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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 our 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
Heirs Holdings at 15 Logo Banner
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...
Read more
2013
Transcorp Ughelli Power acquires 100% ownership and management of Ughelli Power Plc, with 972MW installed...
Read more
2014
Tenoil, HH’s oil and gas company, successfully drills its first oil well, confirming significant amounts...
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2015
The Tony Elumelu Foundation launches its flagship Entrepreneurship Programme committing US $100 million...
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2016
Avon HMO becomes the first health management organisation in Nigeria to offer online subscriptions to...
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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...
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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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Impact Report

For us at Heirs Holdings, it has been 15 years of doing well and doing good. We believe it is intrinsic to our identity—part of our DNA—that our purpose goes beyond mere presence. Our motivation and aspirations are grounded in driving success, not just in terms of prosperity for all, but in catalysing economic growth and development across Africa. For too long, Africa has remained grossly underdeveloped. While it is easy to look for external causes, we believe the onus lies on us.

As private sector players, we must lead the way. We should invest strategically, not only to generate returns for ourselves but also to transform our continent. This is why, at Heirs Holdings, we have deliberately chosen to focus on critical sectors that have a catalytic impact on human lives and Africa as a whole.

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#HHPeople

Testimonials from
Our HHPeople

Moyo Awotile

Head of Marketing and Corporate Communication
The Tony Elumelu Foundation

"One thing about this Group that I've learnt is that there is no limit. There is absolutely nothing you can't do or become."

Essien Whiley

Technical Assistant
Heirs Holdings

"Reflecting on my journey at Heirs Holdings, one thing that stands out is that I've had the opportunity not just to work with a great brand but to contribute to and grow within a brand that is transforming lives."

Peter Ashade

Group CEO
United Capital Plc.

"It's been a very visionary and audacious journey... Heirs Holdings at 15 is a celebration of purpose, of vision, of impact and of pathfinding."

Dr. Owen Omogiafo, OON

President/Group CEO
Transcorp Plc.

"What Heirs Holdings at 15 means to me is a promise kept. A dream that has come to life. We've come out of uncertainty into certainty. But even when we were uncertain, we were certain about one thing; that Africa must be great".

Stephanie Chinwuba

Company Secretary Avon HMO

"At the graduation ceremony of the Graduate Trainee Programme, the Chairman had said Heirs Holdings was grooming us to become CEOs in 5 to 10 years. We all thought it was aspirational thinking. But my journey, going from graduate trainee to Company Secretary in less than 3 years, has shown me it is indeed possible."

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#HHat15

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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.

After a decade as the CEO of UBA, Tony O. Elumelu, CFR, launches Heirs Holdings (HH) and The Tony Elumelu Foundation (TEF), setting the stage to drive long-term investments in strategic sectors and champion entrepreneurship across Africa.

2011

Transcorp Plc, Nigeria’s largest listed conglomerate becomes HH’s first major acquisition — a turnaround story begins.

2011

The Tony Elumelu Foundation launches:

  • Tony & Awele Elumelu Prize — recognising and rewarding 130 students from 16 universities across Nigeria and three other West African universities.
  • The Elumelu Professionals Programme — placing global MBA talent in African businesses.
2011

“Africapitalism” is born. Tony Elumelu, CFR, coins the philosophy driving HH’s mission, 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 empowers 20 tech businesses with US$100,000 seed funding through Nigerian accelerator, CCHub Nigeria.

2012

Heirs Holdings makes strategic investments in the real estate and financial sectors: Afriland Properties Plc; United Capital Plc; and Africa Prudential Plc.

2012

Transcorp Ughelli Power is named as the preferred bidder for Ughelli Power Plc, the largest gas-fired thermal plant in Nigeria, under the privatisation programme of the Federal Government of Nigeria.

2012

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

2013

United Capital was successfully listed on the Nigerian Stock Exchange, becoming Nigeria’s first listed Investment Banking firm.

2013

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

2013

Heirs Holdings joins the GIIN (The Global Impact Investing Network) Board, as the first African board member.

2013

Africa Prudential wins the United Kingdom’s International Quality Crown in recognition of its commitment to quality, leadership and innovation.

2013

Heirs Holdings launches Avon Healthcare Limited (Avon HMO), a healthcare management organisation, to rapidly expand the provision of high-quality medical services to a much broader demographic.

2013

Africa Prudential Registrars Plc becomes the first Registrar firm to be listed on the Nigerian Stock Exchange.

2013

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

2014

Following the acquisition of Ughelli Power Plc (now Transcorp Power Plc) by Transcorp Plc, within a year, Transcorp Power delivers a 425% increase in the generation capacity from160MW to 680MW, 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, welcoming over 700 participants from about 40 countries.

2014

Transcorp Hotels lists on the Nigerian Stock Exchange.

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 Entrepreneurship 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 led 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 create retail health plans for the mass market and offer online subscriptions to the 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

Africa Prudential Awarded Best Registrar in West Africa by the Africa-Canada Trade Alliance at the 7th Edition of the West Africa Innovation and Excellence Awards, unveils new corporate identity and announced business diversification into Digital Technology.

2017

United Capital proudly served as the Local Book Runner for Nigeria’s inaugural US$300 million Diaspora Bond, marking a significant milestone in the country’s efforts to diversify funding sources and diaspora engagement for national development.

