Elumelu Backs $15bn Infrastructure Investment Drive Across West Africa

Festus Akanbi

Heirs Holdings Chairman Mr Tony Elumelu is backing efforts to assemble a $15 billion portfolio of infrastructure projects across West Africa, as regional leaders and investors seek to turn economic integration ambitions into bankable investments.

The initiative, being developed ahead of the inaugural West Africa Integration and Investment Summit (WAIIS) in Sierra Leone next month, will bring selected projects before prospective financiers to mobilise capital for infrastructure and productive enterprises.

Elumelu, who co-chairs the summit, disclosed the plans in an emailed response to questions from Bloomberg, which reported the development on Thursday.

Potential financiers include United Bank for Africa (UBA), the African Export-Import Bank (Afreximbank), Africa Finance Corporation (AFC) and Africa50. Priority sectors comprise energy, trade, industrialisation, strategic minerals, agriculture and digital infrastructure.

The proposed $15 billion represents the anticipated value of the investment pipeline, rather than funding already committed by Elumelu or the participating financial institutions.

Organisers have so far shortlisted 26 projects worth more than $10 billion from 170 submissions spanning more than 10 countries, with expectations that the portfolio will expand before the November gathering.

Special Envoy for WAIIS, Dr Kandeh Kolleh Yumkella, said the selection reflected progress towards presenting investors with concrete opportunities across the region.

“We received 170 project submissions and have selected 26 real projects worth more than $10 billion from over ten countries,” Yumkella said in a statement issued by the organisers.

“We expect that portfolio to reach $15 billion or more,” he added.

Convened by Sierra Leone’s President, Julius Maada Bio, the summit is scheduled for November 17 and 18 at the Julius Maada Bio International Conference Centre in Lungi. It will bring together governments, business leaders, project developers and development finance institutions to advance strategic regional investments.

The investment drive places project preparation and access to finance at the centre of West Africa’s integration agenda. Its immediate task is to connect viable proposals with institutions capable of financing their development, while aligning commercial opportunities with national and regional priorities.

Energy and transport connections, agricultural investment and digital networks are central to that ambition, offering opportunities to strengthen trade, expand production and improve access to markets.

The initiative also comes against the backdrop of efforts to develop major cross-border infrastructure, including the proposed $25 billion Nigeria–Morocco Gas Pipeline, also known as the African Atlantic Gas Pipeline.

Backed by the Economic Community of West African States (ECOWAS), the project is intended to carry Nigerian natural gas through several West African countries to Morocco, with potential connections to European markets.

The proposed gas link illustrates the scale of the region’s infrastructure ambitions and the importance of coordinating governments, project sponsors and financiers across national boundaries. It is a separate undertaking from the investment portfolio being assembled for the summit.

Elumelu’s involvement in the regional financing initiative coincides with the expansion of his interests in Nigeria’s energy sector.

According to Nairametrics, Heirs Energies Limited acquired an additional six million shares in Seplat Energy Plc on September 30, increasing the combined holdings of Heirs Energies and Heirs Holdings from 120.4 million to 126.4 million shares.

The acquisition raised their combined voting interest from 20.07 per cent to 21.07 per cent.

A separate analysis by the publication estimated that the combined market value of Elumelu’s holdings in Seplat, UBA and Transnational Corporation Plc rose by N684.59 billion between June and September, reaching approximately N2.43 trillion.

For the West African initiative, the next milestone is presenting the shortlisted projects to prospective financiers in Sierra Leone, where the proposed portfolio will be tested against investors’ financing requirements.