3 December 2014
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GE Africa (Lagos)

GE and Heirs Holdings Partner to expand footprint in the Oil And Gas Services Sector

press release

Lagos — General Electric (GE) and Heirs Holdings (HH) have agreed to expand their existing relationship to jointly pursue opportunities in Nigeria's Oil and Gas industry. Having identified enormous opportunities in the upstream sector and the domestic demand for Oil and Gas, both companies are poised to collaborate in transforming the industry landscape.

Before now, GE's collaboration with Heirs Holdings was focused on the Nigerian power sector and specifically the expansion of Transcorp Ughelli, Nigeria's largest power station. The move is a clear demonstration of a new approach by multinational companies to develop meaningful and long term partnerships with credible and strong indigenous companies across a range of sectors. It is also an endorsement of the growing maturity of Nigeria's private sector.

Chairman of Heirs Holdings, Mr. Tony O. Elumelu, said the expansion of the relationship with GE represents a pivotal moment for the oil and gas industry and for Nigerian businesses as a whole. He added that this marks a major milestone in the Heirs Holdings strategy to domesticate value across the energy sector.

According to Mr. Elumelu, "Partnerships like this capture the spirit of what I have termed Africapitalism and bring together global entities and world-class Nigerian companies. These are the kinds of investments we need to create employment and ensure economic value." The Agreement will ensure the development of local capacity, technology transfer and leverage the best of global technology to deliver a solution fit for the African market.

Vice-Chair of GE Global John Rice said the agreement was a further example of meaningful local content delivery in Nigeria's petroleum industry. "Our work with Transcorp and now, Heirs Holdings is ample proof of our commitment to continually identify and align with strategic stakeholders to create jobs, facilitate technology and skills transfer in critical sectors of the economy".

The developing GE-HH relationship is expected to lead to significant investment and supply chain benefits for a whole range of Nigerian companies, operating across the industry value chain. Both organizations aim is to act as a catalyst for a far broader participation of small, medium and large Nigerian enterprises.

About GE

GE (NYSE: GE) works on things that matter, using the best people and the best technologies taking on the toughest challenges, finding solutions in energy, health and home, transport and finance, building, powering, moving and curing the world. Not just imagining; Doing. GE works For more information, visit the company's website at www.ge.com

About Heirs Holdings Limited

Heirs Holdings is a pan-African proprietary investment company driving Africa's development. We are active long-term investors who specialise in building businesses and corporate turnaround. We aim to transform the companies in which we invest and grow them into businesses that last. We invest in Africa to create value for our shareholders and partners, and to create economic prosperity and social wealth for the continent. Our investments in power, financial services, oil and gas, real estate and hospitality, agri-business and healthcare are helping to build economies, create jobs, drive prosperity and ultimately transform the lives of ordinary Africans in Africa. For more information about Heirs Heirs Holdings, please visit www.heirsholdings.com

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