{"id":58569,"date":"2013-07-02T02:48:26","date_gmt":"2013-07-02T02:48:26","guid":{"rendered":"http:\/\/www.sierraexpressmedia.com\/?p=58569"},"modified":"2013-07-02T02:48:26","modified_gmt":"2013-07-02T02:48:26","slug":"elumelus-heirs-holdings-commits-2-5-billion-to-obamas-power-africa-initiative","status":"publish","type":"post","link":"https:\/\/sierraexpressmedia.net\/?p=58569","title":{"rendered":"Elumelu’s Heirs Holdings commits $2.5 billion To Obama\u2019s Power Africa Initiative"},"content":{"rendered":"

Dar es Salaam,\u00a0July 1, 2013\u00a0\u2013\u00a0<\/strong>As part of his commitment to deliver affordable and accessible power to the continent, African business leader Tony O. Elumelu (in photo) is committing US$2.5 billion to the power sector in Africa. The investment is being made through his pan-African proprietary investment company Heirs Holdings \u2013 the single largest investor included in the White House statement announcing the Power Africa initiative.<\/p>\n

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.<\/p>\n

Earlier this year, Elumelu\u2019s holding company, through its investee company, Transnational Corporation of Nigeria (Transcorp), purchased the Ughelli power plant, one of Nigeria\u2019s largest power assets, which it plans to restore to its full generating capacity of 1000 megawatts.<\/p>\n

“The investment we are making demonstrates our intent to become a significant player in the power sector.\u00a0It also shows in a clear and meaningful way that African capital can and should be part of the solution to Africa\u2019s challenges. We need more African companies to step up and get involved in Africa\u2019s development.\u201d<\/p>\n

Elumelu, who is Chairman of Heirs Holdings, went on to say, \u201cHeirs Holdings\u2019 investment in Power Africa is not just about creating value for shareholders. We want to conduct business\u00a0in this strategic sector for the long term, in a way that links economic return to social benefits \u2013 a key component of what I call Africapitalism. \u00a0Access to affordable, uninterrupted power will have an immeasurable impact on the economic ecosystem. The cost of doing business will come down, entrepreneurs will expand and innovate, and jobs will be created as a result. That is a very tangible example of what Africapitalism is about: the\u00a0private sector creating economic prosperity and social wealth.\u201d<\/p>\n

Read the White House Power Fact Sheet and Press Release<\/a><\/p>\n

About Tony Elumelu<\/strong><\/p>\n

Tony Elumelu is an Entrepreneur, a philanthropist and the chairman of Heirs Holdings Limited<\/a>, a pan-African proprietary investment company, operating a portfolio of businesses across the African continent.\u00a0He can be found on Twitter at @TonyOElumelu<\/a>.<\/a><\/p>\n

Heirs Holdings Ltd<\/em><\/p>\n

Stay with Sierra Express Media, for your trusted place in news!<\/i><\/b><\/p>\n

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Dar es Salaam,\u00a0July 1, 2013\u00a0\u2013\u00a0As part of his commitment to deliver affordable and accessible power to the continent, African business leader Tony O. Elumelu (in […]<\/p>\n","protected":false},"author":34,"featured_media":43519,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[671,751],"tags":[93,12432,16420,12042],"class_list":["post-58569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-global-news","tag-energy","tag-heirs-holdings","tag-power-africa-initiative","tag-tony-elumelu"],"_links":{"self":[{"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/wp\/v2\/posts\/58569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=58569"}],"version-history":[{"count":0,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/wp\/v2\/posts\/58569\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=58569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=58569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=58569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}