• 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.
• Transcorp, despite an attractive portfolio spanning the Nigerian economy, including the iconic Transcorp Hilton Hotel in Abuja, and a loyal shareholder base of over 300,000, had serially underperformed. Benefiting from HH’s operational skills and turn around expertise, Transcorp would blossom as a platform to execute investments in energy, hospitality, and agriculture.
• The Tony Elumelu Foundation launches the Tony & Awele Elumelu Prize, an award that recognised and rewarded 130 students from 16 universities across Nigeria and three other West African universities.
• The Tony Elumelu Foundation launches the Elumelu Professionals Programme (initially known as African Markets Internship Programme), an internship programme that matched 87 MBA students and graduates from top business schools in Africa, Europe and Asia to African businesses, with peer African MBA students for internships with fast growing African companies, demonstrating the private sector opportunities in Africa.
• Tony O. Elumelu first introduces the term “Africapitalism”, 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.
• Heirs Holdings and The Tony Elumelu Foundation made their first joint impact investment outside Nigeria – Mtanga Farms in Tanzania, a business developing innovative approaches to increasing African agricultural yields.
• Tony O. Elumelu first introduces the term “Africapitalism”, 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 launches the Elumelu Professionals Programme (initially known as African Markets Internship Programme), an internship programme that matched 87 MBA students and graduates from leading business schools in Africa, Europe and Asia to African businesses, with peer African MBA students for internships, with fast growing African companies, demonstrating the private sector opportunities in Africa.
2012
• Heirs Holdings makes further investments in the real estate and financial sectors: Afriland Properties Plc, a property management, investment and development company; United Capital Plc, a financial and investment services group; and Africa Prudential Registrar Plc, a leading share registration service provider.
• The Tony Elumelu Foundation empowers 20 tech businesses with US $100,000 seed funding through Nigerian accelerator, CCHub Nigeria.
• The Tony Elumelu Foundation launches the ‘Blair-Elumelu Governance Initiative’, in partnership with the Tony Blair Africa Governance Initiative (AGI), a dedicated programme of skill building for senior civil servants, focusing on adopting private sector approaches to deliver for the public good.
• Transcorp Ughelli Power is named as the preferred bidder for Ughelli Power Plc, the largest electric power plant in Nigeria, under the privatisation programme of the Federal Government of Nigeria.
• Heirs Holdings invests in 51% of Seadrill Nigeria Limited, a deep-water drilling contractor for the petroleum industry, furthering the strategic intent of identifying opportunities across the oil and gas value chain.
• Heirs Holdings co-founds AFEX Commodities Exchange in partnership with Nicolas Berggruen’s, Berggruen Holdings, with the objective of bringing commodity value creation and deeper financial markets to the African continent.
• Illustrating our global ambitions, Heirs Holdings invests in Planet Labs, a Silicon-Valley based, earth imaging company.
• Heirs Holdings founds Avon Healthcare Limited (Avon HMO), a healthcare management organisation, to rapidly expand the provision of high-quality medical services to a much broader demographic.
• Heirs Holdings invests in and becomes the second largest shareholder in NASD OTC, creating an over-the-counter trading facility, to act as a platform for small company growth.
2013
• Transcorp Ughelli Power acquires 100% ownership and management of Ughelli Power Plc, with 972MW installed capacity, but actual production of only 160MW.
• Africa Prudential acquires UAC Registrars Limited, the largest conglomerate registrar in Nigeria.
• The AFEX commodities exchange business partners with the Rwandan government and launches the first commodity Exchange in Rwanda – EAX (East Africa Exchange), bringing commodity transactions closer to producers.
• GIIN (The Global Impact Investing Network) appoints Heirs Holdings to its board, as the first African board member.
• Africa Prudential is granted the prestigious International Quality Crown Award in the UK, in recognition of its commitment to quality, leadership and innovation.
2014
• Transcorp is awarded ‘The Most Compliant Listed Firm Award’ by the Nigerian Stock Exchange.
• Within a year of acquisition, Transcorp Power delivers a 306% increase in the available capacity of Transcorp Power Plant (from 160MW to 610MW), 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.
• Transcorp Hotels lists on the Nigerian Stock Exchange.
• Tony O. Elumelu appointed the Chairman of the UBA (United Bank for Africa Plc) Group Board.
• Avon Medical Practice expands hospital operations to 2 further states in Nigeria: Delta State and Abuja, the Federal Capital Territory.
2015
• 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 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.
2016
• United Capital leads 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 offer online subscriptions to the general public.
2017
• Transcorp Power commissions a gas turbine (Gas Turbine 15) with additional 115MW capacity, thereby increasing the available capacity to 620MW.
• 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.
2018
• Heirs Holdings appoints Emmanuel Nnorom (ENN), FCA, as its first Group Chief Executive Officer, demonstrating a commitment to structured corporate governance and business longevity.
• Within four years of acquisition, Transcorp Power surpasses the five-year performance target of 670MW available capacity set by the Bureau of Public Enterprises.
