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.
Transcorp Plc, Nigeria’s largest listed conglomerate becomes HH’s first major acquisition — a turnaround story begins.
The Tony Elumelu Foundation launches:
“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.
The Tony Elumelu Foundation empowers 20 tech businesses with US$100,000 seed funding through Nigerian accelerator, CCHub Nigeria.
Heirs Holdings makes strategic investments in the real estate and financial sectors: Afriland Properties Plc; United Capital Plc; and Africa Prudential Plc.
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.
Transcorp Ughelli Power acquires 100% ownership and management of Ughelli Power Plc, with 972MW installed capacity, but actual production of only 160MW.
United Capital was successfully listed on the Nigerian Stock Exchange, becoming Nigeria’s first listed Investment Banking firm.
Africa Prudential expands, acquires UAC Registrars Limited, the largest conglomerate registrar in Nigeria.
Heirs Holdings joins the GIIN (The Global Impact Investing Network) Board, as the first African board member.
Africa Prudential wins the United Kingdom’s International Quality Crown in recognition of its commitment to quality, leadership and innovation.
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.
Africa Prudential Registrars Plc becomes the first Registrar firm to be listed on the Nigerian Stock Exchange.
Transcorp is awarded ‘The Most Compliant Listed Firm Award’ by the Nigerian Stock Exchange.
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.
Tenoil, HH’s oil and gas company, successfully drills its first oil well, confirming significant amounts of commercial hydrocarbons.
Transcorp Hilton Abuja hosts the first-ever World Economic Forum in Nigeria, welcoming over 700 participants from about 40 countries.
Transcorp Hotels lists on the Nigerian Stock Exchange.
Avon Medical Practice expands hospital operations to 2 further states in Nigeria: Delta State and Abuja, the Federal Capital Territory.
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.
The Tony Elumelu Foundation (TEF) held its first Entrepreneurship Forum, the largest gathering of African entrepreneurs and the entrepreneurship community across Africa.
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.
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.
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.