News & Press Releases

Finance as Strategy: The Dual Mandate Driving Heirs Energies

A key differentiator of Nwanze’s leadership is his dual role as CFO and CIO—positions he describes as “two sides of the same coin.”

“As CFO, I am the anchor, driving rigour, risk management, and ensuring every naira and dollar is working effectively,” he said. “As CIO, I am the compass—identifying transformative opportunities and allocating capital to create long-term value.”

This integrated approach has been pivotal in Heirs Energies’ rapid growth, particularly in its strategy of acquiring and optimising undervalued assets in Nigeria’s energy sector. According to Nwanze, the goal is never aggressive expansion for its own sake, but “responsible scaling built on financial discipline, innovation, and sustainability.”

Where Sustainability Meets Profitability

Nwanze is part of a new generation of African financial leaders who are positioning sustainability not as a cost, but as a central driver of enterprise value. Under his financial leadership, Heirs Energies has integrated ESG performance into capital allocation frameworks and operational dashboards, linking long-term profitability with environmental responsibility.

“Sustainability is no longer optional—it is fundamental to risk management,” Nwanze said. “Our work on reducing gas flaring, for instance, goes beyond environmental goals. It is a commercial, reputational, and strategic imperative that unlocks value and ensures sustainability. This holistic view is redefining leadership: today’s CFO and CIO must be stewards of all forms of capital – financial, human, natural, and social – to build truly future-proof enterprises.

Nwanze has also championed the use of technology—AI-driven analytics, predictive modelling, and real-time reporting—to reposition the finance function as a proactive strategic unit rather than a retrospective one. “We are moving from a function that records history to one that predicts the future,” he explained.

Preparing Africa’s Next Financial Stewards

Beyond boardroom strategy, Nwanze is widely regarded as a mentor as he takes shaping the continent’s future finance leaders as a personal responsibility.

“I benefited immensely from mentorship,” he said. “Now I create demanding but supportive environments where young professionals are trusted with high-stakes, meaningful work.”

He emphasises grounding talent in the realities of African markets while connecting them to global networks. “Africa has the capital and the opportunities,” he said. “What we need now is the talent to steward that capital wisely. Developing that pipeline is the most important investment we can make.”

A Vision for African Business Leadership

For Nwanze, the AABLA recognition is not an end but a catalyst. “It reinforces a vision where African business leadership stands for excellence, ambition, and integrity,” he said. “Where we are not just participants in the global economy but architects of our own future.”

With Heirs Energies expanding and Heirs Holdings scaling investments across strategic sectors, Nwanze’s finance leadership will play an increasingly important role as Africa’s energy industry pushes toward lower-carbon, more efficient operations.

Posted by Africa.com

Consider his record:

• The $2.5 Billion Masterstroke: He orchestrated the raising of a $2.5 billion financing facility, showcasing his profound capability to access global capital. With strategic precision, he deployed these resources to secure the landmark 45% acquisition of OML 17 – a masterful execution that highlights expert capital allocation and stands as one of the largest oil and gas financings in Africa in over a decade, earning the prestigious Project Finance International (PFI) ‘African Oil Deal of the Year’ award in 2021
• A Portfolio Built on Acumen: As Chief Investment Officer, his strategic oversight spans a diversified empire exceeding $10.3 Billion in assets under management across Oil & Gas, Power, Financial Services, and Real Estate.
• From Banking to Boardrooms: His foundational experience as Group Treasurer in one of the leading banks at the time, managing treasury operations across the continent, forged the financial rigor he brings to every decision.

This award, judged by a panel of the continent’s most respected business leaders, validates what we have always known: Sam’s expertise is world-class. He is a sought-after voice at the African Union, the Milken Institute, and Oxford Saïd Business School, and his recent role as the first African on the board of the Global Impact Investing Network (GIIN) places him at the forefront of global finance.

Samuel Nwanze is a cornerstone of our success. His vision and execution are directly linked to our growth, stability, and ambitious future.

Please join us in celebrating this monumental and well-earned honor for a true leader shaping the future of African business.

While digitalisation is largely being considered the key to production optimisation, do you believe it’s the sole requisite to success? 

Digital tools are important, but they are not a magic fix. Technology helps us work smarter, but it can’t replace the need for strong leadership and skilled people.

We use technology at Heirs Energies for monitoring and efficiency. But our biggest breakthroughs have come from our teams. For example, our engineers developed a low-cost way to bring old gas wells back to life. That idea didn’t come from a software programme; it came from deep understanding, out-of-the-box thinking and a solution mindset.

