By Ayomide Otitoju
Nigeria’s leading indigenous integrated energy company, Heirs Energies, has secured a $750 million financing facility from the African Export–Import Bank (Afreximbank), marking one of the largest financings ever obtained by an indigenous African energy firm.
The transaction was formalised at a signing ceremony held in Abuja on Saturday, December 20, 2025, attended by the Chairman of Heirs Energies, Mr. Tony O. Elumelu, CFR, and the President and Chairman of Afreximbank, Dr. George Elombi.
The financing underscores strong lender confidence in Heirs Energies’ operational performance, governance framework, brownfield development capabilities, and long-term growth outlook. It also reflects the company’s successful transition from acquisition-led financing to a capital structure aligned with the long-term development of its reserves.
Since assuming operatorship of OML 17, Heirs Energies has implemented a disciplined turnaround and transformation programme focused on restoring production, improving asset integrity and enhancing operational efficiency. Through targeted brownfield interventions and infrastructure optimisation, oil and gas production at the asset has more than doubled.
Production has increased from initial levels 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. All gas produced is supplied to Nigeria’s domestic market, supporting power generation and contributing to energy security. The company has also strengthened community relations and adopted high standards of health and safety.
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, Elumelu described the deal as a strong endorsement of 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,” he said.
In his remarks, Elombi said Afreximbank was pleased to support the company at a critical stage of its expansion. “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,” he noted.
The deal further highlights Afreximbank’s role in empowering indigenous operators with the scale and capacity required to deliver sustainable energy development and long-term economic value across Africa.
With the financing secured, Heirs Energies is positioned to enter its next phase of growth, anchored on operational excellence, responsible resource development and sustained value creation for stakeholders.
