Heirs Holdings commits $2.5b to Obama’s Power Africa Initiative

One of the only countries not dependent on the private sectors control over Natural resources and power, slowly but for surely losing any sense of sovereignty.

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Heirs Holdings commits $2.5b to Obama’s Power Africa Initiative

As part of his commitment to deliver affordable and accessible power to the continent, African business leader Tony Elumelu is committing $2.5 billion to the power sector in Africa.

The investment is being made through his pan-African proprietary investment company Heirs Holdings – the single largest investor included in the White House statement announcing the Power Africa initiative.

Power Africa is a multi-stakeholder partnership between the United States, the governments of Ghana, Tanzania, Kenya, Liberia, Nigeria and Ethiopia, and the African private sector, with the shared objective of accelerating investment in Africa’s power sector over the next five years.

The initiative was launched in South Africa during Obama’s town hall at the University of Cape Town.

Earlier this year, Elumelu’s holding company, through its investee company, Transnational Corporation of Nigeria (Transcorp), purchased the Ughelli power plant, one of Nigeria’s largest power assets, which it plans to restore to its full…

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