Heirs Holdings, Moroccan Firm Sign MoU

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Heirs Holdings and leading Moroccan bank, Banque Centrale Populaire (BCP) have signed a Memorandum of Understanding (MoU) to collaborate on investing, co-financing, and exchange of information encouraging the identification of mutually beneficial investment opportunities across Africa.

The framework document, which outlined cooperation areas between Heirs Holdings and BCP, was signed by Heirs Holdings Chairman Tony O. Elumelu, CON, and Chairman/CEO of BCP Mohamed Benchaaboun.

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.

According to Elumelu, “This is an opportunity for the private sectors 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 highlighted the opportunities in Nigeria and beyond in Sub-Sharan Africa. He said this agreement marked the beginning of a long-term partnership that will deepen African integration and help build confidence in our countries, as well as the continent as a viable investment destination.

Elumelu also assured that his Tony Elumelu Foundation would continue to support youth skills development in Morocco and North Africa as a whole, through the Foundation’s $100 million Tony Elumelu Foundation Entrepreneurship Programme, which identifies, trains, mentors and funds 1,000 entrepreneurs from across Africa, each year.