- Chairman, Heirs Energies, Mr. Tony O. Elumelu CFR and President and Chairman of the African Export-Import Bank (Afreximbank), Dr. George Elombi, during the signing ceremony to mark the execution of a USD 750 million Financing Transaction between Heirs Energies and the Afreximbank in Abuja on Saturday
By Our Energy Correspondent
ABUJA, Nigeria — In a move that signals the growing muscle of domestic players in the African energy sector, Heirs Energies Limited announced on Saturday that it has secured a $750 million financing deal with the African Export–Import Bank (Afreximbank).
The agreement, signed in the Nigerian capital of Abuja, stands as one of the largest financings ever granted to an indigenous African energy firm. It marks a significant shift in the continent’s oil and gas landscape, where local companies are increasingly stepping into roles once dominated exclusively by international majors.
The deal follows a period of rapid operational growth for Heirs Energies. Since taking over the OML 17 onshore block from Shell, Total, and Eni in 2021, the company has doubled its output.
Production has climbed from 25,000 barrels of oil per day (bopd) to over 50,000 bopd. Gas production has seen an even sharper rise, more than doubling to 120 million standard cubic feet per day, all of which is directed toward Nigeria’s domestic power grid.
“This is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital,” said Tony O. Elumelu, Chairman of Heirs Energies. “This is Africa financing Africa’s future.”
The financing comes at a critical time for Nigeria, Africa’s largest oil producer, which has struggled with aging infrastructure and declining investment from Western firms seeking to divest from fossil fuel assets in the region. Heirs Energies has bucked this trend by focusing on “brownfield” excellence—revitalizing existing infrastructure and improving asset integrity.
For Afreximbank, the $750 million facility represents a strategic bet on regional “champions” capable of ensuring energy security. Dr. George Elombi, President and Chairman of Afreximbank, noted that the bank’s confidence was rooted in Heirs’ “leadership, governance, and asset base.”
The success of OML 17 is being watched closely as a litmus test for whether indigenous firms can maintain the technical and environmental standards of their multinational predecessors while navigating complex community relations.
Heirs Energies claims that since the acquisition, it has transformed its relationship with local communities and implemented more rigorous health and safety protocols.
The new capital is earmarked for further field development and production optimization.
As the company moves from a turnaround phase into a growth phase, the deal suggests that “African capital working for African businesses” may become the new blueprint for the continent’s industrial development.
