Business

Elumelu Calls For National Unity, Heavy Investment in Youths and Women

Published

2 years ago

August 29, 2023

Editor

By Tayo Oyediji

United Bank for Africa (UBA) Chairman and Founder, Tony Elumelu Foundation, Mr. Tony Elumelu has called for governments and Nigerians at all levels to strive for national unity while investing heavily in youth development and women.

Elumelu who spoke at the ongoing 2023 Nigerian Bar Association (NBA) Conference which has its theme as:“Getting it Right, Charting Course of Nigeria’s Nation building’ noted that unity and inclusivity were key elements that will lead Nigeria to greater heights.

According to him ‘’We have come together today united. United with one ambition, one duty – nation building. Yes – United, whatever our backgrounds, geographies, religions, experiences, by a single desire – to ensure that our country experiences a true renaissance.

“Let us approach the task of nation-building with unwavering determination, guided by the principles of unity, inclusivity, and progress’. Let our pursuit of nation-building be characterized by unwavering determination, empathy, and the commitment to create a legacy of progress, unity, and hope for generations to come”.

Elumelu also urged a reawakening of nation-building consciousness amongst Nigerians, pleading with the government at all levels to invest heavily in youth development.

He asserted that nation-building entails a fundamental renewal of the social and economic infrastructure of Nigeria, stating that the country needed to invest heavily in youths, women, the power sector, security, social infrastructure and in brand Nigeria.

Elumelu also noted that “Nation-building, at its core, is the intricate process of forging a cohesive, harmonious, and united society, out of diverse individuals, culture, and ideologies. It is the art of constructing a shared identity, purpose, and vision that transcends all individual interests

Elumelu who is also the Chairman, Heirs Holdings, stated that already, Nigerians have shown their capacity as champions in all spheres of human endeavor and what is needed is our collective will to unite.

In his words “In international leadership positions at the WTO, at the UN, at the African Development Bank, at the Afreximbank, in technology, in music and entertainment, in business, in arts and in media, in film, in sports. Indeed, in virtually every human endeavour, Nigerians excel”. In business, the Nigerian private sector is showing globally our capability, our ingenuity, our institutionalisation.

“We have global businesses with Nigerian origins: Let me name one – UBA, the United Bank for Africa, the only African Bank that operates in the USA as a deposit taking bank. We are now in Dubai, Paris, and London – and just as importantly 20 other countries in Africa – who would have thought 20 years ago, that Nigeria would be home to Africa’s global bank!”

Having achieved these feats, Elumelu said “Transforming Nigeria is a journey that demands our collective dedication, building across political affiliations, ethnic differences, and socioeconomic differences. Great nations start with great people, not just great leaders. Our private sector, our philanthropies, our civil society, all citizens must be brought together and be empowered – as real, valued and executing partners for this national renewal, this nation building. It behoves on us all to collaborate in unity to reset Nigeria.”

Elumelu also harped on the supremacy of the rule of law. Urging the NBA to work assiduously towards achieving a country where the rule of law is upheld. He maintained that, “No country – and no entrepreneur, can truly thrive without the rule of law, without peace, without certainty and fairness – for all – for our young, our old, our women and our men, our future generations.”

As he is passionate about nation building, Elumelu observed that he was not alone “There is no one in this distinguished gathering, that does not want the best for Nigeria. Whether my learned friends of the Bar or our distinguished leaders present. We know the potential of Nigeria.We know the resources, human and natural, that Nigeria has at her disposal.

“It is the art of constructing a shared identity, purpose, and vision that transcends all individual interests. Transforming Nigeria is a journey that demands our collective dedication, building across political affiliations, ethnic differences, and socioeconomic differences. One that is not the responsibility of our government alone.

.So, what does this mean? For me this is nothing less than a fundamental renewal of the social and economic infrastructure of Nigeria. The contract between a nation and its people.

Nation building is not a quick fix, it entails sacrifices. We cannot keep doing the same things and expect different outcomes”.

“Let us lead our nation building, by laying those important foundations for our nation – let us renew our infrastructure. Investment in our youth – we need to renew our commitment to our youth, provide them with the means to succeed in Nigeria – not beyond Nigeria. This means not just investment in our education system, but in our entrepreneurial culture”.

“Nigeria is a nation of entrepreneurs – you know me as an investor and champion of entrepreneurs. Let us create a joined-up government task force to champion at the highest level, our young and our entrepreneurs. When entrepreneurs succeed, we succeed as a nation. If they don’t, we all fail.

“The nurturing of entrepreneurship is not merely an economic endeavour, but a social responsibility. By empowering our youth, supporting start-ups and SMEs, the private sector contributes to equitable wealth distribution, job creation, and social advancement. It paves the way for economic empowerment that uplifts communities and contributes to a more inclusive society. We all owe this to our people, even for our own enlightened self-interest”.

He also called for women to be duly supported to thrive “Nations that prioritise their young go far, Let us invest in our women. When a woman succeeds, families and communities are lifted out of poverty. Let us invest in our power sector, And let us invest in our social infrastructure, in our civil society, our courts of law and our administrators of justice, Let us invest in security, Let us invest in brand Nigeria, Let us invest in Nigeria”

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Business

FirstBank, Subsidiary of FirstHoldCo, Meets ₦500bn Regulatory Capital Requirement

Published

5 days ago

January 6, 2026

Eric

First HoldCo Plc (“FirstHoldCo” or “the Group”) has announced that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of ₦500 billion. This milestone was achieved following the completion of a series of strategic capital initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary.

