04 December 2014, Lagos – Determined to harness the enormous opportunities in Nigeria’s oil and gas sector, General Electric (GE) and Heirs Holdings (HH) have agreed to expand their existing relationship to jointly pursue opportunities in the sector.
The agreement will ensure the development of local capacity and transfer of best global technology to deliver a solution fit for the African market.
Before this latest development, the collaboration of the two companies was focused on the Nigeria’s power sector and specifically the expansion of Transcorp Ughelli Power Station in Delta State.
The Chairman of Heirs Holdings, Mr. Tony Elumelu, said in a joint statement by the two companies that the expansion of the relationship with GE represents a pivotal moment for the oil and gas industry and for Nigerian businesses as a whole.
He added that this marks a major milestone in the Heirs Holdings strategy to domesticate value across the energy sector.
“Partnerships like this capture the spirit of what I have termed Africapitalism and bring together global entities and world-class Nigerian companies. These are the kinds of investments we need to create employment and ensure economic value,” Elumelu said.
Also speaking, the Vice-Chairman of GE Global, Mr. John Rice, said the agreement was a further example of meaningful local content delivery in Nigeria’s petroleum industry.
“Our work with Transcorp and now, Heirs Holdings is ample proof of our commitment to continually identify and align with strategic stakeholders to create jobs, facilitate technology and skills transfer in critical sectors of the economy,” he said.
The expansion of the relationship between the two companies is expected to lead to significant investment and supply chain benefits for a whole range of Nigerian companies, operating across the industry value chain.
Both organisations’ aim is to act as a catalyst for a far broader participation of small, medium and large Nigerian enterprises.
GE’s commitment in the partnership is seen as a clear demonstration of a new approach by multinational companies to develop meaningful and long term partnerships with credible and strong indigenous companies across a range of sectors. It is also an endorsement of the growing maturity of Nigeria’s private sector.
Heirs Holdings is a pan-African proprietary investment company driving Africa’s development.
*Ejiofor Alike – Thisday