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Elumelu’s Heirs Holdings to Generate ¼ of Nigeria’s Power Consumption

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Tony Elumelu, well-known global business leader and chairman of Heirs Holdings has said that the group “has the ambition to generate at least a quarter of Nigeria’s power consumption needs in the next five years.” 

Heirs Holdings’ interests in the power sector include Transcorp Ughelli Power, a gas-fired, thermal power generating plant which was acquired under the privatisation of Nigeria’s power sector.

Elumelu will deliver the keynote address at this year’s West African Power Industry Convention (WAPIC) in Lagos from November 18-19.

The 11th edition of this long running, high-level energy conference and expo will once again gather government, utilities, consultants and investors to discuss the challenges of local markets, capacity building and investment.

According to the Heirs Holdings chairman “the power industry is a catalytic sector and the development of our country and our continent cannot happen without fixing it.”

He described the USA’s Power Africa Initiative as “an amazing opportunity to democratize access to power for Africans, and the $2.5 billion investment commitment we have made reflects exactly how excited I am about it.

The present administration made a bold decision when it decided to affect the changes envisaged by the Power Sector Reform Act — legislation that had been on the books since 2005.

And that bold step was reinforced during President Barack Obama’s last visit to Africa. We felt more strongly than ever, the need to help power Africa.”

He continued  “our experience so far at Ughelli power plant is testimony to the size of the opportunity; our amazing team has taken that plant from 150MW capacity when we took over in November 2013, to 450MW today; we expect it to increase 700MW by October and to achieve 1000MW by the second quarter of 2015. At that rate, we’ll be contributing 20 per cent of Nigeria’s total power generation.“

Furthermore, he said that  they are working on a greenfield project that will expand the capacity of Ughelli by an additional 1000MW in the next three to five years and they have signed an MOU with GE and Symbion Power to facilitate this.

Elumelu listed  three main challenges in the Nigerian power sector, namely unreliable transmission infrastructure, access to uninterrupted gas supply and timely settlement of invoiced payments.

He added: “in Nigeria, one of the biggest challenges to power generation is transmission and in fact, while Ughelli Power Plant generated at full capacity for the first time in July, we’ve been asked to scale down generation because of the outdated transmission systems; for every 100MW generated and sent to transmission companies, 40 per cent is lost, in part because of this infrastructure issue.”

While regulation is not a key challenge, says the Heirs Holdings chairman, it is an issue within the sector that if addressed, has the potential to speed sector growth exponentially.

“We need pragmatic regulation that recognizes that within Nigeria, the sector is nascent and so policies must be designed to encourage growth. In fairness, the federal government is confronting these challenges head on.”

Elumelu has termed his economic philosophy as “Africapitalism”, which he says places more weight on long-term investments in key sectors that drive growth.

He explained: “my personal experience also suggests that sustained economic prosperity must be inclusive and must create social wealth.  Africapitalism is my attempt to advocate and promote what has worked for me. We as Africans are uniquely qualified to take the lead and develop Africa. I think we need to be more self-confident in order to create the sort of future our children deserve. All the ingredients for success are here in Africa and investing for the long term in key sectors, our people, and processes, will help to solve our problems and retain wealth within the continent.”

 During his keynote address at WAPIC in Lagos in November, Tony Elumelu said  he will “discuss the opportunities that I have discovered in the power space and the efforts of African power sector leaders through the West African Energy Leaders Forum to improve access to electricity across West Africa.”

The event is organised by Spintelligent, leading Cape Town-based trade exhibition and conference organiser, and the African office of Clarion Events Ltd in the UK.


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NICA Confers Professional Fellowship on Uche Uzoebo

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L-r: Mrs. Uche Uzoebo, Managing Director of Shared Agent Network Expansion Facilities (SANEF); Dr. (Mrs) Markie Idowu, president, and Prof. Chris Onalo, Registrar/CEO both of National Institute of Credit Administration (NICA) at the conferment of professional Fellowship of the institute on Mrs. Uche Uzoebo held in Lagos recently.
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The National Institute of Credit Administration (NICA) has conferred its Professional Fellowship on Mrs. Uche Uzoebo, Managing Director of Shared Agent Network Expansion Facilities (SANEF).

