Chairman of Heirs Energy, Tony Elumelu, has attributed his successful entry into the energy sector to the support provided by the African Export-Import Bank (Afreximbank).

The pan-African bank, led by Prof Benedict Oramah, who was lauded by Elumelu for offering support to African entrepreneurs.

Speaking at the Afreximbank annual general meeting in Abuja, Elumelu argued that revolutionising African development rests on the availability of electricity.

He said, “And AI and all the other things that are built on it cannot happen if we do not fix electricity. We must keep our eyes on improvement in access to electricity as the foundation that we need to develop our continent.”

Elumelu revealed that when he opted out of banking and diversified into energy, he acquired OML 11 and 17, which was deemed too much to be entrusted to the private sector by Muhammadu Buhari’s government.

Going down memory lane on how Afreximbank came to his aid when he needed it most, Elumelu explained: “After pulling our resources together, we had a shortfall of $750 million. We then ran to Afreximbank, which graciously offered us $600 million while the African Finance Corporation provided the remaining $150 million.”

The chairman of the United Bank for Africa (UBA) group disclosed that the asset has grown to become transformative, not just for the investors, but for the continent.

He stated that Heirs Energy now produces over 58,000 barrels of crude oil, attributing the feat to the support of Prof Oramah’s Afreximbank.

Paying glowing tributes to the role Afreximbank is playing in making resources available to entrepreneurs in Africa, Elumelu said the continent is in dire need of capital to speed up its development.

“The obligation and the support we got from Afreximbank were far ahead. So, people should empower institutions like Afreximbank to enable them to support entrepreneurs. We need more entrepreneurs in Africa doing the kind of thing we and others are doing to help our people,” he said.

Elumelu insisted that stakeholders must work together for the good of the continent.

He added: “Everyone working together, government, development partners, financial institutions, working together to capitalise and enable the private sector of the continent to help to catalyse economic transformation.”

As Africa seeks foreign investment, Elumelu emphasised that the investment needed to develop Africa is within the continent, stating that African governments must create an enabling environment for local investment to thrive.

He also lauded the rhetoric of the current Nigerian government for allowing local investors to acquire assets in the oil and gas sector.

He added, “So, we are beginning to see a government that understands business and a government that does not feel threatened by business. Because what is good for business is good for the citizen. The best way to attract investors is to support your domestic investors.”