Nigerian billionaire Tony Elumelu has strengthened his footprint in the energy sector after Heirs Energies Limited acquired a 20 per cent stake in Seplat Energy Plc for about $496 million, emerging as the company’s largest shareholder.
The transaction, announced on December 31, 2025, involves the purchase of French energy firm Maurel & Prom’s entire 20.07 per cent holding in Seplat, equivalent to 120.4 million ordinary shares priced at 305 pence each. It ranks among the most significant energy deals in Nigeria in 2025 and signals a major boost for indigenous ownership in the country’s oil and gas industry.
Maurel & Prom confirmed that the binding agreement was signed on December 30, 2025, after market close. The deal includes an initial payment of $248 million, with the balance payable within 30 days and secured by an irrevocable letter of credit. A contingent consideration of up to $10 million may also be paid, depending on Seplat’s share price performance over the next six months.
Following the acquisition, Heirs Energies now leads Seplat’s shareholder register, ahead of Petrolin Group (13.77 per cent), Sustainable Capital (9.7 per cent), Professional Support (8.5 per cent), and Allan Gray Investment Management (5.61 per cent).
Commenting on the deal, Elumelu said the investment reflects confidence in Africa’s ability to own and manage its strategic resources. “This is a long-term commitment to Nigeria’s and Africa’s energy future,” he said.
Olivier de Langavant, Maurel & Prom’s CEO, described the exit as the culmination of a successful 15-year partnership with Seplat, noting that the investment delivered strong returns. He added that the company is refocusing on direct oil and gas asset investments and expressed confidence in Heirs Energies as a long-term shareholder.
The acquisition was financed with support from African Export-Import Bank (Afreximbank) and Africa Finance Corporation (AFC), highlighting the growing role of African financial institutions in funding large-scale energy transactions.
Seplat Energy has 2P reserves of 1.043 billion barrels of oil equivalent and production of about 135,600 barrels of oil equivalent per day as of October 2025. The stake significantly expands Heirs Energies’ portfolio, which already includes OML 17 in the Niger Delta.
Analysts say the deal underscores rising confidence among indigenous investors as international oil companies scale back onshore operations in Nigeria, creating opportunities for local firms to take greater control of the sector.
