Elumelu’s Heirs Energies clinches $750m Afreximbank funding to boost growth

Heirs Energies has secured a $750 million financing package from the African Export–Import Bank (Afreximbank) in one of the largest funding deals obtained by an indigenous energy producer in Africa.

The agreement was signed in Abuja on December 20, with the Chairman of Heirs Energies, Tony Elumelu, and the President and Chairman of Afreximbank, George Elombi, alongside senior officials of both organisations.

The deal highlights the growing role of African financial institutions in supporting the continent’s energy sector and expanding local capital participation.

For Heirs Energies, the funding represents a major vote of confidence in its operations, governance structure and capacity to manage and expand producing oil and gas assets.

It also deepens the company’s longstanding partnership with Afreximbank as it pursues growth across its energy portfolio.

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Speaking at the signing ceremony, Elumelu described the transaction as a testament to the impact of patient capital and disciplined execution by African enterprises.

Elumelu said: “This financing affirms the journey Heirs Energies has taken, from stabilising assets to growing production.

“It also reinforces our belief in African capital backing African enterprise. This is Africa financing Africa’s future.”

Elumelu also acknowledged Afreximbank’s continued support for the company, noting that the bank has played a key role in restructuring and expansion efforts.

The billionaire businessman added that trust, performance, and discipline remain critical to sustaining such partnerships.

The Star