and the Netherlands.
Alex has a background in investment management, strategy, and corporate finance, particularly within the financial services sector and holds degrees from Oxford University and Imperial College. He is a third-generation trustee of the Harrow Club, one of London's leading youth charities.
Victor Osadolor is a banking and finance expert with over 30 years of experience in capital markets, credit, and financial risk. Victor started his career at Price Waterhouse Coopers in 1989 and thereafter joined the banking industry in 1991, working at different capacities within the banking sector.
In 2022, he rose to the level of an Executive Director at UBA Plc, and became the Deputy Group MD/CEO, with complete oversight over the bank’s subsidiaries in 19 African countries outside of Nigeria. Victor recently chaired the Abuja Electricity Distribution Company (AEDC) and served as a Non-Executive Director on the Boards of the African Finance Corporation (AFC), Lagos, Nigeria and CenPower Holdings Limited in Accra, Ghana.
He holds degrees from the University of Benin, the University of London and is an alumnus of the Harvard Business School Advanced Management Programme, the Wharton Business School CEO Programme, and IMD Lausanne’s Executive Management Programme.
Sola Yomi-Ajayi is a highly accomplished executive with over 30 years of financial services experience and a distinguished track record in leadership, corporate governance, stakeholder management, regulatory engagement, compliance, and enterprise risk management. Sola previously served as Executive Director of United Bank for Africa (UBA) and was CEO for UBA’s International Business and Country CEO for UBA America. She was also CEO for UBA’s operations across nine countries in Anglophone and Lusophone Africa. She currently sits on the boards of UBA United Kingdom, and the Business Council for International Understanding (BCIU). She is also a member of the Executive Consultation Group of the OECD Blue Dot Network and, previously a member of the Sub-Saharan Africa Advisory Committee of US EXIM, and Board of Trustees of the Institute of International Banking (USA). Sola holds a Masters in Business Administration degree from the Aberdeen Business School, Robert Gordon University. She is a Fellow of the Chartered Management Institute (UK) and a member of the Association of MBAs. Additionally, she holds a Corporate Governance Certificate from the Wharton Business School, University of Pennsylvania and, a Leadership Certificate from the Harvard Business School.
Obinna Ufudo is a distinguished business leader, with 30 years of multi-sector experience spanning banking, investment, energy, corporate transformation, and development finance. He has built a reputation for turning around complex organisations, delivering superior shareholder value, and executing landmark transactions across key sectors of the Nigerian and African economy. Obinna served as President/Group CEO of Transnational Corporation of Nigeria (Transcorp), where he led a successful turnaround and executed the landmark acquisition of the Ughelli Power Plant. Obinna previously served as Executive Director/COO of Heirs Holdings Limited and earlier held senior leadership roles at United Bank for Africa (UBA). He is the Founder and Chairman of Atiat Leasing Limited and Co-Founder and Chairman of LoanBook Limited. Obinna holds advanced executive and postgraduate qualifications from the Wharton School (AMP), University of Reading (M.Sc., Chevening Scholar), and IESE Business School (Executive MBA). He is a Fellow of the Chartered Institute of Bankers of Nigeria.
Clari provides overall strategic marketing direction for Heirs Holdings’ portfolio of investments within the financial services, real estate, hospitality, healthcare and energy sectors.
Prior to joining Heirs Holdings, Clari worked in the advertising industry, managing clients' portfolios across diverse sectors, including telecoms, finance, entertainment, and sports, amongst others.
She was also a member of the team that launched the Tony Elumelu Foundation Entrepreneurship Programme, the largest African philanthropic initiative committed to empowering African entrepreneurs.
Clari holds a Bachelor's degree from the University of Miami and a Master's degree from the University of Applied Sciences and Arts, Northwestern Switzerland. She is a member of the Chartered Institute of Marketing, UK.
Chinedu Eze serves as the Group Company Secretary and Legal Counsel at Heirs Holdings, where he leads the legal function, overseeing transaction advisory, legal risk management, and corporate governance.
With over 20 years of experience in corporate law, regulatory compliance, and strategic legal advisory across multiple industries, Chinedu is a distinguished legal expert.
Prior to joining Heirs Holdings, he was Group Head, Legal Counsel, and Company Secretary at Nestoil Limited. He has also held key roles at Transcorp, Fidelity Bank, and Ecobank Nigeria.
Chinedu holds a Bachelor of Law degree from the University of Nigeria and two advanced law degrees: an LL.M. in Offshore Energy, Natural Resources, and Environmental Law from the University of British Columbia, and an LL.M. in Secured Financial Transactions from the University of Lagos. He is currently pursuing a doctorate in the Law of Secured Financing at the University of Nigeria.
A member of the Nigerian Bar Association and the Chartered Institute of Arbitrators, Chinedu is also a recognised thought leader, with scholarly publications on offshore resource development and secured transactions.