Abuja: Heirs Energies has successfully sealed a $750 million financing agreement with Afreximbank, a move aimed at enhancing the company’s energy efficiency efforts. The agreement was formalized by Mr. Tony Elumelu, Chairman of Heirs Holdings, and Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank, during a ceremony held in Abuja on Saturday.
According to News Agency of Nigeria, Elumelu highlighted the agreement as a testament to Africa’s capital being effectively harnessed for the benefit of African businesses. He praised Afreximbank for its role in supporting the growth of African enterprises, emphasizing its impact and catalytic influence as a financial institution on the continent. Elumelu also urged African business leaders to maintain the confidence of financial institutions that back their investments, stressing the importance of delivering on commitments.
Dr. George Elombi of Afreximbank reiterated the bank’s dedication to fostering business growth across Africa. He a
nnounced that Afreximbank is currently developing an energy bank designed to manage the energy portfolio, with substantial capital investment planned to ensure innovation and excellence, akin to Afreximbank’s existing standards.
Samuel Nwanze, Executive Director and Chief Financial Officer for Heirs Energy, outlined the strategic use of the $750 million funding to scale the company. Nwanze revealed plans to expand both organically and inorganically, aiming to increase crude oil production capacity from the current 55,000 barrels per day to 100,000 barrels over the next three years, alongside delivering 250 million scopes of gas.
Nwanze underscored the company’s objective of enhancing energy sufficiency in the country, expressing Heirs Holdings’ intent to acquire additional assets to achieve their global vision. He detailed that the Afreximbank facility comprises two components, including the refinancing of existing debt and structuring a reserve-based lending facility to secure additional funding based on t
he increased capacity of their assets.