- Afreximbank and Heirs Energies Limited signed a $750 million financing agreement in Abuja on December 20, 2025, announced publicly on December 22, 2025.
- The deal is a dual-tranche senior secured reserve-based lending facility, with Afreximbank acting as Lead Arranger, Facility Agent, and Security Agent.
- It is one of the largest financings ever secured by an indigenous African energy company.
What the funding will be used for:
- Strengthening Heirs Energies’ capital structure.
- Providing liquidity for working capital.
- Supporting an aggressive field development programme in OML 17, where Heirs Energies holds a 45% stake.
Expected impact:
- Increased and sustained oil and gas production.
- Optimization of existing output and pursuit of new growth opportunities.
- Potential increase in oil production toward 100,000 barrels per day and higher gas volumes.
Why it matters:
- Builds on a successful 2021 partnership, when Afreximbank helped finance Heirs Energies’ $1.1 billion acquisition of OML 17.
- Since then, production has more than doubled, with all gas supplied to Nigeria’s domestic market.
- The gas supply supports about 15% of Nigeria’s installed electricity capacity, strengthening energy security.
Key statements:
- Tony O. Elumelu described the deal as “Africa financing Africa’s future,” marking a shift from recovery to long-term growth.
- Dr. George Elombi said the financing reflects Afreximbank’s confidence in Heirs Energies’ leadership, governance, and assets.
Big picture:
- The deal highlights growing intra-African financing and confidence in indigenous energy operators.
- It supports Nigeria’s goals of energy security, reduced imports, and economic growth.
