Heirs Energies Acquires Major Seplat Stake in $500m Deal, Becomes Largest Shareholder

Tony Elumelu-led Heirs Energies has acquired a 20.07 percent equity stake in Seplat Energy Plc from French oil and gas firm Maurel & Prom (M&P) in a transaction valued at nearly $500 million, positioning the company as Seplat’s single largest shareholder.

The acquisition marks one of the most significant ownership shifts in Nigeria’s indigenous energy sector in recent years and underscores growing confidence in Africa-backed capital executing large-scale transactions.

The deal was backed by two major African financial institutions, Afreximbank and Africa Finance Corporation, highlighting the increasing role of regional financiers in funding strategic energy assets on the continent.

The purchase comes shortly after Heirs Energies secured a $750 million financing package from Afreximbank to support its operational and expansion plans, strengthening its capacity to undertake transactions of this scale.

Seplat Energy currently produces about 286,000 barrels of oil equivalent per day, while Heirs Energies’ production stands at approximately 70,000 barrels per day, making the deal a strategic expansion of Heirs’ upstream footprint.

Deal details and market premium

Under the agreement, Maurel & Prom will sell its entire 20.07 percent holding, amounting to 120.4 million shares, to Heirs Energies at 305 pence per share, for a total consideration of $496 million.

This represents a premium of nearly 11 percent to Seplat’s trading price of 275 pence as of December 31, 2025. The transaction structure includes an upfront payment of $248 million, with the balance payable within 30 days and secured by an irrevocable letter of credit.

An additional $10 million may be paid as contingent consideration, subject to Seplat’s share price performance over the next six months.

Commenting on the acquisition, Chairman of Heirs Energies, Tony Elumelu, said the investment reflects confidence in Africa’s ability to own and manage its strategic resources responsibly.

He described the deal as a long-term commitment to energy security, industrialisation, and shared prosperity, adding that Seplat’s governance structure and growth prospects align with Heirs Energies’ strategic vision.

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Maurel & Prom, one of Seplat’s founding shareholders since its establishment in 2010, said the divestment allows it to monetise a highly successful investment and refocus on direct oil and gas asset development.

With the exit of M&P, Heirs Energies steps in as a long-term strategic investor, reshaping Seplat’s shareholder structure and reinforcing indigenous participation in Nigeria’s energy industry.

Seplat’s remaining shareholders include Petrolin Group, Sustainable Capital, Professional Support, and Allan Gray Investment Management.

The transaction, advised by Herbert Smith Freehills Kramer and Morgan Stanley, signals a broader shift in Nigeria’s energy investment landscape, as local and pan-African players increasingly take centre stage in major upstream assets.