Heirs Energies Acquires 20.07% Stake In Seplat Energy For $500m

Heirs Energies, an indigenous integrated energy company, has acquired the entire 20.07 per cent equity stake in Seplat Energy Plc previously held by Maurel & Prom S.A., in a transaction valued at approximately $500m.

The acquisition involved 120.4 million ordinary shares and was executed at a price of £3.05 per share, according to a statement released by the company on Wednesday.

The deal marks one of the largest recent secondary market transactions in Nigeria’s energy sector and further reshapes the ownership structure of Seplat Energy, a leading Nigerian independent energy company listed on the Nigerian Exchange Limited and the London Stock Exchange.

The transaction comes just over a week after Heirs Energies secured a $750m financing facility from the African Export-Import Bank (Afreximbank), underscoring the company’s strengthened balance sheet and growing capacity to execute large-scale strategic investments.

The acquisition was supported by two major African financial institutions, Afreximbank and the Africa Finance Corporation (AFC), highlighting the increasing ability of African capital to fund complex, high-value transactions on the continent.

Heirs Energies said the acquisition represents a significant milestone in its long-term strategy to deepen indigenous participation in strategic energy assets while advancing sustainable energy development and security across Nigeria and Africa.

The company noted that the deal aligns with its broader objective of building resilient, Africa-owned energy platforms capable of driving industrial growth and economic transformation.

Commenting on the transaction, the Chairman of Heirs Energies, Tony Elumelu, described the acquisition as a strong vote of confidence in Nigeria’s energy sector and Africa’s capacity to own and responsibly manage its natural resources.

He said the investment reflects a long-term commitment to the continent’s energy future and is consistent with the group’s mission to promote energy security, industrialisation and shared prosperity.

Elumelu also praised Seplat Energy’s corporate governance and growth prospects, noting that the company has established a resilient and well-governed platform with compelling long-term value creation potential.

Heirs Energies, he said, is pleased to support Seplat’s continued expansion and its contribution to Nigeria’s energy landscape.
Industry analysts say the deal further reinforces the trend of increasing indigenous ownership in Nigeria’s oil and gas sector, following years of asset divestments by international oil companies.

With strong African financial backing and a focus on long-term value, the transaction is expected to bolster investor confidence in locally driven energy investments and deepen capital market activity around Nigeria’s strategic energy assets.