By Izuchukwu Mayor, Lagos
Heirs Energies Limited, an indigenous integrated energy company, yesterday, said it has executed a $750 million financing with the African Export–Import Bank (Afreximbank), a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade.
According to Heirs Energies, committed to meeting Africa’s unique energy needs, while aligning with global sustainability goals, the transaction was concluded at a signing ceremony on Saturday in, sealed by the Chairman, Heirs Energies, Tony Elumelu, and President/Chairman Afreximbank, Dr. George Elombi.
In a statement, the company said: “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 said it 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 said it 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.
The Afreximbank facility will accelerate field development, optimise production, and allow Heirs Energies to pursue value-accretive growth opportunities, while maintaining disciplined capital management.
Community relations have been transformed and the highest standards of health and safety implemented.
The company also said: “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. Elumelu, was quoted as saying: “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.”
Similarly, Dr. Elombi said: “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 noted that 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.
