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15

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of Africapitalism

Heirs Holdings

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Heirs Place, 1 MacGregor Road, Ikoyi. Lagos +234-1-2774641-5

15 Years of
Africapitalism

We have built and scaled businesses, empowered entrepreneurs, championed inclusive growth, and delivered real value to our communities. Every milestone, every breakthrough, and every success across our various sectors is a testament to commitment to long-term impact.

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The HH
Journey

Since 2010, Heirs Holdings has championed Africa’s development from within—investing for the long term in key sectors that power progress, guided by Africapitalism.

In 15 years, we’ve grown into a $10.2 billion group with investments across Power, Energy, Financial Services, Technology, Real Estate, and Healthcare—spanning 24 countries and 4 continents.

Today, Heirs Holdings stands as a symbol of sustainable impact, private sector leadership, and one of Africa’s most admired business brands.

Founder
""My greatest achievement to date is the founding, nurturing and the development of Heirs Holdings.""
- Tony O. Elumelu C.F.R
2010
On completing his ten-year term as CEO of the United Bank for Africa (UBA), Tony O. Elumelu...
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2011
Heirs Holdings identifies its first strategic investment opportunity, acquiring a controlling stake in...
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2012
The Tony Elumelu Foundation empowers 20 tech businesses with US $100,000 seed funding through Nigerian...
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2013
Transcorp Ughelli Power acquires 100% ownership and management of Ughelli Power Plc, with 972MW installed...
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2014
Transcorp Ughelli Power acquires 100% ownership and management of Ughelli Power Plc, with 972MW installed...
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2015
The Tony Elumelu Foundation launches its flagship Entrepreneurship Programme committing US $100 million...
Read more
2016
Avon HMO becomes the first health management organisation in Nigeria to offer online subscriptions to...
Read more
2017
Transcorp Power commissions a gas turbine (Gas Turbine 15) with additional 115MW capacity, thereby increasing...
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2018
Transcorp Hotels completes a US $100 million upgrade of the iconic Transcorp Hilton Abuja.
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2019
Heirs Holdings wins the Great Place to Work awards for the ‘Best in Leadership’ Category.
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2020
Afriland Properties commissions Afriland Towers, a world-class 8-floor office complex situated in the...
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2021
Afriland Properties commissions the 7-storey Heirs Towers in Victoria Island, Lagos, an architectural...
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2022
Project Finance International (PFI) magazine awards Heirs Energies (formerly Heirs Oil & Gas) ‘Africa...
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2023
Avon HMO celebrates ten years of operating within the Nigerian health sector, serving over 230,000 lives...
Read more
2024
Transcorp Power lists on the main board of the Nigerian Exchange in at a valuation of $1.1 billion (N1.8...
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2025
Launch of Transcorp Event Centre, Nigeria’s most prestigious event destination.
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Our long-term investment in critical sectors, business turn-around
and culture of excellence, has earned us a global reputation
http://Year%202011

A few International

Awards

#HHat15
2015: Africa Investor, Investment & Business Leader Awards

For Best Initiative in Support of SMEs and the Millennium Development Goals

2019: Great Place to Work Award

Best in Leadership’ Category, owing to our impressive corporate culture and core values – Excellence, Enterprise, and Execution – the 3 E’s.

2022: Project Finance International(PFI) Magazine Awards

Africa Deal of the Year 2021’, following $1.1 billion financing and acquisition of a 45% stake in OML 17

Coming Soon...

* Impact Report

* Our Documentary

Wait for it!

We're Investing in
Africa's Future, Today

* Watch out for our documentary

#HHat15

Watch our
TVC

2010

On completing his ten-year term as CEO of the United Bank for Africa (UBA), Tony O. Elumelu announces the creation of Heirs Holdings (HH) and the Tony Elumelu Foundation (TEF), to drive investment in strategic sectors and champion entrepreneurship across Africa.

Heirs Holdings identifies its first strategic investment opportunity, acquiring a controlling stake in Transcorp, Nigeria’s largest listed conglomerate.

2011

Transcorp, despite an attractive portfolio spanning the Nigerian economy, including the iconic Transcorp Hilton Hotel in Abuja, and a loyal shareholder base of over 300,000, had serially underperformed. Benefiting from HH’s operational skills and turn around expertise, Transcorp would blossom as a platform to execute investments in energy, hospitality, and agriculture.

2011

The Tony Elumelu Foundation launches the Tony & Awele Elumelu Prize, an award that recognised and rewarded 130 students from 16 universities across Nigeria and three other West African universities.

2011

The Tony Elumelu Foundation launches the Elumelu Professionals Programme (initially known as African Markets Internship Programme), an internship programme that matched 87 MBA students and graduates from top business schools in Africa, Europe and Asia to African businesses, with peer African MBA students for internships with fast growing African companies, demonstrating the private sector opportunities in Africa.

