Heirs Energies acquires 20% stake in Seplat Energy in $500m deal

Nigerian businessman Tony Elumelu’s Heirs Energies has acquired a 20 per cent equity stake in Seplat Energy Plc for nearly $500 million, in one of the largest indigenous investments in Nigeria’s energy sector in recent years.

The shares, previously owned by French oil company Maurel & Prom, comprise 120.4 million ordinary shares priced at $4.09 per share. A binding agreement for the transaction was signed on December 30, 2025.

The acquisition highlights a growing shift toward increased local participation in Africa’s energy industry, with Nigerian firms taking more strategic ownership positions in key assets.

Seplat Energy, which is dual-listed on the Nigerian Exchange and the London Stock Exchange, operates major oil and gas assets in the Niger Delta and currently produces more than 135,000 barrels of oil per day.

The deal aligns with Heirs Energies’ broader objective of promoting energy security, industrial growth and shared prosperity across the African continent.

Speaking on the transaction, Tony Elumelu, chairman of Heirs Energies, described the acquisition as a long-term commitment to Africa’s energy future, noting that it would support Seplat Energy’s expansion, sustainability and value creation goals.

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