The Chief Executive Officer of Heirs Energies Ltd, Heirs Energies Ltd, Osa Igiehon, has praised the company’s financial partners, advisers and stakeholders for their contribution to the successful closure of a $750 million funding arrangement that has attracted international recognition.
In a statement issued in Lagos on Sunday, Igiehon said the achievement reflected strong collaboration between the company and its funding partners, noting that their support was central to the execution of the transaction.
He explained that the deal signals increasing confidence from both African and global financial institutions in the company’s long-term strategy and operational direction, adding that it also demonstrates the capability of indigenous energy firms to structure large-scale financing solutions.
The funding package, a $750 million dual-tranche Senior Secured Reserve-Based Lending facility, was arranged in collaboration with African Export-Import Bank.
According to him, the facility will be deployed to support field development programmes, boost production capacity, and advance the company’s expansion plans within the energy sector. He also linked the achievement to the broader vision of Heirs Energies’ Chairman, Tony Elumelu, particularly his advocacy for increased African-led financing of the continent’s resources.
Speaking on the transaction, Afreximbank’s Executive Vice President for Global Trade Bank, Haytham ElMaayergi, described the deal as a significant milestone, noting that it underscores the role of Africa-focused financing structures in strengthening indigenous energy companies and improving regional energy security.
He added that such partnerships are essential for expanding production capacity and generating long-term economic value across the continent.
The Chief Financial Officer and Executive Director of Heirs Energies, Samuel Nwanze, said the recognition affirmed the robustness of the financing structure and the confidence placed in the company’s growth outlook.
He noted that the facility is designed to support long-term investment in asset development and production optimisation, adding that it marks a key step in aligning the company’s capital structure with its reserve base.
Nwanze further stated that since taking over operatorship of OML 17 in 2021, the company has significantly increased output, with oil production more than doubling and gas production rising sharply.
He disclosed that oil production has climbed to over 50,000 barrels per day, while gas output now exceeds 135 million standard cubic feet per day.
Heirs Energies currently accounts for about five per cent of Nigeria’s total oil output and domestic gas supply.