Saturday 8 May, 2021: The Chairman of Heirs Holdings, Tony O. Elumelu, CON, has expressed delight over the appointment of Mr. Osayande Igiehon as the new CEO of Heirs Oil & Gas, (HHOG).

Mr. Igiehon’s appointment was made effective on May 4, 2021, together with a distinguished non-executive board, bringing together leading industry figures, with considerable global and regional experience.

Elumelu, who is also the chairman of United Bank for Africa (UBA), Transnational Corporation of Nigeria (Transcorp), and Founder of the Tony Elumelu Foundation, stated that the regional and global expertise of Igiehon and the newly elected board members will further drive value creation to our continent.

“I am delighted to welcome our new board members. We are building a role model institution for African businesses and our investment in human capital is a further strong demonstration of our intent. The regional and global expertise of our board members will serve to further drive value creation to our continent, as we execute our goal of becoming Africa’s
largest, indigenous, integrated, energy company,” he said.

Igiehon joins the leading African integrated energy company from the Royal Dutch Shell (Shell), where he was previously a Vice-President in The Hague, Netherlands.

He brings over twenty-seven years of experience and expertise in the oil and gas sector with Shell, where he held a series of senior management
positions. The newly appointed CEO previously served as Chairman and Chief Executive Officer of Shell Gabon, where he led the successful turnaround of the operational, safety, and financial performance.

In his remarks, Mr. Igiehon, stated that; “HHOG represents an extraordinary opportunity, to create Africa’s first true integrated energy company,
with a mission to ensure that Africa’s natural resources are directed toward value creation in Africa, powered by sustainable, robust, and
abundant African energy.

“I am excited to join the Heirs Oil and Gas leadership team and look forward to the opportunity to transform the energy sector, purposefully address Africa’s energy needs and improve the lives of people across Africa,” he expressed.

The transaction represents a further implementation of the HH Group strategy of creating the leading integrated energy business in Africa. Through a series of strategic portfolio holdings, HH is executing this strategy. Most recently, affiliate company, Transcorp made a US$300 million acquisition of Afam Power, increasing the Group’s
installed electricity generating capacity to 2,000MW.

Heirs Oil & Gas is a leading African, indigenous owned, integrated energy company, headquartered in Nigeria, whose assets include Nigerian
oil block OML17, with a current production capacity of 30,000 barrels of oil equivalent per day and 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1 billion barrels of oil equivalent resources of further exploration potential.

Heirs Holdings Limited’s (HH) portfolio company, HHOG, completed the acquisition of OML17 in January 2021, in one of the largest oil and gas
financings in Africa in more than a decade, with a financing component of US$1.1 billion.

HHOG is also pleased to announce the appointment of the following distinguished private sector and senior industry leaders to the Board:

•    Tony O. Elumelu, CON is the Chairman of Heirs Holdings, the United Bank for Africa (UBA), Transnational Corporation of Nigeria (Transcorp),
and Founder of the Tony Elumelu Foundation.

•    Sally Udoma, who previously served as general counsel for Chevron Europe, Eurasia, and the Middle East Exploration and Production.
Previously, she was general counsel for Sasol Chevron Consulting Limited and managing counsel at the London Legal Service Centre for Chevron Global Upstream and Gas. She has also served as general counsel and general manager for Chevron Nigeria Limited.

•    Anil Dua is a founding partner at Gateway Partners Limited, a private equity fund specializing in dynamic growth markets including Africa, the Middle East and Asia. Prior to this, Mr. Dua worked for over thirty-five years with Standard Chartered Bank in Asia, Africa, Europe and the US, where he held various roles including Regional CEO West Africa and Regional Head of Origination and Client Coverage, Africa.

•    Ahmadu Kida Musa, who previously served as Deputy Managing Director of Total Exploration and Production Nigeria Limited, has over thirty-two years of experience in the Oil and Gas industry and brings considerable expertise in Nigerian oil and gas.

•    Stanley Lawson currently serves on the board of Transnational Corporation of Nigeria Plc. He is Managing Partner at Financial Advisory & Investment Consultants Ltd. Dr Lawson previously occupied the position of Group Executive Director-Finance & Accounts at Nigerian National
Petroleum Corp.

•    Samuel Nwanze is the Chief Finance Officer at Heirs Oil and Gas. Prior to this, he was the Chief Investment Officer at Heirs Holdings responsible for investment and capital management.

Heirs Oil & Gas (HHOG) is jointly owned by Heirs Holdings, the leading African strategic investor and affiliate company, Transnational
Corporation of Nigeria Plc (Transcorp), Nigeria’s largest publicly listed conglomerate.