2017

United Capital, through its subsidiary, United Capital Asset Management, launched two mutual funds - a $10million Eurobond Fund, for dollar-denominated investments, and a ₦2bn Wealth for Women fund, supporting inclusive finance for women.

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. This achievement positioned Transcorp Power as the first successor Generation Company (GENCO) to fully meet its post-privatisation obligations and receive a discharge certificate from the Federal Government of Nigeria.

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 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, expanding Avon’s portfolio of services, to now include renal care, palliative support and medical advisory.

2018

United Capital Plc launched one of Nigeria’s first digital investing apps and web platforms, InvestNow, democratising access to capital market solutions.

2018

Avon HMO wins the Nigeria Healthcare Excellence Award (broadcast) for their strides in promoting healthcare in the media.

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

Heirs Holdings Group Chair, 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

Avon HMO is listed among the Companies to Inspire Africa by the London Stock Exchange Group. It also won two Great Place to Work Awards for the ‘Best Company to Work in Africa’ (small corporate category) and Best Workplace for Millennial Generation.

2019

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

2020

United Capital Group launched its consumer finance subsidiary, disbursing 64,536 instant loans valued at N3.14billion, leveraging a 100% digital model.

2020

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

2020

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

2020

Afriland Properties commissions Heirs Towers — a landmark 7-storey development in Victoria Island, Lagos. The iconic structure not only elevates the city’s skyline but also reinforces Afriland’s reputation for delivering world-class real estate projects.

2021

Heirs Holdings, through its subsidiary Heirs Energies, successfully acquires OML17 from Shell, TOTAL, and ENI in the largest oil and gas transaction in Africa for the year 2021. OML 17 has a 2P gross reserve of 1.2 billion barrels of oil equivalent. The transaction represents a significant step in HHs ambition to create Africa’s largest integrated energy company.

2021

Heirs Energies ramps up production from an initial 27kbopd at the takeover of operational control to a peak of over 50,000 barrels of per day (50Kbopd), within 100 days, demonstrating the potential of our assets and our people.

2021

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

Heirs Energies achieves its first 1 million Man-Hours milestone without loss time injury (LTI) in its ongoing journey towards making Heirs Energies an incident and injury-free organisation, reiterating its commitment to safety best practices.

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 Energies pioneered in establishing the Host Community Development Trust (HCDT), earning commendations from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and setting an industry benchmark for implementing AN INNOVATIVE Governance structure, for the Host Community Development Trust in the Nigerian Oil and Gas sector.

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 138 MW 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

Her Motor Plan, a motor insurance product for women by Heirs General Insurance, wins the Most Female-Centric Insurance Product of the Year at the 2022 Women in Marketing & Communications Awards (WIMCA) ceremony.

2022

At the Pearl Awards, designed to honour companies listed on the Nigerian Stock Exchange for exceptional operational and stock market performance, 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

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 centre 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

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

Heirs Insurance Group donates Solar Power Station to Lagos Passport Office to boost 24-Hour passport production for millions of Nigerians. 

2023

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

2024

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.

2024

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.

2024

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

2024

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.

2024

Heirs Energies achieved a production peak of 53,000 barrels per day (53Kbopd), contributing substantially to Nigeria's energy sector.

2024

Heirs Energies maintained a top safety record with zero Loss Time Injury (LTI) operations in OML17, achieving 1.5 million man-hours without incidents.

2024

The Board of the Financial Markets Authority of West Africa Economic & Monetary Union (AMF-UMOA) headquartered in Cote D’Ivoire approves 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).

2024

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.

2024

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

2024

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.

2024

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

2024

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.

2024

Heirs Energies is named “Independent Company of the Year” at the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) 2025.

2025

Heirs Holdings deepens commitment to sustainability, environmental stewardship, and community engagement, launches partnership with GIVO Africa to tackle plastic waste for a sustainable future.

2025

Transcorp Hotels launches Nigeria’s Most Prestigious Event Destination, Transcorp Event Centre

2025

UBA Group Champions Peace in Africa with Landmark $500,000 Donation to AU Peace Fund.

2025

Redtech secured certification as a licensed Payment Solution Service Provider (PSSP), Payment Terminal Service Provider (PTSP), and Super Agency License, establishing a critical foundation for expansion into the retail sector.

2025

Heirs Holdings Founder and Group Chair, Tony O. Elumelu, CFR, is appointed by the International Monetary Fund (IMF) to its Advisory Council on Entrepreneurship and Growth.

2025

Heirs Holdings Group Chair, Tony Elumelu, CFR Receives Gabon’s National Order of Merit Award in recognition of his extraordinary contributions to Africa’s socio-economic transformation and nation-building.

2025

Tony Elumelu Foundation partners with UAE Office of Development Affairs, Khalifa Bin Zayed Al Nahyan Foundation to empower additional 1000 young African entrepreneurs.

2025

Heirs Insurance Group wins “Insurance Company of the Year” by the Industry Newspaper in recognition for its innovative approach and dedication to excellence in the Nigerian insurance industry. 

2025

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

2025

Redtech records over ₦12 trillion ($10 billion) in processed payment transactions for during H1 2025, representing a remarkable growth of 570.52% compared to ₦1.79 trillion in H1 2024.

2025

United Capital Group officially launches its West Africa office, United Capital Asset Management West Africa Limited, in Abidjan, Côte d’Ivoire.

2025