While digitalisation gives us better data, our success finally depends on our people – their expertise, ingenuity and commitment to safety. Its this human element that truly makes the most difference.

What is Heirs Energies’ future strategy with OML 17 and other oil and gas assets? 

Our strategy is to build on the proof point that OML 17 represents. When we acquired it, many doubted whether a Nigerian independent could revive such a complex, underperforming asset. Today, we have doubled production, restored security, and brought new energy to the domestic gas market. That success gives us the confidence to look ahead with intent.

At OML 17, we are determined to keep pushing performance higher – optimising oil output, scaling gas production further, and embedding the community partnerships that have become a hallmark of our approach. But the bigger picture goes beyond one asset, we see opportunities across Nigeria and Africa to apply our Brownfield Excellence model – identifying underperforming fields, deploying innovation and discipline, and turning them into engines of growth.

What matters to us is creating long-term value for our investors, for the communities where we operate, and for the economies that depend on reliable energy. That means expanding carefully, investing responsibly, and ensuring that every molecule we produce helps to power Africa’s development. OML 17 was the beginning – but our ambition is to shape the model of how African companies can deliver world-class results and shared prosperity, consistently and at scale.

This is the second part of a two-part interview with Oil Review Africa

But the real success is that we did this while also funding scholarships, providing healthcare, and creating jobs for locals. For us, making a profit and having a positive social impact are two sides of the same coin. This is Africapitalism in action.

What should independents from Nigeria keep in mind while acquiring assets from IOCs? 

Nigerian independents must understand that they are not merely purchasing an asset; they are inheriting a legacy and a material responsibility. The acquisition is the simplest step. The profound challenge lies in the transformation that need to follw for the journey to end well. International Oil Companies typically divest assets that no longer fit their global portfolio, often because they are capital-intensive, have operational challenges, burdened by years of underinvestment, and entangled in complex social and security challenges. The incoming independent must be prepared for this reality from day one.

Our journey with OML 17 is a case study in successfully tackling this reality to achieve a historic turnaround. When we took over, the asset was in severe distress, with terminal delivery of field production at a mere 3% shortly after. This wasn’t an operational hiccup; it was a systemic failure, indicating near-total loss to theft and sabotage. We recognised that a purely technical or capital solution would fail. The real breakthrough came from rebuilding the entire ecosystem of trust. We engaged host communities not as a periphery activity, but as the core of our security and operational strategy, while forging strong, collaborative partnerships with government and security agencies. The definitive response by Government to oil and gas asset security that emanated, which has been sustained, is foundational to this spectacular outcome. This catalytic work enabled us to elevate reconciliation to over 99%; a transformation that turned a dying asset into a secure, reliable national contributor.

Critically, independents must resist the inertia and excuses that have plagued and caused the decline of the past two decades. Our advantage is not in the depth of our balance sheets, but in our delivery and growth focus, our solution-mindedness, and our genuine desire to develop our communities and countries. For instance, at Heirs Energies our engineers pioneered a rigless through-tubing intervention technique that restored shut-in wells at 65% lower cost and 32% faster than conventional methods. This innovation, born of a necessity to do more with less, unlocked significant value and added millions of cubic feet of gas to the domestic market.

Ultimately, the most vital lesson is this: our social license is as important as our legal license. The community is not a hurdle to overcome; they are the most crucial stakeholder we must engage with for sustainable operations. If they are not active partners in our success, we have no durable foundation to build upon. For the Nigerian independent, success is a blend of operational innovation, genuine partnership, strategic security and tenacity.

This is the first of a two-part interview with Oil Review Africa

Posted by Mining Business Africa

This focus on people and culture has been a large part of the transformation.  Vice President of Human Resources,  Ms Eluemuno` Olumagin, explains: “Heirs Energies has strategically assembled a phenomenal team and fostered an enabling culture that drives innovation and challenges the status quo. Our unwavering commitment to developing talent and contractor capacity has culminated in a highly skilled Nigerian workforce that successfully and safely operates one of the most complex assets in the country. This performance is a compelling demonstration that African organisations, through strategic people investment, can compete and excel on the global stage.”

The results speak for themselves. Oil production in OML 17 rose from around 20,000 barrels of oil equivalent per day  (boepd) in 2021 to consistently exceeding 50,000 boepd in 2025, while gas output climbed from 70 million standard cubic feet per day (MMscf/d) to around 125 MMscf/d. Now, Nigerian engineers and contractors manage five flow stations, two Associated Gas Gathering (AGG) plants, and two Non-Associated Gas (NAG) plants. The ripple effect has boosted the economy of Rivers State and beyond, creating jobs and strengthening local supply chains.

