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Full Speech: Osayande Igiehon, CEO Heirs Energies at the Niger Delta Stakeholder’s Summit 2024

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Full Speech: Osayande Igiehon, CEO Heirs Energies (Representing Mr Tony O. Elumelu CFR, Chairman UBA, Heirs Holdings and Transcorp Plc) at the Niger Delta Stakeholder’s Summit 2024 at Obi Wali International Conference Centre, Port Harcourt, 12th July 2024 on “Renewed Hope for Sustainable Development In The Niger Delta”


His Excellency, Bola Ahmed Tinubu, GCFR

The President, Commander-in-Chief, Federal Republic of Nigeria

Dr Goodluck Jonathan, GCFR, Former President, Federal Republic of Nigeria.

Senator Godswill Akpabio, CON, President of The Senate

All other protocols observed.

Good morning distinguished guests, stakeholders, and fellow proud sons and daughters of the Niger Delta.

It is a great honor to be here with you today, on behalf of Mr. Tony Elumelu CFR.

We congratulate the Board and Management of the Niger Delta Development Commission (NDDC) for hosting this epoch summit, to deliberate on the Niger Delta, the Renewed Hope agenda of our dear President Tinubu and how this agenda will bring sustainable development to the Region.

As many of you know, Mr. Elumelu hails from Delta State and is a passionate believer in the tremendous potential of the Niger Delta and its people. Being Edo myself, I am quite pleased for this opportunity to give our reflections on this important theme.

The Renewed Hope Agenda is the transformative platform of our dear President Tinubu, which is hinged on the core pillars of Democracy, Development, Demographics, and Diaspora Engagement.

Classically, sustainable development refers to the ability to meet the needs of the present generation without compromising the ability of future generations to meet their own needs.

Furthermore, the United Nations has developed a Sustainable Development Goals Program with several key objectives that are crucial to the development of the Niger Delta, namely addressing poverty and hunger; providing health, education, and decent work; providing infrastructure and affordable energy; making communities and cities sustainable; and taking the necessary actions to address the impacts of climate change.

Against this backdrop, we see that the sustainable development of the Niger Delta requires all the stakeholders represented in this summit today – the Federal, State, and Local Governments and their organs and agencies; the private sector; traditional and community institutions; civil society; and the public at large.

The Summit’s theme of “Renewed Hope for Sustainable Development in the Niger Delta” resonates deeply with us, because, for too long, the story of the Niger Delta has been one of unfulfilled potential, environmental degradation, and economic exclusion. And, we believe that a new chapter in the long story is being written – one defined by more sustainable growth, shared prosperity and empowered communities.

The Renewed Hope agenda of Mr President therefore will be pivotal to the advancement of sustainable development of the Niger Delta on many fronts.

Looking at the private sector, we at HeirsHoldings have consistently espoused that the African private sector must play a leading role in Africa’s development. This is one of the key tenets of our philosophy called Africapitalism, which is at the heart of everything we do.

With Africapitalism, we seek to create both economic and social value in all our investments and operations. We measure our success not just by the profits we generate, but by the jobs we create, the businesses we empower, our environmental responsibility and the communities we uplift.

At Heirs Holdings, we are deeply committed to driving sustainable development and creating shared prosperity across Africa. To date, our companies employ over 40,000 people in more than 20 African countries

Here in the Niger Delta, the heartland of Nigeria’s oil and gas industry, we are demonstrating our dedication to the region through our strategic investments and operations. Our oil and gas subsidiary, Heirs Energies Limited, operates significant OML17 in Rivers State. Notably, 100% of the gas produced from OML17 is channeled into the domestic market, providing critical energy supply to power industries, hospitals, homes, and schools across the region. This not only brings economic relief to the people, but also underscores our commitment to catalyzing local development.

In the power sector, Transcorp operates two significant plants in the Niger Delta: the Ughelli Power Plant in Delta State and the Trans Afam Power Plant here in Rivers State. With a combined installed capacity of 3000MW, these investments are strategically positioned to transform lives by expanding access to reliable and affordable electricity.

Our business investments demonstrates our belief that indigenous companies like ours have a unique role and responsibility in driving the Niger Delta’s growth and prosperity, and we are proud to be leading by example.

Beyond our business activities, the Tony Elumelu Foundation has to date empowered over 20,000 young African entrepreneurs, including thousands here in the Niger Delta, providing them with the capital and training to launch and grow their businesses.

As the Head of Heirs Holdings’ Oil and Gas investments, I have had the privilege of working closely with Mr. Elumelu, witnessing his vision and passion for driving Africa’s growth through entrepreneurship and private-sector innovation. He always emphasizes that while the private sector has a vital role, it cannot succeed in isolation. Systemic challenges from infrastructure deficits to skills gaps to a difficult business environment, can stifle even the most promising entrepreneurial spirits.

This situation is evident in many places, including the Niger Delta, where we have been grappling with many challenges over the years, including  poverty, environmental degradation, social unrest, and an over-reliance on oil and gas. However, Mr. Elumelu has also instilled in us an unshaken belief that a new future is possible for the Niger Delta – a future where every person can have a decent life, access quality fundamentals of life – food, shelter, healthcare education, etc and be engaged economically; where local businesses can thrive and grow; where communities are healthy, peaceful and resilient; and where the benefits of the region’s vast natural resources are shared equitably.

Achieving this vision will not be easy. It will require all of us – government, business, civil society, and communities – to work together in new ways. It will demand sustained commitment, innovative thinking, and difficult compromises. But I assure you today, it can be done!

