Heirs Energies to drive long-term growth with $750m
Sopuruchi Onwuka
Heirs Energies Limited has secured a $750 million financing from the African Export–Import Bank (Afreximbank), marking one of the largest funding transactions ever obtained by an indigenous African energy company.
According to Heirs Energies, the Afreximbank facility will be used to accelerate field development, optimize production, and pursue growth opportunities while maintaining disciplined capital management.
Speaking at the signing, Mr. Elumelu said the transaction demonstrates the potential of African enterprises supported by long-term African capital. He described the financing as a reflection of Heirs Energies’ journey from turnaround to growth and an example of “Africa financing Africa’s future.”
Dr. Elombi said Afreximbank was pleased to support Heirs Energies at a critical stage in its development, citing confidence in the company’s leadership, governance, and asset base. He noted that the transaction aligns with the bank’s mandate to support African companies driving sustainable economic transformation.
The deal further reinforces Afreximbank’s role in enabling indigenous energy operators to scale their operations and contribute to sustainable energy development, energy security, and long-term economic value across Africa.
With the financing secured, Heirs Energies said it is positioned to enter its next phase of growth, with continued focus on operational excellence, responsible resource development, and value creation for stakeholders.
The agreement was signed by the Chairman of Heirs Energies, Mr. Tony O. Elumelu, and the President and Chairman of Afreximbank, Dr. George Elombi. The financing underscores lender confidence in Heirs Energies’ operational performance, governance framework, asset base, and long-term growth strategy.
Since assuming operatorship of OML 17, Heirs Energies said it has executed a disciplined turnaround and transformation program focused on restoring production, improving asset integrity, and enhancing operational efficiency. The company noted that it has transitioned from acquisition-led financing to a capital structure better aligned with the long-term development of its reserves through targeted brownfield interventions and infrastructure optimization.
Production at Heirs Energies–operated assets has more than doubled, rising from approximately 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d) at acquisition to over 50,000 bopd and 120 mmscf/d. All gas production is supplied to the domestic Nigerian market, supporting power generation and energy security.
The company also stated that it has strengthened community relations and implemented improved health and safety standards across its operations.
