Heirs Holdings, Moroccan Bank Sign MoU

• Heirs Holdings, Moroccan Bank Sign Investment MoU

Heirs Holdings and Banque Centrale Populaire, a Moroccan bank, have signed a Memorandum of Understanding to collaborate on investment, co-financing, and exchange of information.

A statement from the firm said the MoU would encourage the identification of mutually beneficial investment opportunities across Africa.

Heirs Holdings is an African proprietary investment company with interests in financial services, power, oil and gas, real estate and hospitality and health care.

According to the statement, both organisations bring relevant experience as they work together to find new ways to create African solutions to African development challenges.

It said the framework document, which outlined cooperation areas between Heirs Holdings and BCP, was signed by the Chairman, Heirs Holdings, Tony Elumelu, and the Chairman/Chief Executive Officer, BCP, Mohamed Benchaaboun.

Elumelu, who is the chairman of United Bank for Africa Plc, also signed an investment and cooperation agreement with Attijariwafa Bank on behalf of UBA.

According to the statement, both organisations will collaborate to identify common areas of interest and encourage investments in Morocco, Nigeria and Africa as a whole.

Elumelu said, “This is an opportunity for the private sector of both countries to collaborate to leverage opportunities for sustainable economic growth. It shows that our leaders are committed to intra-African trade and 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.”

Elumelu said the Tony Elumelu Foundation would continue to support youth skills development in Morocco and North Africa as a whole, through the foundation’s $100m Tony Elumelu Foundation Entrepreneurship Programme.

Benchaaboun was quoted as saying that the agreement marked the beginning of a long-term partnership that would deepen African integration and help build confidence in both countries, as well as the continent as a viable investment destination.