₦airaland Forum

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

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

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

That gud

Nice

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.

More money for him.

Hello every one, how are you?

Nice one, but I hope he sites it in a place other than Lagos and Abuja because these two places are being overfed unduly. In some climes you will hardly be able to differentiate between their national capital and the rest of the country because they're almost evenly developed or/and industrialized. Thumbs up Mr Elumelu.

Elumelu, why not site something in Delta state?

meezynetwork:
Elumelu, why not site something in Delta state?

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

Buhari, oya send efcc aftr him. dis is corruption

Nice one Tony Elumelu, but will TENOIL also refine crude oil?? cos I think that's where the real value of crude is.

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

u well?

that's an Anioma son
God bless his hustle

GREAT!

I hope the company's corporate head office is located in Alaigbo?

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

where is it located?

fr3do:
that's an Anioma son
God bless his hustle

Is it located in anioma?
hahahaha

meezynetwork:
Elumelu, why not site something in Delta state?

So that niger Delta militants go add recession as d first name of d company

justsayemma:
u well?

He is well. The question for you is , do you have a functional brain?

kk.

Might be true might be false
Subsidy contract to import pms

That's a nice concept.

MrDavidson:
Nice one, but I hope he sites it in a place other than Lagos and Abuja because these two places are being overfed unduly. [b]In other climes you will hardly be able to differentiate between their national capital and the rest of the country because they're almost evenly developed or/and industrialized. [/b]Thumbs up Mr Elumelu.

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.

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

Elumelu had access to dollars too

DozieInc:
Nice one Tony Elumelu, but will TENOIL also refine crude oil?? cos I think that's where the real value of crude is.

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

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

there are no militants in Delta north

his head sha