By Hosea Parah, Abuja

Heirs Energies Limited, a prominent indigenous energy company in Nigeria, has secured a substantial $750 million financing agreement with the African Export–Import Bank (Afreximbank). This milestone is pivotal for the company’s long-term growth strategy and underscores the significance of African-led initiatives in energy development.

The agreement was signed on Saturday in Abuja, with Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, and Dr. George Elombi, President and Chairman of Afreximbank, officiating the ceremony.

This financing represents one of the largest ever obtained by an indigenous African energy firm, demonstrating strong lender confidence in Heirs Energies’ operational performance and governance.

Since acquiring Oil Mining Lease (OML) 17, Heirs Energies has implemented a comprehensive transformation plan focused on increasing production, enhancing asset integrity, and improving operational efficiency. The company has transitioned from acquisition-based financing to a capital structure that promotes sustainable development through targeted investments and infrastructure enhancements.

As a result, oil and gas production at OML 17 has more than doubled, increasing from 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d) at the time of acquisition to over 50,000 bopd and 120 mmscf/d today. All gas produced is supplied to Nigeria’s domestic market, bolstering power generation and enhancing national energy security. The company has also made significant improvements in community relations and health and safety standards.

The funds from Afreximbank will be used to accelerate field development, optimize production, and pursue value-driven growth opportunities while maintaining disciplined capital management.

During the signing ceremony, Mr. Elumelu described the agreement as a landmark for African enterprises. “This transaction highlights what African businesses can achieve with disciplined execution and long-term investment,” he stated. “It reflects Heirs Energies’ journey from turnaround to growth and reinforces our belief in the potential of African capital to empower African businesses. This is Africa financing its own future.”

Dr. Elombi noted that the financing aligns with Afreximbank’s mission to support African champions in driving sustainable economic transformation. “Afreximbank is proud to support Heirs Energies at this pivotal moment,” he remarked. “This financing reflects our confidence in the company’s leadership and governance while reinforcing our commitment to sustainable development across the continent.”

This transaction further highlights Afreximbank’s commitment to empowering indigenous operators capable of delivering sustainable energy solutions, fostering economic growth, and creating long-term value throughout Africa.

With this financing secured, Heirs Energies is poised to enter a new phase of expansion, focusing on operational excellence, responsible resource management, and sustainable value creation for all stakeholders.

Heirs Energies Limited is an African-owned integrated energy company dedicated to addressing the continent’s energy needs while aligning with global sustainability goals. Afreximbank is a pan-African multilateral financial institution committed to promoting intra- and extra-African trade, playing a vital role in Africa’s industrialization and economic transformation.