Prime Highlights

• Heirs Energy has secured a $750 million financing facility from Afreximbank, one of the largest Africa-backed energy deals completed this year.
• The funding will help expand oil and gas production, improving electricity supply and supporting industrial growth across Nigeria.

Key Facts

• The five-year reserve-based loan aims to increase crude oil output to about 100,000 barrels per day and significantly boost gas production.
• Increased gas supply from OML 17 is already supporting power plants such as Geometric and Transcorp, strengthening Nigeria’s energy security.

Background:

Nigeria’s energy sector has received a boost after Heirs Energy secured a $750 million loan from the African Export-Import Bank (Afreximbank), one of the biggest Africa-backed energy deals this year.

Chairman of Heirs Holdings, Tony Elumelu, described the agreement as a strong signal of confidence in African-owned enterprises and financial institutions. He said the transaction demonstrated the growing capacity of African banks to finance large-scale projects critical to economic development.

“This is Africa financing Africa’s future,” Elumelu said, noting that Afreximbank’s support reflects confidence in Heirs Energy’s long-term strategy and disciplined execution since acquiring Oil Mining Lease (OML) 17.

Heirs Energy currently produces more than 50,000 barrels of oil per day and around 120 million cubic metres of gas. According to Executive Director and Chief Financial Officer Samuel Nwanze, the new facility is designed to consolidate those gains and unlock the next phase of growth.

The company expects gas production to rise to approximately 250 million cubic metres, strengthening supply to Nigeria’s power and industrial sectors. Increased production from OML 17 has already helped improve electricity supply in parts of Nigeria by providing gas to power plants such as Geometric and Transcorp.

Heirs Energy’s Chief Financial Officer, Samuel Nwanze, said the company has made strong progress since acquiring the asset from Shell, Total, and Eni, noting that most of the $1.1 billion raised for the purchase has been repaid over the past four years.

The new financing also allows the company to refinance existing loans, giving it more room to grow while maintaining financial stability.

Despite challenges such as regulatory delays and oil theft, Chairman Tony Elumelu said the company has continued to meet its commitments and remain focused on long-term growth. Afreximbank said the deal supports its goal of backing African-owned businesses in key sectors. Executive Vice President Denys Denya Elombi expressed confidence in Heirs Energy’s leadership and operations.

With this funding, Heirs Energy joins other Nigerian producers working to increase oil and gas output, strengthen energy security, and support industrial growth across the country and the region.