We have seen determined leaders and engaged citizens come together to transform even the most challenging circumstances. With the right policies, investments and partnerships, we can build an economy in the Niger Delta that is diverse, inclusive and sustainable. An economy that creates opportunities for all. An economy that harnesses the dynamism of the private sector while ensuring that growth is broadly shared. This is the renewed hope that this moment demands of us.

So, beyond Mt President’s agenda in itself,  Renewed Hope is a call to action to all stakeholders, that we should rekindle our interest and intellect, that we should shore up our courage and the resilience that we are known for as Nigerians; that we should face the tasks at hand with resolve and enthusiasm, and with a clear conviction that the challenges of sustainably developing the Delta is possible. And that we should commit to this objectives, under the leadership of Mr President and the critical initiatives being deployed under Renewed Hope agenda.

At Heirs Holdings, under Mr. Elumelu’s leadership and vision, we are fully committed to this task. We stand ready to work with all of you to seize this opportunity and to build a more just, prosperous, and peaceful future for the Niger Delta and all its people.

As a son of the Niger Delta myself, I am energized by the dynamism, creativity, and resilience I see in our young people every day. With the right support and opportunities, they will be the drivers of the region’s rebirth and renewal.

Together, let us seize this moment to make the Niger Delta the pride of Nigeria and the world.

Thank you.

CEOs of Heirs Energies and Transcorp Champion Africa’s Energy Transition at the 17th German-African Energy Forum

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Lagos, Nigeria – May 13, 2024Heirs Energies CEO and Transcorp Group’s President/Group CEO; Osayande Igiehon and Owen Omogiafo, OON, will join global business leaders at the 17th German-African Energy Forum in Hamburg, Germany, this week.

As leaders of one of Africa’s largest integrated energy businesses, the Heirs and Transcorp team bring a unique perspective on Africa and the opportunities in the African energy space. Heirs Holdings has rapidly implemented founder Tony Elumelu’s commitment to bring robust power supply to Africa and ensure African natural resources drive value creation in Africa.

The executives will echo Elumelu’s message to COP28 in Dubai – that equitable transition must work for Africa.  Themed “Africa’s energy roadmap: Breaking new grounds for greener economies”, Omogiafo and Igiehon will speak on panel sessions addressing Africa’s unique energy needs and the continent’s potential for green industrialisation.

Omogiafo will present recommendations for aligning off-grid and on grid solutions to boost power capacity and drive industrial growth in Africa, on her panel themed “Renewables for industrial growth”.  Transcorp is one of the largest power producers in Nigeria, and now supplies West Africa, with strategic investments in the energy sector through Transcorp Power Plc, Transafam Power, and Transcorp Energy.

Igiehon will emphasise the importance of achieving energy sufficiency in Africa, as a foundation for sustainable development and economic growth.  On his panel entitled “Africa’s Climate Action is Gaining Momentum – Green Industrialization, Climate Finance, Carbon Markets, and Policy Changes”, he will advocate for an approach that leverages Africa’s diverse energy resources, including both conventional and renewable sources, to bridge the energy access gap and provide reliable, affordable power to households, businesses, and industries.  Heirs Energies is operator of OML-17 and is a significant contributor of Nigeria’s gas supply, including to 3 power plants and is committed to providing sustainable energy solutions to address Africa energy needs.

Earlier this week, Heirs Holdings announced that its Founder, Tony Elumelu will participate in a high-level roundtable discussion at the B7 Summit in Rome on May 17, “Powering the Energy Transition for the Benefit of All”, where he will propose recommendations and priorities for catalysing energy transition that is equitable.  The B7 is the official business engagement group for the G7, a political and economic forum of seven advanced economies including Canada, France, Germany, Italy, the United Kingdom, Japan, and the United States.

Interview: CEO, Osa Igiehon speaks on Heirs Energies’ growth journey with Global Business Report

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Can you provide an overview of Heirs Energies and its operations?

Heirs Energies operates under the umbrella of Heirs Holdings, a conglomerate involved in diverse sectors, including financial services. Our overarching goal is to effect positive change in Africa by transforming lives and driving socio-economic development. The decision to venture into the energy sector stemmed from a recognition of the pivotal role energy plays in empowering African communities. Heirs Energies’ journey into the energy sector commenced with the acquisition of the OML-17 lease in early 2021 for US$1.2 billion. With over a billion barrels of oil and 2.4 trillion cubic feet of gas, OML-17 holds immense potential.

After the takeover of OML-17, we faced challenges with evacuating crude oil from the site, resulting in over 95% of production being lost or stolen at one point. Faced with these challenges, we decided to temporarily suspend production to address the underlying issues comprehensively. During this hiatus, we collaborated with stakeholders, including the government, to implement robust security measures and repair infrastructure, including the pipeline. This collaborative effort helped us navigate these challenges.

By late October 2022, we successfully resumed production, and throughout 2023 we focused on stabilizing operations and enhancing efficiency. We have made considerable progress, with production levels steadily increasing, reaching 45,000 bpd, and with oil losses and theft being reduced to under 15%.

Our operational footprint primarily spans Rivers State, where OML-17 is located. Despite OML-17’s long history, we have applied innovative approaches to maximize the asset’s value and minimize environmental impact. Moreover, our focus extends beyond oil production. We recognize the importance of gas supply in driving economic growth and powering industries. As such, we have expanded our gas supply to support power generation and industrial activities, particularly in Eastern Nigeria.

How do you plan to eliminate the remaining theft in your production process and how has Heirs Energies navigated the current currency fluctuations in Nigeria?

Addressing crude theft in our production process requires a multifaceted approach involving collaboration with government agencies and a focus on enhancing security measures. While commendable progress has been made thanks to initiatives by the NNPC and the Federal Government, achieving complete elimination of theft remains a challenge.

