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.

​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.

Don’t Trivialize This Fight: The Oil Wells, the Port, and Why Cross River Must Stand Firm.

Doubting Cross Riverians keep asking the same questions. What has really changed on the 76 oil wells? Did we discover new ones? Is Governor Bassey Otu actually working? The answers are now on record, and the stakes are too high for cynicism. Between September 2025 and January 2026, an Inter-Agency Technical Committee of RMAFC, NUPRC, the National Boundary Commission, and the Office of the Surveyor General verified over 1,000 crude oil and gas coordinates nationwide. For Cross River, the outcome was historic. The January 2026 IATC report projects the state with more than 100 producing oil wells from verified onshore and offshore reservoir coordinates, particularly from OML 114 located within its maritime territory. It further states that 119 crude oil and gas wells attributed to Cross River State prior to the exercise were benefited from by Akwa Ibom State and recommends that Akwa Ibom should refund to Cross River State the 13% derivation revenue enjoyed from the 119 oil and gas wells in the form of arrears. These are not the old 76 wells. These are newly verified coordinates. Cross River submitted over 245 surface coordinates, the highest of any state. Sources close to the process called the geological evidence compelling, empirical and beyond reasonable doubt. RMAFC has begun plotting the coordinates and says ownership will be determined strictly by verified coordinates rather than claims or assumptions. For the first time since 2008, Cross River is projected to be officially enlisted again as an oil-producing state.

On whether the governor is working, the files speak for themselves. On oil recovery, Governor Otu petitioned RMAFC in March 2024 after a briefing showed wells in OMLs 114 and 123 lie within Cross River’s maritime boundary. That petition led to the IATC. In February 2026 he told journalists the findings refuted the long-held belief that Cross River lost its littoral status after Bakassi. He has vowed that Cross River will no longer be cheated and rallied elders to stand with him to reclaim Cross River’s oil status. On the Bakassi Deep Seaport, the State Exco ratified the shareholders agreement in February 2025. Arise IPP Ltd takes 80%, Cross River 20%. The $3.5 billion project has financing initiated through Afreximbank. The hydrographic, geophysical and geotechnical survey was flagged off and is handled by the National Hydrographic Agency. The Federal Ministry of Marine and Blue Economy has issued the Certificate of Compliance. The state projects N40bn monthly revenue when operational. Ports take years. Oil attribution takes law, science, and presidential assent. Both files have moved from rhetoric to reports, surveys, and compliance certificates. That is work.

A discovery of 100+ verified wells, plus the prospect of 13% derivation arrears on 119 wells, is transformational. It dwarfs any one-year budget and, over time, delivers benefits to Cross Riverians far greater than the N200 billion figure some have quoted as the purported bribe that the governor commendably rejected. Ultimately, this is about decades of revenue for schools, hospitals, roads, and jobs. It is therefore no surprise that rival stakeholders would want the process stopped, delayed, or diluted. There have been widespread concerns in public discourse that powerful interests could attempt to influence the outcome through improper means. One can only imagine the pressure, and the humongous excitement in some quarters, when the governor said no. The N200 billion bribe that the governor allegedly rejected should not be used by naysayers to distract the focus of the struggles for economic recovery, growth and development. That firmness is what is keeping Cross River’s hope alive today. Yet RMAFC’s chairman insists ownership will be by coordinates, not assumptions. Akwa Ibom maintains the 76 wells ceded to it by Supreme Court judgment. The IATC report awaits President Tinubu’s assent for implementation. There are even reports that RMAFC’s 186th plenary discarded the IATC report for a political solution. This is why Cross River cannot afford distractions.

This is not about Governor Otu’s popularity. It is about assets that belong to the people. The benefits to Cross Riverians from recovered wells and a functioning deep seaport will outlive any administration. We should not politicize a laudable and copiously lofty initiative. Trivializing the struggle with internal fights, rumor, and cynicism only helps those who want the status quo to remain. The governor is working assiduously on these goals. He should be commended, not vilified, for keeping the files active when it would be easier to let them die quietly. But commendation is not blind loyalty. It is support plus scrutiny. Ask for quarterly updates. Demand the legal strategy. Insist on publication of coordinates, contracts, and timelines. Sunlight protects the process from both enemies outside and compromise within. To the doubting citizen: Doubt is healthy. Apathy is fatal. Verify the IATC report. Verify the port compliance certificate. Then choose. If we win, the revenue builds the Cross River we pray for. If we lose because we stood aside, history will not forgive us. The wells are verified. The port is surveying. The governor is working. Now the people must stand. Not for a man. For a mandate.

Enough of the unfortunate distraction. It must not always be politics.

Peter Agi (FCA)

A Public Affairs Commentator

Writes from Ijegu-Ojor

Yala LGA.