Nigerian billionaire and Chairman of Heirs Holdings Group, Tony Elumelu has announced plans of diversifying business operations in Cameroon with a focus on energy production and distribution.
At the invitation of Cameroon’s President Paul Biya, Elumelu who is also Chairman of the United Bank for Africa (UBA) and founder of the Tony Elumelu Foundation was special guest at the inaugural Cameroon Economic Meeting in Yaounde this week.
One of Africa’s richest men and strong advocate of Africapitalism, Elumelu’s investment interests span multiple sectors, including banking, energy, hospitality, and healthcare.
Africa’s Global Bank, UBA has been operating in Cameroon since 2008 and has employed over 1,000 locals, supporting major economic projects, including the financing of the country’s landmark Olembe Stadium that hosted the opening and closing ceremonies of the 2021 Africa Cup of Nations tournament.
Speaking to reporters after an audience with Cameroon’s Prime Minister Dr Joseph Dion Ngute on Tuesday, February 25, 2025, the Chairman of UBA expressed his commitment to investing in Cameroon’s energy sector, noting that reliable electricity supply is a key driver of economic development.
“I just told His Excellency the Prime Minister that we wear other hats beyond banking,” Elumelu told journalists about his discussion with the Head of Government.
Elumelu’s Heirs Energies has become one of the fastest-growing indigenous integrated energy business in Africa with electricity generating capacity of 2,000 megawatts. The Chairman said the company currently generates about 800 megawatts.
“We have an electricity distribution company. We want to invest in the electricity sector in Cameroon too, from generation to also distribution,” Elumelu told journalists, describing Cameroon as his second home.
Elumelu said he told the Prime Minister to tell the President of the Republic, Paul Biya that “his son will be happy and honored to invest more in Cameroon”. The investment he explained is to support the government’s development program, road transportation, electricity.
One of the continent’s most influential business leaders, Elumelu explained that countries with fixed infrastructure advertently develop. “And when a country develops, you create jobs. When you create jobs, you engage your youth, and then youth are happy, and there’s peace,” he said. “So we want to do that. We want to support this country [Cameroon],” Elumelu stated.
