Tony Elumelu, Chairman of Heirs Holdings Group, revealed that the Central Bank of Nigeria’s (CBN) 2010 policy limiting bank CEOs’ tenure to 10 years inspired him to establish Heirs Holdings.
Speaking at the conglomerate’s 14th anniversary in Lagos, Elumelu shared that rather than seeing the policy as a setback, he used it as an opportunity to think bigger and create a diversified investment group.
Today, Heirs Holdings operates across sectors like power, energy, finance, hospitality, real estate, healthcare, and technology in 24 countries.
Elumelu emphasized the transformative impact of the African private sector, noting that Heirs Holdings employs over 40,000 people across Africa, Europe, and the U.S.
The group’s philanthropic arm, the Tony Elumelu Foundation, has also disbursed $100 million in seed capital to support 20,000 young African entrepreneurs, creating over 400,000 jobs across the continent.
He also discussed potential future plans to list some of the group’s businesses on international stock exchanges when the investment climate is favorable, aiming to democratize prosperity and ensure broad-based economic benefits.
Dr. Awele Elumelu, his wife, praised the group’s leaders for their commitment to navigating challenges and expanding into multiple sectors over the years.