Tony Elumelu’s Heirs Energies has acquired a 20 per cent stake in Seplat Energy in a transaction valued at approximately 500 million dollars, making it the single largest shareholder in the Nigerian energy company.

The landmark acquisition was backed by two major African financial institutions, Afreximbank and Africa Finance Corporation, underscoring the growing capacity of African capital to finance large-scale indigenous energy transactions.

The development comes barely a week after Heirs Energies concluded a 750 million dollar financing deal with Afreximbank, aimed at supporting its ongoing operations and expansion initiatives across the energy value chain.

With this latest financial backing, Heirs Energies is now strategically positioned to execute transactions of significant scale within Nigeria’s oil and gas sector and beyond.

Seplat Energy currently produces about 286 thousand barrels of oil equivalent per day, while Heirs Energies’ production stands at approximately 70 thousand barrels of oil equivalent per day.

Details of the transaction reveal that French oil and gas firm Maurel and Prom entered into a binding agreement to sell its entire 20.07 per cent stake in Seplat Energy Plc to Heirs Energies Limited for a total consideration of 496 million dollars.

The agreement involves the sale of 120.4 million shares at 305 pence per share, as disclosed by Maurel and Prom on December 31, 2025.

At the time of the announcement, Seplat was trading at 275 pence per share, meaning the deal reflects a premium of about 10.9 per cent over the prevailing market price.

The transaction structure includes an upfront payment of 248 million dollars, while the outstanding balance is payable within 30 days and secured by an irrevocable letter of credit.

An additional contingent consideration of up to 10 million dollars may be paid, subject to Seplat’s share price performance over the next six months.

Heirs Energies, the acquiring company, is a subsidiary of Heirs Holdings, a pan-African investment group recognised for its long-term strategic investments across energy, financial services, hospitality, power, and technology.

Commenting on the acquisition, the Chairman of Heirs Energies, Tony Elumelu, said: “This acquisition reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources. It is a long-term investment in Nigeria’s and Africa’s energy future and aligns with our mission to drive energy security, industrialisation, and shared prosperity.

“Seplat Energy has built a resilient, well-governed platform with compelling long-term prospects, and we are pleased to support its continued growth and value creation for all stakeholders.”

Maurel and Prom, one of Seplat’s three founding shareholders, had maintained the largest single stake in the company since its establishment in 2010.

Reflecting on its long association with Seplat, Maurel and Prom stated: “Over the past 15 years, M&P has supported Seplat’s transformation into one of Nigeria’s top independent energy companies, playing a key role in the country’s energy security through its diversified oil and gas portfolio.”

The company’s Chief Executive Officer, Olivier de Langavant, also expressed satisfaction with the investment journey, saying: “We are incredibly proud to have supported Seplat’s journey over the last fifteen years and its transformation into a leading energy company in Nigeria across both oil and gas.”

He added: “This investment has also proven to be a great success for M&P, delivering very strong returns since its inception in 2010. We believe that now is the right time for M&P to monetise this position and further focus on direct investments in oil and gas assets, in line with a growth strategy that we plan to accelerate.”

The transaction represents a significant shift in Seplat’s ownership structure, with Heirs Energies emerging as a new long-term strategic investor within the company.

Maurel and Prom expressed confidence in Heirs Energies as a successor shareholder, noting that Seplat is well positioned to continue its growth trajectory under the new ownership arrangement.

Legal advisory services for the transaction were provided by Herbert Smith Freehills Kramer, while Morgan Stanley acted as the financial adviser.

The sale marks a notable exit by a founding investor from one of Nigeria’s leading indigenous oil and gas companies.

Although no specific regulatory approvals or completion timelines were disclosed, the structured nature of the deal, including the secured letter of credit, suggests a carefully coordinated transition.

The acquisition reflects broader shifts within Nigeria’s energy investment landscape, as indigenous capital increasingly replaces foreign ownership in strategic assets.

With Maurel and Prom exiting to concentrate on asset-level investments and Heirs Holdings expanding its energy footprint, the deal could boost investor confidence and encourage further consolidation or strategic partnerships in the oil and gas sector.

It also reinforces Seplat Energy’s continued attractiveness as a major player within the Nigerian and regional energy markets.

Heirs Energies currently operates Oil Mining Lease 17 in the Niger Delta, producing over 50 thousand barrels of oil per day and 120 million cubic feet of gas per day.

The company boasts a reserves base exceeding 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.

Since commencing operations in 2021, Heirs Energies has built a reputation as a brownfield excellence leader, successfully addressing long-standing challenges associated with onshore oil production in Nigeria.

The company has played a key role in revitalising safe and reliable onshore operations in the Niger Delta.

Heirs Energies is also a major gas producer and supplier to Nigeria’s domestic market, delivering gas for more than 400 megawatts of electricity generation and supporting millions of homes, businesses, and industrial facilities.

The acquisition effectively positions Heirs Holdings as one of Africa’s largest integrated energy groups.

At the time of the transaction, Seplat Energy was trading at 275 pence on the London Stock Exchange, with a market capitalisation of 1.66 billion pounds.

Maurel and Prom’s 120,402,000 shares were therefore valued at approximately 331.1 million pounds, with the company exiting at a valuation of about 367.2 million pounds.

Other shareholders in Seplat include Petrolin Group with 13.77 per cent, Sustainable Capital with 9.77 per cent, Professional Support with 8.5 per cent, and Allan Gray Investment Management holding 5.57 per cent.

Following the transaction, Heirs Energies now holds a 20.46 per cent stake, making it the largest shareholder in Seplat Energy.

Seplat Energy was founded by Austin Avuru and Ambrose Orjiako through the merger of their respective companies, Shebah Petroleum and Platform Petroleum, in 2009.