African Export-Import Bank (Afreximbank) and Heirs Energies Ltd have signed a $750 million financing agreement to strengthen the energy firm’s capital structure and fund its field development programme in Nigeria, the companies said on Monday.

The dual-tranche senior secured reserve-based lending facility, arranged by Afreximbank, will provide liquidity to support Heirs Energies’ growth strategy as it seeks to ramp up oil and gas production.

Afreximbank acted as mandated lead arranger, facility agent, and security agent for the deal.

“This partnership is a testament to Afreximbank’s commitment to value creation and empowering African entrepreneurs,” said Afreximbank President George Elombi at the signing ceremony in Abuja.

He added that the bank planned to channel significant capital into the proposed African Energy Bank.

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Heirs Energies Chairman Tony Elumelu said the transaction underscored the role of African capital in financing the continent’s future.

“It reflects the successful journey Heirs Energies has taken – from turnaround to growth,” he said.

The deal builds on a 2021 transaction in which Heirs Energies, then Heirs Oil & Gas, acquired a 45% stake in OML 17 for $1.1 billion, backed by Afreximbank and other lenders.

Since then, the company has doubled crude output to about 50,000 barrels per day and has become a leading gas supplier to Nigeria’s power sector.