In a landmark deal for the African energy sector, Heirs Energies has secured a $750 million financing facility from the African Export-Import Bank (Afreximbank). The agreement, finalized over the weekend, will refinance existing debt and accelerate the expansion of what has become Africa’s largest integrated indigenous energy business.
The transaction, announced by Heirs Holdings Chairman Tony O. Elumelu, CFR, is being hailed as more than a financial milestone. Elumelu described it as a powerful validation of African enterprise and a testament to the transformative potential of “African capital backing African business.”
“This deal is a vindication of our bold acquisition in 2021 and a tribute to the superb management team at Heirs Energies,” Elumelu stated. “It proves that a truly indigenous business can also be a world-class player, respected internationally.”
The financing underscores Afreximbank’s growing role as a source of long-term, strategic capital for major African projects. It also marks the latest chapter in a high-stakes journey that began with Heirs Holdings’ acquisition of oil and gas assets from Shell.
Elumelu revealed that Afreximbank’s support was catalytic from the outset, providing an initial $600 million letter of commitment. That early vote of confidence enabled Heirs to raise over $2.5 billion globally to close what he called “one of the most complex energy transactions in Nigeria.”
The path was fraught with challenges, including regulatory delays, policy uncertainty, and a costly transaction restructuring. “Yet we persevered,” Elumelu said, driven by a core belief: “Africa must develop Africa, and African businesses must be built to global standards.”
He framed the Heirs Energies success within a broader philosophy of transformational investment, drawing parallels with his turnaround of a distressed bank into the pan-African United Bank for Africa (UBA) Group, and the transformation of the Transcorp Hilton Abuja into a national flagship.
The Chairman attributed progress across his group’s banking, power, hospitality, and energy portfolios to three fundamentals: conviction, discipline, and the courage to act when others hesitate.
“Transformation is not accidental,” Elumelu emphasized. “The $750 million Afreximbank financing is a public endorsement of that journey.”
Heirs Energies now operates as a major player in Nigeria’s energy landscape, with the new facility poised to fuel its next phase of strategic growth.