Heirs Energies’ $750 Million Financing Emerges Best Oil, Gas Deal Of The Year

Heirs Energies Limited, Africa’s leading indigenous-owned integrated energy company, has been recognised on the global stage after its landmark US$750 million dual-tranche Senior Secured Reserve-Based Lending (RBL) facility was named Best Oil & Gas Deal of the Year at the EMEA Finance Project Finance Awards 2026.

The award was presented in London and recognises one of the largest financings secured by an indigenous African energy company. The transaction reflects the vision of Heirs Energies’ Chairman, Tony O. Elumelu, that African institutions and African-led businesses can successfully mobilise capital to unlock the continent’s resources, advance energy security, and create long-term economic value.

Executed with the African Export-Import Bank (Afreximbank), the US$750 million financing was structured to accelerate field development, optimise production, and support Heirs Energies’ long-term growth ambitions, while maintaining disciplined capital management.

Commenting on the recognition, Osa Igiehon, Chief Executive Officer of Heirs Energies, said: “This recognition reflects the confidence that African and international financial institutions continue to place in Heirs Energies, our strategy, and our long-term vision.

The transaction demonstrates that indigenous African energy companies can successfully structure and execute world-class financing solutions that support investment, growth, and value creation. We are proud to receive this award and grateful to our financing partners, advisers, and stakeholders whose support made it possible.”

Executive Vice President, Global Trade Bank at Afreximbank, Mr. Haytham ElMaayergi, said: “We are truly honoured that the US$750 million dual-tranche Senior Secured Reserve-Based Lending facility for Heirs Energies has been recognised as Best Oil & Gas Deal of the Year by the EMEA Finance Project Finance Awards.

This recognition underscores the importance of well-structured, Africa-focused financing in supporting indigenous energy companies with strong governance, high-quality assets and clear long-term growth plans. Afreximbank was proud to support this landmark transaction, which demonstrates how African financial institutions can help mobilise capital for strategic businesses that advance energy security, production capacity and sustainable value creation across the continent.

We congratulate Heirs Energies and all the partners involved in the transaction and are pleased to see this important financing recognised on such a respected international platform.”

Executive Director and Chief Financial Officer of Heirs Energies, Samuel Nwanze, added: “This award validates the strength of the transaction and the confidence our financing partners placed in Heirs Energies.

The facility was designed to support our long-term growth strategy, enabling continued investment in field development, production optimisation, and sustainable value creation. We are pleased to see the transaction recognised on such a respected global platform.”

The financing represented a major milestone in Heirs Energies’ evolution from acquisition-led financing to a capital structure aligned with the long-term development profile of its reserves. It further reinforced the Company’s position as a leading indigenous energy producer and demonstrated the ability of African institutions to finance transformational African businesses.

The EMEA Finance Project Finance Awards recognise outstanding transactions across Europe, the Middle East, and Africa, celebrating excellence, innovation, and impact in project and structured finance.

Dangote Refinery Lifts Output To 700,000bpd With Bigger Plans Ahead

Dangote Petroleum Refinery & Petrochemicals has increased its crude oil processing capacity to 700,000 barrels per day (bpd) in a performance test conducted by the Process Licensors, marking a significant milestone in the facility’s operational expansion and further cementing its position as World’s Largest Single Train Petroleum Refinery.

The increase sees the refinery surpass its nameplate capacity of 650,000 bpd, underlining the facility’s engineering capability and operational efficiency. The achievement demonstrates the refinery’s ability to process additional feedstock while optimizing performance across its production units

Vice-President for oil and Gas, Dangote Industries Limited, Devakumar Edwin explained that the ramp-up is part of a broader, ambitious strategy to more than double capacity to 1.4 million bpd within 30 months, positioning the facility as potentially the largest refinery globally.

According to him; the expansion is expected to boost Nigeria’s energy self-sufficiency, eliminate the country’s dependence on imported refined products and strengthen its position as a regional export hub pointing out that the Refinery’s growth trajectory reflects a deliberate move toward continental and global refining dominance, not just domestic supply sufficiency.

