LAGOS

Nigeria’s Heirs Energies Limited earned global recognition after its $750 million dual-tranche Senior Secured Reserve-Based Lending facility was named Best Oil and Gas Deal of the Year at the EMEA Finance Project Finance Awards 2026.

The award was presented on 3 June in London and recognizes one of the largest financings secured by an indigenous African energy company.

The transaction illustrates the growing role of African capital in advancing energy security, economic development, and long-term value creation across the continent.

Executed with the African Export-Import Bank (Afreximbank), the facility was structured to accelerate field development, optimize production, and support Heirs Energies’ long-term growth ambitions while maintaining disciplined capital management.

Osa Igiehon, Chief Executive Officer of Heirs Energies, said the recognition reflects the confidence that African and international financial institutions have placed in the company’s strategy and vision.

“The transaction demonstrates that indigenous African energy companies can successfully structure and execute world-class financing solutions that support investment, growth, and value creation,” Igiehon said.

Haytham ElMaayergi, Executive Vice President at Afreximbank’s Global Trade Bank, said the award affirmed the importance of well-structured, Africa-focused financing in supporting indigenous energy companies with strong governance and high-quality assets.

“Afreximbank was proud to support this landmark transaction, which demonstrates how African financial institutions can help mobilize capital for strategic businesses that advance energy security, production capacity and sustainable value creation across the continent,” he said.

Heirs Energies and Afreximbank signed the $750 million facility in Abuja in December 2025, in a ceremony attended by Chairman Tony Elumelu and Afreximbank President George Elombi.

The financing marked a milestone in Heirs Energies’ shift from acquisition-led financing to a capital structure aligned with the long-term development profile of its reserves, reinforcing its position as a leading indigenous energy producer.

Heirs Energies Ltd is Africa’s leading indigenous-owned integrated energy company and operator of OML 17. Since assuming operatorship in 2021, the Company has more than doubled oil production to over 50,000 barrels per day and tripled gas production to over 135 million standard cubic feet per day.

Heirs Energies contributes approximately 5% of Nigeria’s oil production and 5% of domestic gas supply, helping to advance energy security, economic growth and sustainable development across Africa.