Elumelu Seeks to Boost Energy Investments with $15bn West Africa Pipeline

By Adedapo Adesanya

Nigerian businessman, Mr Tony Elumelu, is seeking to boost his investments in the energy sector through a proposed $15 billion infrastructure pipeline for West Africa.

The investment pipeline, developed under the West Africa Infrastructure Investment Summit (WAIIS), covers energy, trade, industrialisation, strategic minerals, agriculture and digital infrastructure.

According to reports, 170 project proposals were submitted from more than 10 countries, with 26 projects valued at over $10 billion shortlisted for further consideration. The portfolio is expected to grow to more than $15 billion as additional projects are developed.

The WAIIS summit, convened by Sierra Leone’s President Julius Maada Bio, is intended to connect governments, project developers, investors and development finance institutions to accelerate financing for strategic regional investments. Some of these include United Bank for Africa (UBA), the African Export-Import Bank (Afreximbank), Africa Finance Corporation (AFC) and Africa50, to mobilise funding for infrastructure development.

Energy is a major part of Mr Elumelu’s investment interests. Through Heirs Energies, he acquired a 45 per cent stake in Oil Mining Lease 17 from Shell and its partners in 2021, expanding his presence in Nigeria’s oil and gas industry.

In January 2026, Heirs Energies and Heirs Holdings acquired a combined 20.07 per cent stake in Seplat Energy, making the group the company’s largest shareholder. Elumelu also joined Seplat’s board as a non-executive director and will become the group’s chairman from next year.

His interests in the power sector extend through Transcorp Group, which owns Transcorp Power and Transafam Power, two electricity generation businesses operating in Nigeria.

Beyond energy, Mr Elumelu’s investments span banking, financial services and technology, while UBA operates across several African markets, and Redtech provides payment and digital commerce solutions.

The proposed West African infrastructure pipeline is expected to support regional connectivity and economic integration, with a natural gas pipeline linking Nigeria to other West African countries and Morocco among the projects under consideration. The route could also create opportunities for connections to European markets.

Business Post reports that the proposed $15 billion represents the broader infrastructure investment pipeline, rather than the cost of the gas pipeline alone.