This financing, estimated at over 400 billion CFA francs, obtained by Heirs Energy from Afreximbank, aims to optimize its capital structure and support its ambitious development program. This partnership seeks to transform Nigeria’s energy capacity at a time when demand continues to rise.
On December 22, 2025, in Abuja, a significant announcement captured the attention of African energy sector players: Heirs Energies Limited, a company led by Tony O. Elumelu, secured a $750 million financing partnership with the African Export-Import Bank (Afreximbank). This collaboration aims to strengthen the company’s capital structure and unlock crucial liquidity to support its ambitious oil field development program. The investment is expected to significantly transform Nigeria’s energy capacity at a time of ever-increasing demand.
This financing agreement was signed at a ceremony in Abuja by Dr. George Elombi, President and Chairman of the Board of Afreximbank, and Tony Elumelu, President of Heirs Energies. This loan, structured in two tranches, is considered a pivotal step in the strategic collaboration between the two entities. It will support Heirs Energies’ accelerated growth strategy as it prepares for a new phase of expansion, aiming to increase and maintain its oil and gas production.
In his remarks following the signing, Dr. Elombi stated that this partnership demonstrates Afreximbank’s commitment to value creation and the empowerment of African entrepreneurs. “Without investments like this, many African economies dependent on fossil fuels would face serious economic challenges,” he emphasized. This support aims to foster African entrepreneurship, while also reinforcing Afreximbank’s role in the continent’s economic transformation.
Heirs Energies, a key player in Nigeria’s oil and gas industry, stated that this financing is a recognition of an African company’s ability to succeed through disciplined management and long-term capital. Tony Elumelu commented: “This transaction is a powerful affirmation of what African companies can achieve when backed by disciplined capital. It underscores our successful journey to growth and our belief in African finance serving African businesses.”
The partnership between Heirs Energies and Afreximbank dates back to 2021, when the company acquired a 45% stake in the OML 17 Joint Venture in a $1.1 billion transaction backed by a consortium of banks. This was a pivotal moment for indigenous energy acquisition in Nigeria’s oil sector. Afreximbank contributed $250 million to the deal, reaffirming its commitment to developing Africa’s energy sector.
Since this acquisition, Heirs Energies has doubled its oil production from approximately 25,000 barrels per day to 50,000, while also achieving significant results in gas production. The company is now the leading gas supplier on the eastern domestic grid, contributing approximately 15% of Nigeria’s installed power generation capacity. This new financing marks a major step forward for Heirs Energies and for energy in Africa, as the continent seeks to bolster its generation capacity while addressing the economic and energy challenges of tomorrow.
