A new year: new challenges and new opportunities; but also recognition of existing successes and missions accomplished.

HH celebrates 15 years in 2025. So much achieved, and to give thanks for.

In January, I hosted Executive Management teams from across the Heirs Holdings’ Group and our investee portfolio companies, at a series of senior executive luncheons – I sat down with colleagues from United Capital Group, Heirs Insurance Group, Transcorp Group, and United Bank for Africa.

These sessions allowed us to reflect and celebrate our collective victories in 2024 and plan for a bold 2025.

A Year of Remarkable Progress

2024 was a year of significant achievements for all our companies, in shaping Africa’s economic transformation, creating impact and advancing our purpose.

Transcorp Group: Powering Africa’s Future

With the Transcorp Group team

Transcorp Group continues to drive progress in energy and hospitality, reinforcing its commitment to critical sectors in our economy – sectors that have catalytic Impact, #HHImpact.

We achieved significant milestones:

• Transcorp Group listed Transcorp Power on the NGX, whose current market capitalization is N6 trillion, boosting market liquidity and demonstrating in the most tangible way our value creation.
• Since March of 2024, Transcorp Power has paid ₦6 billion in dividends to our shareholder base.
• Transcorp Group marked 10 years of uninterrupted dividend
• Transcorp Power and Transcorp Hotels ranked among Nigeria’s most valuable companies at ₦6 trillion and ₦1.2 trillion, respectively.
• Transafam Power partnered with the Abuja Electricity Distribution Company (AEDC), to supply 50MW to Abuja’s Idu Commercial Hub, strengthening Nigeria’s energy infrastructure.
• AEDC improved market remittance from 36% to over 80%, reaching 100% in October, while ATC&C losses dropped to 36%.
• Transcorp Group achieved ₦298 billion in Q3 of 2024 revenue (133% growth) and ₦5 billion in profit before tax (303% increase).
• Transcorp won 23 awards, including Special Recognition for Capital Market Excellence at the NGX Made of Africa Awards, while Transcorp Hotels was named one of Africa’s Fastest-Growing Companies by the Financial
• Transcorp Hilton Abuja secured four major hospitality awards at the World Travel Awards.

United Capital: Sustaining Growth & Driving Market Leadership

With the United Capital team

United Capital continued its impressive growth trajectory, reinforcing its position as a market leader in investment banking, asset management, trusteeship, registrar services, and securities trading.

These are a few achievements:

• United Capital Group (UCAP) was recognised by the Financial Times and Statista as one of the Fastest Growing African Companies for the 3rd year in a row.
• ⁠United Capital paid its first-ever interim dividend, and issued 2 Bonus Shares for every share held, reaffirming its commitment to wealth creation.
• ⁠United Capital Securities dominated the NGX, handling 26.04% of total stock trade in 2024 on the Nigerian Exchange.
• ⁠United Capital Group launched a new subsidiary, UCEE Microfinance Bank, a digital-first microfinance institution fully licensed by the CBN.
• ⁠UCAP led the FGN Domestic US Dollar Bond, raising $900 million with a 180% subscription rate.
• ⁠United Capital won multiple awards, including Financial Services Group of the Year at the BusinessDay BAFI Awards and Best Trustee Company in Nigeria at the NGX Made of Africa Awards.
• ⁠United Capital facilitated the successful issuance of Sierra Leone’s first local currency corporate bond.

Heirs Insurance Group: Nigeria’s Fastest-Growing Insurance Group

Heirs Insurance Group reinforced its position as Nigeria’s fastest-growing insurance group, delivering outstanding financial and operational performance.

With the Heirs Insurance Group team

Achievements:

• Heirs Insurance Group (HIG) achieved a 60% increase in Gross Written Premium (GWP) to ₦7 billion.
• HIG recorded an 80% rise in revenue, reaching ₦5 billion in 2023.
• HIG was named Best MSME Insurance Company of the Year at the Nairametrics MSME Awards.
• HIG won Best in Technology for Development at the SERAS Africa Sustainability/CSR Awards.
• HIG earned the ISO 27001 certification from MSECB, reinforcing its leadership in digital insurance and commitment to data security.

United Bank for Africa: Africa’s Global Bank

With the UBA team

Investee company, UBA continued to redefine what it means to be a global bank with African roots, touching millions of lives across 20 African countries and 4 continents.

• In 2024, UBA powered ahead, including a 149% increase in net interest income, N5 billion profit before tax in Q3.
• UBA won multiple awards including the World’s Best Frontier Markets Bank and Best SME Bank in Africa Global Finance Magazine, while advancing ESG initiatives, including pledging to plant one million trees, launching Braille account opening packages, and supporting education and entrepreneurship across Africa.

Mapping Out 2025: Strategies for Sustained Growth

These luncheons were significant: a time to pause, reflect on these wins, and recognise the people — the leaders and teams — whose dedication made these accomplishments possible.

HH Group companies and our investee companies, now employ over 35,000, operate in multiple sectors, multiple geographies, and are investing in our people, creating graduate training programmes, investing back in Africa through the Tony Elumelu Foundation, embodying Africapitalism, doing well and good. It has been an extraordinary 15 years.

I am so proud.

While celebration was at the heart of our gatherings, our focus was firmly on the road ahead. With the rapidly evolving global economy and the unique challenges facing Africa, we aligned on strategies that prioritise innovation, sustainability, and impact.

A Shared Commitment to Africapitalism

 A recurring theme across all the meetings was our commitment to Africapitalism — the belief that Africa’s private sector must lead in solving the continent’s challenges. Each company has its part to play in fostering economic growth, creating jobs, and improving lives.

We reaffirmed that our work is not just about numbers or profit margins; it is about impact. It is about empowering the next generation of entrepreneurs, enabling families to secure their future, and ensuring that Africa becomes the global powerhouse it is destined to be. It is no coincidence that the HH Group and TEF are both celebrating 15 years – 15 years of shared commitment, shared impact and creating shared destinies.

As we move forward into 2025, we do so with a renewed sense of purpose. The work ahead will not be easy, but with our shared vision, passion, and determination, we will continue to make an indelible mark on the African continent and the world.