Heirs Holdings, Afreximbank Seal $100m Deal

June 30, 2017
Heirs Holdings, Afreximbank Seal $100m Deal

Heirs Holdings, Afreximbank Seal $100m Deal

By Dipo Olowookere

A Nigerian proprietary investment company, Heirs Holdings Limited, has entered into a deal with the African Export–Import Bank (Afreximbank).

At the 24th Annual General Meeting (AGM) of the bank taking place in Kigali, the Rwandan capital, the Nigerian firm completed the deal worth $100 million.

Both Heirs Holdings Limited and Afreximbank signed a memorandum of understanding (MoU) at the event to solidify the agreement.

Business Post learnt that the $100 million is a funding support to be provided by the lender to Heirs Holdings Limited.

The fund is to further support Heirs Holdings Limited’s cross border investment programme.

Signing of the MoU was performed by Dr Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, and Mr Tony Elumelu, the Chief Executive Officer of Heirs Holdings Limited.

Commenting on the partnership, Mr Elumelu thanked the bank for the support, enthusing that, “When you get support from your own, it is a lot better.”

Heirs Holdings Limited has interests in financial services, power, oil & gas, real estate & hospitality and healthcare and has a portfolio of investments in 20 African countries.

It was established in 2010 by Mr Elumelu after he retired in 2010 from the United Bank for Africa (UBA) Plc as the Group Managing Director.

Afreximbank, which has its headquarters in Cairo, Egypt, is a large multilateral financial service organization with total assets valued at $4.4 billion and shareholders’ equity of $707 million as of December 2013, according to Wikipedia.

It maintains a second branch in Abuja, Nigeria, as well as a third branch in Harare, the capital and largest city in Zimbabwe.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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