Heirs Energies has signed a $750 million financing agreement with the African Export-Import Bank (Afreximbank ) to accelerate oil and gas development in Nigeria, the companies said Saturday.

The deal, among the largest secured by a privately owned African energy firm, was finalized at a ceremony in Abuja attended by Heirs Energies Chairman Tony Elumelu and Afreximbank President George Elombi.

Proceeds from the facility will support field development, increase output, and fund growth opportunities aligned with the company’s long-term production strategy.

Heirs Energies assumed operatorship of Oil Mining Lease 17 in 2021 and has since doubled production from 25,000 barrels of oil per day to over 50,000.

Natural gas output has more than doubled to 120 million standard cubic feet per day, all of which is supplied to Nigeria’s domestic market.

“This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital,” Elumelu said.

Elombi said the deal highlights Afreximbank’s confidence in the company’s governance and performance and supports the bank’s goal to back African-owned firms driving regional economic transformation.

Through targeted brownfield interventions and infrastructure optimisation, Heirs Energies has successfully transitioned from acquisition-led financing to a capital structure aligned with the long-term development profile of its reserves, the company said.

It also cited improvements in community engagement, infrastructure integrity, and health and safety standards since taking control of OML 17.

Heirs Energies, which describes itself as Africa’s leading indigenous-owned energy firm, said it aims to align operations with global sustainability standards while meeting domestic energy demand.

Afreximbank is a multilateral lender focused on promoting intra- and extra-African trade and industrialization.