Heirs Energies lands $750 million Afreximbank funding for Nigeria field development

(WO) — Heirs Energies has secured $750 million in financing from the African Export–Import Bank (Afreximbank), a deal aimed at accelerating field development and supporting long-term production growth in Nigeria.

The financing was executed at a signing ceremony in Abuja on Dec. 20, attended by Tony O. Elumelu, chairman of Heirs Energies, and George Elombi, president and chairman of Afreximbank. The facility ranks among the largest financings obtained by an indigenous African energy company, underscoring lender confidence in Heirs Energies’ operating performance and growth plans.

Since taking over operatorship of OML 17, Heirs Energies has focused on restoring production, improving asset integrity and boosting operational efficiency through brownfield development and infrastructure optimization. The company said this approach has enabled a shift from acquisition-led financing toward a capital structure aligned with long-term reserve development.

Production at OML 17 has more than doubled, rising from about 25,000 barrels of oil per day and 50 MMcfd of gas at acquisition to more than 50,000 bpd and 120 MMcfd today. All gas output is supplied to Nigeria’s domestic market, supporting power generation, the company said.

Proceeds from the Afreximbank facility are expected to accelerate field development, optimize production and support additional growth opportunities while maintaining disciplined capital management.

“This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital. 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,” Elumelu said.

Elombi said the bank views the financing as support for a key phase in the company’s development.

“Afreximbank is proud to support Heirs Energies at this pivotal stage of its growth. This financing reflects our confidence in the Company’s leadership, governance, and asset base, and aligns with our mandate to support African champions that are driving sustainable economic transformation across the continent,” he said.