Oredola Adeola

Heirs Energies Limited, Nigeria’s leading indigenous integrated energy company, has secured a $750 million financing facility from the African Export–Import Bank (Afreximbank) to accelerate field development and optimise hydrocarbon production.

The transaction represents one of the largest financings secured by an indigenous African energy company.

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

Elumelu, Chairman of Heirs Energies, speaking at the signing, 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.,” he said.

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,” he said.

According to the company, the transaction underscores strong lender confidence in its operating performance, governance standards, proprietary brownfield excellence capabilities, and long-term growth outlook.

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 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 from initial acquisition 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 the domestic market, supporting power generation across Nigeria.

The company also noted significant improvements in community relations alongside the implementation of the highest health and safety standards.

It added that the Afreximbank facility will enable Heirs Energies to pursue value-accretive growth opportunities while maintaining disciplined capital management.

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.

With this milestone achieved, Heirs Energies is firmly positioned to advance into its next phase of growth, focused on operational excellence, responsible resource development, and enduring value creation for stakeholders.