Over the weekend, Heirs Energies sealed a $750 million financing agreement with Afreximbank, refinancing existing borrowing and accelerating business expansion.
The deal was more important than just the money. 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, operates across 24 countries and four continents.
That same philosophy guided our investments beyond banking.
In hospitality, Transcorp 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 Afreximbank’s 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.
Why We Have Succeeded
Our progress across banking, power, hospitality, and energy rests on three fundamentals.
- The right people – Capital alone does not transform businesses; people do. At Heirs Energies, we assembled a team with global competence, local understanding, and an uncommon sense of mission. They made personal sacrifices, relocated, and committed themselves to building something enduring. Yesterday’s signing was as much about recognising their work as it was about capital.
- Astute financial management – Across our businesses, we have operated in difficult environments, where revenues are delayed, obligations pile up, and many choose default. We chose discipline. Despite sector headwinds, including significant receivables owed to our power businesses, we have fully repaid our approximately $300 million acquisition loan for Transcorp Power. Even in periods of oil theft and operational disruption, Heirs Energies never defaulted on its obligations. This is a lesson for entrepreneurs: do not spend, brag, toast, when your responsibilities remain unmet. Performance builds credibility. Credibility unlocks capital.
- Governance – We separate ownership from management. We build institutions, not personal empires. We insist on professionalism, transparency, and ethical conduct. Even where I chair a bank, we deliberately transact with other institutions, ensuring independence, accountability, and trust.
This governance culture is why partners like Afreximbank can confidently scale their support.
Yesterday’s transaction is a clear manifestation of African capital working for African enterprise.
Afreximbank supported us at inception. They stood with us during uncertainty. And today, they are helping us scale to the next level.
For African private sector leaders, the message is simple: when institutions back you, you owe them performance. Performance encourages more capital, not just for you, but for others coming behind.
As we expand Heirs Energies and deepen our impact across Africa’s energy value chain, we do so with gratitude, humility, and renewed responsibility.
