Africa stands at a pivotal moment and must leverage new global opportunities to move beyond traditional strategies. Establishing impactful partnerships is essential for supporting its growth, with a particular emphasis on investment in youth empowerment and infrastructure. Recent financial commitments from China ($51 billion) and Saudi Arabia ($40 billion) highlight a growing interest in Africa’s immense potential. With over a billion people and a vibrant, youthful workforce, the continent is poised to become a key player on the global stage.
This week, Heirs Holdings Founder and Group Chairman, Tony O. Elumelu, CFR, represented Africa at the 8th Future Investment Initiative (FII) in Riyadh, Saudi Arabia, where he highlighted investment opportunities and insights to advance Africa’s sustainable growth and development agenda. He co-chaired the inaugural New Africa Summit, a first-of-its-kind pre-summit session, dedicated to uncovering Africa-related investment prospects.
Additionally, he was also accompanied by a delegation of top executives from across the Heirs Holdings Group – Owen Omogiafo, President/GCEO of Transcorp Group, Osa Igiehon, CEO of Heirs Energies, and Muyiwa Akinyemi, Deputy MD of the United Bank for Africa. They engaged and participated in different sessions at the summit, bringing an African perspective to global discussions on sustainable power supply, gender-inclusion, energy transition, sufficiency and security.
Day 1, Monday 28 October
Tony O. Elumelu, C.F.R, co-chaired the New Africa Summit and headlined the opening fireside chat moderated by CNN anchor, Eleni Giokos.
“In all the places we invest in across our Group, there is nowhere else you get the kind of returns on investment as what you get in Africa.”
– Tony O. Elumelu, CFR
During the opening plenary session titled “The Landscape of African Entrepreneurship: How Can Vision Transform to Venture?”, he highlighted how entrepreneurship, empowering women, effective and consistent policy by governments, and private sector investments, are all critical to advancing sustainable socioeconomic development in Africa.
Heirs Energies CEO, Osayande Igiehon, was a panelist at the New Africa Summit. In a session moderated by Ignacio Garcia Alves, Chairman & CEO of Arthur D. Little, he joined co-panelists, Marco Arcelli, CEO ACWA Power; Riham ElGizy, CEO Voluntary Carbon Market; Kola Karim, CEO Shoreline Group; and Dr. Vera Songwe, Founder of The Liquidity and Sustainability Facility; to discuss the future of energy investments in powering Africa.
During the session, co-panelist Dr. Vera Songwe, the former Western and Central Africa’s Regional Director for the International Finance Corporation, referenced Heirs Holdings as a successful example of private sector intervention in turning around government assets. She noted Heirs Holdings’ transformative approach, both in creating opportunities for infrastructure development and as turnaround experts with a proven track record for driving sustainable growth.
At the HERizon Summit, Transcorp Group President/GCEO, Owen Omogiafo OON, featured in a panel discussion titled “The Green Transition: How Can Women Power Sustainable Supply Chains?” Alongside co-panelist Dr. Angela Wilkinson, Secretary General/CEO of the World Energy Council, she highlighted how key women are in driving sustainable supply chains in a session moderated by Olivia Wassenaar, Head of Sustainability & Infrastructure at Apollo Management.
Day 2, Tuesday 29 October
Tony O. Elumelu, C.F.R, continued his impactful engagements as part of an elite Board of Changemakers in the FII Plenary Session.
Alongside prominent global financial leaders—H.E. Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group; Nir Bar Dea, CEO of Bridgewater Associates; Jane Fraser, CEO of Citi; Jenny Johnson President & CEO of Franklin Templeton; Ron O’Hanley, Chairman & CEO of State Street; Ted Pick, CEO of Morgan Stanley; Marc Rowan, Co-Founder & CEO of Apollo Global Management, Inc.; Neil Shen, Founding & Managing Partner of HongShan Capital Group (HSG); David M. Solomon, CEO of Goldman Sachs; Bill Winters, Group CEO of Standard Chartered Bank; Harvey M. Schwartz, CEO of The Carlyle Group Group; and Makoto Takashima, Chairman of Sumitomo Mitsui Banking Corporation – SMBC Group.
“As an investor, I see a huge market and opportunities.”
– Tony O. Elumelu, CFR
He engaged in a dynamic discussion on the imminent transformation in global banking and investment. This high-level panel explored the shifting landscape of finance, highlighting innovations, sustainable growth strategies, and resilient frameworks to shape the future of global investment.
Following the plenary session, the Heirs Holdings Group Chairman, was interviewed on Arise TV. He highlighted some of the discussions at the 8th edition of the Future Investment Initiative (FII), and their potentials to unlock transformative opportunities for Africa.
He was also interviewed by CNBC’s Dan Murphy, he discussed investments and the enormous economic opportunities in Africa, stating that the continent is on an upward trajectory.
Heirs Holdings’ philanthropic arm, the Tony Elumelu Foundation (TEF) also held a spotlight session at the FII Summit. The session moderated by TEF Trustee, Fatou Assah, focused on the theme “What Trends Are Empowering Africa’s Young Entrepreneurs?” The discussants included TEF alumnus Osemudiamen Samuel Etiobhio of Magnum Arts and Muyiwa Akinyemi, DMD of UBA. They deliberated on how entrepreneurs can be further empowered through access to capital, mentorship, and global partnerships to scale their ventures, create jobs, and drive sustainable growth across the African continent.
Speaking as a panelist at one of the breakout sessions of the FII Summit titled ‘How Can the Energy Transition Be Financed While Ensuring Global Energy Security?’, Transcorp President/GCEO, Owen Omogiafo, made a strong case for the prioritisation of bridging Africa’s energy gap.
In another breakout session, UBA Deputy MD, Muyiwa Akinyemi, joined other speakers, Hunt David, President & CEO, PGIM; Koch Katie, President & CEO, TCW; Page Sebastien, Head of Global Multi-Asset & CIO, T. Rowe Price Associates; and Studzinski John, MD & Vice-Chairman, PIMCO. As investors face persistent inflation, rising inflation rates and heightened geoeconomic stress, which challenges the traditional playbook for balancing bonds and risk assets, they discussed how to find the right mix of stability and growth potential.
To round off the day, Heirs Energies CEO, Osa Igiehon participated at an invite-only conclave focused on “Which Global Innovations Can Power Resilience, Offering Renewables and Water for All?”. The conclave explored how various forms of innovation can be harnessed to improve renewable energy and water access, offering sustainable solutions across diverse environments.
Day 3, Wednesday 30 October
In a live interview on Bloomberg, Heirs Holdings Group Chairman, Tony O. Elumelu, CFR, highlighted the steps Nigeria and the rest of Africa need to take to unlock its economic future.
This year, the FII8 presented a significant opportunity for Africa, as Heirs Holdings supported with driving forward conversations that hold transformative potential for the continent.