Tony Elumelu’s Heirs Energies has acquired a 20% stake in Seplat Energy for $500 million, becoming the single largest shareholder in the company.

This landmark achievement was supported by two leading African financial institutions—Afreximbank and Africa Finance Corporation—further demonstrating Africa’s capacity to finance its own deals.

It will be recalled that just last week, Heirs Energies closed a $750 million financing deal with Afreximbank to fund its existing operations and expansion plans.

With this financial firepower, Heirs Energies is well-positioned to execute transactions of this scale.

Seplat Energy currently produces approximately 286 thousand barrels of oil equivalent per day (kboepd), while Heirs Energy produces around 70 kboepd.

What they are saying

According to the deal’s details, French oil and gas company Maurel & Prom (M&P) entered into a binding agreement to sell its entire 20.07% stake in Seplat Energy Plc to Heirs Energies Ltd for a total consideration of $496 million.

This is based on the sale of 120.4 million shares for 305 pence per share, as disclosed by M&P on December 31, 2025. Seplat is currently trading at 275 pence per share, indicating a 10.9% premium to its current price.

The deal includes an upfront payment of $248 million, with the remaining balance due within 30 days and backed by an irrevocable letter of credit.

An additional $10 million in contingent consideration may also be paid, depending on Seplat’s share price performance over the next six months.

The buyer, Heirs Energies, is a subsidiary of Heirs Holdings, a pan-African investment company known for long-term strategic investments across sectors.

Commenting on the transaction, Tony Elumelu, Chairman of Heirs Energies, said:

1. “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.
2. “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.”

M&P, one of Seplat’s three founding shareholders, has held the largest single stake since the company was founded in 2010.

1. “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,” M&P said.

M&P’s CEO, Olivier de Langavant, also expressed pride in the company’s long-standing support for Seplat, stating:

1. “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:

1. “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 marks a significant change in Seplat’s ownership structure, with Heirs Energies, a subsidiary of Heirs Holdings, stepping in as a new long-term strategic investor.

M&P expressed confidence in Heirs Energies as a successor shareholder, stating that Seplat is well-positioned to continue thriving under its new ownership.

Legal and financial advisers to the deal were Herbert Smith Freehills Kramer, and Morgan Stanley, respectively.

The sale represents a significant exit by a founding investor in one of Nigeria’s key indigenous oil and gas firms. While no mention was made of regulatory approvals or timelines for completion, the structured nature of the transaction—including the secured letter of credit—suggests a well-orchestrated transition.

Why this matters

This deal marks a major shift in Seplat’s ownership structure and reflects broader changes in Nigeria’s energy investment landscape.

With M&P exiting to focus on asset-level investments and Heirs Holdings deepening its energy footprint, the transaction could influence investor confidence and potentially spur further consolidation or strategic alliances in Nigeria’s oil and gas sector.

Additionally, it highlights Seplat’s continued attractiveness as a key player in the region.

1. Heirs Energies operates OML 17 in the Niger Delta, producing over 50 thousand barrels of oil per day (50 kbopd) and 120 million cubic feet of gas per day (120 mmcfd), with a reserves base of over 1.5 billion barrels of oil (MMbbl) and 2.5 trillion cubic feet of gas (Tcf).
2. Since its debut in 2021, Heirs Energies has established itself as a brownfield excellence leader, having successfully addressed the challenges confronting onshore operations in Nigeria and serving as a critical catalyst for the rejuvenation of safe and reliable onshore production in the Niger Delta.

Heirs Energies is also a leading gas producer and supplier to Nigeria’s domestic gas market, providing fuel for over 400 megawatts of electricity generation and powering millions of homes, businesses, and factories.

The deal effectively positions the group as one of the largest integrated energy companies in Africa.

What you should know

Seplat was trading at 275 pence on the London Stock Exchange, with a market capitalisation of £1.66 billion.

1. Maurel’s 120,402,000 shares are therefore valued at approximately £331.1 million. It has exited at a valuation of around £367.2 million.
2. Seplat’s other shareholders include Petrolin Group with 13.77%, Sustainable Capital 9.77%, Professional Support 8.5% and Allan Gray Investment Management at 5.57%.
3. Heirs Energy thus becomes the largest shareholder with a 20.46% stake.

Seplat was founded by Austin Avuru and ABC Orjiako via a merger of their companies ,Shebah Petroleum and Platform Petroleum in 2009.