By PETER EGWUATU
Heirs Holdings, Mr. Tony Elumelu’s pan-African proprietary investment company, has committed $2.5 billion to the power sector in Africa. The company is the single largest investor included in the White House statement announcing the Power Africa initiative.
In a statement made available to Vanguard yesterday, the management of Heirs Holdings stated that Power Africa is a multi-stakeholder partnership between the United States, the governments of Ghana, Tanzania, Kenya, Liberia, Nigeria and Ethiopia, and the private sector in Africa, with the shared objective of accelerating investment in Africa’s power sector over the next five years.
It further revealed that the initiative was launched in South Africa during Obama’s town hall at the University of Cape Town.
It will be recalled that earlier this year, Elumelu’s company, through its investee company, Transnational Corporation of Nigeria, Transcorp, purchased the Ughelli power plant, one of Nigeria’s largest power assets, which it plans to restore to its full capacity of 1,000 megawatts.
Elumelu said: “The investment we are making demonstrates our intent to become a significant player in the power sector. It also shows in a clear and meaningful way that African capital can and should be part of the solution to Africa’s challenges.
“We need more African companies to get involved in Africa’s development.
“Heirs Holdings’ investment in Power Africa is not just about creating value for shareholders.
“We want to conduct business in this strategic sector in a way that links economic return to social benefits, a key component of what I call Africapitalism.”