Tony Elumelu Says Heirs Energies Agrees $750m Afreximbank Financing a Validation of African Enterprise

Tony Elumelu, chairman and Chief Executive Officer of Heirs Holdings, Transcorp, and United Bank for Africa, has said that the Heirs Energies $750 million financing agreement with Afreximbank, is a validation of African entrepreneurial spirit and a public endorsement of Heirs Energies’s journey to greatness.

Elumelu, said that the deal is tailored to refinancing existing borrowing and accelerating business expansion.

According to him, the deal was more important than just the money, adding that it was a vindication of our bold acquisition back in 2021. It was a tribute to how far Heirs Energies and their superb management team have come. A truly indigenous business – but also a world class player, respected internationally. Africa’s largest integrated energy business. And it proved, something even more impactful – African capital backing African business. Afreximbank exemplifies the long term, patient, strategic capital that is transforming Africa.

“I have always believed that transformation is not accidental. It follows conviction, discipline, and the courage to act, when others hesitate.

“When I took over a distressed bank decades ago, many doubted that it could be saved. Yet, with the right leadership, governance, and focus, it was transformed and, what is now UBA Group, operates across 24 countries and four continents.

That same philosophy guided our investments beyond banking.

“In hospitality, Transcorp Hotels Plc was to be avoided. Today, Transcorp Hilton Abuja stands not just as Nigeria’s flagship hotel, but as a symbol of what professional management and long-term capital can achieve.

“In the power sector, we applied the same discipline, investing, rehabilitating assets, expanding capacity, and operating with integrity; despite sector-wide challenges, including liquidity constraints and outstanding receivables of over N600 billion owed by the Nigerian government.

And now, in energy, we are replicating that impact.

“Our journey in oil and gas and now integrated energy cannot be told without acknowledging African Export Import Bank – Afreximbank catalytic role.

“When we first pursued the acquisition of assets from Shell, Afreximbank stepped forward with a $600 million letter of commitment. That demonstration of confidence made it possible for us to raise over $2.5 billion globally and close one of the most complex energy transactions in Nigeria.

“The journey was far from smooth. Regulatory delays, policy uncertainty, and the eventual restructuring of the transaction imposed enormous financial and operational costs. Yet we persevered.

“What sustained us was a simple belief: Africa must develop Africa, and African businesses must be built to global standards.

“Today, Heirs Energies is a credible, globally admired energy company. The $750 million Afreximbank financing is a public endorsement of that journey”.