Heirs Energy just locked down a seven hundred and fifty million dollar financing deal with Afreximbank. The company's chairman, Tony Elumelu, and its CFO, Samuel Nwanze, outlined plans to boost production from their current operations toward a target of one hundred thousand barrels of oil daily. They also aim to ramp gas output up to two hundred and fifty million cubic meters.
Elumelu called the agreement a major example of African capital backing African business, specifically praising Afreximbank's repeated support. He reflected on tough early hurdles, like a lengthy delay under the previous government, which questioned letting a private Nigerian firm control a large asset like OML 17. That holdup cost the company heavily in fees before the deal was finally approved in a reduced form.
Afreximbank's president, Dr. George Elombi, said backing the energy sector is essential for economic stability across many African nations. He positioned the bank as a permanent, continent-owned partner committed to large-scale interventions. Nwanze explained the new funds will refinance existing debt and provide capital for growth, both within their core asset and for potential new acquisitions. He noted they have already repaid most of the original billion-dollar acquisition loan from Shell and partners. Their increased gas production is currently feeding power plants in eastern Nigeria, contributing to the domestic energy supply.
Elumelu called the agreement a major example of African capital backing African business, specifically praising Afreximbank's repeated support. He reflected on tough early hurdles, like a lengthy delay under the previous government, which questioned letting a private Nigerian firm control a large asset like OML 17. That holdup cost the company heavily in fees before the deal was finally approved in a reduced form.
Afreximbank's president, Dr. George Elombi, said backing the energy sector is essential for economic stability across many African nations. He positioned the bank as a permanent, continent-owned partner committed to large-scale interventions. Nwanze explained the new funds will refinance existing debt and provide capital for growth, both within their core asset and for potential new acquisitions. He noted they have already repaid most of the original billion-dollar acquisition loan from Shell and partners. Their increased gas production is currently feeding power plants in eastern Nigeria, contributing to the domestic energy supply.
