Heirs Energies, one of Africa’s leading indigenous energy companies, has secured a $750 million financing package from the African Export–Import Bank (Afreximbank), marking one of the largest funding arrangements ever obtained by a locally owned energy producer on the continent. The deal, signed in Abuja on December 20, brings fresh capital to support field development, production optimisation, refinancing of existing debt, and expansion of oil and gas operations under the stewardship of Nigerian businessman Tony Elumelu.
The signing ceremony highlighted the growing role of African financial institutions in supporting homegrown energy enterprises. Elumelu, chairman of Heirs Energies, and George Elombi, president and chairman of Afreximbank, attended the event alongside senior executives from both institutions, underlining the strategic partnership between bank and operator. Elumelu described the deal as proof of what African businesses can achieve with patient capital and disciplined execution. “This financing affirms the journey Heirs Energies has taken, from stabilising assets to growing production. It also reinforces our belief in African capital backing African enterprise. This is Africa financing Africa’s future,” he said.
The facility will allow Heirs Energies to scale up operations at Oil Mining Lease (OML) 17, which the company acquired from Shell, Total, and Eni, and which has become a cornerstone of Nigeria’s domestic energy supply. Executive Director and CFO Sam Nwanze said Heirs Energies currently produces over 50,000 barrels of oil per day and approximately 120 million cubic metres of gas, with plans to expand output to roughly 100,000 barrels of oil and 250 million cubic metres of gas. The increased gas production has already bolstered electricity generation in Nigeria’s eastern gas network, supplying plants including Geometric and Transcorp.
Elumelu highlighted the challenges the company has faced along the way, including regulatory delays and costs associated with acquiring and operating large-scale assets. He credited Afreximbank with providing vital support through restructuring and financing, noting that trust, performance, and governance were central to securing the bank’s confidence. Afreximbank President George Elombi said the financing aligned with the institution’s mandate to support African-owned companies in critical sectors, particularly energy, which underpins economic stability and growth across the continent.
The five-year facility positions Heirs Energies to continue expanding its footprint in Africa’s energy market while maintaining financial discipline and long-term value creation. As the continent faces ongoing energy challenges, this deal underscores the importance of African capital and locally managed solutions in securing reliable power and fuel supplies for the years ahead.