Owned by Nigerian industrialist and philanthropist, Aliko Dangote, the refinery commenced fuel production in 2024 and has steadily increased output of petrol, diesel, aviation fuel and other refined petroleum products. The facility has rapidly established itself as a major supplier to both domestic and international markets, exporting refined petroleum products to several African countries and key European destinations, including the United Kingdom, France, Spain, Italy, and the Netherlands, among others. It has supplied gasoline to the American market and jet fuel to Saudi Arabia among others.

Dangote Refinery has strengthened its role as a stabilizer in the oil and gas industry given the on-going disruptions caused by the Middle-East tension as a result of which many African countries are now patronizing the Refinery for energy security.

In a further demonstration of its growing global significance, Dangote Petroleum Refinery became the world’s largest exporter of jet fuel in April, according to S&P Global Commodities.

The refinery has played a pivotal role in stabilizing fuel supplies in Nigeria, helping to eliminate dependence on imported petroleum products and easing pressure on the country’s foreign exchange reserves. Its expansion also aligns with broader national objectives to enhance local refining capacity and maximize value from Nigeria’s abundant crude oil resources.

Growing production volumes have also attracted increased interest from global crude suppliers and commodity trading firms, with the refinery sourcing feedstock from both domestic and international producers to sustain its rising output.

Looking ahead, Aliko Dangote has outlined ambitious plans to transform the facility into the world’s largest refinery by 2028, targeting a processing capacity of 1.4 million barrels per day. Such expansion is expected to deliver substantial economic benefits, including job creation, increased industrial activity and improved trade balances.

The refinery is also expected to strengthen downstream manufacturing by ensuring a reliable supply of LPG and other key industrial feedstocks, including polypropylene which are widely used in the production of packaging materials and other consumer goods as well as the future plan for the supply of Linear Alkylbenzene (LAB) used in the production of detergents.

​How We Are Tackling Oil Spills, Flooding and Gas Flaring in Niger Delta — NDDC

The Niger Delta Development Commission, NDDC, has reaffirmed its commitment to climate action, environmental protection, and sustainable development across the Niger Delta region, as it joined the global community to commemorate the 2026 World Environment Day in Port Harcourt.

Speaking at the event, the NDDC Executive Director, Projects, Dr Victor Antai, said the Commission remained focused on implementing strategic environmental projects to restore degraded ecosystems and build climate resilience in communities across the region.

Antai, who was represented by the Director II, Environmental Protection and Control, Elder Henry Okokon, noted that the 2026 World Environment Day theme, “Inspired by Nature. For Climate. For Our Future,” underscored the urgent need for collective action to address environmental challenges facing communities in the Niger Delta and beyond.

According to him, the Niger Delta had borne the environmental consequences of intensive resource exploitation for decades, with oil spills, gas flaring, coastal erosion, flooding, deforestation, and poor waste disposal continuing to threaten livelihoods, biodiversity, and sustainable development.

The Executive Director stated that under the leadership of the NDDC Managing Director, Dr Samuel Ogbuku, the Commission had continued to place environmental sustainability at the centre of its development agenda, recognising that meaningful socio-economic progress could only be achieved within a healthy and resilient ecosystem.

He highlighted several interventions being implemented by the Commission, including environmental remediation and ecosystem restoration programmes, flood and erosion control projects, sustainable waste management initiatives, and climate-resilient livelihood schemes, all designed to improve environmental health and enhance community action.

Antai further disclosed that the NDDC was strengthening partnerships with research institutions, environmental agencies, development partners, and civil society organisations to promote the conservation of mangrove forests, wetlands, and other critical ecosystems that serve as natural buffers against climate-related disasters.

He emphasised the importance of environmental education and awareness creation, noting that the Commission was engaging schools, youth groups, women’s associations, and community stakeholders to foster a culture of environmental stewardship among the people of the region.

The Executive Director called on stakeholders, particularly operators in the oil and gas sector, to strengthen compliance with environmental regulations, embrace cleaner technologies, and demonstrate greater commitment to environmental remediation and sustainability.

He also urged communities across the Niger Delta to support conservation efforts, report environmental violations, and adopt environmentally responsive practices to contribute to a healthier, more sustainable environment.

Earlier, in a welcome address, the Director, Environmental Protection and Control, Mrs Anthonia Akpan, described World Environment Day as an annual event established by the United Nations to serve as a global platform for promoting environmental awareness.

