obiremy:
At Heirs Holdings, we believe in, and demonstrably practice, Africapitalism as  our investment strategy. Our investments across key sectors of the economy including financial services, hospitality & real estate, power, oil and gas, amongst others, reflect our commitment to engage in businesses that generate economic profits while contributing to widespread social prosperity on the African continent.

For example, our inclusive approach to banking, first through Standard Trust and now United Bank for Africa (UBA), has allowed millions of people formerly excluded from the formal financial services sector, to now own bank accounts, access capital and execute fund transfers to friends, relatives and business partners all across Africa and around the world. Just as we have done in banking, I look forward to Tenoil – our oil and gas investment arm –  to impact the Nigerian energy sector through building a truly indigenous  company that is fully integrated across the energy value chain.

Today,  at the Millennium Jetty in Marina, Lagos, I inspected Tenoil’s readiness to sail offshore to commence the last and final lap of our first field development, and I am happy to share the remarkable progress we have accomplished on this journey. After a successful drilling campaign in 2014 that proved commercial  quantities of hydrocarbons, we strategized on the best way to commence production from this our first oil and gas asset, with a minimum chance of failure.

One option was to employ the services of foreign and proven international companies to ensure that we reached the milestones we wanted to on time. However, we weighed this option against our philosophy of Africapitalism, which endears us, as Africa's private sector, to make deliberate long term investments that lead to both economic profits and social prosperity in Africa,  we chose to invest locally to develop indigenous expertise so that Africa can eventually become self-reliant on her people and their talent.

This is the philosophy behind our decision to  use Nigerian oil and gas service companies to deliver  our first oil and gas project. We made this decision realizing the risks involved in terms of the level of experience and availability of quality materials locally, and as such ensured  that in-house at Tenoil, we have sufficient knowhow and experience to mitigate these risks.

Our experience so far demonstrates that choosing and supporting a reasonably good local company can still lead to the desired end, while being significantly cheaper. The gains from using a local company are numerous– more accessible workforce, greater cost savings, and an opportunity to invest in the next generation of African professionals. All the engineering design and fabrication of a substantial number of the equipment we intend to deploy offshore, were undertaken by two local companies, JK Orion and Compact Manifold & Energy Services (CMES), working closely together with our in-house teams. We hope that by the end of the year, all the equipment will be fully installed and ready for production to commence.

This is not to say that we have not employed any foreign expertise in our operations. Where we had to, we have augmented with foreign service providers to ensure that our equipment is best in class and fabricated to international standard. Some of the units that we intend to deploy were manufactured in the USA. At the end of the day, it is this blended combination of local ability and foreign proficiency that will take our continent to where we need to be.

Despite the handholding involved in using local contractors, it gives all of us at Tenoil great joy to witness the developmental impact of our decision to support #MadeinNigeria. It’s been a wonderful experience and we would do it all over again

Credit: Tony Elumelu


Source: http://www.trezzyhelm.com/2016/09/tony-elumelu-tenoil-company-almost.html

Good job Tony,kudos! Glad to know you.

BlackSeptember:
While buhari gives dollars daily to Dangote to finish his refinery other smart businessmen are soldiering on not minding the nepostic and clueless government

Same way Buhari gave dollars and pounds to Dangote since 1999 till date ba?
Must we talk regional and nepotism at all time?
Tony Elumelu can never reason like your likes and if he does he won't grow financially in the way he's making waves today!

theodavid:
That gud

the rich are getting richer!!!!!!!

delawal:

I have same view in mind as u just said. we don't need marketers(fuel importers). we need crude refineries and co so that we lessen d dollars used in importing them

True talk about foreign exchange, also the by-products ( petrol, gas, tar, fertilizers, pesticides, solvents,aspirin etc) from crude can fully service local industries, thereby encouraging production and even export.

Africapitalism is a most beautiful portmanteau.

Another great development by the Heirs Holding. Congratulations as you continue to contribute to African growth and development.

I can't wait for the next edition of your entrepreneurship program to begin; I need some capital for a great idea.

DozieInc:

True talk about foreign exchange, also the by-products ( petrol, gas, tar, fertilizers, pesticides, solvents,aspirin etc) from crude can fully service local industries, thereby encouraging production and even export.

u nailed it

I hope u will pay staff of Tenoil well?

BlackSeptember:
While buhari gives dollars daily to Dangote to finish his refinery other smart businessmen are soldiering on not minding the nepostic and clueless government

You obviously don't know how business runs in Nigeria.

Tony Elumelu, Dangote, Ovia, Adenuga have been friends with every government since Babangida days...

Tenoil sounds like the name of the producing company subsidiary under techit group....hmmmm

AWONEYAN:


The fear of Niger Delta scavenger won't allow that.

He has assets in delta state..The ughelli power generation plant is owned by heirs holding

As how?
Are you aware he stopped contract staff at a time in UBA?

LONGFUELCUE:
Elumelu, the father of contract staffing in Nigeria.

I am glad it did not call it Elumelu oil... Dangote should know Nigerians are getting tired of his naming conventions, Dangote salt, Dangote pasta, Dangote Sugar, Dangote Refinery... Dangote this, Dangote That,..Vanity upon Vanity all his vanity!

Good morning Sir please let us see how tenoil can be in business with cephas oil in oil and gas sector thanks please 07030497689

majekdom2:
That's because the people of the cities/ states of the climes chose to always attract investors not chasing them away with bombs and all. It's not in the hands of the investors all times to determine where to site a business. sometimes the people of a community can make it happen.

Not all other 35 States throw bomb and fight. Tribalism dey ur blood line

Ratello:
Very shrewd but smart business man. I am no fan of his for what he did to Standard Bank staff and eventually UBA. He is fond of paying peanuts to staff.

why do staff collect it if they can make more outside

I like the guy, a smart guy that sees opportunity and go for it.