The acquisition strengthens local ownership in Nigeria’s energy sector and underscores Africa’s growing capacity to finance major deals.
In a landmark move for Nigeria’s energy sector, Heirs Energies, owned by billionaire businessman Tony Elumelu, has acquired the full 20.07% equity stake in Seplat Energy Plc previously held by French company Maurel & Prom S.A. The deal, announced on December 31, 2025, involved the purchase of 120.4 million shares at 305 pence per share, valuing the transaction at roughly $500 million.
Elumelu described the acquisition as a “long-term investment in Nigeria’s and Africa’s energy future,” emphasizing the importance of indigenous ownership and responsible management of strategic resources. “Seplat Energy has built a resilient, well-governed platform with strong long-term prospects,” he said, adding that Heirs Energies aims to support its continued growth and value creation.
The acquisition was backed by Afreximbank and the African Finance Corporation (AFC), highlighting Africa’s increasing ability to finance its own major deals.
Heirs Energies, which operates OML 17 in the Niger Delta, produces more than 50,000 barrels of oil per day (kbopd) and 120 million cubic feet of gas per day (mmcfd), with reserves exceeding 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas. The company also supplies gas to domestic power plants, generating over 400 megawatts of electricity that powers millions of homes, businesses, and factories.
Seplat Energy Plc, listed on both the Nigerian Exchange and the London Stock Exchange, focuses on oil and gas exploration, production, and gas processing in the Niger Delta. As of 31 December 2024, the company had 2P reserves of 1.043 billion barrels of oil equivalent (MMBoe) and recorded working interest production of 135.6 kboepd as of 31 October 2025.
The acquisition marks a significant milestone for Heirs Energies in its mission to promote sustainable energy development, enhance industrialization, and advance energy security across Nigeria and Africa.
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