USA-based GE and Africa’s Heirs Holdings have signed a partnership deal to jointly pursue oil and gas opportunities in Nigeria
GE’s collaboration with Heirs Holdings was previously focused on the Nigerian power sector and specifically on the expansion of Transcorp Ughelli, which is Nigeria’s largest power station.
John Rice, deputy chairman of GE Global, said, “The partnership is expected to lead to significant investment and supply chain benefits for a whole range of Nigerian companies, operating across the industry value chain.”
Tony O. Elumelu, chairman of Heirs Holdings, added that the partnership would also ensure the development of local capacity, technology transfer and leverage the best of global technology to deliver a solution fit for the African market.
“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,” noted Elumelu.
According to Heirs Holdings, the expansion of the relationship with GE represented a pivotal moment for the oil and gas industry and for Nigerian businesses as a whole.