Heirs Energies acquires 20.07% stake in Seplat

Heirs Energies Limited has acquired a 20.07 per cent equity stake in Seplat Energy Plc, previously held by French oil firm Maurel & Prom S.A.

The transaction valued at about $500 million marks one of the largest recent indigenous-led energy acquisitions in Nigeria’s oil and gas sector.

The deal, completed at a price of 305 pence per share, involved the purchase of 120.4 million ordinary shares of Seplat Energy.

Chairman of Heirs Energies, Tony Elumelu, described the acquisition as a long-term investment in Nigeria’s and Africa’s energy future.

He said the move reflects confidence in Africa’s capacity to own, develop and responsibly manage its natural resources, while supporting industrialisation and shared prosperity across the continent.

“This acquisition reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources.

“It is a long-term investment in Nigeria’s and Africa’s energy future, and aligns with our mission to drive energy security, industrialization, and shared prosperity.

“Seplat Energy has built a resilient, well-governed platform with compelling long term prospects, and we are pleased to support its continued growth and value creation for all stakeholders,” Elumelu said.

Meanwhile, it was gathered that the landmark achievement was supported by two leading African financial institutions – Afreximbank and AFC – further demonstrating Africa’s capacity to finance its own deals.

Heirs Energies, which operates OML 17 in the Niger Delta, currently produces over 50,000 barrels of oil per day and 120 million standard cubic feet of gas daily.

The company is also a key supplier to Nigeria’s domestic gas market, providing fuel for more than 400 megawatts of electricity generation, powering homes, businesses and industries nationwide.

Seplat Energy Plc, on the other hand, a Nigerian independent oil and gas company listed on both the Nigerian Exchange and the London Stock Exchange, remains a significant player in the country’s energy transition.

As of the end of 2024, the company reported 2P reserves of over one billion barrels of oil equivalent, with daily production exceeding 135,000 barrels of oil equivalent as of October 2025.