She observed that climate change was no longer a distant concept but a reality affecting communities across the Niger Delta through rising sea levels, flooding, environmental degradation, and unpredictable weather patterns.

She noted that the Commission subjected major projects to Environmental Impact Assessments in compliance with statutory requirements, ensuring that development projects were implemented in harmony with environmental sustainability objectives.

The Director observed that the NDDC had maintained active engagement with oil and gas companies on pollution prevention and control issues while organising environmental summits that generated practical recommendations on integrated waste management, shoreline protection, canalisation, land reclamation, and biodiversity conservation.

​How We Are Tackling Oil Spills, Flooding and Gas Flaring in Niger Delta — NDDC

The Niger Delta Development Commission, NDDC, has reaffirmed its commitment to climate action, environmental protection, and sustainable development across the Niger Delta region, as it joined the global community to commemorate the 2026 World Environment Day in Port Harcourt.

Speaking at the event, the NDDC Executive Director, Projects, Dr Victor Antai, said the Commission remained focused on implementing strategic environmental projects to restore degraded ecosystems and build climate resilience in communities across the region.

Antai, who was represented by the Director II, Environmental Protection and Control, Elder Henry Okokon, noted that the 2026 World Environment Day theme, “Inspired by Nature. For Climate. For Our Future,” underscored the urgent need for collective action to address environmental challenges facing communities in the Niger Delta and beyond.

According to him, the Niger Delta had borne the environmental consequences of intensive resource exploitation for decades, with oil spills, gas flaring, coastal erosion, flooding, deforestation, and poor waste disposal continuing to threaten livelihoods, biodiversity, and sustainable development.

The Executive Director stated that under the leadership of the NDDC Managing Director, Dr Samuel Ogbuku, the Commission had continued to place environmental sustainability at the centre of its development agenda, recognising that meaningful socio-economic progress could only be achieved within a healthy and resilient ecosystem.

He highlighted several interventions being implemented by the Commission, including environmental remediation and ecosystem restoration programmes, flood and erosion control projects, sustainable waste management initiatives, and climate-resilient livelihood schemes, all designed to improve environmental health and enhance community action.

Antai further disclosed that the NDDC was strengthening partnerships with research institutions, environmental agencies, development partners, and civil society organisations to promote the conservation of mangrove forests, wetlands, and other critical ecosystems that serve as natural buffers against climate-related disasters.

He emphasised the importance of environmental education and awareness creation, noting that the Commission was engaging schools, youth groups, women’s associations, and community stakeholders to foster a culture of environmental stewardship among the people of the region.

The Executive Director called on stakeholders, particularly operators in the oil and gas sector, to strengthen compliance with environmental regulations, embrace cleaner technologies, and demonstrate greater commitment to environmental remediation and sustainability.

He also urged communities across the Niger Delta to support conservation efforts, report environmental violations, and adopt environmentally responsive practices to contribute to a healthier, more sustainable environment.

Earlier, in a welcome address, the Director, Environmental Protection and Control, Mrs Anthonia Akpan, described World Environment Day as an annual event established by the United Nations to serve as a global platform for promoting environmental awareness.

She observed that climate change was no longer a distant concept but a reality affecting communities across the Niger Delta through rising sea levels, flooding, environmental degradation, and unpredictable weather patterns.

She noted that the Commission subjected major projects to Environmental Impact Assessments in compliance with statutory requirements, ensuring that development projects were implemented in harmony with environmental sustainability objectives.

The Director observed that the NDDC had maintained active engagement with oil and gas companies on pollution prevention and control issues while organising environmental summits that generated practical recommendations on integrated waste management, shoreline protection, canalisation, land reclamation, and biodiversity conservation.

The guest speaker, Prof. Iwekumo Agbozu, observed that climate change was not only a global environmental issue but also a local development challenge requiring coordinated responses from governments, institutions, communities, and individuals.

Seledi Thompson-Wakama

Director, Corporate Affairs

June 6, 2026. guest speaker, Prof. Iwekumo Agbozu, observed that climate change was not only a global environmental issue but also a local development challenge requiring coordinated responses from governments, institutions, communities, and individuals.

Seledi Thompson-Wakama

Director, Corporate Affairs

June 6, 2026.