Nigerian billionaire and Chairman of Heirs Holdings, Tony Elumelu, is backing a proposed $15 billion investment pipeline to finance critical infrastructure projects across West Africa and address the region’s infrastructure deficit.
Elumelu, who is also co-chair of the West Africa Integration and Investment Summit, disclosed the initiative in an email response to questions from Bloomberg. The news agency reported the development on Thursday, October 15, 2026.
The initiative involves identifying viable projects across several West African countries and presenting them to potential financiers. These include the United Bank for Africa (UBA), Afreximbank, the Africa Finance Corporation (AFC) and Africa50. The presentation is planned ahead of the inaugural summit in Sierra Leone in November.
According to Elumelu, the proposed portfolio will prioritise energy, trade, industrialisation, strategic minerals, agriculture and digital infrastructure projects considered essential to West Africa’s economic development.
The initiative has drawn substantial interest from project developers. Organisers have narrowed the submissions to a portfolio considered suitable for presentation to potential investors.
Kandeh Kolleh Yumkella, Special Envoy for the West Africa Integration and Investment Summit, disclosed that 170 proposals had been received. Twenty-six projects were selected from more than 10 countries.
“We received 170 project submissions and have selected 26 real projects worth more than $10 billion from over ten countries,” Yumkella said in a statement issued by the summit organisers.
“We expect that portfolio to reach $15 billion or more,” he added, indicating that the value of the selected projects could rise before the November summit.
The summit was initiated and convened by Sierra Leone’s President, Julius Maada Bio. It is expected to bring together governments, investors and development finance institutions to speed up financing for strategic regional projects.
The latest initiative comes as West African countries pursue major cross-border infrastructure projects aimed at strengthening regional connectivity, energy security and economic integration.
Among the most prominent is the $25 billion Nigeria-Morocco Gas Pipeline, also known as the African Atlantic Gas Pipeline. It is being developed with the backing of the Economic Community of West African States (ECOWAS).
The proposed pipeline will carry natural gas from Nigeria through several West African countries to Morocco, with connections to European energy markets.
In June 2022, the Federal Executive Council approved the Nigerian National Petroleum Company Limited (NNPC Ltd.) to negotiate an agreement with ECOWAS to advance the cross-border pipeline project.
By December 2022, Nigeria, Morocco and ECOWAS had formalised cooperation through a memorandum of understanding covering project development and financing. NNPC subsequently signed additional agreements involving The Gambia, Guinea-Bissau, Guinea, Sierra Leone and Ghana.
More recently, in April 2026, Nigeria and Morocco were preparing to conclude an intergovernmental agreement supporting plans to transport up to 30 billion cubic metres of natural gas annually.
The deal progressed in July 2026, when ECOWAS member states signed an intergovernmental agreement in Sierra Leone. It established a framework for project management, regional coordination and investment mobilisation.
The developments highlight the growing emphasis on regional infrastructure investment, as West African economies seek to close longstanding financing gaps and strengthen economic integration.
Beyond regional infrastructure financing, Elumelu has continued to expand his investments in Nigeria, particularly in the energy and financial services sectors.
On September 30, 2026, Heirs Energies Limited, a company controlled by Elumelu, acquired an additional six million shares in Seplat Energy Plc. This raised the combined holdings of Heirs Energies and Heirs Holdings from 120.4 million to 126.4 million shares.
The transaction lifted their combined voting interest in Seplat from 20.07 per cent to 21.07 per cent, further strengthening Elumelu’s position in the energy company.
On October 5, the estimated market value of Elumelu’s investments in Seplat Energy, UBA and Transnational Corporation Plc was reported to have increased by ₦684.59 billion between June and September 2026.
The combined value of the three holdings rose from about ₦1.74 trillion at the end of June to ₦2.43 trillion in September, a 39.3 per cent quarterly increase.
Seplat accounted for ₦654.20 billion, or about 95.6 per cent of the total appreciation, while UBA contributed ₦44.50 billion.
