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Heirs Energies, one of the largest indigenous energy companies in Africa, led by Nigerian businessman and one of the continent’s most influential business leaders, Tony Elumelu, has closed a $750 million financing with the African Export–Import Bank (Afreximbank), marking one of the biggest funding deals secured by a locally owned energy producer on the continent.
The transaction was signed in Abuja on December 20, with Elumelu, chairman of Heirs Energies, and George Elombi, president and chairman of Afreximbank, in attendance alongside senior executives from both institutions. The ceremony underscored a growing push by African lenders and operators to deepen local capital support for the continent’s energy needs.
For Heirs Energies, the financing reflects more than fresh capital. It signals Afreximbank’s confidence in the company’s operations, governance and ability to run and expand producing assets. The deal also strengthens a long-standing relationship with Afreximbank, positioning the bank as a core partner as the company develops its oil and gas portfolio.
Tony Elumelu highlights African capital success
Speaking at the event, Elumelu described the transaction as evidence of what African businesses can achieve with patient capital and strong execution. “This financing affirms the journey Heirs Energies has taken, from stabilizing assets to growing production,” he said. “It also reinforces our belief in African capital backing African enterprise. This is Africa financing Africa’s future.”
He credited Afreximbank with playing a central role in the company’s development, noting that the bank had supported Heirs Energies through restructuring and expansion. “When institutions are willing to restructure facilities and give companies room to grow, it shows confidence,” Elumelu said, adding that performance and discipline were essential to maintaining that trust.
Elumelu also pointed to challenges faced along the way, including regulatory delays following the acquisition of Oil Mining Lease 17. He said approvals under the administration of former President Muhammadu Buhari took longer than expected, partly due to concerns that the asset was too large for private ownership. “Those delays came at a real financial cost,” he said, while noting that the company has continued to meet its obligations despite issues such as oil theft.
Afreximbank funds African energy development
For Afreximbank, the deal aligns with its broader mandate to support African-owned companies in sectors critical to economic stability. Elombi said the bank was backing Heirs Energies at a stage where scale and reliability matter most. “We are confident in the company’s leadership, governance and asset base,” he said, adding that energy remains central to economic resilience across the continent.
“If Africa’s energy sector is not supported, many countries will struggle,” Elombi said, noting that Afreximbank is preparing additional large-scale interventions to help stabilize supply. He added that the bank’s African ownership underpins its commitment to remain a steady partner through both favorable and difficult cycles.
The five-year facility will support field development, production optimization and refinancing of existing debt, while providing new capital for expansion. Afreximbank said the structure allows Heirs Energies to grow output while maintaining financial discipline.
Heirs Energies expands gas and oil output
Heirs Energies is chaired by Tony Elumelu and led by Chief Executive Officer Osa Igiehon, with Sam Nwanze serving as executive director and chief financial officer, Heirs Energies operates a rapidly growing oil and gas portfolio focused on meeting domestic energy demand, particularly through increased gas supply to Nigeria’s power sector.
Nwanze said the financing was designed to build on recent gains. “We are currently producing over 50,000 barrels of oil per day and about 120 million cubic meters of gas,” he said. “This facility supports our plan to scale production to around 100,000 barrels per day and 250 million cubic meters of gas.” He said Heirs Energies raised about $1.1 billion to acquire OML 17 from Shell, Total and Eni, with most of that financing repaid after nearly four years of operations. The new facility includes refinancing as well as funding tied to the expanded capacity of the assets.
Increased gas output from OML 17 has already lifted power generation across Nigeria’s eastern gas network, supporting plants such as Geometric and Transcorp, Nwanze said. “As production grows, the impact on energy supply becomes clearer,” he added. “Our goal is to strengthen supply not only in Nigeria but across Africa.” With the Afreximbank deal in place, Heirs Energies is moving into its next stage with a focus on reliable production, responsible development, and long-term value creation at a time when energy security remains a pressing issue in Africa.
