Nigeria’s Heirs Energy has secured a $750 million financing facility from the African Export-Import Bank (Afreximbank) to expand its oil and gas operations. The deal is expected to increase crude oil production to 100,000 barrels per day and gas output to 250 million cubic meters. The facility, signed in Abuja, aims to strengthen the company’s upstream operations and support Nigeria’s push for energy sufficiency and industrial growth.

Heirs Holdings Chairman, Tony Elumelu, described the transaction as a vote of confidence in African enterprises and institutions, praising Afreximbank for backing large-scale indigenous projects. Elumelu noted that the bank has played a significant role in Heirs Energy’s growth journey, with the latest financing reflecting African capital working for African businesses.

The financing facility is structured to refinance existing debt and provide fresh capital for expansion. Heirs Energy Executive Director and Chief Financial Officer, Samuel Nwanze, explained that the company is currently producing over 50,000 barrels of oil per day and 120 million cubic meters of gas. The new funding will help scale up production to 100,000 barrels per day and 250 million cubic meters of gas.

Afreximbank President, Dr. George Elombi, said the bank’s support for Heirs Energy aligns with its commitment to strengthening Africa’s energy sector, which is critical to economic stability across the continent. Elombi noted that the bank is preparing additional billion-dollar interventions to stabilize the sector.

The deal is significant for Nigeria’s energy sector, as increased gas production from Heirs Energy’s Oil Mining Lease 17 has already boosted power generation across the country’s eastern domestic gas network. The company has also signed Gas Flare Commercialisation Agreements under the Nigerian Gas Flare Commercialisation Programme, aimed at eliminating routine flaring and converting wasted resources into economic value.

The financing facility is a five-year reserve-based lending framework, which includes refinancing of existing debt and fresh capital for expansion. Heirs Energy plans to use the funding to pursue growth and refinance its existing debt. With the new financing in place, the company is poised to make a greater impact on energy supply and sufficiency in Nigeria and across the continent.