Leading Ivestment Company in Africa

Heirs Holdings Appoints Two New Board Members

Leading Pan-African investment company, Heirs Holdings (HH) today announced the appointments of Chiugo Ndubisi and Victor Osadolor to its Board of Directors, effective August 26, 2022.

Chiugo Ndubisi joins the Board of Heirs Holdings as an Executive Director. An accomplished financial services professional, with 25 years of experience in the banking sector, he will be responsible for driving growth across Heirs Holdings’ investment portfolio. 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.

Victor Osadolor, a banking, and finance expert, with 30 years of experience in capital markets, credit, and financial risk, joins the HH Board as a Non-Executive Director. Victor most recently chaired the Abuja Electricity Distribution Company 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. Victor was previously an Executive Director at UBA, before taking on the position of Deputy Group MD/CEO, overseeing the Group’s subsidiaries in 19 African countries outside of Nigeria.

The Chairman, Heirs Holdings, Tony O. Elumelu stated, “We are pleased to welcome such accomplished individuals to our Board. Both have a proven track record of delivering value and impact in the financial services space, and I am confident that they will bring much value as we execute the next phase of our growth.”

| About Heirs Holdings

Heirs Holdings is a leading pan-African investment company. Its investment portfolio spans the power, oil and gas, financial services, hospitality, real estate, and healthcare sectors, operating in twenty-three countries worldwide.

Heirs Holdings is inspired by Africapitalism, the belief that the private sector is the key enabler of economic and social wealth creation in Africa. Driven by this philosophy, Heirs Holdings invests for the long-term, bringing strategic capital, sector expertise, a track record of business success and operational excellence to companies we invest in.

Heirs Holdings is committed to improving lives and transforming Africa through its investment in the private sector and its philanthropic arm, The Tony Elumelu Foundation, which catalyses entrepreneurship across Africa. Through the US$100m Tony Elumelu Foundation Entrepreneurship Programme, funded by Heirs Holdings, and its advocacy and research initiatives, the Tony Elumelu Foundation empowers thousands of African entrepreneurs, across all 54 African countries, eradicates poverty and catalyses job creation on the continent.