TEF & Heirs Holdings: Commitment to Africa’s Development and Job Creation

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The Tony Elumelu Foundation (TEF) and Heirs Holdings (HH) is creating impact through corporate transformation.According to the statement, Heirs Holdings (HH), with its affiliate Transcorp, acquired on 15th January Nigerian oil licence OML 17 from Shell, Total and ENI, through the latest addition to our Group: TNOG Oil and Gas Limited.  Click HERE to read.


Ifeyinwa Ugochukwu pointed out that the deal is a very important demonstration of what we all do at TEF and HH, in particular:

READ ALSO THIS: TEF & Heirs Holdings: Commitment to Africa’s Development and Job Creation

  • This groundbreaking $1.1bn deal demonstrates renewed confidence in the African economy when many doubted our continent’s future. We are the catalyst for the transaction.


  • It illustrates Heirs Holdings’ ability to bring together a syndicate of leading global and African investors to invest, demonstrating our position as the leading investor in Africa and role model for others.


  • This is Africapitalism in action, as a foreign-held asset is transferred to the stewardship of a truly indigenous business, board, and management.

  • HH’s ownership of OML 17 demonstrates our commitment to delivering sustainable development, economic empowerment, and most importantly, as a Group and as the Tony Elumelu Foundation, youth empowerment. With this acquisition, thousands of jobs will be created for our youths across the country, strengthening our economy and placing Africa more firmly on the global investment map.


  • It shows our determination and resilience in implementing our strategy. Heirs Holdings is creating an integrated energy company – one that will use African natural resources to power Africa, create African-based value chains and ensure Africa-based value creation. It follows our acquisition of the Afam Power Plants, our turnaround of the Transcorp Power Plant, our work on our other oil and gas assets, all leading to a single goal – sustainable, robust, and widely available power, that will drive schools, hospitals, and industries. We define strategy and we execute.

Mrs Ugochukwu, the CEO of the TEF said in accordance with our mission across the Group -improving lives and transforming Africa – Tony Elumelu, TEF Founder and HH Chairman, an indigene of the Niger Delta region himself, has assured host communities and stakeholders of our continuous commitment to shared prosperity and economic development.


“We, at the Tony Elumelu Foundation, look forward to the numerous opportunities that will arise from this and the many more jobs that will be created for our people.

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