The fluctuating exchange rates pose challenges across various aspects of our business, including procurement, financial planning, and stakeholder engagements. We are closely monitoring the situation and implementing measures to manage risks effectively.

Can you share Heirs Energies’ approach to ESG and the reduction of routine gas flaring?

We understand that our operations impact not just our company but also the communities and ecosystems in which we operate. Therefore, we prioritize building strong, collaborative relationships with our host communities based on principles of mutual respect and appreciation. Initially, this involved a shift from historical ‘pay for peace’ agreements to the more inclusive Host Community Development Trust (HCDT) model, that is supported by the new petroleum law. This transition was not without challenges, given historical mistrust. However, through consistent efforts, we are resetting these relationships, with a focus on long-term partnerships rather than short-term gains.

Our commitment to reducing gas flaring goes hand in hand with our broader ESG goals. We have set ambitious targets to eliminate flaring ahead of the government’s timeline. Currently, we are implementing solutions across five flaring hotspots, leveraging both governmental programs and proprietary initiatives. For instance, we are engaged with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Nigerian Gas Flare Commercialization Program (NGFCP) to address flaring in certain fields. Additionally, we are exploring innovative technologies and localized solutions to tackle flaring in other areas.

How do other companies within Heirs Holdings, such as Transcorp, complement Heirs Energies?

The complementary relationship is mainly with the power companies within the Heirs Holdings portfolio. Specifically, Transcorp Power and the TransAfam Power Plant. With these two entities, Heirs Holdings owns approximately 15.5% of Nigeria’s installed power generation capacity. Notably, we also provide feed gas to Transcorp Group. This alignment supports our overarching goal of empowering Africa with energy. Heirs Holdings’ investment in the energy sector spans primary energy sources, power generation, and distribution. While the government oversees transmission, our focus is on distribution, as exemplified by our parent company, Heirs Holdings’ investment in the Abuja Electricity Distribution Company.

Source:  Global Business Report, 27th March 2024,

Agbada NAG

Heirs Energies: Powering Nigeria’s Economy with Domestic Gas Supply

By Latest news, Press-release
  • Sole Gas Supplier to Geometric Power Plant

LAGOS, 07/03/2024 – Heirs Energies, Africa’s leading integrated energy company, has announced a further expansion of its gas supply business, supplying the recently commissioned 188 MW power plant operated by Geometric Power Limited, located in Aba, Abia State.

Heirs Energies is a leading provider of gas to the Nigerian National Grid, and already supplies TransAfam Power Limited, with a capacity of 966MW, and First Independent Power Limited (FIPL), with a capacity of 541MW. Heirs Energies also supplies gas to local distribution companies, gas-based industries, and other industrial customers.

Founded in 2021, Heirs Energies operates OML17 and related infrastructure, with a mission to ensuring that Nigerian businesses and consumers derive direct and ongoing benefit from the country’s natural resources. All gas produced from OML 17 is supplied to the domestic gas industry.

Heirs Energies is pioneering a new era in Nigeria’s energy sector. With the operation of OML17 and its associated assets, the company has been pivotal in ensuring a reliable and sustainable gas supply, directly contributing to the nation’s industrial and economic growth. Heirs Energies’ gas supplies to these critical power plants not only reinforce its major role in Nigeria’s energy sector, but also underscore its strategic vision in developing operational synergies throughout the energy value chain.

Creating a Nigerian champion in domestic gas supply represents a further example of Heirs Holdings role as a long-term strategic investor in the Nigerian energy sector, with interests in the recently listed Transcorp Power Plc, TransAfam, and Abuja Electricity Distribution Plc, and as an operator of oil-producing assets more than 50,000 barrels of oil equivalent per day (boe/d). With a unique vision of ensuring Africa’s natural resources serve Africa’s interests, the Heirs Group is driven by founder Tony Elumelu’s Africapitalism philosophy of ensuring businesses deliver both economic and social benefits to stakeholders.

Osa Igiehon, CEO of Heirs Energies, praised the company’s growing impact: “Our ability to supply these three major power plants demonstrates Heirs Energies’ dedication to lighting up Nigeria and supporting our country’s journey towards economic and social prosperity. We are not just participants in the energy sector; we are facilitators of growth and development, driven by a mission to ensure that Nigeria’s natural resources benefit its people.”

Heirs Energies’ gas plant in Agbada, Rivers State, produces over 80 MMSCFD (million standard cubic feet per day) of gas. 100 percent of
this gas output is channelled into the domestic market to meet local demands, supporting Nigeria’s energy needs and exemplifying Heirs Energies’ commitment to powering thousands of homes, schools, hospitals, and industries, reinforcing its role in catalysing Nigeria’s

About Heirs Energies

Heirs Energies Limited (formerly HeirsHoldings Oil & Gas Limited) is Africa’s largest indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs whilst aligning with global sustainability goals. With a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads the evolving energy landscape and contributes to a more prosperous Africa.

Osayande Igiehon

Three Years of Remarkable Achievements

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Since its bold entry into the Nigerian oil and gas exploration and production business, integrated independent energy company, Heirs Energies Limited, continues to soar despite the challenging operating environment, writes Peter Uzoho

In January 2021, when the world, especially the global oil and gas industry, was still reeling with the adverse impact of the COVID-19 pandemic, Nigeria’s industry witnessed the news of a landmark deal of the year.
Then, Heirs Energies (formerly Heirs Oil & Gas Limited) was launched into the Nigerian E&P space, following the completion of an eight-year $1.2 billion transaction to acquire the prolific Oil Mining Lease (OML)17 from the Shell Petroleum Development Company of Nigeria Limited (SPDC), Total E&P Nigeria Limited, and ENI.
With the deal, Tony Elumelu-owned Heirs Energies began the solidification of the joint venture partnership with its new partner, the Nigerian National Petroleum Company Limited (NNPC), which controls 55 percent of the asset.
However, three years down the line, the company, which is still in a celebratory mood as it recently commemorated its third anniversary, has recorded a lot of milestone achievements since its emergence. Within the short scale of entrance into the oil and gas E&P space, Heirs Energies has displayed a track record of significant production increases, pioneered a new model of community engagement, built a world class Nigerian management team with a sound safety record, all contributing to a new beginning in ensuring Nigeria’s sustainable energy future.
The independent energy firm has consequently become a role model institution within the energy sector, through phenomenal milestones and achievements recorded. These achievements are credited to the company’s sound corporate governance and an excellent operational strategy, thus becoming a major competing force in the oil and gas business.


