In a landmark transaction that reshapes the landscape of indigenous ownership in Nigeria's energy sector, Heirs Energies Limited has completed the acquisition of a significant stake in Seplat Energy Plc. The deal, valued at approximately $500 million, sees Heirs Energies take over the 20.07% equity stake previously held by the French oil and gas group, Maurel & Prom (M&P).
Details of the Strategic Acquisition
The acquisition, finalized on 31 December 2025, involves 120.4 million ordinary shares in Seplat Energy, purchased at a price of GBP3.05 per share. Tony Elumelu, Chairman of Heirs Energies, emphasized that the move is a profound statement of faith in Africa's economic potential. He stated that the investment reflects a strong belief in the continent's capacity to own, develop, and responsibly manage its strategic natural resources.
Elumelu framed the purchase as a long-term commitment to Nigeria's and Africa's energy future, aligning with Heirs Energies' core mission to drive energy security, industrialization, and shared prosperity. He praised Seplat Energy for building a resilient and well-governed platform with compelling long-term prospects, expressing pleasure in supporting its continued growth.
Financing and Broader Implications
A notable aspect of this deal is its financing, which was facilitated by leading African financial institutions, Afreximbank and the Africa Finance Corporation (AFC). This underscores a growing trend of continental self-reliance in funding large-scale, transformative transactions.
Heirs Energies, an indigenous integrated energy company, is a major player in its own right. It operates OML 17 in the Niger Delta, with current production exceeding 50,000 barrels of oil per day and 120 million cubic feet of gas daily. The company's gas supply fuels over 400 megawatts of electricity generation, powering homes, businesses, and factories across Nigeria.
Seplat Energy Plc, dual-listed on the Nigerian Exchange and the London Stock Exchange, is a leading independent energy company focused on the Niger Delta. As of the latest reports, it held 2P reserves of 1.043 billion barrels of oil equivalent and reported an average production of 135.6 thousand barrels of oil equivalent per day.
Seller's Perspective and Recent Funding
In a separate confirmation, Maurel & Prom detailed the agreement to sell its entire stake for $496 million. The payment structure involves an initial payment of $248 million, with the balance due within 30 days and secured by an irrevocable letter of credit. An additional $10 million may be payable based on Seplat's share price performance over the next six months.
Olivier de Langavant, CEO of M&P, expressed pride in supporting Seplat's 15-year journey to becoming a leading Nigerian energy company. He noted the investment delivered very strong returns and stated the time was right to monetize the position to focus on direct asset investments. He also welcomed Heirs Energies as a new, strong long-term shareholder for Seplat.
This acquisition follows closely on the heels of another major financial milestone for Heirs Energies. Just last week, the company secured a $750 million financing facility from Afreximbank. That reserve-based lending arrangement is designed to double the company's crude oil output to around 100,000 barrels per day and significantly increase gas production, further bolstering Nigeria's energy infrastructure.
This series of strategic moves positions Heirs Energies as a central force in consolidating indigenous ownership and driving sustainable energy development within Nigeria and across the African continent.
