Nigeria’s indigenous energy firm, Heirs Energy, has secured a $750m financing facility from the African Export-Import Bank to scale up its oil and gas operations. The President of Afreximbank, Dr George Elombi, said the bank’s support for Heirs Energy aligned with its broader commitment to strengthening Africa’s energy sector, which he described as critical to economic stability across the continent. Providing details of the facility, the Executive Director and Chief Financial Officer of Heirs Energy, Samuel Nwanze, said the financing was designed to consolidate recent gains and unlock the next phase of growth. He disclosed that when the company acquired OML 17 from Shell, Total and Eni, it raised about $1.1bn, most of which had been repaid after nearly four years of operations. PUNCH Online reported that the NNPC/Heirs Energies OML 17 Joint Venture signed Gas Flare Commercialisation Agreements under the Nigerian Gas Flare Commercialisation Programme and approved Non-NGFCP frameworks.

Source: Punch December 21, 2025 15:37 UTC