Nigeria’s indigenous energy company, Heirs Energy, has received a $750 million financing package from the African Export-Import Bank (Afreximbank) to expand its oil and gas operations.
The funding is expected to increase the company’s crude oil output to 100,000 barrels per day and gas production to 250 million cubic metres.
The agreement, signed in Abuja, is aimed at strengthening Heirs Energy’s upstream operations while supporting Nigeria’s broader goals of energy sufficiency and industrial growth.
At the signing ceremony, Heirs Holdings Chairman Tony Elumelu described the deal as a significant endorsement of African businesses and institutions.
He praised Afreximbank for backing large-scale indigenous projects and emphasized that such financial support comes with the responsibility to deliver strong performance.
“Despite challenges like oil theft, we have consistently met our obligations,” Elumelu noted. He also highlighted the hurdles the company faced during the acquisition of Oil Mining Lease (OML) 17, explaining that regulatory delays under the previous administration of President Muhammadu Buhari added considerable financial costs.
Afreximbank President, Dr George Elombi, said the financing aligns with the bank’s mission to strengthen Africa’s energy sector, which he described as crucial for the continent’s economic stability.
He added that additional billion-dollar interventions are being prepared to further support African energy companies.
Heirs Energy’s Executive Director and CFO, Samuel Nwanze, explained that the facility combines refinancing of existing debt with fresh capital for growth. Currently producing over 50,000 barrels of oil per day and 120 million cubic metres of gas, the company plans to scale operations significantly with the new funding.
Nwanze also highlighted the company’s contribution to power generation in Nigeria, noting that increased gas production from OML 17 has already improved electricity output across the eastern domestic gas network.
In addition, Heirs Energy, in partnership with NNPC, has signed Gas Flare Commercialisation Agreements under the Nigerian Gas Flare Commercialisation Programme. These initiatives aim to eliminate routine flaring while converting previously wasted gas into economic value.
The $750 million facility marks another step in Heirs Energy’s growth journey, reinforcing the role of African capital in developing the continent’s energy infrastructure.
