Afreximbank and Heirs Energies Limited have announced a $750-million financing partnership designed to strengthen Heirs Energies’ capital structure and provide liquidity for its working capital as it pursues its field development programme. The deal is expected to expand Nigeria’s domestic energy capacity amid rising demand.
The dual-tranche senior secured reserve-based lending facility was signed in Abuja by Dr. George Elombi, President and Chairman of Afreximbank, and Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies Limited. The agreement will support Heirs Energies’ accelerated growth strategy and its plans to increase oil and gas production.
Afreximbank served as Mandated Lead Arranger, Facility Agent, and Security Agent under the financing. The transaction is a milestone in the strategic collaboration between Afreximbank and Heirs Energies, reinforcing the bank’s commitment to African enterprise and value creation.
Dr. George Elombi of Afreximbank and Mr. Tony O. Elumelu of Heirs Energies sign the $750-million financing agreement in Abuja.
Strategic support for African energy growth
Dr. Elombi described the partnership as vital for empowering African entrepreneurs and strengthening fossil fuel-dependent economies. “Without investments such as this, many African economies would face dire challenges,” he said. “Our core strength lies in the value of partnerships we continue to forge.”
He praised Mr. Elumelu’s support for Afreximbank’s initiatives, highlighting the role of collaborations in advancing Africa’s economic transformation. Dr. Elombi also reaffirmed the bank’s commitment to the African Energy Bank project, aiming to consolidate and innovate the continent’s energy portfolio.
Afreximbank is open to supporting Heirs Holdings and its affiliates in expanding to other West African countries, including Ghana and Côte d’Ivoire, as well as other parts of Africa. “Our goal is to spread and support the domination of the African brand across the continent,” Dr. Elombi said.
African capital driving enterprise
Mr. Elumelu called the financing “a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital.” He emphasized that Heirs Energies’ growth reflects a successful journey from turnaround to expansion, underlining the principle of Africa financing its own future.
Heirs Energies has played a pivotal role in Nigeria’s oil and gas sector. Following its 2021 acquisition of a 45-per cent interest in the OML 17 Joint Venture—financed in part by Afreximbank—the company has increased crude production from around 25,000 barrels per day to an average of 50,000 barrels per day. The company also achieved first gas from the Agbada Non-Associated Gas Plant just months after taking over the asset.
Heirs Energies is the top gas supplier in the Eastern Domestic Network, providing gas to three major power plants and contributing approximately 15 per cent of Nigeria’s installed electricity generation capacity.
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