Heirs Holdings, a family-owned investment company chaired by Elumelu, has interests spanning banking, power, healthcare, and hospitality.
Afriland Towers, the Lagos high-rise building where a fire erupted last Tuesday and has since left at least 10 people dead, is owned and managed by Afriland Properties Plc, the real estate investment arm of billionaire Tony Elumelu’s Heirs Holdings Group.
Heirs Holdings, a family-owned investment company chaired by Elumelu, has interests spanning banking, power, healthcare, and hospitality.
Through Afriland Properties, the group oversees several landmark projects, including Afriland Towers at 97–105 Broad Street, Lagos Island. The building also houses a branch of United Bank for Africa (UBA), where Elumelu serves as chairman.
“Afriland is owned by Tony Elumelu, who then rents part of it to his bank, UBA,” an inside source said.
Elumelu Speaks On Tragedy
Last Wednesday, Elumelu expressed deep sorrow over the fire outbreak at the building.
In a statement, Elumelu said he was “shattered” by the tragedy, describing it as a painful reminder of the irreplaceable value of people who drive the company’s mission daily.
“No words can capture the magnitude of this loss, not for their families who loved them, not for the friends who valued them, and not for those of us who worked beside them,” he said.
Elumelu said that he learnt of the incident while en route to New York for the United Nations General Assembly (UNGA), and decided to cut short his trip and return to Lagos “as a mark of respect to our lost colleagues.”
He urged staff and colleagues to show solidarity by reaching out to those injured and currently receiving care, stressing that the company would provide sustained support to the bereaved families.
The fire, which broke out on Tuesday afternoon, initially caused widespread panic after reports circulated that UBA’s headquarters was on fire.
UBA later issued a statement to calm fears, stressing that its Marina head office, UBA House, was not involved in the incident.
“We are aware of the fire incident at a building on Broad Street, Lagos Island, which incidentally houses one of our many branches in Lagos Island,” the bank said
“As against reports on online and social media, the affected building is not UBA House, Marina, the Bank’s head office.”
The bank added that all staff, customers, and visitors at the Broad Street branch were safely evacuated.
Despite those assurances, it was later confirmed that at least 10 people died in the fire. Videos shared online showed desperate office workers leaping from windows to escape the smoke-filled floors, while passersby mounted frantic rescue efforts with makeshift equipment.
Eyewitnesses described chaotic scenes as smoke billowed from the tower, drawing large crowds to Broad Street while emergency responders struggled to gain access.
Meanwhile, Afriland Towers will remain closed indefinitely following the deadly fire incident.
Afriland’s Account of Events
Afriland Properties Plc confirmed the fatalities in a statement on Friday, while also outlining the sequence of events leading to the tragedy.
According to the company, the fire started around 1:20 p.m. in the inverter room located in the building’s basement.
Safety alarms were triggered immediately, and on-site officers activated emergency fire protocols.
However, despite the swift response, thick black smoke and extreme heat rapidly engulfed the building, complicating evacuation efforts.
Afriland stressed that no staff or tenants would be required to return to the building until comprehensive structural assessments, safety audits, post-fire cleaning, and any necessary reconstruction had been completed.
According to the company, the building will only reopen once it is fully certified safe.
On why UBA’s initial statement was dismissive when Afriland and Heirs Holdings are their sister companies, Chukwunonso Okafor, its (Afriland’s) Head of Brand, Marketing and Corporate Communications, said, “We believe that the initial statement was intended to prevent emergency services from being misdirected, as early reports mistakenly suggested that the UBA head office was on fire.
“We also acknowledge their subsequent clarifications and their expressions of sympathy.”
Eyewitness accounts had raised questions about why some occupants were forced to jump from windows to escape.
Afriland explained that the smoke rapidly filled the building, severely restricting visibility and access to evacuation routes. The intensity of the incident, the company added, created confusion and hindered effective communication.
The firm claimed that the building was equipped with fire alarms, smoke extractors, extinguishers, and other safety systems in compliance with federal and state requirements.
While alarms were triggered, Afriland acknowledged that not all occupants heard them, noting that this gap was now under investigation.
Responding to criticism of the delayed emergency response, Afriland clarified that first responders arrived about 20 minutes after the fire began, not three hours as some reports suggested.
Afriland also addressed questions about the building’s design. The company stated that Afriland Towers has two dedicated emergency staircases and multiple ground-floor exit points.
It, however, added that the rapid spread of smoke limited their usability.
On casualties, Afriland confirmed that 10 fatalities were recorded, including staff of United Capital Plc and the Federal Inland Revenue Service.
The cause of death, based on preliminary findings, was primarily smoke inhalation. Afriland said it was working closely with the families of the deceased to provide both financial and emotional support.
The company emphasised that regular fire drills had been conducted at the Towers, overseen by the fire service, and that the building had valid certifications verifying compliance with safety standards.
Meanwhile, Afriland acknowledged that the tragedy revealed critical lessons and pledged to strengthen safety protocols across all properties under its management.
In the aftermath, Afriland Towers will remain closed until it undergoes structural assessments, safety audits, post-fire cleaning, and any necessary reconstruction.
Labour Union Reacts
The Nigeria Labour Congress (NLC) expressed grief on Thursday over the tragic fire incident.
In a statement signed by its acting President, Comrade Prince Adewale Adeyanju, the union also condemned what it described as systemic negligence and state failure in preventing recurring fire outbreaks across Lagos.
“These fires are totally not accidents of fate. They are products of systemic rot, institutional negligence, and the reckless disregard for safety rules and human dignity that have become the hallmark of governance in Nigeria,” it said.
