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.

All schoolchildren abducted from St. Mary’s Catholic Private Primary and Secondary School in Papiri community, Agwara Local Government Area of Niger State, have been freed.

The final group of approximately 130 pupils was released on Sunday, bringing an end to a month-long ordeal that began with the kidnapping of over 300 students and staff on November 21, 2025.

Officials from the Office of the National Security Adviser (ONSA) confirmed the development to journalists, stating that no children remain in captivity. The release was attributed to sustained security operations and coordinated efforts by Nigerian forces.

The armed attack on the boarding school by gunmen—widely described as bandits—sparked nationwide outrage and heightened fears over the safety of educational institutions in northern Nigeria.

The incident was one of the largest mass abductions since the 2014 Chibok girls’ kidnapping.

Previous batches of pupils had been freed or escaped in the weeks following the abduction, with reports indicating phased releases amid ongoing rescue efforts.

Families in the remote Papiri community, who endured weeks of anguish, expressed profound relief at the news. Security agencies hailed the outcome as a significant victory, though calls continue for enhanced measures to protect schools from future attacks.

Authorities have not disclosed specifics on whether ransoms were involved or the exact circumstances of the final release.

More details to follow as they emerge.

The Governor of Lagos State, Babajide Sanwo-Olu, has congratulated renowned and award-winning journalist Babajide Kolade-Otitoju on his appointment as the Director of News at Television Continental (TVC).

He described it as deserving considering his experience, commitment, and long years of service in the media, particularly at TVC.

Governor Sanwo-Olu, in a statement issued on Friday by his Special Adviser on Media and Publicity, Gboyega Akosile, said Kolade-Otitoju, as an award-winning journalist and seasoned media professional with over 30 years of experience in the sector, has what it takes to deliver effectively in his new assignment.