The Nigerian group Heirs Holdings owned by businessman Tony Elumelu signed two memoranda of understanding with Moroccan banks Attijariwafa and Banque Centrale Populaire.

The MoUs were signed during an official visit of King Mohammed VI to his Nigerian counterpart Muhamadu Buhari.

With Banque Centrale Populaire, Heirs Holding said it would work on financing, co-investment and information sharing opportunities, aiming to mutually profit from African markets’ potentialities.

The agreement with Attijariwafa Bank is more specific and involves collaboration with United Bank of Africa, major subsidiary of Heirs Holding. Just like the Moroccan firm, UBA is fully expanding in Africa and even competes in places such as Cameroon with Attijariwafa Bank.

Developing an effective synergy between the three groups could significantly impact the sub-Saharan Africa financial market, especially its French-speaking region. BCP has a certain influence in West and Central Africa through its Banque Atlantique subsidiary. Attijariwafa and UBA also keep growing their presence in the region.