Prominent Nigerian businessman and Chairman of Heirs Energies, Tony Elumelu, has made a powerful declaration about Africa's economic potential. He asserts that the continent possesses the full capability to own, develop, and responsibly manage its own strategic natural resources.
A Landmark $500 Million Energy Transaction
Elumelu's statement was made in reaction to a significant financial transaction completed by his company. Heirs Energies has acquired the entire 20.07% equity stake in Seplat Energy Plc that was previously held by Maurel & Prom S.A. The deal involved 120.4 million ordinary shares purchased at a price of GBP 3.05 pence per share, valuing the entire transaction at approximately $500 million.
This acquisition marks a critical step in Heirs Energies' long-term strategy. The company aims to strengthen local, indigenous participation in controlling vital national assets and to speed up the development of sustainable energy solutions for Nigeria and the wider African continent.
Elumelu's Vision for African Prosperity
Commenting on the deal, Elumelu framed it as a vote of confidence in Africa's future. "This acquisition reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources," he stated. He described the move as a long-term investment in Nigeria’s and Africa’s energy future, which aligns with a broader mission to enhance energy security, drive industrialization, and create shared economic prosperity.
He also praised Seplat Energy, noting that the company has established a "resilient, well-governed platform with compelling long term prospects." Elumelu expressed his pleasure in supporting Seplat's continued growth and its ability to generate value for all stakeholders involved.
African Institutions Finance African Growth
A key aspect of this landmark deal is its financing. The transaction was supported by two leading pan-African financial institutions: Afreximbank and the Africa Finance Corporation (AFC). This involvement is seen as a concrete demonstration of Africa's growing capacity to fund its own major business deals and development projects, reducing reliance on foreign capital.
Heirs Energies is an integrated energy company focused on meeting Africa's specific energy needs while adhering to global sustainability standards. It operates OML 17 in the Niger Delta, with a production output of over 50,000 barrels of oil per day and 120 million cubic feet of gas daily. The company's reserves are substantial, estimated at over 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
Since commencing operations in 2021, Heirs Energies has become a major gas supplier within Nigeria, providing fuel for electricity generation that powers millions of homes and businesses. Seplat Energy, the acquisition target, is a key Nigerian independent energy company listed on both the Nigerian and London stock exchanges. It plays a significant role in the country's energy transition and reported working interest production of 135.6 thousand barrels of oil equivalent per day as of October 2025.
