Tony Elumelu backs $15 billion investment pipeline for West African infrastructure

Nigerian billionaire and Chairman of Heirs Holdings, Tony Elumelu, is backing a proposed $15 billion investment pipeline aimed at financing critical infrastructure projects across West Africa and addressing the region’s infrastructure deficit.

Elumelu, who also serves as co-chair of the West Africa Integration and Investment Summit (WAIIS), disclosed the initiative in an email response to questions from Bloomberg, which 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, including United Bank for Africa (UBA), Afreximbank, Africa Finance Corporation (AFC) and Africa50, ahead of the inaugural summit in Sierra Leone in November.

Summit targets $15 billion infrastructure pipeline

According to Elumelu, the proposed investment portfolio will prioritise energy, trade, industrialisation, strategic minerals, agriculture and digital infrastructure projects considered essential for West Africa’s economic development.

The initiative has attracted substantial interest from project developers, with organisers narrowing down 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, with 26 projects 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 selected projects could increase before the November summit.

The summit, initiated and convened by Sierra Leone’s President, Julius Maada Bio, is expected to bring together governments, investors and development finance institutions to accelerate financing for strategic regional projects.

Nigeria-Morocco gas pipeline advances regional integration

The latest investment 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, which is being developed with the backing of the Economic Community of West African States (ECOWAS).

The proposed pipeline will transport 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, Nairametrics reported that 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 moved forward when, in July 2026, ECOWAS member states signed an intergovernmental agreement in Sierra Leone, establishing 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 address longstanding financing gaps and strengthen economic integration.

Elumelu expands Seplat Energy stake

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, increasing the combined holdings of Heirs Energies and Heirs Holdings from 120.4 million to 126.4 million shares.
• The transaction raised their combined voting interest in Seplat from 20.07% to 21.07%, further strengthening Elumelu’s position in the energy company.
• According to a Nairametrics analysis published on October 5, the estimated market value of Elumelu’s investments in Seplat Energy, UBA and Transnational Corporation Plc increased by N684.59 billion between June and September 2026.

The combined value of the three holdings rose from approximately N1.74 trillion at the end of June to N2.43 trillion in September, representing a 39.3% quarterly increase.

Seplat accounted for N654.20 billion, approximately 95.6% of the total appreciation, while UBA contributed N44.50 billion.