Heirs Energies secures $750-million Afreximbank loan to boost Nigerian output

LAGOS, December 23, 2025 – Heirs Energies has secured a USD 750-million loan from Afreximbank to expand oil and gas production at its southern Nigeria asset, the company said on Saturday.

The financing will support field development and infrastructure upgrades aimed at doubling output to 100,000 bopd within five years. Production at the site has already doubled to over 50,000 bopd and 120 mcf per day since acquisition in 2021, with all gas directed to Nigeria’s domestic market. The deal ranks among the largest for an indigenous African energy firm and underscores growing confidence in Heirs Energies’ operational strength and governance, Reuters and Yahoo! Finance reported.

Heirs Energies is part of the Heirs Holdings conglomerate led by Nigerian banking magnate Tony Elumelu. It is one of a new wave of local operators reshaping Nigeria’s upstream sector. “This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital,” Elumelu said.

Heirs CFO Sam Nwanze said in October that the company’s growth plan was supported by renewed appetite among international financiers to back African upstream projects. “There’s a shift from international lenders wanting to focus once again on upstream oil and gas financing,” he told Semafor.

Afreximbank chairman George Elombi said the loan aligns with the bank’s mission to back African champions “driving sustainable economic transformation across the continent.”

Heirs Energies is an integrated Nigerian-owned energy company committed to responsible development and sustainable growth. It focuses on efficient hydrocarbons production, innovation and community engagement to address Africa’s energy needs.

Afreximbank is a Pan-African financial institution that facilitates intra- and extra-African trade. It plays a key role in financing industrialisation and strategic sectors across the continent.

Photo courtesy of Heirs Energies on Facebook

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