The founding and growth of Heirs Holdings Group was spurred by the Central Bank of Nigeria’s (CBN) policy, which limits the term of bank CEOs to ten years, according to Tony Elumelu, chairman of the company.
Elumelu had to step down as the CEO of United Bank for Africa (UBA) and name a new CEO for the bank because the CBN 2010 rules for banking sector operations had imposed a maximum term limit of 10 years for bank CEOs.
Speaking at the 14th-anniversary celebration of Heirs Holdings Group in Lagos, Elumelu said that rather than being disappointed by the policy shift; it encouraged him to look more broadly and take advantage of the opportunities it gave.
Operating in 24 countries globally, the Heirs Holdings conglomerate’s investment portfolio includes companies in the power, energy, financial services, hospitality, real estate, healthcare, and technology sectors.
He noted that the private sector in Africa has the power to alter the trajectory of the continent’s growth and noted that the company’s success in doing good has had a profound effect on the region.
TimesNow.com.ng reported that Tony Elumelu, the chairman of Heir Holdings, has stated that the organisation will list more of the companies in its portfolio on the Nigerian Exchange in an effort to democratise prosperity.
He made this known at a media briefing held in Lagos on Wednesday, August 28, to mark the 14th anniversary of Heirs Holdings.
He added that the group may consider listing in additional African markets when conditions are ideal.
Source: TimesNow.com.ng
