Heirs Energy Closes $750 Million Afreximbank Financing to Drive Expansion and Production Growth
Heirs Energies Ltd has secured a $750 million financing facility from the African Export-Import Bank (Afreximbank), strengthening the company’s financial position and supporting its long-term expansion strategy in the energy sector.
The agreement was signed in Abuja by Tony Elumelu, Chairman of Heirs Holdings, and George Elombi, President and Chairman of the Board of Afreximbank.
Beyond operational efficiency, the financing is intended to support Heirs Energy’s broader growth ambitions, including asset development and strategic acquisitions across the oil and gas value chain.
Mr. Elumelu said the transaction demonstrates the ability of African capital to directly support African enterprises. He commended Afreximbank for its pivotal role in enabling the growth of indigenous businesses, describing the institution as one of the continent’s most influential development finance organizations.
He also urged African business leaders to safeguard the confidence of lenders that back their projects, noting that Afreximbank has built the capacity and conviction to finance African companies.
According to him, strong execution and performance are essential to sustaining lender confidence and encouraging increased financing across the private sector.
Mr. Elombi reaffirmed Afreximbank’s commitment to supporting the expansion of African businesses. He disclosed that the bank is in the process of establishing a dedicated energy bank that will manage a significant portion of its energy-related investments.
He added that Afreximbank plans to commit substantial capital to the initiative and develop it with the same innovation-driven approach that characterizes the institution’s operations.
Samuel Nwanze, Executive Director and Chief Financial Officer of Heirs Energy, said the $750 million facility would play a critical role in accelerating the company’s growth.
He explained that Heirs Energy plans to expand through a combination of organic development and asset acquisitions.
Mr. Nwanze said the financing positions the company for its next phase of development, with plans to increase crude oil production to approximately 100,000 barrels per day from the current level of about 55,000 barrels per day.
He added that the company aims to achieve this target within three years, alongside delivering around 250 million standard cubic feet of gas.
He noted that Heirs Holdings entered the oil and gas sector to support Nigeria’s energy security and said the group will continue to pursue acquisitions that align with its long-term strategic objectives.
