Afreximbank grants Heirs Energies $750m to boost African energy growth

Heirs Energies Limited, a major Nigerian-integrated energy company, has secured a $750 million financing facility from the African Export-Import Bank (Afreximbank) to accelerate its expansion plans.

The deal was formalized at a signing ceremony in Abuja on December 20, 2025.

The five-year facility is structured as a reserve-based lending arrangement, one of the largest of its kind for an African-owned energy firm. It comprises two parts: refinancing existing debt linked to production and providing fresh capital for further growth initiatives.

This financing underscores lender confidence in Heirs Energies’ operational strength, governance, and growth trajectory. Since acquiring oil mining lease (OML) 17, the company has doubled production from 25,000 to over 50,000 barrels of oil per day and increased gas output to 120 million standard cubic feet per day, with all gas supplied domestically to boost Nigeria’s power generation.

Samuel Mwuanze, Executive Director & CFO of Heirs Energies, stated that the capital will propel the company toward a target of 100,000 barrels per day and 250 million standard cubic feet of gas daily within three years.

He emphasized a dual strategy of organic growth from existing assets and potential inorganic acquisitions across Africa.

Tony O. Elumelu, Chairman of Heirs Energies, highlighted the transaction as a landmark example of “Africa financing Africa’s future,” praising Afreximbank’s pivotal role. He noted the institution’s initial $600 million support was crucial for the original acquisition and described the new facility as validation of the company’s successful turnaround and growth.

Afreximbank President George Elombi expressed pride in backing Heirs Energies, citing trust in its leadership and alignment with the bank’s mandate to support African champions driving economic transformation and energy security.

The facility is set to accelerate field development, enhance production efficiency, and solidify Heirs Energies’ path to profitable, sustainable growth, contributing to greater energy sufficiency for Nigeria and the continent.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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