The recognition was announced in Lagos during the investiture of Dr. (Mrs.) Markie Idowu as the Institute’s new President.

In his welcome address, Prof. Chris Onalo, Registrar/CEO of NICA, noted that the National Institute of Credit Administration distinguishes itself from other professional bodies through its unwavering commitment to advancing credit management, promoting professionalism, and empowering Nigerians with credit literacy.

“Unlike many other institutes, NICA recognizes that credit management is a lifeline of commerce, influencing every aspect of business, social, and economic life. Through this commitment, the Institute continues to shape Nigeria’s economic future towards sustainable growth,” he stated.

The Fellowship represents the Institute’s highest professional distinction and is conferred on individuals whose leadership has significantly strengthened Nigeria’s credit environment, institutional governance frameworks, and the integrity of the financial system.

This recognition also comes at a significant moment globally as the world commemorates International Women’s Day, underscoring the growing recognition of women’s leadership and contributions across industries, particularly in finance, governance, and economic development.

The ceremony brought together senior financial sector executives, policymakers, regulators, and distinguished guests to celebrate excellence in credit administration and professional practice.

The Institute described Mrs. Uche Uzoebo as a seasoned business executive and financial services leader with over two decades of professional experience spanning banking, digital payments, and financial services.

A proven change agent, she brings deep expertise across digital payments, financial inclusion, agency banking, product and business development, merchant acquiring, as well as corporate, commercial, and retail banking.

Her leadership has been instrumental in advancing secure and inclusive digital financial services, strengthening payment systems, and expanding last-mile access to financial services across underserved communities in Nigeria.

Through SANEF and related initiatives, she has supported economic empowerment and financial inclusion by expanding agent networks, promoting financial literacy, and championing innovative technology-enabled solutions.

Passionate about gender inclusion and women’s economic empowerment, Uzoebo is also a gender specialist and advocate with a strong focus on supporting women entrepreneurs and breaking structural economic barriers.

As a certified trainer, she designs and delivers high-impact capacity-building programmes for individuals, youth, women, and organizations, enabling sustainable growth and improved performance.


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Zedvance Hits ₦96bn Lending Milestone, Eyes ₦250bn Target in 2026

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Zedvance Finance Limited, a leading provider of consumer and business financing solutions in Nigeria, has disbursed over ₦96 billion in funding to support commercial businesses across the country, establishing its strong positioning beyond retail lending and reinforcing its commitment to bridging the gap between enterprise growth and access to timely financing solutions.

Zedvance Hits ₦96bn Lending Milestone, Eyes ₦250bn Target in 2026

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Leveraging its 11-year legacy, Zedvance’s Commercial Solutions business, launched in 2025, has in just one year become a major driver of credit expansion, achieving one of the highest loan disbursement rates among financial institutions, empowering thousands of local enterprises and boosting economic growth.

The business has consistently supported enterprises across key sectors of the economy, including oil & gas, automotive, logistics, renewable energy, fintech, e-commerce, trade distribution value chains, agri-businesses and others.

Through offerings such as working capital, invoice/PO financing, equipment and trade finance, and ecosystem-based solutions, Zedvance enables access to liquidity for buy-now-pay-later providers, asset acquisition, and cross-border credit lines for imports & exports, aiding business expansion and strengthening operational resilience in a dynamic economic environment.

Speaking on the importance of flexible and tailored financing, Group Managing Director of Zedcrest Group, Adedayo Amzat, CFA, noted that Zedvance Finance, operates a model that is specifically purpose-built to bridge financing gaps and support business growth.

“We are proud of our accomplishments so far, especially the impact we’ve made in sectors that are critical to economic development. For instance, through solar and asset on-lending, we have helped to expand energy access and improve income opportunities for gig workers by financing mobility asset platforms across Nigeria.

“Because our customers are at the heart of our business, we were intentional about designing our flagship product, ‘Liquidity Solutions’ to allow businesses unlock faster credit delivery across all high-growth sectors. This has proven impactful as we continue to witness our clients record great successes,” Amzat said.

Highlighting the unique value of the offering, Amzat added that Liquidity Solutions provides tailored financing structures such as inventory purchase, invoice financing, and import financing, which empower businesses to optimise cash flow, accelerate turnover, and scale with confidence.