2011

Tony O. Elumelu first introduces the term “Africapitalism”, his belief that Africa’s private sector can and must play a leading role in the continent’s development, seeking both economic and social returns.

2011

Heirs Holdings and The Tony Elumelu Foundation made their first joint impact investment outside Nigeria – Mtanga Farms in Tanzania, a business developing innovative approaches to increasing African agricultural yields.

2011

Tony O. Elumelu first introduces the term “Africapitalism”, his belief that Africa’s private sector can and must play a leading role in the continent’s development, seeking both economic and social returns.

2011

The Tony Elumelu Foundation launches the Elumelu Professionals Programme (initially known as African Markets Internship Programme), an internship programme that matched 87 MBA students and graduates from leading business schools in Africa, Europe and Asia to African businesses, with peer African MBA students for internships, with fast growing African companies, demonstrating the private sector opportunities in Africa.

2011

Project Finance International (PFI) magazine awards Heirs Energies (formerly Heirs Oil & Gas) ‘Africa Deal of the Year 2021’, following Heirs Energies $1.1 billion financing and acquisition of a 45% stake in OML 17 in January 2021.

2022

United Bank for Africa (UBA) launches its branch at the Dubai International Financial Centre (DIFC) to facilitate trade finance and investment transactions between the Middle East and Africa.

2022

Transcorp rebrands and changes its name from Transnational Corporation of Nigeria Plc to “TRANSNATIONAL CORPORATION PLC”.

2022

Heirs Holdings introduces Heirs Academy, a platform designed to foster employee development and career progression, launching its Graduate Trainee Programme with a cohort of 60 graduates out of 18,000 applications submitted.

2022

Transafam Power commissions and restores Afam Power GT20, a 138MW unit, to the national grid after being dormant for 15 years.

2022

Tenoil commences crude oil production from its ATA-6 well via the Early Production Facility and achieved its first cargo transfer of 18,764 bbls

2022

The Tony Elumelu Foundation (TEF) takes its advocacy to Washington D.C. for President Joe Biden’s US-Africa Leaders’ Summit, co-hosting the opening reception in partnership with the U.S. Department of State.

2022

Transcorp Hotels wins numerous accolades, including the Pearl Awards’ Sectorial Leadership Award in Services and the Most Outstanding Hospitality Brand of the Year in 2022.

2022

Transcorp Hilton Abuja wins five prestigious awards at the World Travel Awards.

2022

Transcorp Ughelli Power acquires 100% ownership and management of Ughelli Power Plc, with 972MW installed capacity, but actual production of only 160MW.

2013

Africa Prudential acquires UAC Registrars Limited, the largest conglomerate registrar in Nigeria.

2013

The AFEX commodities exchange business partners with the Rwandan government and launches the first commodity Exchange in Rwanda – EAX (East Africa Exchange), bringing commodity transactions closer to producers.

2013

GIIN (The Global Impact Investing Network) appoints Heirs Holdings to its board, as the first African board member.

2013

Africa Prudential is granted the prestigious International Quality Crown Award in the UK, in recognition of its commitment to quality, leadership and innovation.

2013

Transcorp is awarded ‘The Most Compliant Listed Firm Award’ by the Nigerian Stock Exchange.

2014

Within a year of acquisition, Transcorp Power delivers a 306% increase in the available capacity of Transcorp Power Plant (from 160MW to 610MW), contributing 13% of power generation to the Nigerian national grid.

2014

Tenoil, HH’s oil and gas company, successfully drills its first oil well, confirming significant amounts of commercial hydrocarbons.

2014

Transcorp Hilton Abuja hosts the first-ever World Economic Forum in Nigeria.

2014

Transcorp Hotels lists on the Nigerian Stock Exchange.

2014

Tony O. Elumelu appointed the Chairman of the UBA (United Bank for Africa Plc) Group Board.

2014

Avon Medical Practice expands hospital operations to 2 further states in Nigeria: Delta State and Abuja, the Federal Capital Territory.

2014

The Tony Elumelu Foundation launches its flagship Entrepreneurship Programme committing US $100 million to identify, train, mentor and fund 10,000 African entrepreneurs over 10 years, across 54 African countries.

2015

The Tony Elumelu Foundation (TEF) held its first Forum, the largest gathering of African entrepreneurs and the entrepreneurship community across Africa.

2015

In a landmark transaction, United Capital raises $250 million fresh capital for Orion Group, in one of the largest syndicated transactions structured by an African investment banking institution in 2015.