One major success achieved by Heirs Energies in the last three years of existence and post-asset acquisition is the significant rise in its oil production, which offered a huge boost to Nigeria’s oil production and revenue generation.
At a time when Nigeria is in dire need of optimising its oil output, Heirs Energies’ oil production has grown from about 27,000 barrels per day (bpd) at the take-over of operational control, to a peak of over 50,000bpd 100 days later by October 5, 2021.
Oil losses, which had reached a peak of 97 per cent late 2021 due to theft, has now been reduced to less than 15 per cent, with definitive actions taken by the government in collaboration with operators to address the pipeline security and related concerns.
Built from scratch, with a 100 per cent Nigerian organisation operating to international industry standards, Heirs Energies took over OML-17 asset operations on July 1, 2021, a month ahead of plan, and has been operating the asset without any major incident/accident.


Aside its contribution to the growth of Nigeria’s crude oil production, Heirs Energies has also ensured a steady gas production for domestic use, thus signing on to the federal government’s Decade of Gas objective, which aims to encourage more gas production for domestic use. The energy firm commenced gas production without delay and has rapidly become an important contributor to the domestic gas supply in Nigeria. It achieved its first gas from the Agbada Non-Associated Gas (NAG) Plant on November 21, 2021, after taking over the project in May 2021.The significance of this milestone is accentuated by the fact that the Agbada NAG plant had been under construction for over 10 years by the previous operator and upon takeover, the company demonstrated capability and expertise by quickly bringing the plant to mechanical completion and identifying further growth opportunities. It is gratifying to note that 100 percent of gas produced by Heirs Energies goes into the domestic market to meet local demand, providing energy to thousands of households, supplementing power plants, and supporting various gas-reliant industries in the region.

Also, the company started up Train 2 of the Agbada NAG, at the 80mmscf/d capacity gas production facility located in Port Harcourt, Rivers State. With this facility, Heirs Energies has expanded its footprint within the domestic gas market, allowing for an increased supply to gas-based industries and gas-powered electricity generators.
At the third anniversary ceremony of Heirs Energies held recently, the Chairman, Mr. Tony Elumelu, expressed his pride, while reflecting on his vision for the company. He stated: “As someone from the Niger Delta, I had seen firsthand how Nigeria’s resource wealth can be mishandled. The energy sector was an industry that had frankly not served Nigeria’s interest.  I knew Nigeria could do better and control her destiny.
“My vision was to build Africa’s largest indigenous-owned integrated energy company, focused on Africa’s unique energy needs. As I look back now, we have more than succeeded.”
Elumelu, who is also the Chairman of United Bank for Africa (UBA) and Transcorp, commended the Heirs Energies’ team, sharing his deep gratitude for their commitment to his vision of creating value for all stakeholders within the energy sector.
He said: “I want to take this opportunity and mark this anniversary, by saluting and thanking the Heirs Energies team, led by MD/CEO, Osa Igiehon.  Your hard work, dedication and expertise has enabled us to become a role model within the energy sector, as we strive towards our purpose of improving lives and communities across our continent.”


With the change in the global oil and gas industry’s dynamics, driven by the energy transition pressures and the need for companies to review their operational models to be fit for sustainability, the then Heirs Oil & Gas Limited, in 2023, responded by embarking on a transformative rebranding journey.
That move led to the company evolving from Heirs Oil & Gas to Heirs Energies. The change, according to the energy firm, “echoes our broader vision to not only meet Africa’s unique energy demands but to do so through sustainable and responsible practices that align with global standards”.


When it set out to become an energy company, Heirs Energies had taken a broad view of the kind of organisation it wanted to be known and remembered as in terms of safety culture and compliance, as well as the type of operator-host community relationship it wanted to have to ensure a peaceful operating environment.
Through the implementation of sound safety policies, the company has been able to achieve top quartile safety records. Specifically, Heirs Energies has sustained zero Lost-Time Incident (LTI)-free operations in OML 17 with 1.5 million man-hours operations in 2023.
The above record is a testament to the firm’s commitment to safety best practices as it maintains its zero incident and fatality record from inception.


However, in the area of community engagement that works for both parties, Heirs Energies has continued to live up to its philosophy of a Shared Destiny with local communities, by seeking out local talent and creating entrepreneurs.
As a result, over 300 young people have been empowered through skill acquisition programmes, from poultry & fish farming, fashion designing, catering, welding and fabrication etc.

Heirs Energies also carried out electrical infrastructure upgrades across host communities, which have impacted a population of over 270,000 people in Ikwerre, Etche, and Obio/Akpor local government areas  of Rivers State.The company’s intervention in education saw it support over 280 undergraduates from host communities with bursary and scholarship awards: classroom furniture upgrades in selected public schools in Etche and Obio/Akpor.Nevertheless, Heirs Energies pioneered establishing the Host Community Development Trust (HCDT), earning commendations from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and setting an industry benchmark for implementing an innovative governance structure, for the HCDT in the Nigerian oil and gas sector.


