Heirs Energies Limited, Nigeria’s leading indigenous integrated energy company, has secured a US$750 million financing package from the African Export–Import Bank (Afreximbank), marking a major milestone in the company’s long-term growth strategy.
The financing agreement was executed at a signing ceremony held in Abuja on Saturday, 20 December 2025. The event was attended by Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, and Dr. George Elombi, President and Chairman of Afreximbank.
The deal ranks among the largest financings ever secured by an indigenous African energy company and underscores strong lender confidence in Heirs Energies’ operating performance, governance framework, brownfield development expertise, and long-term growth prospects.
Since taking over operatorship of OML 17, Heirs Energies has implemented a disciplined transformation programme aimed at restoring production, enhancing asset integrity, and improving operational efficiency. Through targeted brownfield interventions and infrastructure optimisation, the company has moved from acquisition-led financing to a capital structure better aligned with the long-term development profile of its reserves.
As a result, oil and gas output has more than doubled from acquisition levels of 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d). Current production at OML 17 now exceeds 50,000 bopd and 120 mmscf/d. All gas produced is supplied to Nigeria’s domestic market, supporting power generation and contributing to national energy security. The company has also strengthened community relations and implemented the highest health and safety standards across its operations.
The Afreximbank facility is expected to accelerate field development, optimise production and support value-accretive growth opportunities, while enabling Heirs Energies to maintain disciplined capital management.
Speaking at the signing ceremony, Mr. Tony O. Elumelu, CFR, 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 highlights Afreximbank’s role in empowering indigenous energy operators with the scale and capability required to deliver sustainable energy development, strengthen energy security and generate long-term economic value across Africa.
With this financing secured, Heirs Energies is well-positioned to enter its next phase of growth, with a continued focus on operational excellence, responsible resource development, and enduring value creation for stakeholders.
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