Commenting, Ayooluwa Oladimeji, Ag. Executive Director, Commercial Solutions, explained that Zedvance leverages technology, product innovation, deep sector expertise and risk-moderated structures to deploy diverse funding solutions, including multi-currency credit lines, BNPL facilities, and equipment financing across automotive, renewable energy, manufacturing, fintech, and trade distribution sectors.

“In 2025 alone, Zedvance Commercial Solution business recorded tremendous growth, driven by strong partnerships and a rapidly expanding portfolio.

“We are proud to have supported a range of businesses including; Shekel Mobility, Tradegrid, Sapphire, CredPal and other ecosystem partners.

“Beyond these successes, our focus remains on strengthening credit access across Africa’s commercial ecosystems to enable businesses scale with confidence and resilience”, he said

Building on its strong momentum, Zedvance is poised to expand its reach further in 2026, targeting over ₦250 billion in funding across key economic sectors including off-grid power, smart devices and home equipment, vehicle dealerships and mobility platforms, agribusiness and manufacturing, consumer and industrial goods distribution and hospitality.

This expansion reinforces its mission to accelerate enterprise growth by providing faster and broader access to credit across Africa.


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Mojisola Sayo-Kazeem Reflects on Leadership, Opportunity, Women in Tech @ IWD

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As the world marks International Women’s Day, Mojisola Sayo-Kazeem, Head of Finance, Jumia Nigeria & Ghana, reflects on how giving opportunity, mentorship, and support helps women thrive and strengthens organisations.

The future of work is digital, and for women it presents immense opportunities to innovate, lead, and shape the global economy. Yet thriving in a fast-paced, data-driven environment requires more than ambition or technical expertise. It requires opportunity and leadership that intentionally creates space for people to grow.

Reflecting on my own journey, I am reminded of how powerful those opportunities can be. I joined Jumia in 2012 as an accountant and, over time, grew into my current role as Head of Finance for Nigeria and Ghana.

Each stage of that journey came with new responsibilities and lessons that shaped my leadership perspective. One thing has become clear: growth rarely happens in isolation. It flourishes in environments where people are trusted, challenged, and supported to reach their full potential.

One of the most defining pillars of my career has been working within an organisation that invests in talent and encourages merit-based growth. At Jumia, a guiding principle is simple: let the best people and ideas grow. When organisations prioritise capability and innovation rather than bias, they create environments where individuals can thrive, and leadership potential can emerge naturally.

Leadership plays a crucial role in making this possible. Good leadership sharpens growth and experience, not only for the leader but for the teams they support. I have benefitted from leaders who shared knowledge, offered guidance, and entrusted me with meaningful responsibilities. Those opportunities challenged me to expand my skills, strengthen my judgement, and grow into larger leadership roles.

One experience that stands out was leading my team through the launch of a new business line under the guidance of our CFO. It demanded greater accountability, transparency, and strategic thinking. Looking back, it was more than a professional milestone, it was an opportunity to deepen my expertise and strengthen my leadership capacity.

Moments like these remind me that opportunity is one of the most powerful investments leaders can make in people. I also recognise and commend the many leaders who are already creating pathways for women to grow, lead, and contribute meaningfully. Their commitment to fairness, mentorship, and inclusion continues to open doors for others.

But there is still more to be done. As we mark International Women’s Day, this year’s theme, “Give to Gain,” invites leaders to reflect and to act. It challenges us to go beyond good intentions and intentionally create opportunities for women to grow and thrive based on merit, not favouritism or bias. This means sharing knowledge, investing in development, offering mentorship, and trusting capable women with meaningful responsibilities.

When we do this, we strengthen the people and institutions around us. Teams become more confident and capable, organisations become more resilient, and leadership pipelines become stronger and more diverse.

This year’s International Women’s Day theme, Give to Gain, reminds us that generosity is not subtraction, it is multiplication. When people, organisations, and communities give time, knowledge, visibility, advocacy, and support, opportunities for women expand. And when women thrive, industries, economies, and societies thrive with them.

When we give, we gain. The question for all of us is simple: What will you give to gain gender equality?


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