Good news for investors as Nigerian billionaire company is set to list on NGX, others

• The chairman of Heir Holdings said the company plans to list more of its portfolio firms on the Nigerian Exchange
• He also said when the right circumstances arise in the future, the group would go public in more African markets
• According to Tony Elumelu, Heirs Holding launched a daring plan in 2010 to actively participate in the long run

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Tony Elumelu, the chairman of Heir Holdings, has stated that the organisation will list more of the companies in its portfolio on the Nigerian Exchange in an effort to democratise prosperity.

Tony Elumelu stated that if the right circumstances arise, his company would think about listing in more African markets. Photo Credit: Tony Elumelu
Source: UGC

He made this known at a media briefing held in Lagos on Wednesday to mark the 14th anniversary of Heirs Holdings.

He added that the group may consider listing in additional African markets when conditions are ideal.

“All our businesses in African countries are privately owned. We would like to democratise prosperity by listing them in those markets. Where we have listed, people have benefited significantly from the listing. So, we will initiate public offering in those markets, but at the right time to do so.”

A bold plan

Elumelu said that Heirs Holding initiated a bold plan in 2010 to actively participate over the long term in the continent's most significant strategic businesses in order to realize Africa's full potential.

According to Elumelu, the group's persistent dedication and perseverance have demonstrated that an African institution is able to consistently create long-term value and leave a prosperous legacy in all of the continent's most significant industries.

“Our journey has been defined by unwavering tenacity, enabling us to seize opportunities and uphold our vision and principles. Most importantly, our efforts have fostered significant social impact, improving the lives of millions and driving inclusion within communities. For us in our Group, it is about three visions, execution, enterprise and excellence,” he explained.

Seven of Heirs Holdings' companies are currently listed on the Nigerian Exchange.

They are Africa Prudential, United Capital, Afriland Properties, Transcorp Hotels, Transcorp Plc, and United Bank for Africa.

Furthermore, according to Owen Omugiafo, Group CEO of Transnational Corporation Plc, Transcorp Group is Nigeria's largest listed diversified conglomerate, with investments in important sectors like power, hotels, energy, etc.

“As of today, we account for about 15 per cent of Nigeria’s power generation. With our investment in distribution, we actually cover a landscape of over 130,000 square kilometres. We have two power companies. Transcorp Power and Trans-Afem Power, which are direct investments; and we have an indirect investment in Abuja Electric Distribution.

“Our hospitality business is a leader in the hospitality sector of the country,” she stated.

Elumelu Laud Group's Initiative

Legit.ng reported that At an exclusive grand opening ceremony conducted yesterday at the UCEE Microfinance Bank House in Marina, Lagos, United Capital organization, a leading Pan-African investment management and financial services organization, proudly announced the formal launch of its newest subsidiary, UCEE Microfinance Bank.

Along with other prominent figures from the sector, Tony O. Elumelu, CFR, Chairman of Heirs Holdings Group and philanthropist, was the event's main guest of honor.

UCEE Microfinance Bank is a digitally-first microfinance organization that is fully licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC). It is situated in the bustling center of Lagos Island.

Source: Legit.ng