Heirs Energies secures $750 million to boost its growth

Heirs Energies, the Nigerian energy company, has secured a USD 750 million financing agreement with Afreximbank at a ceremony in Abuja. This investment will enable the company to maximize energy production and capitalize on growth opportunities. Since taking over management of Block OML 17, Heirs Energies has doubled its oil and gas production, now reaching 50,000 barrels of oil per day and 120 million standard cubic feet of gas per day. This financing underscores investor confidence in the company's management structure and long-term prospects.

Tony O. Elumelu, Chairman of Heirs Energies, expressed his satisfaction: “This transaction demonstrates the potential of African businesses backed by long-term local capital.” George Elombi, President of Afreximbank, emphasized that this transaction aligns with the bank’s vision of supporting the continent’s economic champions. With this financing, Heirs Energies can now embark on a new phase of its development, focused on optimizing resources and creating sustainable value.