Billionaire Tony Elumelu’s investment company Heirs Holdings has rebranded and changed its name to Heirs Energies Ltd. with a refreshed logo colour scheme to focus more on oil and gas.
Mr Elumelu said in a statement Wednesday that the rebranding was aimed at reinforcing the strategy of “meeting Africa’s energy needs in a sustainable manner.”
According to him, with the urgency of achieving net zero emissions by 2050, Heirs Energies Ltd. will utilise its extensive expertise, resources, and innovation to lead in transforming the energy landscape.
Heirs Energies, he said, will continue with oil exploration and production but will leverage emerging technologies to cut carbon emissions by eliminating gas flaring.
“Heirs Energies signifies our unwavering commitment to environmental responsibility, value creation in Africa, integration across our value chains, while working together with our community towards a shared destiny,” he said.
“We are excited to embark on this transformative journey that will shape the future of the energy sector in Africa,” he said.
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Heirs Holdings has interests in power, oil and gas, real estate, agribusiness, and financial services sectors.
In April, Heirs Holdings Ltd. acquired the additional shares in Transcorp International, one of Nigeria’s biggest listed conglomerates, as Elumelu battled for control with Femi Otedola.
In 2021, through a joint venture with Heirs Holdings, Transcorp bought a 45% interest in OML 17 for $800 million in 2021 from Royal Dutch Shell Plc.
Mr Elumelu said the oil company would invest in gas utilisation projects to harness the abundant energy sources for improved energy access that would drive development on the continent.
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