Private sector can change course of African development, says Heirs Holdings

Heirs Holdings (HH) Group says the private sector in Africa can change the course of development on the continent.

The company made this known in a statement on Tuesday.

Using its success and impact as an example, Heirs Holdings said the African private sector must be committed to doing good and doing well.

“The success and impact of Heirs Holdings reflects the philosophy of Africapitalism, the belief that the African private sector can change the course of African development, but that it must be committed to doing good and doing well,” the company said.

The statement followed Heirs Holdings’ ‘Directors’ Annual Summit’ held in Abuja from June 13 to 16, which featured 100 board members from across all its investee companies.

Heirs Holdings said the summit offered the opportunity to reinforce the group’s strong governance practices and discover opportunities for innovation and impact, as well as celebrate business achievements.

Speaking at the summit, Tony Elumelu, group chairman, Heirs Holdings, emphasised the company’s mandate to “build to last and to build for impact”.

Elumelu said over the past decade, the company has inculcated in its business, the importance of strong corporate governance practices.

“We only invest for the long term, strategically and patiently. These twin commitments are fundamental to our success; we are indeed building to last, redefining success in every sector we operate in, and demonstrating our purpose to improve lives and transform Africa,” the businessman said.

Speaking at the closing ceremony, Vice-President Kashim Shettima said Elumelu has established a reputation for himself in the entrepreneurship field.

“When the history of Nigeria and indeed Africa’s banking history and revolution will be written, one name will stand out – having carved a niche for itself and engraved its name on the walls of banking and Africa’s entrepreneurship,” Shettima said.

Shettima said Elumelu has become an enigma, a banking colossus, a power industrialist, “and a force that cannot be ignored”.

“He is one of our own who believed in Nigeria and threw his heart into it. He is a Nigerian economist, entrepreneur and indeed a philanthropist, who has given life meaning to millions of Nigerians and Africans,” the vice-president said.

Heirs Holdings said the companies it has directly invested in have employed over 40,000 people across 20 African countries, the United Kingdom, UAE, France, and the United States of America.