Nigerian businessman, Mr Tony Elumelu, is seeking to boost his investments in the energy sector through a proposed $15 billion infrastructure pipeline for West Africa
The investment pipeline, developed under the West Africa Infrastructure Investment Summit (WAIIS), covers energy, trade, industrialisation, strategic minerals, agriculture and digital infrastructure
According to reports, 170 project proposals were submitted from more than 10 countries, with 26 projects valued at over $10 billion shortlisted for further consideration. The portfolio is expected to grow to more than $15 billion as additional projects are developed
The WAIIS summit, convened by Sierra Leone’s President Julius Maada Bio, is intended to connect governments, project developers, investors and development finance institutions to accelerate financing for strategic regional investments. Some of these include United Bank for Africa (UBA), the African Export-Import Bank (Afreximbank), Africa Finance Corporation (AFC) and Africa50, to mobilise funding for infrastructure development
Energy is a major part of Mr Elumelu’s investment interests. Through Heirs Energies, he acquired a 45 per cent stake in Oil Mining Lease 17 from Shell and its partners in 2021, expanding his presence in Nigeria’s oil and gas industry
In January 2026, Heirs Energies and Heirs Holdings acquired a combined 20.07 per cent stake in Seplat Energy, making the group the company’s largest shareholder. Elumelu also joined Seplat’s board as a non-executive director and will become the group’s chairman from next year
His interests in the power sector extend through Transcorp Group, which owns Transcorp Power and Transafam Power, two electricity generation businesses operating in Nigeria
Beyond energy, Mr Elumelu’s investments span banking, financial services and technology, while UBA operates across several African markets, and Redtech provides payment and digital commerce solutions
The proposed West African infrastructure pipeline is expected to support regional connectivity and economic integration, with a natural gas pipeline linking Nigeria to other West African countries and Morocco among the projects under consideration. The route could also create opportunities for connections to European markets
Business Post reports that the proposed $15 billion represents the broader infrastructure investment pipeline, rather than the cost of the gas pipeline alone
Don’t Miss
How a Monster Cooking Flash Game Transformed the Fate of a Small British Studio
