- Heirs Energies’ $1.2 billion acquisition of a 45% stake in OML 17 in 2021 marked a defining moment for indigenous participation in Nigeria’s energy sector, with Tony Elumelu championing an Africapitalism-driven model that places African ownership and operational excellence at the centre of resource development.
- Under the leadership of CEO Osa Igiehon, the company rapidly increased production from 27,000 bpd to over 50,000 bpd in just 100 days, reduced oiltheft losses from 97% to less than 10%, delivered first gas from the Agbada NAG Plant after a decade-long delay, and now supplies up to 100 MMscf/d of gas, enabling more than 300MW of power generation.
- By securing a $750 million financing package, signing landmark gasflare commercialization agreements, and driving brownfield optimization aligned with Nigeria’s Decade of Gas, Heirs Energies has become a symbol of renewed confidence in indigenous operators—fueling industrial growth, environmental responsibility, and a new era of Africanled energy leadership.
A seismic shift is vibrating through the sprawling onshore fields of the Niger Delta.
In January 2021, a $1.2 billion landmark deal sent a clear signal to the global markets: Heirs Energies had arrived. By acquiring a 45% stake in OML 17 from Shell, Total, and ENI, the company did more than purchase an asset; it planted the flag of Africapitalism in the heart of Nigeria’s energy landscape.
The message was unyielding—Africans must not only have a seat at the table but must own the future of their natural resources.
At the center of this revolution is Tony Elumelu, CFR—a consummate investor-banker, philanthropist, and a fierce believer in African capacity. Elumelu has consistently championed the creed that for foreign investors to take Africa seriously, Africans must first demonstrate world-class operational excellence in high-stakes ventures.
Heirs Energies was founded to shatter the fallacy that Africa cannot manage its own wealth. Today, that myth is being systematically dismantled and consigned to the dustbin of history.
The path Elumelu chose initially appeared high-risk. To the uninitiated, acquiring “brownfield” assets—mature fields often viewed by oil majors as declining—seemed a precarious move for a new indigenous player. But it proved to be a masterstroke of strategic brilliance. Within just 100 days of taking operational control in July 2021, the “miracle” began. Under the leadership of a seasoned indigenous CEO, Osa Igiehon, production surged from 27,000 barrels per day (bpd) to over 50,000 bpd.
Heirs Energies achieved this growth by focusing on disciplined brownfield optimization, rehabilitating and restoring existing wells and facilities, as well as maintaining an unwavering commitment to safety and operational excellence.
This feat is even more remarkable considering the operating environment. Battling the twin shadows of the COVID-19 pandemic and systemic oil theft, Heirs Energies achieved the impossible.
Through strategic intervention, Heirs Energies stabilized its operations and significantly reduced theft-related losses from a staggering peak of 97% to less than 10%.
While reviving crude output, Heirs Energies simultaneously ignited Nigeria’s gas ambitions. In November 2021, only six months post-takeover, the company delivered first gas from the Agbada Non-Associated Gas (NAG) Plant—a project that had languished for over a decade under previous operators. This success provided the critical pulse for the national “Decade of Gas” initiative, immediately necessitating the commencement of Agbada Train-2 to meet domestic demand.
By its third anniversary, the results were undeniable. Heirs Energies had moved to a gold standard. Today, the company produces over 50,000 bpd and approximately 120 million standard cubic feet of gas per day ( MMscf/d), supplying up to 100 MMscf/d of gas into the domestic market and enabling more than 300 megawatts of power generation.
The momentum reached a fever pitch in December 2025. Heirs Energies signed landmark Gas Flare Commercialization Agreements (NGFCP) with five flare gas offtakers, marking a decisive victory for environmental responsibility.
By partnering with these gas offtakers, the company is accelerating flare reduction and gas monetization, effectively turning waste into economic value, directly supporting Nigeria’s green energy transition.
Simultaneously, Elumelu leveraged his profound financial influence to secure a $750 million financing package —one of the largest funding arrangements ever secured by a locally owned African producer, the same way he facilitated a strategic $500 million acquisition of a 20% stake in Seplat Energy.
This move represents a powerful horizontal and vertical integration, reminiscent of the historic merger that created today’s UBA. Elumelu does not merely acquire; he creates synergy, infusing every venture with world-class governance and a “winning” culture that turns challenges into blueprints for success.
The Heirs Energies story is a narrative of renewed hope for the continent. The industry is winning, the Niger Delta is winning, and the environment is winning. Through the “Decade of Gas” policy, Nigeria is witnessing an energy revolution that creates thousands of jobs, reduces carbon footprints, and maximizes ROI through the revitalization of existing fields rather than the risky over-drilling of new ones.
These results are a magnet for global capital.
Where Tony Elumelu leads, confidence follows. Nigeria is no longer just a participant in the energy sector; it is a leader. The Giant of Africa has not just awakened—it is fueling the future.
- Dan Aibangbe is a Media & Public Relations Consultant
