African Export-Import Bank (Afreximbank) and Heirs Energies Ltd have signed a $750 million financing agreement to strengthen the energy firm’s capital structure and fund its field‑development program in Nigeria. The deal is a dual‑tranche senior secured reserve‑based lending facility arranged by Afreximbank, which will provide liquidity and support Heirs Energies’ growth strategy as it seeks to increase oil and gas production. Afreximbank acted as the mandated lead arranger, facility agent, and security agent for the transaction.
Afreximbank President George Elombi said the partnership demonstrates the bank’s commitment to empowering African entrepreneurs and creating value, and announced plans to channel significant capital into the proposed African Energy Bank. Heirs Energies Chairman Tony Elumelu noted that the transaction highlights the role of African capital in financing the continent’s future.
The agreement builds on a 2021 transaction in which Heirs Energies, then known as Heirs Oil & Gas, acquired a 45 % stake in OML 17 for $1.1 billion, backed by Afreximbank and other lenders. Since then, the company has doubled its crude output to approximately 50,000 barrels per day and has become a leading gas supplier to Nigeria’s power sector. The new financing is expected to support Heirs Energies’ efforts to ramp up oil and gas production, aligning with its growth strategy.
The partnership between Afreximbank and Heirs Energies is a significant development in Nigeria’s energy sector, demonstrating the potential for African capital to drive growth and development in the industry. With this deal, Heirs Energies is poised to further expand its operations and contribute to Nigeria’s energy landscape, while the agreement underscores Afreximbank’s role in supporting African businesses and promoting economic development across the continent. As the energy sector continues to evolve, this collaboration is likely to have a lasting impact on Nigeria’s energy industry and the wider African economy.
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