Elumelu's Heirs Holdings Commits USD2.5 Billion to Obama's Power Africa
African Investment Group Is the Single Largest Investor to US-Led
Pan-African Power Initiative
DAR ES SALAAM, TANZANIA -- (Marketwired) -- 07/01/13 -- As part of
his commitment to deliver affordable and accessible power to the
continent, African business leader Tony O. Elumelu is committing
US$2.5 billion to the power sector in Africa. The investment is being
made through his pan-African proprietary investment company Heirs
Holdings -- the single largest investor included in the White House
statement announcing the Power Africa initiative.
Power Africa is a multi-stakeholder partnership between the United
States, the governments of Ghana, Tanzania, Kenya, Liberia, Nigeria
and Ethiopia, and the African private sector, with the shared
objective of accelerating investment in Africa's power sector over
the next five years. The initiative was launched in South Africa
during Obama's town hall at the University of Cape Town.
Earlier this year, Elumelu's holding 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 generating capacity of 1000
"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
step up and get involved in Africa's development."
Elumelu, who is Chairman of Heirs Holdings, went on to say, "Heirs
Holdings' investment in Power Africa is not just about creating value
for shareholders. We want to conduct business in this strategic
sector for the long term, in a way that links economic return to
social benefits -- a key component of what I call Africapitalism.
Access to affordable, uninterrupted power will have an immeasurable
impact on the economic ecosystem. The cost of doing business will
come down, entrepreneurs will expand and innovate, and jobs will be
created as a result. That is a very tangible example of what
Africapitalism is about: the private sector creating economic
prosperity and social wealth."
About Heirs Holdings
Heirs Holdings is a pan-African proprietary
investment company specializing in corporate turnarounds and building
new businesses. As active long-term investors, Heirs Holdings aims to
transform the companies in which it invests and grow them into
businesses that last -- creating value for shareholders and partners,
as well as economic prosperity and social wealth for the continent.
For more information, visit http://heirsholdings.com/.
Sommerfield Communications, Inc.
+1 (212) 255-8386
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