Heirs Energies Secures $750m Afreximbank Facility to Double Production and Fast-Track Nigeria’s Energy Sufficiency Goals

In a landmark move for Africa’s indigenous energy sector, Heirs Energies Limited has secured a $750 million financing facility from the African Export-Import Bank (Afreximbank) to significantly scale its oil and gas operations.

The agreement was finalized during a high-profile signing ceremony in Abuja on Saturday, December 20, 2025. The deal, executed by the Chairman of Heirs Holdings, Mr. Tony O. Elumelu, and the President of Afreximbank, Dr. George Elombi, marks one of the largest capital commitments to an indigenous African energy firm in recent years.

The facility is structured as a five-year reserve-based lending framework. According to the company’s Chief Financial Officer, Samuel Nwanze, the funds will be deployed in two tranches: one for refinancing existing debt tied to the acquisition of OML 17, and the other for aggressive field development and infrastructure optimization.

“This transaction is a powerful affirmation of what African enterprise can achieve when backed by bold African institutions,” Tony Elumelu stated during the briefing. “Afreximbank has shown the capacity to support the private sector in a way that is truly catalytic. For us, this isn’t just about production numbers; it’s about ensuring that Nigeria has the energy resources required to power its industries and homes.”

Since assuming operatorship of the OML 17 asset in 2021, Heirs Energies has demonstrated a “brownfield excellence” capability, successfully doubling oil production from 25,000 to over 50,000 barrels per day. With this new capital injection, the firm is targeting a surge to 100,000 barrels per day and a gas output of 250 million standard cubic feet per day within the next three years.

Dr. George Elombi of Afreximbank noted that the bank’s support aligns with its broader vision of stabilizing the continent’s energy sector. He revealed that Afreximbank is currently working on the launch of an “Energy Bank” to further institutionalize support for such large-scale projects across the 23 African countries currently facing energy stability challenges.

Beyond production, the investment will support Heirs Energies’ environmental commitments, following its recent signing of gas flare commercialization agreements with the NNPC to convert previously wasted resources into economic value for the domestic power grid.