Heirs Energies Agrees $750m Afreximbank Financing To Drive Long-Term Growth

 Heirs Energies Limited, Nige­ria’s leading indigenous integrat­ed energy company, has executed a USD750 million financing with the African Export–Import Bank (Afreximbank).

The transaction was con­cluded at a signing ceremony in Abuja on Saturday, December 20, 2025, attended by Mr. Tony O. Elumelu, Chairman of Heirs Energies, and Dr. George Elom­bi, President and Chairman of Afreximbank.

The transaction represents one of the largest financings secured by an indigenous Af­rican energy company and demonstrates lender confidence in Heirs Energies’ operating performance, governance stan­dards, proprietary brownfield excellence capability, and long-term growth trajectory.

Since assuming operatorship of OML 17, Heirs Energies has delivered a disciplined transfor­mation programme, focused on restoring production, strength­ening asset integrity, and im­proving operational efficiency. Through targeted brownfield interventions and infrastructure optimisation, the company has successfully transitioned from acquisition-led financing to a capital structure aligned with the long-term development pro­file of its reserves.

Oil and gas production has doubled, from an acquisition pro­duction level of 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d). Today, OML-17 pro­duces over 50,000 bopd and 120 mmscf/d. All the gas production goes into the Nigerian domestic gas market and has been cat­alytic for power generation in Nigeria. Community relations have been transformed and the highest standards of health and safety implemented.

The Afreximbank facility will accelerate field develop­ment, optimise production, and allow Heirs Energies to pursue value-accretive growth opportu­nities, while maintaining disci­plined capital management.

Speaking at the signing, Mr. Tony O. Elumelu, Chairman of Heirs Energies, said:

“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.”

Dr. George Elombi, President and Chairman of Afreximbank, stated: “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 that are driving sustainable economic transfor­mation across the continent.”

The transaction further re­inforces Afreximbank’s role in enabling indigenous operators with the scale and capability to deliver sustainable energy de­velopment, energy security, and long-term economic value across Africa.