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Afreximbank backs Heirs Energies with $750-million facility, boosting Nigeria’s domestic energy capacity

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Nigeria

Heirs Energies plays a pivotal role in Nigeria’s oil and gas industry, where crude oil remains a resource of critical national and international importance

ABUJA, Nigeria, December 22, 2025/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) and Heirs Energies Limited have announced a landmark US$750-million financing partnership designed to optimise Heirs Energy’s capital structure and unlock critical liquidity to support its working capital requirement as it pursues its ambitious field development programme. The investment is expected to significantly transform Nigeria’s domestic energy capacity as demand rises.

 

Signed by Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, and Mr. Tony O. Elumelu CFR, Chairman of Heirs Energies Limited, the dual-tranche senior secured reserve-based lending facility, concluded during a ceremony in Abuja, will support Heirs Energies’ accelerated growth strategy as the company enters a new phase of expansion seeking to increase, and sustain, its oil and gas production.

Afreximbank was appointed the Mandated Lead Arranger, Facility Agent, and Security Agent under the financing which is seen as an important milestone in strategic collaboration between Afreximbank and Heirs Energies.

In comments following the signing, Dr. Elombi highlighted the partnership as a testament to Afreximbank’s commitment to value creation and the empowerment of African entrepreneurs.

“Without investments, such as the one being provided to Heirs Energies, many fossil fuel-dependent African economies would face dire economic challenges,” said Dr. Elombi. “Our aim, among others, is to empower the African entrepreneur. Our core strength is in the value of the partnerships we continue to forge.”

He lauded Mr. Elumelu’s steadfast support for Afreximbank’s activities, adding that such partnerships have been instrumental in helping position Afreximbank as a significant cog in unlocking Africa’s economic transformation and other goals.

Without investments, such as the one being provided to Heirs Energies, many fossil fuel-dependent African economies would face dire economic challenges

The President reaffirmed Afreximbank’s determination to see the African Energy Bank project to fruition, saying, “we should get to higher strides and get the Energy Bank so we can move most of the energy portfolio there. We will put tremendous capital in it to be as bold and as innovative as Afreximbank”.

Dr. Elombi added that Afreximbank was willing to work with Heirs Holdings and its affiliated companies expand to other West African countries such as Ghana and Côte d’Ivoire, and to other parts of the continent. “Our aim is to spread and support the domination of the African brand across Africa.”

Commenting on the transaction, Chairman, Heirs Energies Limited Mr. Tony O. Elumelu, CFR noted: “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.”

Heirs Energies plays a pivotal role in Nigeria’s oil and gas industry, where crude oil remains a resource of critical national and international importance.

The partnership between Afreximbank and Heirs Energies Limited dates to 2021, when the company, then known as Heirs Oil & Gas, completed its landmark acquisition of a 45-per cent participating interest in the OML 17 Joint Venture with a US$ 1.1-billion transaction financed by a consortium of international and local banks led by Afreximbank, marking one of the most significant indigenous energy acquisitions in Nigeria’s oil and gas sector.

Afreximbank participated with up to US$ 250 million of that financing, underscoring its commitment to Africa’s energy sector development and its mandate to promote intra-African trade and the growth of African-owned enterprises.

Since that acquisition, the crude oil production has increased from approximately 25,000 barrels per day to an average of 50,000 barrels per day, in addition to significant associated and non-associated gas production. Heirs Energies also achieved first gas from the Agbada Non-Associated Gas Plant on 21 November 2021, just months after taking over the asset which had been under construction for over 10 years under the previous operator.

Currently, Heirs Energies is the top gas supplier in the Eastern Domestic Network and supplies gas to three major power plants, collectively contributing approximately 15 per cent of Nigeria’s installed electricity generation capacity.

Distributed by APO Group on behalf of Afreximbank.

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As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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February 6, 2026

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The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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February 6, 2026

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After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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February 6, 2026

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This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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