PRESS RELEASE — Heirs Holdings has launched its first-ever television commercial. The newly released television commercial (TVC) showcases the company’s diverse portfolio, spanning the power, energy, financial services, hospitality, real estate, healthcare and technology sectors while highlighting its commitment to driving positive change and sustainable development across Africa and beyond.
With its compelling narrative, the commercial is captivating audiences worldwide, shining a spotlight on Heirs Holdings’ vision, and commitment to improving lives and transforming the continent.
In 2010, Tony O. Elumelu, CFR, founded Heirs Holdings after making significant strides in reshaping Nigeria’s banking industry. Elumelu made history when he led the biggest merger in sub-Saharan Africa at the time, combining Standard Trust Bank Plc with the older, more established United Bank for Africa (UBA), which at the time was Nigeria’s 3rd largest financial services institution. In establishing Heirs Holdings, Elumelu’s goal was to transform the African economy through strategic long-term investments in sectors critical for Africa’s progress.
Speaking on the new TVC, the Company’s Group Head of Marketing and Corporate Communications, Clari Green, said that in its thirteen years of existence, Heirs Holdings has established a reputation for being consistent in creating value while driving Africa’s social and economic agenda.
She stated, “Heirs Holdings has an investment portfolio which spreads across twenty-four countries worldwide, this is as intimidating as the significant milestones it has achieved since it launched in 2010 with a bold strategy to focus on the African continent and unlock its socio-economic potential,” while listing some of the key milestones which include:
In 2011, Heirs Holdings identified its first strategic investment opportunity, acquiring a controlling stake in Transcorp, leading the organisation into an era of year-on-year growth and expansion into the power sector.
Transcorp Power acquired 100% ownership and management of Ughelli Power Plc, with 972 MW installed capacity, but actual production of only 160MW.
Transcorp Power surpassed the five-year performance target of 670MW set for it in 2013 by the Federal Government of Nigeria through the Bureau of Public Enterprises (BPE), by increasing the available capacity of Ughelli Power Plant from 160MW to 701MW within four years of taking over the Plant. Last year, Transcorp Power became the first power generation company to be discharged from post-privatisation monitoring.
Afriland Properties Plc, a real estate investee company of Heirs Holdings grew its portfolio size to over N12 billion and has become one of the largest land banks in Nigeria.
Heirs Holdings founded Avon Healthcare Limited (Avon HMO), which celebrated a decade of unwavering commitment to exceptional healthcare last year, impacting over 230,000 lives through 2,500 hospitals across the world, paying over N24bn ($32m) in claims in 10 years.
In 2015, Heirs Holdings’ philanthropic arm, the Tony Elumelu Foundation launched 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.
Today, the Tony Elumelu Foundation has surpassed its initial goal by directly funding 20,000 entrepreneurs and has provided over 1.5 million young Africans with access to training via its digital platform, TEFConnect.
Heirs Holdings successfully acquired OML17 from Shell, TOTAL, and ENI in a $1.2 billion transaction, the largest oil and gas transaction in Africa for the year 2021.
OML 17, operated by Heirs Energies, has a peak production of over 80 MMSCFD (million standard cubic feet per day) of gas at its gas plant in Agbada, Rivers State.
In 2021, Heirs Holdings launched digital-first insurance companies rebranded as Heirs Insurance Group, a formidable family of three insurance brands offering General Insurance, Life Insurance, and insurance broking services, to democratise access to insurance and drive financial inclusion.
The Group’s commitment to simplifying the insurance experience has led to its rollout of digital and mobile service channels, as well as the launch of innovative customer-first initiatives such as the first digital insurance Experience Centre.
In the same vein, 2024 is shaping up to be an amazing year for the Heirs Holdings Group. With the year just nearing the end of its first quarter, Heirs Holdings (HH) has continued in its track record of success.
The year started for HH with a surge as the market capitalisation of its Nigerian Exchange (NGX) listed investee companies skyrocketed to an astounding N2.4 trillion, with two of the companies, United Bank for Africa, and Transcorp Group’s hotel subsidiary, Transcorp Hotels, crossing the one-trillion-naira mark, joining the league of SWOOTs.
In another significant stride, Transcorp Group orchestrated the successful listing of Transcorp Power, one of its power subsidiaries, on the main board of the Nigerian Exchange (NGX).
This move not only further bolstered the company’s portfolio but also injected an additional N1.8 trillion into the market capitalisation of NGX. In less than two weeks Transcorp Power’s market capitalisation grew to over N2.8 trillion.
With a combined generating capacity of approximately 2,000 MW between itself and its sister company, Transafam Power, Transcorp Group’s power subsidiaries account for 15.5% of the total installed capacity in Nigeria.
Additionally, Heirs Energies, a subsidiary of Heirs Holdings, recently announced a further expansion of its gas supply business, supplying the recently commissioned 188 MW power plant operated by Geometric Power Limited, located in Aba, Abia State. Heirs Energies also supplies gas to TransAfamPower Limited, with a capacity of 966MW, and First Independent Power Limited (FIPL), with a capacity of 541MW, as well as local distribution companies, gas-based industries, and other industrial customers, directly contributing to Nigeria’s industrial and economic growth.
Over the course of thirteen years, Elumelu built Heirs Holdings into a symbol of business excellence, becoming a dominant force in Africa’s corporate sphere as a transformation expert. Not only is Heirs Holdings generating socio-economic prosperity, but it’s also spearheading and championing African-centric solutions on a global scale, through its philanthropic arm, the Tony Elumelu Foundation.
Amidst these triumphs, Heirs Holdings unveiled yet another ambitious venture: the launch of its new subsidiary, Heirs Technologies, a world-class digital transformation company, set to define excellence in the technology sector.
However, the crescendo of Heirs Holdings’ remarkable year came with the highly anticipated launch of its pioneer television commercial on CNN International. The unveiling of this commercial marks a pivotal moment for the company as it embarked on a new chapter of global visibility and engagement.
As Heirs Holdings continues to chart new frontiers and push the boundaries of possibility, the launch of its pioneer television commercial echoes the broader narrative of Africa’s transformative potential, heralding a future filled with endless possibilities and opportunities for growth and prosperity for the ‘Heirs’ of the African heritage.