• Transcorp Hotels completes a US $100 million upgrade of the iconic Transcorp Hilton Abuja.
• Transcorp Hotels wins the Corporate Governance Awards in the Institute of Directors Annual Directors Award.
• Transcorp Hilton Abuja wins the Luxury City Hotel in the 2018 World Luxury Awards.
• 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.
• Avon Medical Practice launches an ultra-modern dialysis centre in Lagos, Nigeria.
• 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.
2019
• Heirs Holdings wins the Great Place to Work awards for the ‘Best in Leadership’ Category.
• 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.
• 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.
• Transcorp Hilton Abuja wins the World Travel Awards for five consecutive years in five categories, including the award for Africa’s Leading Business Hotel.
• Transcorp Hilton Abuja wins the Luxury City Hotel in the 2018 World Luxury Awards.
• 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.
• The Tony Elumelu Foundation enters a US $5million partnership agreement with the African Development Bank, to empower 1,000 young entrepreneurs in Africa with training, mentorship and funding.
• Heirs Holdings Chairman, Tony O. Elumelu receives the National Productivity Order of Merit Award (NPOM), the highest recognition of merit in Nigeria.
• 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.
2020
• Afriland Properties commissions Afriland Towers, a world-class 8-floor office complex situated in the commercial district of Lagos Island, Nigeria.
• United Bank of Africa (UBA) donates $14 million to help fight COVID-19 across Africa.
• Africa Prudential joins the league of Value-Added Service providers on the Nigerian Stock Exchange Growth Board.
• Heirs Insurance Limited and Heirs Life Assurance Limited, HH’s vehicles to revolutionise the Nigerian insurance sector are authorised, following six years of regulatory process – a testament to HHs resilience.
• Avon Medical launches its telemedicine platform.
• HH, through portfolio company Heirs Energies LINK successfully acquires OML17 from Shell, TOTAL and ENI in the largest oil and gas transaction in Africa for the year 2020. OML 17 has a 2P gross reserve of 1.2 billion barrels of oil equivalent. The acquisition further fulfils HH’s strategy of investing across the resource value chain, creating integration and value creation on the African continent. The transaction represents a further significant step in HH’s ambition to create Africa’s largest integrated energy company.
2021
• Afriland Properties commissions the 7-storey Heirs Towers in Victoria Island, Lagos, an architectural marvel that enhanced the Lagos skyline showcasing Afriland Properties’ prowess in real estate development.
2022
• 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.
• 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.
• Transcorp rebrands and changes its name from Transnational Corporation of Nigeria Plc to “TRANSNATIONAL CORPORATION PLC”.
• 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.
• Transafam Power commissions and restores Afam Power GT20, a 138MW unit, to the national grid after being dormant for 15 years.
• 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
• The Tony Elumelu Foundation (TEF) takes its advocacy to Washington D.C. for President Joe Biden’s US-Africa Leaders’ Summit, co-hosting the opening reception in partnership with the U.S. Department of State.
• 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.
• Transcorp Hilton Abuja wins five prestigious awards at the World Travel Awards.
2023
• Avon HMO celebrates ten years of operating within the Nigerian health sector, serving over 230,000 lives through partnerships with 2,500 hospitals globally.
• Transcorp Power becomes the first power generation company to fulfill all privatisation obligations and receive a discharge certificate from the Federal Government of Nigeria.
• 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.
• Heirs General Insurance, Heirs Life and Heirs Insurance Brokers consolidate into Heirs Insurance Group and launched Nigeria’s first digital experience center 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.
• 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.
• The Tony Elumelu Foundation (TEF) launches its Impact Report, titled “The Tony Elumelu Foundation Entrepreneurship Programme: A Decade of Impact,” during a session co-hosted with UNICEF Generation Unlimited (GenU), UNDP, and the IKEA Foundation, on the sidelines of the 78th United Nations General Assembly (UNGA78) in New York.
• 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.
• Africa Prudential graduates 27 software engineers from its i-Academy tech-education initiative.
• Transcorp Hilton Abuja wins five prestigious awards at the World Travel Awards.
2024
• United Bank for Africa (UBA) and Transcorp Hotels join the niche of Stocks Worth Over One Trillion (SWOOT) on the Nigerian Exchange (NGX).
• 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.
• 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.
• Heirs Holdings launches a new technology subsidiary, Heirs Technologies, to empower businesses by providing IT consulting, managed services, and business process outsourcing.
• 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.
• Avon Medical Practice completes the construction of a state-of-the-art 26-bed hospital facility designed to provide comprehensive diagnostic and clinical services.
• The Board of the Financial Markets Authority of West Africa Economic & Monetary Union (AMF-UMOA) headquartered in Cote D’Ivoire approves our 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).
• 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.
• Afriland Properties successfully completes and achieves full occupancy of its 7-floor flagship luxury development in Ikoyi — The Residences by Afriland.
• 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.
• TEF announces the 10th cohort of the 10-year TEF Entrepreneurship Programme, having funded over 21,000 entrepreneurs across Africa and
• 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.
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