2015

United Capital leads a N9 Billion Bond Issuance for Forte Oil Plc: the first bond issued by an entity in the Nigerian downstream oil and gas sector.

2016

Avon HMO becomes the first health management organisation in Nigeria to offer online subscriptions to the general public.

2016

Transcorp Power commissions a gas turbine (Gas Turbine 15) with additional 115MW capacity, thereby increasing the available capacity to 620MW.

2017

The Tony Elumelu Foundation partners with the International Committee of the Red Cross (ICRC) to empower 200 entrepreneurs from Nigeria’s Northeast and Niger Delta communities.

2017

Heirs Holdings appoints Emmanuel Nnorom (ENN), FCA, as its first Group Chief Executive Officer, demonstrating a commitment to structured corporate governance and business longevity.

2018

Within four years of acquisition, Transcorp Power surpasses the five-year performance target of 670MW available capacity set by the Bureau of Public Enterprises.

2018

Transcorp Hotels completes a US $100 million upgrade of the iconic Transcorp Hilton Abuja.

2018

Transcorp Hotels wins the Corporate Governance Awards in the Institute of Directors Annual Directors Award.

2018

Transcorp Hilton Abuja wins the Luxury City Hotel in the 2018 World Luxury Awards.

2018

The Tony Elumelu Foundation (TEF), partners with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, the German Government’s Agency for International Cooperation, to empower 210 young African entrepreneurs, focusing specifically on female entrepreneurs and tech-enabled businesses.

2018

Avon Medical Practice launches an ultra-modern dialysis centre in Lagos, Nigeria.

2018

Transcorp Hilton Abuja’s Restaurants; Zuma Grill and Oriental Restaurant awarded the 2018 Country Winner (Nigeria) Fine Dining Cuisine and 2018 Regional Winner (West & Central Africa), Asian Cuisine respectively in the World Luxury Restaurants Awards.

2018

Heirs Holdings wins the Great Place to Work awards for the ‘Best in Leadership’ Category.

2019

Transcorp Hotels fulfils post-privatisation obligations and received a discharge certificate from the government exempting the company from further post-privatisation monitoring by the National Council on Privatisation

2019

Transcorp Hilton Abuja receives the Signum Virtutis (Seal of Excellence) Seven stars for four years consecutively, and the Seven Star Business Hotel (Africa Special) from the Seven Stars Luxury Hospitality and Lifestyle Awards.

2019

Transcorp Hilton Abuja wins the World Travel Awards for five consecutive years in five categories, including the award for Africa’s Leading Business Hotel.

2019

Transcorp Hilton Abuja wins the Luxury City Hotel in the 2018 World Luxury Awards.

2019

The United Nations Development Programme (UNDP) signs a ground-breaking partnership with the Tony Elumelu Foundation in Niamey, Niger to empower 100,000 additional entrepreneurs in rural, underserved communities across the continent over 10 years.

2019

The Tony Elumelu Foundation enters a US $5million partnership agreement with the African Development Bank, to empower 1,000 young entrepreneurs in Africa with training, mentorship and funding.

2019

Heirs Holdings Chairman, Tony O. Elumelu receives the National Productivity Order of Merit Award (NPOM), the highest recognition of merit in Nigeria.

2019

The Tony Elumelu Foundation receives the YouWIN! Connect Award of Excellence at the first edition of the YouWIN! Connect Enterprise Education Book and Awards, an initiative by the Federal Government of Nigeria to empower young Nigerian entrepreneurs.

2019

Afriland Properties commissions Afriland Towers, a world-class 8-floor office complex situated in the commercial district of Lagos Island, Nigeria.

2020

United Bank of Africa (UBA) donates $14 million to help fight COVID-19 across Africa.

2020

Africa Prudential joins the league of Value-Added Service providers on the Nigerian Stock Exchange Growth Board.

2020

Heirs Insurance Limited and Heirs Life Assurance Limited, HH’s vehicles to revolutionise the Nigerian insurance sector are authorised, following six years of regulatory process – a testament to HHs resilience.

2020

HH, through portfolio company Heirs Energies LINK successfully acquires OML17 from Shell, TOTAL and ENI in the largest oil and gas transaction in Africa for the year 2020. OML 17 has a 2P gross reserve of 1.2 billion barrels of oil equivalent. The acquisition further fulfils HH’s strategy of investing across the resource value chain, creating integration and value creation on the African continent. The transaction represents a further significant step in HH’s ambition to create Africa’s largest integrated energy company.

2020

Afriland Properties commissions the 7-storey Heirs Towers in Victoria Island, Lagos, an architectural marvel that enhanced the Lagos skyline showcasing Afriland Properties’ prowess in real estate development.

