Billionaire Tony Elumelu Launches New Firm as Power Company Hits N2.8trn Market Cap in 6 Days
- Tony Elumelu, Nigerian businessman and billionaire, has announced the launch of a new subsidiary.
- The subsidiary, Heirs Technology, is expected to offer creative solutions and accelerate Africa's digital transformation
- It is expected to provide services across IT consulting services, including partnerships, among others
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Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
African investment company Heirs Holdings, headed by Tony Elumelu, a Nigerian businessman, has launched Heirs Technologies, a new subsidiary.
Source: UGC
The goal is to accelerate Africa's digital transformation by offering creative solutions adapted to the region's unique requirements.
With various value-added services based on in-depth knowledge and regional accessibility, billionaire. Africa reported that Heirs Technologies is well-positioned to propel Africa's digital transformation.
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The organisation provides a wide range of IT consulting services, including partnerships, business transformation, system integration, licensing, and advice.
Services of new subsidiaries
In keeping with its objective to respond to Africa's changing technological landscape, it will diversify into managed services, including outsourcing business processes and IT operations.
Heirs Holdings, a significant force in Africa's investment scene, has continuously shown that it is dedicated to enhancing lives and transforming the continent via wise investments and sustainable development programs.
With a broad portfolio that includes energy, real estate, healthcare, banking, hospitality, and new technology, the firm is committed to promoting inclusive growth and advancing Africa's economic development.
Emmanuel Nnorom, group CEO of Heirs Holdings, commented:
“We are embarking on a journey fueled by innovation and driven by purpose. Our mission isn’t solely about creating products; it’s about shaping the future of technology, one groundbreaking solution at a time.”
Recall that Nigerian Exchange Limited, on Monday, March 4 2024, admitted 7.5 billion shares of Transcorp Power Plc at N240 per share to its Main Board.
Analysis by Legit.ng has shown that the companies have gained massively.
As of the close of business on Monday, March 11, its share price had increased to N368.8, causing the market capitalisation to value N2.8 trillion. This means that in six trading days, the shares gained over 50%
Power firm gains N180bn on first day.
Legit.ng reported that Transcorp Power Plc, a subsidiary of Transnational Corporation Plc, listed about 7.5 billion ordinary shares of 50 kobo on the main board of the Nigerian Exchange Limited. The company is under the chairmanship of Elumelu.
The company's share price instantly rose 10% after the listing, adding N180 billion to its N1.8 trillion capitalisation.
The company began listing at N240 per share and later rose to N264 at the end of trading.
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Source: Legit.ng
