Nigerian Billionaire Company Set to List Companies on Nigerian Exchange, 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 will 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.
Source: UGC
He made this known at a media briefing held in Lagos on Wednesday, August 28, to mark the 14th anniversary of Heirs Holdings.
He added that the group may consider listing in additional African markets when conditions are ideal.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
“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.
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 yesterday at the UCEE Microfinance Bank House in Marina, Lagos, United Capital, a leading Pan-African investment management and financial services organisation, 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 honour.
UCEE Microfinance Bank is a digitally-first microfinance organisation 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 centre of Lagos Island.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
PAY ATTENTION: Stay Informed and follow us on Google News!
Source: Legit.ng
