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Business opportunities in Nigeria are for serious-minded investors – Elumelu

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The chairman of United Bank for Africa Plc, Tony Elumelu,

The chairman of United Bank for Africa Plc, Tony Elumelu, has disclosed that there are business opportunities in Nigeria for any serious-minded investor.

Elumelu, who made the disclosure at an investment forum organised by the Bureau of Public Enterprise (BPE), said despite several challenges in Nigeria’s business environment, there are opportunities for high returns on investment for investors in critical sectors of the economy.

He said: “There’s nowhere else you get the kind of returns on investment that you get in Nigeria especially in some of these critical sectors like power.”

Commenting on his investment journey experience in Nigeria, Elumelu, who is also the chairman of Transcorp Plc, said the company’s foray into the power sector is yielding high returns to shareholders.

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According to him, “In 2013, we invested in power sector. At the end of that year, we paid dividend. An investor that had certain percentage of our shares then earned like N80 million dividend.

“First year dividend in first year of investment in power sector is unheard of, so we do see opportunities here, we do have high returns on investments.

“We just invested on Afam power plant and others, close to 1000MW of electricity generation capacity and we’ve been able to, since last year November, increase production by 241 percent generation.

“We invest in hospitality and real estate sector, is doing quite well. Occupancy in iconic Transcorp Hilton Hotel as at  last week was over 100 percent.

“We were at Abuja for a launch of Aura, a digital platform for accommodation, experiences and good life and then it was quite difficult for some of my colleagues to even get space on the property That’s the kind of investment we have in Nigeria.”

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