Africa > North Africa > Morocco > Heirs Holdings and Banque Centrale Populaire of Morocco Sign Investment MOU

Morocco: Heirs Holdings and Banque Centrale Populaire of Morocco Sign Investment MOU

2016/12/08

Yesterday, King Mohammed VI of Morocco and President Muhammadu Buhari met at the Presidential Villa to sign 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 and represent the desire on the part of both countries to deepen political and economic ties.

Heirs Holdings and leading Moroccan bank, Banque Centrale Populaire (BCP), 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. Heirs Holdings is an African proprietary investment company with interests in financial services, power, oil & gas, real estate & hospitality and healthcare. Its 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.

The framework document, which outlines cooperation areas between Heirs Holdings and BCP, was signed by Heirs Holdings Chairman Tony O. Elumelu, CON, and Chairman/CEO of BCP Mohamed Benchaaboun. Elumelu who is also chairman of United Bank for Africa (UBA), the pan-African banking group with operations in 19 African countries, signed an investment and cooperation 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.

According to Mr. 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 marks 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.

-----------

ABOUT Heirs Holdings

Heirs Holdings is an African proprietary investment company with interests in financial services, power, oil & gas, real estate & hospitality and healthcare. Its operations are rooted in the economic philosophy of Africapitalism. www.heirsholdings.com @HeirsHoldings

ABOUT Banque Centrale Populaire

Banque Centrale Populaire (BCP) is a leading Moroccan bank with a well-established network in Morocco and West Africa. From its inception, BCP contributes to the development of the Moroccan economy and to the growth of the enterprises.

Related Articles

Children on the move from Africa do not first aim to go to Europe, new UNICEF study shows
2017/07/29 Children on the move into Europe from Africa take the decision to leave home on their own and do not initially intend to go to Europe. For the majority the systematic trauma and abuse they witnessed or suffered in Libya caused them to flee to Europe and take the terrifying Central Mediterranean sea route, according to a new study commissioned by UNICEF and carried out by REACH.
WHO lauds Africa’s progress in malaria, HIV control
2017/07/29 The World Health Organisation (WHO), has commended the African region for making significant evolution in malaria control in the last five years. Dr Matshidiso Moeti, the WHO Regional Director for Africa, in a statement in Abuja on Tuesday, said malaria incidence and mortality rates had declined by 42 % and 66 % respectively between 2000 and 2015. Moeti made the commendation in Kigali, Rwanda, while speaking at the Initial Africa Health Forum, launched by WHO, Africa and the Government of Rwanda.
The Nigeria Movement for the Liberation of Western Sahara (NMLWS)
2017/07/29 The Nigeria Movement for the Liberation of Western Sahara (NMLWS), has urged Nigerian Government to oppose move by Morocco to join the Economic Community of West Africa States (ECOWAS). A statement by the Convener of NMLWS, Mr Dipo Fashina on Thursday in Abuja, said that Morocco was not classified as member national of ECOWAS by the United Nations and African Union. “The Kingdom is a member of Arab Maghreb Union States together with Algeria, Egypt, Libya, Mauritania and Tunisia.
South Africa plays an active role in the AU
2017/07/17 Absence of Zuma and Ramaphosa raises eyebrows, quoted Liesl Louw-Vaudran, a consultant at the Institute of Security Studies (ISS), who said South Africa was “ceding power to other players on the continent, such as Rwanda’s President Paul Kagame and the current AU chairperson President Alpha Condé of Guinea”.
Africa: How to Adapt to Beat Crippling Droughts
2017/07/17 Right presently, 14 million people across southern Africa face going hungry due to the prolonged drought brought on by the strongest El Niño in 50 years. South Africa will import half of its maize and in Zimbabwe as a lot of as 75 % of crops have been abandoned in the worst-hit areas. With extreme weather, such as failed rains, and drought projected to become additional likely as a result of climate change, some farmers are by presently taking matters into their own hands, and pro-actively diversifying the crops they grow.