The New Times Kigali
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Heirs Holdings and leading Moroccan bank, Banque Centrale Populaire (BCP), have signed a Memorandum of Understanding to collaborate on investing, co-financing, and exchange of information encouraging the identification of mutually beneficial investment opportunities across Africa, a media statement from both firms indicates. Heirs Holdings is an African proprietary investment company with interests in financial services, power, oil and gas, real estate and hospitality and healthcare.

The firm’s operations are rooted in the economic philosophy of Africapitalism, which proposes private sector-led long-term investment in Africa by Africans. Both organisations bring relevant experience as they work together to find new ways to create African solutions to African development challenges, according to the statement.

The deal was signed by Heirs Holdings chairman Tony O. Elumelu, and Mohamed Benchaaboun, the chairman and CEO of BCP. Elumelu, who is also chairman of United Bank for Africa (UBA), the pan-African banking group with operations in 19 African countries, including Rwanda, signed an investment and co-operation agreement with Attijariwafa Bank on behalf of UBA.

Both organisations, which have invested significantly in growing pan-African networks, will collaborate to identify common areas of interest and encourage investments in Morocco, Nigeria and Africa as a whole.

The deals were signed in Abuja during King Mohammed VI of Morocco’s visit to Nigeria over the weekend. The king and President Muhammadu Buhari met at the Presidential Villa and signed bilateral agreements, aimed at strengthening economic ties between Morocco and Nigeria. The agreements cover the areas of investment, training, youth skills-building, oil and mining, tourism, infrastructure, banking, finance, insurance and logistics.

Elumelu said, « This is an opportunity for the private sector players of both countries to collaborate to leverage on opportunities for sustainable economic growth. It shows that our leaders are committed to intra-African trade and to prioritising commercial relationships across borders. As businesses that both share a pan-African perspective, we recognise the importance of intra-African trade as a pillar of the continent’s economic transformation. »

Benchaaboun said the agreement marks the beginning of a long-term partnership that will deepen African integration and help build confidence in the continent as a viable investment destination.