2021

Avon HMO celebrates ten years of operating within the Nigerian health sector, serving over 230,000 lives through partnerships with 2,500 hospitals globally.

2023

Transcorp Power becomes the first power generation company to fulfill all privatisation obligations and receive a discharge certificate from the Federal Government of Nigeria.

2023

Transafam Power commissions the Afam III Fast Power’s TM2500 Fast Power Plant adding 240MW to the grid, elevating its installed capacity to 966MW, enough to electrify two million homes.

2023

Heirs General Insurance, Heirs Life and Heirs Insurance Brokers consolidate into Heirs Insurance Group and launched Nigeria’s first digital experience center at the Transcorp Hilton Abuja. In 3 years, the Group’s Gross Written Premium (GWP) reached ₦7 billion; Earned Insurance Revenue reached ₦20.5 billion; and claims disbursement reached ₦4.1 billion.

2023

Transcorp Power is appointed to the Executive Board of the West African Power Pool (WAPP) having been a member since 2019. Transafam Power is officially inducted as a member of WAPP.

2023

The Tony Elumelu Foundation (TEF) launches its Impact Report, titled “The Tony Elumelu Foundation Entrepreneurship Programme: A Decade of Impact,” during a session co-hosted with UNICEF Generation Unlimited (GenU), UNDP, and the IKEA Foundation, on the sidelines of the 78th United Nations General Assembly (UNGA78) in New York.

2023

Transcorp purchases a 60% stake in the Abuja Electronic Distribution Company (AEDC), thereby consolidating its hold in Nigeria’s power value chain and powering an additional 1.125 million registered customers across the Federal Capital Territory (FCT), Niger State, Kogi State, and Nasarawa State.

2023

Africa Prudential graduates 27 software engineers from its i-Academy tech-education initiative.

2023

Transcorp Hilton Abuja wins five prestigious awards at the World Travel Awards.

2023

United Bank for Africa (UBA) and Transcorp Hotels join the niche of Stocks Worth Over One Trillion (SWOOT) on the Nigerian Exchange (NGX).

2023

United Capital acts as the Lead Issuing House and Coordinator on the successful issuance of the maiden FGN Domestic US Dollar Bond, raising over US$900 million – surpassing the initial issuance target of US$500 million and achieving over 180% subscription level.

2023

Transcorp Power lists on the main board of the Nigerian Exchange in at a valuation of $1.1 billion (N1.8 trillion), an $800m added value in just 10 years.

2023

Heirs Holdings launches a new technology subsidiary, Heirs Technologies, to empower businesses by providing IT consulting, managed services, and business process outsourcing.

2023

United Capital launches its fifth subsidiary, UCEE Microfinance Bank, to redefine financial inclusion by offering a blend of innovative technology and tailored financial solutions designed to meet the diverse needs of its customers.

2023

Avon Medical Practice completes the construction of a state-of-the-art 26-bed hospital facility designed to provide comprehensive diagnostic and clinical services.

2023

The Board of the Financial Markets Authority of West Africa Economic & Monetary Union (AMF-UMOA) headquartered in Cote D’Ivoire approves our United Capital Asset Management West Africa Limited (UCAMWAL) to conduct Investment Management business across eight (8) countries in WAEMU Zone (Republic of Benin, Burkina Faso, Côte D’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo).

2023

Heirs Insurance Group is named the Best MSME Insurance Company of the Year at the 2024 Nairametrics MSME Awards and wins “Best in Technology for Development Award” at the 2024 SERAS Africa Sustainability/CSR Awards.

2023

Afriland Properties successfully completes and achieves full occupancy of its 7-floor flagship luxury development in Ikoyi — The Residences by Afriland.

2023

United Bank for Africa (UBA) celebrates its 75th anniversary, as UBA America celebrates its 40th anniversary; hosting an exclusive reception during the United Nations General Assembly (UNGA) High-Level Week in New York.

2023

TEF announces the 10th cohort of the 10-year TEF Entrepreneurship Programme, having funded over 21,000 entrepreneurs across Africa

2023

Harvard Business School releases a first of its kind case study focused on African philanthropy, examining the role and impact of the Tony Elumelu Foundation (TEF), and its unique approach to catalysing entrepreneurship in Africa.

2023

Heirs Holdings partners with GIVO Africa to tackle plastic waste and promote sustainability.

2025

TEF partners with UAE to support 1,000 more African entrepreneurs.

2025

Launch of Transcorp Event Centre, Nigeria’s most prestigious event destination.

2025

Heirs Insurance Group Wins "Insurance Company of the Year" by Inndustry Newspaper

2025

United Capital opens West Africa regional office in Abidjan, Côte d’Ivoire.

2025

Avon Medical launches bed hospital with comprehensive diagnostics and care.

2025