The investment of over $1billion by Heirs Holdings in the acquisition of the strategic OML 17 from Shell, ENI and Total,  has been described by various analysts as a very positive affirmation of confidence in the robustness of the Nigerian economy.

At a time of increased pessimism globally and in Nigeria, the huge deal shines a welcome light on the opportunities that are available in Nigeria. Commentators have highlighted the credentials of Heirs Holdings as a committed indigenous business and the presence of Transcorp, Nigeria’s largest listed conglomerate, with over 300,000 shareholders in the transaction. The deal further demonstrates the ability of Tony Elumelu’s led Heirs Holdings to spearhead Africa’s economic resurgence, amidst the calamity posed by COVID-19 pandemic.

For more, listen to the BBC World Report.

Michael Walter

Author Michael Walter

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