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Heirs Energies Secures $750 Million Financing from Afreximbank for Expansion

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Heirs Energies Limited, Nigeria’s leading indigenous integrated energy company, has secured a $750 million financing facility from the African Export-Import Bank (Afreximbank).

The deal was finalized during a signing ceremony in Abuja on December 20, 2025, attended by Tony O. Elumelu, CFR, Chairman of Heirs Energies, and Dr. George Elombi, President and Chairman of Afreximbank.

This transaction marks one of the largest financings ever obtained by an indigenous African energy firm, underscoring strong confidence in Heirs Energies’ operational track record, governance, brownfield expertise, and future growth potential.

Since taking over operatorship of Oil Mining Lease (OML) 17, Heirs Energies has implemented a rigorous turnaround strategy, emphasizing production recovery, asset integrity, and efficiency gains.

Through targeted interventions and infrastructure upgrades, the company has shifted from acquisition-focused funding to a sustainable capital structure suited to long-term reserve development.

Production has doubled since acquisition, rising from 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d) to more than 50,000 bopd and 120 mmscf/d currently. All gas output is supplied to Nigeria’s domestic market, playing a key role in supporting national power generation.

The company has also overhauled community engagement and upheld top-tier health and safety standards.

The new Afreximbank facility will fund accelerated field development, production optimization, and strategic growth initiatives, all while adhering to strict capital discipline.Tony O. Elumelu, CFR, Chairman of Heirs Energies, commented: “This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital.

It reflects the successful journey Heirs Energies has taken—from turnaround to growth—and reinforces our belief in African capital working for African businesses. This is Africa financing Africa’s future.

”Dr. George Elombi, President and Chairman of Afreximbank, added: “Afreximbank is proud to support Heirs Energies at this pivotal stage of its growth.

This financing reflects our confidence in the company’s leadership, governance, and asset base, and aligns with our mandate to support African champions driving sustainable economic transformation across the continent.

”The deal highlights Afreximbank’s commitment to empowering indigenous operators capable of advancing energy security, sustainable development, and economic value throughout Africa.

With this funding in place, Heirs Energies is well-positioned for its next growth phase, prioritizing operational excellence, responsible resource management, and lasting stakeholder value.

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, dedicated to addressing the continent’s energy demands while advancing global sustainability objectives. It emphasizes innovation, environmental stewardship, and community development in the evolving energy sector.

The African Export-Import Bank (Afreximbank) is a Pan-African multilateral institution focused on financing and promoting intra- and extra-African trade, supporting industrialization, trade growth, and economic transformation.

Business

TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year

In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.

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TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.

Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.

The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.

Moniepoint is also the only African company represented on the inaugural list.

Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.

In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.

“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.

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Naira Exchange Rates, Friday September 25

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Black Market Rates

₦1382DOLLAR (USD)

₦1855POUND (GBP)

₦1545EURO (EUR)

1000 DOLLAR (CAD)

₦70 RAND (ZAR)

370DIRHAM (AED)

190YUAN (CNY)

₦100G.CEDI (GHS)

₦2350 CFA F.(XOF)

₦2250 CFA F.(XAF)

₦850 AUSSIE (AUD)

Official CBN Exchange Rates

DOLLAR (USD)₦1328.67

POUND (GBP)₦1758.36

EURO (EUR)₦1511.63

SWISS FRANC (CHF)₦1605.45

JAPANESE YEN (JPN)₦8.38

CFA FRANC (XOF)₦2.31

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1808.03

CHINESE YUAN (CNY)₦197.92

SAUDI RIYAL (SAR)₦353.86

SOUTH AFRICAN RAND (ZAR)₦81.09

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Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline

In Kenya, Dangote and the government are ⁠due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.

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Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline ‌that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.

The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity ⁠at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.

Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline ‌and ⁠power plant, and a polypropylene packaging facility, in Ethiopia.

The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.

Developers say the infrastructure will strengthen ⁠energy security and improve supply chain resilience for the two countries, he said.

Abiy is on a visit to Djibouti and ⁠made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.

In Kenya, Dangote and the government are ⁠due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.

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