Heirs Energies Limited has received international recognition after its $750 million reserve-based lending arrangement was named Oil and Gas Deal of the Year at the EMEA Finance Project Finance Awards 2026 held in London.
The award highlights one of the largest funding transactions secured by an African indigenous energy company. The financing was structured as a dual-tranche senior secured facility and was arranged in partnership with the African Export-Import Bank (Afreximbank), aimed at supporting production growth and long-term development plans.
Company chairman Tony Elumelu described the deal as proof that African-led firms can successfully raise large-scale capital to develop energy assets and strengthen the continent’s energy security. He said the achievement reflects growing confidence in African institutions and their ability to structure complex global transactions.
According to the company’s chief executive officer, Osa Igiehon, the funding arrangement shows that international and African financial partners continue to support Heirs Energies’ strategy and operational direction. He added that the recognition affirms the strength of the company’s long-term investment plans.
Afreximbank also welcomed the award, saying the transaction demonstrates the importance of Africa-focused financing models that support strong governance and sustainable growth in the energy sector. The bank noted that the facility was designed to improve production capacity and boost value creation across the region.
Heirs Energies’ chief financial officer, Samuel Nwanze, said the financing is aligned with the company’s expansion strategy, helping to fund field development and optimise output.
The deal marks a shift in the company’s funding approach, moving towards a structure tailored to the long-term potential of its reserves. It also reinforces its position as a major indigenous oil and gas producer in Nigeria.
Since taking over operatorship of OML 17 in 2021, Heirs Energies says it has significantly increased production levels, contributing a notable share of Nigeria’s oil and gas output while expanding its role in the country’s energy sector.
The EMEA Finance Project Finance Awards recognise standout financial transactions across Europe, the Middle East, and Africa, focusing on innovation and impact in structured finance.
