Heirs Energies has secured a $750 million loan from Afreximbank to enhance oil and gas production at its southern Nigeria asset. The financing will support field development and infrastructure upgrades with the goal of doubling production to 100,000 barrels of oil per day (bopd) within five years. Since acquiring the asset in 2021, production has already doubled to over 50,000 bopd and 120 million cubic feet per day (mcf) of gas, all of which is directed to Nigeria’s domestic market. This deal represents one of the largest for an indigenous African energy firm, highlighting growing confidence in Heirs Energies’ operations and governance.
The financing deal underscores a shift in the financing landscape for African upstream projects, with international lenders increasingly supporting local operators. Heirs Energies, part of the Heirs Holdings conglomerate led by Nigerian banking magnate Tony Elumelu, is positioning itself as a key player reshaping Nigeria’s upstream sector. Elumelu emphasized the importance of African capital in driving sustainable growth and enterprise.
Afreximbank, a Pan-African financial institution focused on promoting trade and industrialization across the continent, views this loan as part of its mission to support African champions driving economic transformation. Heirs Energies remains committed to responsible energy development, aiming to address Africa’s energy needs through efficient hydrocarbons production and community engagement.
