Nigeria: Elumelu looks to buy two oil blocks


Following the announcement that Heirs Holding is to invest $2.5bn in the African power sector as a part of US President Barack Obama’s Power Africa initiative, Heirs Holding chairman Tony Elumelu has announced his company is looking to purchase two oil-producing blocks to supply gas to the Ughelli power plant and other power projects. Ughelli was recently purchased by Transnational Corporation of Nigeria (Transcorp), which is also controlled by Elumelu, a former chief executive of United Bank for Africa.