By: ThinkBusiness Africa
Heirs Energies Limited and the African Export-Import Bank (Afreximbank) have signed a massive $750 million financing agreement to fund heirs holding field development projects in Nigeria. The deal marks one of the largest capital injections into an indigenous African energy firm to date.
The financing is structured as a five-year dual-tranche senior secured Reserve-Based Lending (RBL) facility. It is designed to optimize Heirs Energies’ capital structure and provide the liquidity necessary to aggressively scale production at its flagship asset, OML 17.
Heirs Energies Chairman Tony Elumelu said the transaction underscored the role of African capital in financing the continent’s future. “It reflects the successful journey Heirs Energies has taken – from turnaround to growth,” he said.
A significant portion of the funds will be used to refinance existing debt from the 2021 acquisition of OML 17.
The remaining capital will fund a comprehensive expansion program, including infrastructure optimization and brownfield interventions to unlock deeper reserves.
The $750 million facility will serve these two critical functions for the company, which is chaired by prominent African business leader Tony O. Elumelu.
Heirs Energies has already demonstrated a strong track record, doubling production to over 50,000 barrels per day (bpd) since taking over operatorship from Shell, Total, and Eni.
At the time of takeover, crude oil production sat at approximately 25,000 bpd, but through strategic brownfield interventions and well reactivations, the company has already more than doubled this output to over 50,000 bpd as of late 2025.
Looking ahead, the new $750 million financing facility is intended to fuel an even more ambitious expansion, with the company setting a medium-term target to reach 100,000 bpd.
A similar growth trajectory is evident in the company’s natural gas operations, which play a vital role in Nigeria’s domestic power sector. Starting from an initial output of 50 million standard cubic feet per day (mmscf/d) in 2021, Heirs Energies successfully ramped up production to over 120 mmscf/d by December 2025.
With the newly secured capital, the company aims to more than double this capacity again, targeting a peak production of 250 mmscf/d to meet the rising energy demands of Nigeria’s industrial and residential sectors.
100% of the gas produced by Heirs Energies is currently supplied to the domestic market. Increased output will directly fuel major power plants like TransAfam Power and the Geometric Power plant in Aba, helping to stabilize the national grid.
“This partnership is a testament to Afreximbank’s commitment to value creation and empowering African entrepreneurs,” said Afreximbank President George Elombi.
The agreement integrates frameworks for the Nigerian Gas Flare Commercialisation Programme (NGFCP), aiming to eliminate routine flaring and convert waste gas into industrial value.