As a 100 per cent indigenous company, Heirs Energies takes particular pride in its fully Nigerian team, who are catalysing and delivering innovative technical solutions every day.
This is, indeed, a true demonstration of Nigerian excellence in institutionalising and executing key strategies.
Notably, the oil producer recognises the importance of a sustainable future and plans to play a role in Nigeria’s transition to a more sustainable energy source.  The company’s journey reflects a commitment to bring abundant and affordable power to schools, hospitals, and industries, shaping a sustainable future for Africa.

Also, Heirs Energies is reputed as one of Africa’s largest indigenous-owned integrated energy companies, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals.
With a strong focus on innovation, environmental responsibility, and community development, the independent energy producer leads in the evolving energy landscape and contributes to a more prosperous Africa.

In recognition of its stellar performances within the short time it has been in operation, a number of reputable institutions have commended Heirs Energies through awards of different categories.
For instance, in 2023, Heirs Energies received the ‘Excellence in Sustainable Energy Operations’ award at the Nigerian Business Leadership Awards by BusinessDay Media. The honour, without doubt, was a resounding affirmation of the team’s vigorous dedication and fervent pursuit of sustainability in every of the company’s initiatives.Similarly, in 2022, it was awarded the ‘Africa Deal of the Year 2021’ by Project Finance International (PFI), following its $1.1 billion financing and acquisition of a 45 per cent stake in OML 17, in January 2021.

  • Culled from ThisDay News, Business Special, 12th Feb. 2024 / pg. 38

Samuel Nwanze ED/CFO of Heirs Oil & Gas Highlights the Importance of FDI in Developing Africa’s Natural Gas Reserves at SPE NAICE 2023

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Samuel Nwanze, the Executive Director/Chief Finance Officer of Heirs Oil & Gas, took the stage as a representative of Tony O. Elumelu, CFR, Chairman, Heirs Oil & Gas at the Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) 2023. During a panel session themed “Role of FDI (Foreign Direct Investments) in the efficient development of natural gas reserves to meet Africa’s energy security demands,” Samuel discussed the critical role of Foreign Direct Investments in driving the continent’s energy future.

Speaking to the gathering of industry experts and delegates, he emphasised the necessity of carefully structured project deals. He stressed that aligning the interests of project owners and investors is pivotal in maximising the benefits of FDI (Foreign Direct Investments) for the development of Africa’s natural gas resources.

“A lot of work has to be done in terms of how we structure project deals. The structuring of projects should allow getting the FDI in such a way that it meets the project owner’s objective as well as that of the investor,” he stated.

Furthermore, Samuel highlighted the importance of indigenous players demonstrating a track record and showing credibility in capital deployment to attract foreign investments. He stated, “For firms to attract these foreign investments, indigenous players need to demonstrate some track record and credibility in capital deployment where they have been able to yield returns.”

The panel session at NAICE 2023 provided a platform for industry leaders like Samuel Nwanze to share their expertise and vision for Africa’s energy landscape. As the continent continues to grapple with energy security challenges, discussions on leveraging FDI and fostering mutually beneficial partnerships are pivotal for the sustainable growth and prosperity of the region.

Chairman, HHOG, Tony O. Elumelu CFR, speaks on Local Capacity Development at the 2023 AVAR

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Yesterday, the Chairman of HeirsHoldings Oil & Gas Limited, Tony O. Elumelu CFR, attended the 2023 Annual Value Assurance Review organised by the NNPC Upstream Investments Management Services (NUIMS) held in Lagos. The forum focuses on reviewing key issues that shape the Nigerian oil and gas industry, with a focus on delivering long-term value to all stakeholders in the industry.

During the event, he delivered a speech on the “Critical Role of The Private Sector in the Development of Local Capacity for the Nigerian Oil & Gas Industry”. He emphasised the need for collaboration between the private sector and the government to create an enabling environment that would attract investments and promote the growth of the industry.

Mr. Elumelu emphasised the need for deliberate development and enhancement of local capacities. He said, “We know the current contribution of oil and gas to Nigeria’s economy today. However, I believe this can be improved upon by deliberate development and enhancement of local capacities at all streams of the hydrocarbon value chain.”

He further expressed his readiness to contribute towards developing local capacities and driving investment in the sector within an enabling environment. “I can attest that we are ready to contribute towards developing local capacities and driving investment in the sector once the right enabling environment for Nigerian businesses is provided.”

“Governance is extremely important in the development of capacity. The Petroleum Industry Act (PIA) objective is to ensure that the indigenous private sector succeeds. There must be clear governance structures that institutionalise monitoring, feedback, and accountability of operators in the oil and gas sector.” He added.

Finally, He highlighted the importance of technology in building local capacity in the oil and gas sector. “Technology is key. We are in the 4th industrial revolution, advances in Data analytics, and Artificial Intelligence is revolutionising industries across the world, and we must adopt them in our industry to build local capacity in the oil and gas sector.”

In conclusion, Mr. Elumelu’s attendance and contribution to the event highlight his commitment to the development of the Nigerian economy and the role of the private sector in achieving sustainable growth. His insights on the importance of private sector involvement in developing local capacity provide a roadmap for stakeholders to collaborate and drive long-term value in the sector.

Keynote speech at the Launch of APWEN SheEngineer 30% Club by MD/CEO, Osayande Igiehon: “Integration and implementation of gender-sensitive policies in the workplace”

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  • Keynote Speech delivered by MD/CEO, Heirs Oil & Gas, Osayande Igiehon  at the Launch of the SheEngineer 30% club by the Association of Professional Women Engineers in Nigeria (APWEN)

I am honoured to be invited by APWEN to speak on the topic – “Integration and Implementation of Gender-Sensitive Policies in the Workplace”

Gender inclusion is a topic of great importance; it has become clear that its not just  a moral imperative, it is, also a key factor for achieving sustainable development.

