Mr Osa Igiehon, Chief Executive Officer of Heirs Energies Ltd., has commended the company’s financing partners, advisers and stakeholders for their roles in securing a landmark US$750 million facility.
Igiehon gave the commendation in a statement issued on Sunday in Lagos following international recognition for the financing transaction.
He said the support received from partners and stakeholders was instrumental to the successful execution of the deal.
“We are proud to receive this recognition and grateful to our financing partners, advisers and stakeholders whose support made it possible,” he said.
According to Igiehon, the transaction reflects growing confidence among African and international financial institutions in Heirs Energies’ strategy and long-term vision.
He said the financing demonstrated the capacity of indigenous African energy companies to structure and execute world-class funding solutions.
The Heirs Energies boss noted that the transaction supports investment, growth and value creation within Africa’s energy sector.
He described the financing as one of the largest transactions secured by an indigenous African energy company.
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The US$750 million dual-tranche Senior Secured Reserve-Based Lending facility was arranged in partnership with Afreximbank.
Igiehon said the facility would support field development programmes, increase production and drive the company’s long-term growth objectives.
He added that the financing aligned with the vision of Heirs Energies Chairman, Mr Tony Elumelu, on mobilising African capital for African development.
According to him, Elumelu has consistently championed stronger participation by African institutions in financing the continent’s resources and energy sector.
Also speaking, Afreximbank’s Executive Vice President, Global Trade Bank, Mr Haytham ElMaayergi, described the financing as a landmark transaction.
ElMaayergi said the deal highlighted the importance of Africa-focused financial solutions in supporting indigenous energy companies with strong growth prospects.
He noted that African financial institutions would play a critical role in mobilising capital to strengthen energy security across the continent.
According to him, such transactions can also expand production capacity and create sustainable economic value.
The Executive Director and Chief Financial Officer of Heirs Energies, Mr Samuel Nwanze, said the recognition validated the strength of the financing structure.
Nwanze said the award reflected the confidence financing partners have shown in the company and its long-term growth plans.
He stated that the facility was designed to support long-term investments in field development and production optimisation.
According to him, the financing marks a major milestone in the company’s transition to a capital structure aligned with reserve development.
Nwanze said the transaction further strengthened Heirs Energies’ position as a leading indigenous energy producer.
He noted that since assuming operatorship of OML 17 in 2021, the company had more than doubled oil production.
According to Nwanze, oil output has risen to more than 50,000 barrels per day, while gas production has tripled.
He added that gas production now exceeds 135 million standard cubic feet per day.
The company currently contributes about five per cent of Nigeria’s oil production and domestic gas supply.
(NAN)
