Afreximbank, Heirs Energies Seal US$750m Deal to Boost Nigeria’s Energy Capacity
The African Export-Import Bank (Afreximbank) has entered into a landmark US$750 million financing partnership with Heirs Energies Limited, in a move expected to strengthen Nigeria’s domestic energy supply and support the company’s next phase of oil and gas expansion.
The financing, structured as a dual-tranche senior secured reserve-based lending facility, is designed to optimise Heirs Energies’ capital structure and unlock critical liquidity to meet working capital needs as it accelerates its field development programme. The deal comes amid rising domestic energy demand and renewed focus on indigenous participation in Africa’s energy sector.
The agreement was signed in Abuja by Afreximbank’s President and Chairman of the Board of Directors, Dr. George Elombi, and Chairman of Heirs Energies Limited, Mr. Tony O. Elumelu, CFR. Under the arrangement, Afreximbank will serve as Mandated Lead Arranger, Facility Agent and Security Agent, underscoring its central role in structuring and executing the transaction.
Speaking at the signing ceremony, Dr. Elombi described the partnership as a clear demonstration of Afreximbank’s commitment to empowering African entrepreneurs and driving value creation across strategic sectors.
“Without investments such as this, many fossil fuel-dependent African economies would face severe economic challenges,” he said, adding that strong partnerships remain at the core of Afreximbank’s strategy to unlock Africa’s economic transformation.
Dr. Elombi also reaffirmed the bank’s resolve to advance the African Energy Bank initiative, noting that substantial capital would be deployed to build a bold and innovative institution capable of supporting Africa’s energy ambitions. He further indicated Afreximbank’s readiness to work with Heirs Holdings and its affiliates to expand operations beyond Nigeria into West Africa, including Ghana and Côte d’Ivoire, and across the wider continent.
For Heirs Energies, the transaction represents a significant endorsement of its growth trajectory. Mr. Elumelu said the deal reflects the power of African capital backing African enterprise.
