Nigerian billionaire and Heirs Holdings Chairman Tony Elumelu is supporting a proposed $15 billion investment pipeline designed to finance critical infrastructure projects across West Africa, as regional leaders seek to close development gaps and strengthen economic integration.

The initiative aims to connect viable projects with investors and development finance institutions capable of providing the funding needed to advance infrastructure development across the region.

Elumelu, who serves as co-chair of the West Africa Integration and Investment Summit (WAIIS), disclosed the plan in an email response to Bloomberg on Thursday, October 15, 2026.

The proposed investment portfolio will cover energy, trade, industrialisation, strategic minerals, agriculture and digital infrastructure. Selected projects are expected to be presented to prospective financiers, including United Bank for Africa (UBA), Afreximbank, Africa Finance Corporation (AFC) and Africa50, ahead of the summit’s inaugural edition in Sierra Leone in November.

Kandeh Kolleh Yumkella, Special Envoy for WAIIS, said organisers had received 170 project submissions and shortlisted 26 projects from more than 10 countries for consideration.

“We received 170 project submissions and have selected 26 real projects worth more than $10 billion from over ten countries,” Yumkella said.

He added that the combined value of the portfolio could rise to $15 billion or more before the summit, reflecting the scale of infrastructure investment opportunities available across West Africa.

Initiated and convened by Sierra Leone’s President, Julius Maada Bio, the summit is expected to bring together government representatives, investors and development finance institutions to mobilise capital for strategic projects.

The initiative comes as countries across West Africa pursue cross-border infrastructure developments aimed at improving energy security, facilitating trade and strengthening regional connectivity.

One of the major projects in this broader infrastructure landscape is the proposed $25 billion Nigeria-Morocco Gas Pipeline, also known as the African Atlantic Gas Pipeline. The project is designed to transport natural gas from Nigeria through several West African countries to Morocco, with potential links to European energy markets.

In June 2022, Nigeria’s Federal Executive Council approved negotiations between the Nigerian National Petroleum Company Limited (NNPC Ltd.) and the Economic Community of West African States (ECOWAS) to advance the pipeline project.

Nigeria, Morocco and ECOWAS subsequently formalised their cooperation through a memorandum of understanding in December 2022. In July 2026, ECOWAS member states signed an intergovernmental agreement in Sierra Leone to establish a framework for coordinating the project and mobilising investment.

Elumelu has also expanded his investments in Nigeria’s energy and financial services sectors.

On September 30, 2026, Heirs Energies Limited acquired an additional six million shares in Seplat Energy Plc, increasing the combined shareholding of Heirs Energies and Heirs Holdings from 120.4 million to 126.4 million shares.

Following the transaction, their combined voting interest in Seplat Energy rose from 20.07 per cent to 21.07 per cent.

A Nairametrics analysis published on October 5 estimated that the market value of Elumelu’s holdings in Seplat Energy, UBA and Transnational Corporation Plc increased by ₦684.59 billion between June and September 2026.

The combined value of the three investments climbed from approximately ₦1.74 trillion at the end of June to ₦2.43 trillion in September, representing a 39.3 per cent increase over the quarter.

As preparations continue for the November summit, the proposed West African investment pipeline will depend on developers securing financing and moving the selected projects towards implementation.

SOURCE: MSME Africa Online