On a personal level, I must say that I have had the pleasure of working and collaborating with women and women engineers in particular, as seniors, colleagues and mentees over the years. From a vantage position, I have witnessed numerous instances of unparalleled excellence, outstanding achievement and game changing leadership being demonstrated by women.

That is why I gladly accepted the invitation when offered and I do sincerely hope that the insights and perspectives on the topic of today’s event will further trigger the needed response in us as individuals and our various organisations to be promoters and catalysts for the needed change.

So, what is Gender Inclusion and what is it not?

A simple question, but very weighty, given that the actions and reactions to the term and principles of gender equality, stems from the understanding and/or misunderstanding of what it is and what it aims to achieve.

Classically, gender inclusion is about being deliberate to ensure that everyone, regardless of gender, has equal access to resources, opportunities, and benefits.

There is however a lot of misconception about what gender inclusion means – some believe, wrongly I must say, that it’s about female entitlement. I think it’s much broader than this, I think it’s more about giving the same opportunity, latitude, support and recognition to females, as any man would want to be given. Colloquially, it’s epitomised by the adage “treat others as you would want to be treated”, where in this case, it’s “treat women the way you want to be treated’.

From a private sector perspective, is there really a Business Case for Gender Inclusion?

There are several studies, examples and business leaders reflections that have demonstrated a strong business case for gender inclusion with win-win possibilities for all parties involved.

One of these studies, a 2021 study by Mckinsey, found that equal involvement of women in the workplace contributes to meaningful returns on investment and is associated with Organizational Performance and Profitability.

  1. The study also established with empirical evidence that companies with strong gender inclusion have improved employee satisfaction and reduced employee turnover and absenteeism.
  2. The study further established that such companies with strong gender inclusion also have enhanced Organisational Reputation and Ability to Attract Talent and Retain Employees.
  3. The study also affirms that systemic exclusion of women from the workforce leads to inefficient economies, unequal growth, and missed opportunities for development at industry, national and global levels.

With the plethora of consistent feedback that continues to solidify and amplify the business value add from gender inclusion, it’s is no surprise that this is now a significant momentum for this objective globally, across various strata of society and across various sectors of endeavour.

In the business world, several companies have either adopted gender-sensitive corporate policies, which is essentially the entry point, or advanced in this journey to the point of integrating gender inclusion into their overall business strategy.

What are the top-line policy considerations for gender sensitivity?

To be impactful as an organisation in gender sensitivity and equality, policy must cover and specifically address the issues relating to the the natural and social experience of women and girls, with an overall view to enhance the chance of potential attainment for females. Maturity in this journey would see standalone policies, but policies that are integrated into HR processes and the company’s Code of Business Conduct.

The key thrust of these policies would aim to:

  • To definitively attract, recruit, retain, mentor, coach, sponsor and promote female staff and talent.
  • Provide sufficient time for maternity leave to help women recover physically and mentally from pregnancy and childbirth, while also adjusting to a “new normal”, before returning to their jobs
  • Policies that protect female staff well-being and mental health.

How are we doing it at HeirsHoldings Oil & Gas (HHOG)?

The Heirs Holdings Group to which HHOG belongs, has a strong reputation in gender inclusivity.  We have over 45% of female representation at the Group Leadership level.

In HHOG, despite operating in a male-dominated industry, we have a 40% female representation in leadership, and we see an appreciable representation of females across all cadres of the company, both technical and non-technical cadres – in both office and field-based positions.

In the engineering space in Nigeria, gender diversity has been a long-standing challenge, with women being underrepresented in this field. I recall my electrical engineering class of 1992 at University of Benin, where we had only one female in a cohort of ca. 30.

30 years later, the demography has improved definitively and is still improving, with more females studying STEM (Science, Technology, Engineering & Mathematics) courses and Engineering in particular. At HHOG, we are quite pleased that at our first graduate intake of 2022, we achieved a 50% female representation in technical disciplines.

In HH group and HHOG, we recognise that having a diverse workforce leads to better decision-making, increased innovation, and improved financial performance. Therefore, we know it’s in our best interest to create a workplace that is welcoming to everyone, regardless of gender. To achieve this goal, we have developed and implemented several gender-sensitive policies in our workplace. These policies include:

  • Gender-Neutral Hiring Practices: Our recruitment process is designed to ensure that we hire the best candidates, irrespective of gender. This includes the use of gender-neutral language in job postings.
  • Gender Pay Equity: We believe in paying our employees based on their skills, experience, and performance, regardless of their gender.
  • Family-Friendly Policies: We understand that employees of both genders have personal lives and responsibilities outside of work and have policies in place to support this. Examples include our Parental Leave (applicable to mothers and fathers).

These policies are just a few examples of the steps we have taken to promote gender diversity and inclusion in our workplace. While we recognize that there is still more work to be done, we are committed to creating a workplace where everyone, especially our female colleagues, feel valued, respected, and empowered to succeed.

At HHOG, ours is a journey of continuous improvement, policies are the bedrock, but culture and leadership are the real determinants of success. The right behaviour and culture needs to be championed by leaders at all levels to ensure adequate traction is gained and desired outcomes achieved.

Everyone has a role in this and its starts with us as individuals:

Companies and policies don’t make themselves, they are made by humans; hence there is a need to work on ourselves, especially those in positions of leadership, to set the necessary foundation and context to believe in gender inclusion, and with this belief, the needed actions to ensure this principle is established across all strata of life and sectors of human endeavour will crystallise.

