Frank Okon

Heirs Energies Limited, Africa’s leading indigenous-owned integrated energy company, has earned international recognition after its landmark US$750 million dual-tranche Senior Secured Reserve-Based Lending (RBL) facility was named Best Oil & Gas Deal of the Year at the EMEA Finance Project Finance Awards 2026.

The prestigious award, presented on June 3 in London, celebrates one of the largest financing transactions ever secured by an indigenous African energy company and underscores the growing capacity of African institutions and businesses to mobilize capital for strategic investments.

The award-winning transaction, executed in partnership with the African Export-Import Bank (Afreximbank), was structured to support accelerated field development, optimize production and strengthen Heirs Energies’ long-term growth strategy, while maintaining prudent capital management.

The financing also reflects the vision of the company’s Chairman, Tony O. Elumelu, CFR, who has consistently advocated for African-led solutions to unlock the continent’s vast natural resources, deepen energy security and create sustainable economic value.

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company and the operator of OML 17. Since assuming operatorship of the asset in 2021, the company has more than doubled crude oil production to over 50,000 barrels per day and tripled gas output to more than 135 million standard cubic feet per day.

The company currently contributes about five per cent of Nigeria’s total crude oil production and a similar share of the country’s domestic gas supply, playing a significant role in strengthening energy security, supporting economic growth and advancing sustainable development across Africa.

Commenting on the recognition, the Chief Executive Officer of Heirs Energies, Osa Igiehon, described the award as a strong endorsement of the company’s strategy and execution capabilities.

“This recognition reflects the confidence that African and international financial institutions continue to place in Heirs Energies, our strategy and our long-term vision,” he said.

“The transaction demonstrates that indigenous African energy companies can successfully structure and execute world-class financing solutions that support investment, growth and value creation. We are proud to receive this award and grateful to our financing partners, advisers and stakeholders whose support made it possible.”

Also reacting to the award, Haytham ElMaayergi, Executive Vice President, Global Trade Bank at Afreximbank, said the recognition highlights the growing importance of Africa-focused financing structures in driving the continent’s energy development.

“We are truly honored that the US$750 million dual-tranche Senior Secured Reserve-Based Lending facility for Heirs Energies has been recognized as Best Oil & Gas Deal of the Year by the EMEA Finance Project Finance Awards,” he said.

According to him, the award underscores the role of well-structured financing in supporting indigenous energy companies with strong governance, quality assets and clear long-term growth strategies.

“Afreximbank was proud to support this landmark transaction, which demonstrates how African financial institutions can help mobilize capital for strategic businesses that advance energy security, production capacity and sustainable value creation across the continent.

“We congratulate Heirs Energies and all the partners involved in the transaction and are pleased to see this important financing recognized on such a respected international platform,” he added.

The Executive Director and Chief Financial Officer of Heirs Energies, Samuel Nwanze, said the award validates both the strength of the transaction and the confidence reposed in the company by its financing partners.

“This award validates the strength of the transaction and the confidence our financing partners placed in Heirs Energies,” he noted.

“The facility was designed to support our long-term growth strategy, enabling continued investment in field development, production optimization and sustainable value creation. We are pleased to see the transaction recognized on such a respected global platform.”

Industry analysts say the financing marks a significant milestone in the company’s evolution, representing a transition from acquisition-led funding to a capital structure tailored to the long-term development of its reserve base.

Beyond reinforcing Heirs Energies’ position as one of Africa’s foremost indigenous energy producers, the transaction also demonstrates the growing ability of African financial institutions to fund transformational businesses capable of driving industrialization and economic growth across the continent.

The EMEA Finance Project Finance Awards honor outstanding transactions across Europe, the Middle East and Africa, recognizing excellence, innovation and impact in project and structured finance.