Heirs Energies Limited has secured a $750 million financing agreement to enhance the company’s capital structure and support its field development program in Nigeria, with funding provided by the Africa Export-Import Bank (Afreximbank).
This dual-tranche senior secured reserve-based lending facility, arranged by Afreximbank, will supply liquidity to facilitate Heirs Energies’ growth strategy as the company aims to increase its oil and gas production. Afreximbank acted as the mandated lead arranger, facility agent, and security agent for this deal.
During the signing ceremony in Abuja, Afreximbank President George Elombi stated that this partnership demonstrates the bank’s commitment to value creation and empowering African entrepreneurs. He also mentioned plans to direct significant capital into the proposed African Energy Bank.
Heirs Energies Chairman Tony Elumelu emphasized that the transaction highlights the importance of African capital in financing the continent’s future. “It reflects the successful journey Heirs Energies has taken—from turnaround to growth,” he remarked.
This financing builds on a 2021 transaction in which Heirs Energies, previously known as Heirs Oil & Gas, acquired a 45% stake in OML 17 for $1.1 billion, backed by Afreximbank and other lenders.
Since that acquisition, the company has doubled its crude output to approximately 50,000 barrels per day and has emerged as a leading gas supplier to Nigeria’s power sector.
