Billionaire investor and philanthropist, Tony Elumelu, has revealed the backstory of one of Africa’s biggest indigenous oil deals—a $2.5 billion acquisition of Shell’s oil assets, backed by Afreximbank, which led to the creation of Heirs Energies.
Speaking at the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank), during a high-profile fireside chat held at the new 5,000-capacity Transcorp Event Centre in Abuja, Elumelu hailed Afreximbank’s role in shaping Africa’s trade and industrialisation landscape. He recounted how the pan-African bank’s financing support catalysed a landmark transfer of strategic energy assets into indigenous hands.
“I led a $2.5 billion acquisition bid for strategic oil assets from Shell,” Elumelu said. “It was one of the largest transfers of resource assets to indigenous capital. “The deal led to the establishment of Heirs Energies and created Africa’s largest integrated energy platform. Afreximbank was there for us. They shared the vision. That is Africapitalism in action.”
Elumelu, who is the Chairman of Heirs Holdings and Transcorp Group, said the deal went beyond mere financial significance, describing it as a model for transformational partnerships between African development banks and private capital.
“Afreximbank + Africapitalism = Impact,” he declared.
The landmark event in Abuja, attended by African leaders, investors, and policymakers, also served as a tribute to outgoing Afreximbank President, Benedict Oramah, whose leadership was celebrated for its transformative impact on intra-African trade and investment.
“I was there to support Afreximbank and salute the impact and legacy of retiring President Benedict Oramah,” Elumelu noted. “He has shown that African-led institutions can deliver global impact, and his legacy will continue to inspire.”
Reflecting on the broader developmental role of the private sector, Elumelu stressed the need for financial institutions to deploy capital and for entrepreneurs to execute responsibly.
“When financial institutions take a chance on you, you must honour your obligations, repay your loans, and deliver on your promise not just to your shareholders, but to your community,” he said. “Development banks like Afreximbank must be empowered to support even more African entrepreneurs.”
Elumelu’s comments echoed his Africapitalism philosophy—the belief that African private sector actors must drive the continent’s transformation through long-term investment in strategic sectors such as energy, infrastructure, and technology.
“The Heirs Energies deal was catalytic because it brought African resources into African value chains,” he said. “We cannot develop Africa without reliable electricity. Power is the foundation of everything: trade, healthcare, education, and digital inclusion.”
He also warned that while the world advances toward artificial intelligence and the Fourth Industrial Revolution, Africa remains hindered by basics like electricity and digital access.
“Africapitalism is about investing in critical sectors like power, not because it is easy, but because it is necessary,” he said.
Highlighting his philanthropic work, Elumelu noted that his foundation has empowered over 24,000 entrepreneurs across all 54 African countries, creating more than 400,000 jobs.
“Why do we do this? Because we believe that poverty anywhere is a threat to all of us everywhere,” he said. “We must prioritise our youth and women, bringing them into the economic mainstream.”
The gathering, hosted at Transcorp Hilton and the adjoining Event Centre, was not only a nod to the bank’s 32-year legacy but also a showcase of African excellence. “This historical gathering took place at our 5,000-capacity Transcorp Event Centre… an affirmation of Transcorp Hotel’s role as a leading host of Africa’s most influential gatherings,” Elumelu added.
He closed with a call for visionary, collaborative leadership and institutions willing to bet on Africa’s future.
“This is the kind of intentional collaboration we need with banks like Afreximbank enabling African private sector actors to industrialise our continent, create employment, and fuel long-term economic growth,” he said.
