In a landmark transaction reshaping Nigeria's energy landscape, Heirs Energies Limited has successfully purchased the entire 20.07% equity stake in Seplat Energy Plc previously held by the French oil company, Maurel & Prom S.A. The deal, valued at approximately $500 million, was finalized on Wednesday, December 31, 2025.
A Strategic Acquisition for Indigenous Control
The shares were acquired at a price of 305 pence per share, signaling a massive vote of confidence in the Nigerian energy firm. This strategic move is aligned with Heirs Energies' long-term vision to deepen local participation in the nation's critical energy assets and champion sustainable energy development across Africa.
Reacting to the acquisition, the Chairman of Heirs Energies, Tony Elumelu, stated that the investment reflects a profound belief in Africa's capability to own and manage its strategic resources responsibly. He described Seplat Energy as a resilient and well-governed company with strong long-term prospects, expressing his firm's commitment to supporting its continued growth and value creation for all stakeholders.
African Financial Institutions Power the Deal
Significantly, the transaction was facilitated and backed by leading African financial institutions, namely the African Export-Import Bank (Afreximbank) and the Africa Finance Corporation (AFC). This underscores the growing capacity and confidence of African financiers to underwrite large-scale, transformative investments on the continent.
The acquisition follows closely on the heels of Heirs Energies securing a substantial $750 million loan facility from Afreximbank, highlighting the company's expanding financial muscle and strategic ambition.
Profiles of the Key Players
Heirs Energies Limited is a fully integrated, indigenous energy company operating in the Niger Delta region. It is the sole operator of Oil Mining Lease (OML) 17, with a current production output exceeding 50,000 barrels of crude oil per day and about 120 million standard cubic feet of gas daily. The company's asset base boasts reserves of over 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
Seplat Energy Plc is a leading indigenous independent energy company dually listed on the Nigerian Exchange and the London Stock Exchange. Its operations focus on the exploration, development, and production of oil and gas assets. As of the end of December 2024, Seplat had booked 2P reserves of 1.043 billion barrels of oil equivalent, with a working interest production reaching 135.6 thousand barrels of oil equivalent per day as of October 31, 2025.
Commitment to Revitalizing Assets
This deal reinforces Heirs Energies' track record of transforming underperforming assets. The company had previously announced an ambitious plan to reactivate more than 100 dormant wells in OML 17 within 100 days of assuming operatorship. It successfully turned the asset around, achieving over 95-100% terminal delivery and has pledged to boost crude oil production from the oil wells to 100,000 barrels per day in the near future.
The acquisition of a major stake in Seplat represents a consolidation of indigenous power within Nigeria's vital oil and gas sector, setting a precedent for African ownership and management of continental resources.
