Afreximbank Backs Heirs Energies With $750-Million Facility, Boosting Nigeria’s Domestic Energy Capacity

Heirs Energies plays a pivotal role in Nigeria’s oil and gas industry, where crude oil remains a resource of critical national and international importance.

ABUJA, Nigeria, – African Export-Import Bank (Afreximbank) and Heirs Energies Limited have announced a landmark US$750-million financing partnership designed to optimise Heirs Energy’s capital structure and unlock critical liquidity to support its working capital requirement as it pursues its ambitious field development programme. The investment is expected to significantly transform Nigeria’s domestic energy capacity as demand rises.

Signed by Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, and Mr. Tony O. Elumelu CFR, Chairman of Heirs Energies Limited, the dual-tranche senior secured reserve-based lending facility, concluded during a ceremony in Abuja, will support Heirs Energies’ accelerated growth strategy as the company enters a new phase of expansion seeking to increase, and sustain, its oil and gas production.