Accordingly, every one of us, especially if one is a leader, need to educate ourselves on the subject, need to become our “sister’s keeper” not just in words but in behaviours and in deeds, need to build ourselves to become allies for gender inclusion and lead by example on this subject.

In conclusion:

I thank APWEN for affording us all a great avenue to dialogue and become more educated on this change journey of gender inclusion.

As HHOG, as CEO of HHOG, and a key player in the Nigerian oil and gas industry, we will continue to champion gender inclusion, especially in the technical fields, stemming from benefits derivable and not just to achieve industry or societal correctness.

On a personal level, I would like to enjoin us all, to do more to promote gender inclusion and gender sensitive policies in the workplace. In our lifetime this “movement” can be the covert legacy we leave for our children, creating a world where everyone has an equal opportunity to succeed.

Thank you for listening.

Osayande Igiehon

Osayande Igiehon at the 2022 APWEN Conference : Just Energy Transition; An Enabler for Sustainable Development in Nigeria.

By Latest news
  • Speech delivered by MD/CEO, Heirs Oil & Gas, Osayande Igiehon  at the 2022 Association of Professional Women Engineers in Nigeria (APWEN) Conference 


Thank you for this opportunity to share with distinguished colleagues, friends, sisters, APWEN and the rest of us who are here to support them in this 2022 conference.

Please permit me to stand on all existing protocols and I will move on to the topical issue, “Just Energy Transition and how to make it enable the development of Nigeria”.

I find it to be a subject steeped in a lot of complexities, so I will try and deconstruct them so a layman in the street can understand what the energy Transition is about.

We will be talking about the following

  1. A Just Energy Transition: why it should be a just energy transition, the part that is not commonly said about it.
  2. The Nigerian energy transition plan
  3. What we think are the imperatives to ensure Nigeria can win.
  4. What Heirs Holding is doing within this space from a strategic point.

A Just Energy Transition

When we look at energy transition, there is the talk that you go from fossil fuels to renewables which is quite commendable, but we need to look at it on several different levels. Currently, we have an energy system that is carbon-intensive and by the second half of this decade, we should have an energy system that is carbon neutral or “no carbon at all”. The implication of “No Carbon” is “No Hydrocarbon” because hydrocarbon, as we know it today, is the base of the economy. So, in this energy transition conversation, we need to think about ourselves in the conversation.

The second thing to think about is the future today, most of the energy consumed is in the form of petroleum products. Whenever I am in my house, I am consuming power majorly from gas, when I drive my car, I buy petrol and use diesel in my generator. It is an energy system that is dominated by fossil fuels.

It is anticipated that in the second half of the decade we are building a system that will shift major energy consumption from electricity instead of petroleum, for example, fuelling cars will be done using electricity. This is the essential conversation about the energy transition.

Where we have a system that is dominated by electricity, we need to ask ourselves “What will be the source of the electricity?”. This is where the conversation becomes critical to move away completely from hydrocarbons to renewable sources.

Having said that and juxtaposing it with the realities of the world where the population is projected to go about 9 billion, the energy demand is only going to increase. Bringing it home to Nigeria and Africa, we talk about energy adequacy which numbers abound, but we do not know it enough. Some analyses have it at 80% and some 65% energy poverty… the bottom line is that a list of countries in Africa do not have enough energy, we are substantially short of energy which is the key piece to underpin the whole energy transition conversation.

When we talk about energy transition, we need to begin translating that conversation from a European perspective to an African perspective and bringing it closer home into a Nigerian perspective. Talking about the subject of a Just Energy Transition, the conversation is that we should have a transition that is fair, equitable and inclusive. A transition that creates opportunities across the world in a way that no one is left behind.

Most times in these conversations, Africa can be assumed to be a passenger and not in the driving seat. We do not understand it enough and need to take control of the narrative and chart our direction for ourselves. But what people are not talking about sufficiently is “What is the case for saying the energy transition has to be just?”. Having a just Transition is the fact that there needs to be a conversation addressing where we are and resolving the way forward and taking into consideration how we got to this point, the responsibilities and accountabilities for it, which is not sufficiently talked about.

When you look at it from any lens, whether historical, current, or per capita basis, over 70% of all the carbon has been from the developed world, i.e., the US, China, The EU, India, Russia and Japan. They contributed and are contributing to 70% of the carbon emissions that are linked to climate change today. Africa is about 3.4% of that and Nigeria is less than 0.5%. So, when having a conversation around energy transition and attempting to locate Nigeria and Africa in such a conversation, we need to think of it from the perspective of an African conversation and not a European conversation.

It is also further compounded because energy transition talks about moving away from fossil fuels taking into consideration a country such as Nigeria being a mono-product country where most of our economy is directly linked to oil and gas export. Therefore, when we talk about an energy transition in 30 years’ time where we want a carbon-free society, meaning “No Oil and Gas”, how are we going to engineer our country? We should be having conversations in that direction.

There is a direct correlation between the amount of energy consumed and economic advancement owing to the amount of carbon produced. If we do not take a decision from an African or Nigerian perspective in the articulation of the transition journey, we will be further disadvantaged as we move forward. It will not just become an enabler; it can also become a disabler.

The Nigerian Energy Transition Plan

Talking about the Nigerian energy transition plan, the country as has indeed taken pivotal steps to take the lead and provide leadership in sub-Saharan Africa around energy transition. The transition plan can be demonstrated in 5 points.

