Ololade Adeyanju/
Nigeria’s leading indigenous integrated energy company, Heirs Energies Limited, has sealed a landmark $750 million financing agreement with the African Export-Import Bank (Afreximbank), in a deal set to accelerate long-term growth, deepen domestic gas supply and strengthen Africa’s energy security.
The financing agreement was executed on Saturday at a high-level signing ceremony in Abuja, attended by Tony O. Elumelu, CFR, Chairman of Heirs Energies, and George Elombi, President and Chairman of Afreximbank.
Described as one of the largest financings ever secured by an indigenous African energy company, the transaction underscores strong lender confidence in Heirs Energies’ operational performance, governance standards, brownfield optimisation expertise and long-term growth strategy.
Since assuming operatorship of OML 17, Heirs Energies has implemented a disciplined transformation programme focused on restoring production, improving asset integrity and enhancing operational efficiency. Through targeted brownfield investments and infrastructure optimisation, the company has transitioned from acquisition-led financing to a capital structure aligned with the long-term development of its reserves.
As a result, oil and gas output has more than doubled, from 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d) at acquisition, to over 50,000 bopd and 120 mmscf/d today.
Notably, all gas production is supplied to Nigeria’s domestic market, playing a catalytic role in power generation and industrial activity. The company has also recorded major improvements in community relations, health and safety standards.
The Afreximbank facility is expected to accelerate field development, optimise production and enable Heirs Energies to pursue value-accretive growth opportunities, while maintaining disciplined capital management.
Speaking at the ceremony, Elumelu said the transaction represented a defining moment for African enterprise.
“This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital. It reflects the successful journey Heirs Energies has taken, from turnaround to growth, and reinforces our belief in African capital working for African businesses. This is Africa financing Africa’s future,” he said.
In his remarks, Elombi reaffirmed Afreximbank’s commitment to supporting African champions driving sustainable transformation.
“Afreximbank is proud to support Heirs Energies at this pivotal stage of its growth. This financing reflects our confidence in the company’s leadership, governance and asset base, and aligns with our mandate to support African champions delivering sustainable economic transformation across the continent,” he said.
The transaction further cements Afreximbank’s role in empowering indigenous operators with the scale and capability to deliver sustainable energy development, enhance energy security and create long-term economic value across Africa.
With this milestone, Heirs Energies is positioned to enter its next phase of growth, anchored on operational excellence, responsible resource development and enduring value creation for stakeholders, while contributing meaningfully to Africa’s evolving energy landscape.
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