In a major development for indigenous African energy companies, Heirs Energies has secured $750 million in financing from the African Export-Import Bank (Afreximbank), marking one of the largest deals of its kind on the continent. The financing agreement, signed during a ceremony in Abuja on December 20, was attended by Tony O. Elumelu, chairman of Heirs Energies, and George Elombi, president and chairman of Afreximbank. The substantial funding package underscores growing lender confidence in Heirs Energies’ operational performance and ambitious growth trajectory. Since assuming operatorship of OML 17, the company has demonstrated remarkable success in restoring production levels and improving asset integrity through strategic brownfield development and infrastructure optimization.
Production figures tell a compelling story of transformation. Output at OML 17 has more than doubled from approximately 25,000 barrels of oil per day and 50 million cubic feet of gas daily at the time of acquisition to over 50,000 barrels per day and 120 million cubic feet of gas today. All gas production is directed to Nigeria’s domestic market, providing critical support for power generation across the country. The proceeds from this facility will accelerate field development activities, optimize production operations, and support additional growth opportunities while maintaining disciplined capital management practices.
“This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital,” Elumelu stated. “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.”
Elombi emphasized the bank’s confidence in the partnership, noting that the financing aligns with Afreximbank’s mandate to support African champions driving sustainable economic transformation across the continent.
Source: worldoil.com