This successful capitalisation underscores strong market confidence in FirstHoldCo Group’s business model, long-term strategy, and growth prospects. With a fortified capital base, FirstBank is positioned to accelerate its support for the real sector, enhance financial inclusion, and deliver innovative, digitally driven customer experiences.

The recapitalisation strengthens the Group’s overall financial resilience, providing a robust platform for earnings growth through business expansion, technological innovation, and the pursuit of new opportunities.

In March 2024, the CBN directed commercial banks to raise their capital base to a minimum of ₦500 billion within a 24-month period to bolster the Nigerian banking sector’s stability and capacity. FirstBank has now fulfilled this requirement well ahead of the regulatory deadline.

In a related development, FirstHoldCo have expressed its desire to raise fresh funding and inject additional capital into the Group’s existing subsidiaries and new business adjacencies in 2026. This forward-looking commitment is aimed at further enhancing service offerings and facilitating strategic expansion.

Commenting on the achievement, Mr. Femi Otedola, CON, Chairman of First HoldCo Plc, said: “On behalf of the Board, I extend our profound gratitude to our shareholders for their trust and unwavering support throughout this capitalisation programme. From the oversubscribed Rights Issue to the seamless Private Placement, investors have demonstrated resounding confidence in our strategic direction. Securing FirstBank’s capital base ahead of schedule is a testament to our collective commitment and positions us firmly for our next growth phase. We also appreciate the professional guidance of the CBN and SEC throughout this process.”

Mr. Wale Oyedeji, Group Managing Director of First HoldCo Plc, added: “This successful capital raise is a pivotal milestone for FirstHoldCo. It provides us with the financial strength to execute our core strategic priorities: driving innovation, delivering superior customer value, and enhancing sustainable profitability. With this solid foundation, we are focused on accelerating performance, improving competitive returns, and delivering lasting value to all our stakeholders.”

Business

Heirs Energies Executes $750m Afreximbank Financing to Drive Long-Term Growth

Published

3 weeks ago

December 22, 2025

Eric

Heirs Energies Limited, Nigeria’s leading indigenous integrated energy company, has executed a USD 750 million financing with the African Export–Import Bank (Afreximbank).

The transaction was concluded at a signing ceremony in Abuja on Saturday 20th December 2025, attended by Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, and Dr. George Elombi, President and Chairman of Afreximbank.

The transaction represents one of the largest financings secured by an indigenous African energy company and demonstrates lender confidence in Heirs Energies’ operating performance, governance standards, proprietary brownfield excellence capability, and long-term growth trajectory.

Since assuming operatorship of OML 17, Heirs Energies has delivered a disciplined transformation programme, focused on restoring production, strengthening asset integrity, and improving operational efficiency. Through targeted brownfield interventions and infrastructure optimisation, the Company has successfully transitioned from acquisition-led financing to a capital structure aligned with the long-term development profile of its reserves.

Oil and gas production has doubled, from an acquisition production level of 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d). Today, OML-17 produces over 50,000 bopd and 120 mmscf/d. All the gas production goes into the Nigerian domestic gas market and has been catalytic for power generation in Nigeria. Community relations have been transformed and the highest standards of health and safety implemented.

The Afreximbank facility will accelerate field development, optimise production, and allow Heirs Energies to pursue value-accretive growth opportunities, while maintaining disciplined capital management.

Speaking at the signing, Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, said:

“This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital. It reflects the successful journey Heirs Energies has taken – from turnaround to growth – and reinforces our belief in African capital working for African businesses. This is Africa financing Africa’s future.”

Dr. George Elombi, President and Chairman of Afreximbank, stated:

“Afreximbank is proud to support Heirs Energies at this pivotal stage of its growth. This financing reflects our confidence in the Company’s leadership, governance, and asset base, and aligns with our mandate to support African champions that are driving sustainable economic transformation across the continent.”

The transaction further reinforces Afreximbank’s role in enabling indigenous operators with the scale and capability to deliver sustainable energy development, energy security, and long-term economic value across Africa.

With this milestone achieved, Heirs Energies is firmly positioned to advance into its next phase of growth, focused on operational excellence, responsible resource development, and enduring value creation for stakeholders.

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs, while aligning with global sustainability goals.  Having a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contribute to a more prosperous Africa.

The African Export-Import Bank is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. The Bank plays a critical role in supporting Africa’s industrialisation, trade expansion, and economic transformation.

Picture: Chairman, Heirs Energies, Mr. Tony O. Elumelu CFR and President and Chairman of the African Export-Import Bank (Afreximbank), Dr. George Elombi, during the signing ceremony to mark the execution of a USD 750 million Financing Transaction between Heirs Energies and the Afreximbank in Abuja on Saturday

Business

NNPCL Slashes Fuel Price by N80

Published

3 weeks ago

December 19, 2025

Eric

The Nigerian National Petroleum Company Limited (NNPCL) has effected another reduction in the pump price of petrol, marking the third cut this December.

A survey of filling stations in Abuja on Thursday showed that the state-owned oil company lowered the price to N835 per litre from N915, reflecting a N80 reduction.

The latest adjustment follows similar moves by independent marketers, including MRS, BOVAS and AA Rano, which recently reviewed their pump prices to between N739 and N865 per litre across the Federal Capital Territory.

Findings indicate that the downward review by NNPCL and other marketers was triggered by a drop in ex-depot prices, after Dangote Refinery and depot owners reduced rates to between N699 and N800 per litre.

NNPCL and several filling stations had earlier reduced fuel prices on December 4 and December 10, 2025, as competition and supply dynamics continued to influence pricing in the downstream sector.