  1. To demonstrate Nigeria’s commitment to energy transition and net zero by 2060.
  2. Nigeria taking a leadership role in enabling a just and equitable climate future for Africa.
  3. Mobilize finance to jump-start the implementation of the plan.
  4. It is focused on gas as a transition fuel and solar as the main pivot of the energy transition and renewable source.
  5. The result it aims to achieve is ending energy poverty, lifting a million people out of financial poverty and creating a modern energy service system for Nigeria

Imperatives to ensure Nigeria can win

These are very important directions, objectives and results to be achieved. However, we think there needs to be more. The imperatives are:

  1. For it to be a Nigerian Plan, we need to be talking about a Nigerian energy sufficiency and transition plan. The transition should be an enabler to address the sufficiency. Transition is a European imperative, while sufficiency should be an African imperative.
  2. For sufficiency, we need to take the lead and invest in a plan that provides 100% for our people and energy sufficiency in a multipronged sufficiency plan. It should take into consideration, traditional energy sources, renewables and or new energies.

There are a lot of conversations that we can leap-frog the current and traditional energy system to a renewable system, citing mobile phone advancement as an example. But looking at the terrain and complexities. It is different and the capital involved to make that transition is significant. There is going to be a choice of pushing for either sufficiency or transition.

The thinking is that we use our resources to push for sufficiency bringing us to the next imperative that we need to attract the resources to make the transition work. If we must be part of the solution, we must be enabled to take a role in the solution.

There are a lot of discussions around technology transfer and Africans need to come to terms with the fact that there is nothing like technology transfer. No one will transfer a competitive advantage; we have to talk about technological acquisition. We need to find a way to get the technology in, which is the key role for us as engineers to find ways and means with leadership and policy direction from government and the inventiveness and creativity of our engineers to find a way around the technology to help in the journey.

What Heirs Holdings is doing from a Strategic Point

In Heirs Oil & Gas, we are part of a larger group; Heirs Holdings, with Mr. Tony Elumelu as Chairman, whose concept of Africapitalism essentially talks about a double bottom line of having commercial success and making sure we are making a social impact. He talks about doing well and doing good. In this, the Tony Elumelu Foundation is enabling our youths in a big way in the space of entrepreneurship.

Within Heirs Holdings we have an integrated energy strategy that possesses 3 arms:

  1. Oil & Gas
  2. Electricity
  3. New Energies/Renewables

In oil and gas, we acquired OML 17, which is the flagship asset of HHOG in January 2021. We took over operational control in July 2021. In 100 days, we ramped up production from 27,000 to 52,000 and in 8 months, we more than doubled gas production from 50mmscf to 120mmscf. It is interesting to note that all our gas produced goes into the eastern domestic network.

On the leadership team, 40% of us are women. On electricity under Transcorp, we operate 15% of the installed electricity generation capacity in Nigeria, running the plants in Ughelli and Afam, it may interest you to know that the Transcorp business is led by a woman. With this, you can tell that Heirs Holdings is a female-centric organisation.

We are charting our way forward in terms of new energies; I was privileged to join our Chairman in a conversation with Senator John Kerry, the US envoy for Climate last week. We had a similar conversation, so it was quite apt when I reflected on the theme of this conference, and I think the organisers are right on the subject that is key today. We espoused our position to him, and there is an up head that in Africa, we need to lift people out of poverty with energy sufficiency and the transition is an enabler, therefore it should not be one or the other.


I want to thank APWEN for the opportunity to share these thoughts today.

The energy transition is just and enabling is not what others will do for us, we have to do it for ourselves.

Thank you.

Heirs Oil & Gas Reiterates Commitment to Global ESG Best Practices

By Latest news, Press-release
  • Doubles gas production capacity of OML 17 while upholding ESG commitments

Lagos, 24/05/2022 – Heirs Oil & Gas, Africa’s integrated energy company has reaffirmed its commitment to both national and global environmental, sustainability and governance (ESG) best practices in view of its upcoming operational 1-year anniversary. An important aspect of this commitment is the elimination of routine flaring from HHOGs OML 17 by 2025, in compliance with the Nigerian Government’s routine Flare Reduction/Elimination goal and global greenhouse gas reduction initiatives.

The CEO, of Heirs Oil & Gas, Osa Igiehon, in a comment, laid out the steps being taken by the organisation to ensure the implementation of the plans to meet the commitment.

“Decades of underinvestment in the asset cannot be corrected in a few months, since taking over the asset, we have been working arduously on this objective with the execution of flare reduction projects such as follows: AGG (Associated Gas Gathering) compressor uptime improvement, Facility upgrades, provision of gas gathering solutions and Facility off-gas utilisation initiatives,” he stated.

In line with the set objectives, since the acquisition, HHOG has more than doubled the gas production capacity of OML-17 from 50 to 120 mmscfd within the short period we have operated this asset. All this gas goes into the eastern Nigeria domestic gas market to enhance power generation and create the much-needed feedstock for gas-based industries, sustaining & creating jobs and improving lives.

On the social front, HHOG continues to make meaningful contributions towards improving the livelihoods of Africans. We believe that understanding and addressing the interests of our host communities is critical for achieving success in our operations. We continuously seek opportunities to create a positive impact through community infrastructure development and empowerment initiatives.

As a leading indigenous operator, HHOG remains committed to making a positive impact in Nigeria, Africa, and the world at large.

About Heirs Oil & Gas

Heirs Oil & Gas is a leading African, indigenous owned, integrated energy company, headquartered in Nigeria, whose assets include Nigerian oil block OML 17, with a current production capacity of over 30,000 barrels of oil equivalent per day and 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1 billion barrels of oil equivalent resources of further exploration potential.

Heirs Oil & Gas (HHOG) is jointly owned by Heirs Holdings, the leading African strategic investor and affiliate company Transnational Corporation Plc (Transcorp), Nigeria’s largest publicly listed conglomerate.