Heirs Energies Secures $750 Million Afreximbank Financing to Drive Long-Term Growth
Heirs Energies Limited, Nigeria’s leading indigenous integrated energy company, has secured a USD 750 million financing facility from the African Export–Import Bank (Afreximbank) in a landmark transaction aimed at accelerating long-term growth.
The financing was executed at a signing ceremony in Abuja on Saturday, December 20, 2025, attended by Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, and Dr. George Elombi, President and Chairman of Afreximbank.
The transaction ranks among the largest financings ever secured by an indigenous African energy company, underscoring strong lender confidence in Heirs Energies’ operational performance, governance framework, brownfield development expertise, and long-term growth strategy.
Strong Operational Turnaround
Since assuming operatorship of OML 17, Heirs Energies has implemented 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.
As a result, oil and gas production has more than doubled, rising from an acquisition level of 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d) to over 50,000 bopd and 120 mmscf/d today.
All gas produced is supplied into the Nigerian domestic gas market, playing a catalytic role in power generation and energy security. The company has also recorded major improvements in community relations, while implementing the highest health, safety, and environmental standards.
Fueling the Next Phase of Growth
The Afreximbank facility is expected to accelerate field development, optimise production, and support value-accretive growth opportunities, while maintaining disciplined capital management.
Speaking at the signing ceremony, Mr. Tony O. Elumelu, CFR, described the deal as a testament to African enterprise and capital.
“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.”
In his remarks, Dr. George Elombi, President and Chairman of Afreximbank, said the bank was proud to support the company at a critical stage of its development.
“This financing reflects our confidence in Heirs Energies’ leadership, governance, and asset base, and aligns with our mandate to support African champions driving sustainable economic transformation across the continent.”
The transaction further strengthens Afreximbank’s role in empowering indigenous energy operators, enabling them to deliver sustainable energy development, enhanced energy security, and long-term economic value across Africa.
With this milestone achieved, Heirs Energies is now firmly positioned for its next growth phase, focused on operational excellence, responsible resource development, and enduring value creation for stakeholders.