Reaching this point involved overcoming significant obstacles. According to Igiehon, three hurdles stood out:

• Skills: Addressed through structured training programmes, mentorship opportunities, and partnerships with original equipment manufacturers to facilitate on-the-job learning.
• Processes: Outdated systems were replaced with lean, value-driven operations and global Health, Safety and Environment standards.
• Vendors: Capacity was expanded to build a 95% indigenous contractor base, keeping jobs and spending in Nigeria.

Once these foundations were in place, the company focused on repairing and expanding OML 17. Ageing pipelines were fixed, bottlenecks were removed, and more than 100 dormant wells were reactivated. Safety became a core value: staff were trained to see themselves as safety officers, leading to over 1.5 million safe man-hours and 1,627 Lost-Time Injury-free days by mid-2025.

On the ground, ingenuity further drove success. Rather than relying on costly interventions, Heirs Energies scaled up gas production using innovative local solutions such as low-cost, rigless through-tubing. In November 2024, the Agbada-68T well was restored using this approach, followed by Agbada-67T in August 2025. Together, they added 65 MMscf/d of gas capacity.

“OML 17 was a classic brownfield value opportunity,” Igiehon reflects. “It was a quality asset underperforming due to underinvestment and security challenges. We believed that we could unlock its full potential with local know-how, our Africapitalism philosophy, and our commitment to brownfield excellence.”

Looking ahead, if this model succeeds in the long term, Heirs Energies may well set a precedent for indigenous operators across Africa: ownership of skills and suppliers, investment in domestic gas, and nimble technical interventions to revive underperforming assets.

For Nigeria — and for Africa more broadly — it is a powerful example of what can be achieved when local solutions are implemented by local hands, delivering prosperity for communities while securing the continent’s energy future.

Source: Africa.com

As Africa Energy Week wraps up in Cape Town, we are faced with a pressing question: Can we genuinely fulfill the promise of eradicating energy poverty by 2030?

The answer hinges not on foreign investment or external solutions, but rather on a crucial factor—African responsibility for our own challenges.

Currently, around 600 million Africans live without electricity. In Nigeria alone, over 85 million individuals lack reliable access to power, despite the continent’s vast natural gas reserves that could potentially electrify the region.

This paradox of resource abundance juxtaposed with energy scarcity highlights a significant crisis of purpose and execution within our energy sector.

The real issue is not whether Africa can bridge this debilitating energy gap; it is whether we, as Africans, are prepared to take ownership of the problem and act with determination to find solutions.

Breaking free from dependency

For far too long, Africa’s energy narrative has been dictated by external forces. Policies have been crafted by consultants, timelines set by financiers, and agendas shaped by global institutions.

This dependency has fostered a culture of blame, where external factors such as sanctions, market fluctuations, and investor hesitance are cited as reasons for our failures.

However, these excuses do not account for the fact that proven reserves remain untapped, gas continues to flare while millions remain in darkness, and oil production has seen a decline over the past two decades.

The uncomfortable truth is that Africans must develop and implement solutions that are grounded in our local realities.

No one understands our complexities better than we do, nor do they care more about our development. The moment we take full ownership of our challenges is the moment we can begin to make real progress.

Defining Accountability in Energy Management

Accountability is not merely a buzzword; it is a measurable standard. Take Nigeria’s OML 17, for example—one of the country’s most intricate onshore assets.

Under new management, production doubled within just 100 days, achieving a remarkable 99.8% reconciliation factor in a region historically plagued by losses.

This shift requires measurable commitments: building local workforces, investing in training, developing indigenous expertise, engaging communities as partners, adhering to global standards, and investing local capital alongside foreign investments.

Energy poverty will not dissipate simply because 2030 arrives; it will end when Africans collectively decide that living in darkness is unacceptable and take decisive action to change it. The resources, technology, and talent are already present.

What remains is the courage to fully embrace the challenge and propel the continent toward energy sufficiency.

As we move forward, it is imperative that we harness our collective potential and take ownership of our energy future.

The author, Osa Igiehon is a transformational energy business executive, thought leader and innovator. He is the CEO of Heirs Energies, an African energy company. These views are his own and do not necessarily reflect those of his organisation.

Source: Trtafrika