Elumelu's Heirs Energies Buys $500m Stake in Seplat Energy from French Firm

• Heirs Energies has acquired the entire 20.07% stake previously held by Maurel & Prom in Seplat Energy
• The transaction was priced at 305 pence per share and valued at approximately $500 million
• Tony Elumelu said the deal reflects confidence in Africa’s capacity to own and manage strategic assets

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Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.

Heirs Energies has acquired the full 20.07% equity stake previously owned by French oil company Maurel & Prom S.A. in Seplat Energy Plc, marking a major shift in the ownership structure of the Nigerian energy firm.

According to a statement issued on Wednesday, the shares were purchased at a price of 305 pence per share, placing the value of the transaction at about $500 million, PUNCH reported.

The company said the acquisition aligns with Heirs Energies’ long-term strategy to deepen indigenous participation in critical energy assets and support sustainable energy development in Nigeria and across Africa.

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Tony Elumelu comments

Reacting to the deal, the chairman of Heirs Energies, Tony Elumelu, said the move reflects confidence in Africa’s ability to own and manage its strategic resources responsibly.

He also described Seplat Energy as a resilient and well-governed company with strong long-term prospects, adding that Heirs Energies is pleased to support its continued growth and value creation for stakeholders.

Purchase backed by Afreximbank

The statement further noted that the transaction was backed by Afreximbank and Africa Finance Corporation (AFC), which it said underscores the growing capacity of African financial institutions to support large-scale investments on the continent.

The acquisition comes shortly after Heirs Energies secured a $750 million loan facility from Afreximbank, highlighting its expanding financial base.

Heirs Energies Limited is a homegrown, fully integrated energy firm operating in Nigeria’s Niger Delta region, where it holds and runs OML 17. The company’s output exceeds 50,000 barrels of crude oil per day, alongside roughly 120 million standard cubic feet of gas daily, supported by reserves of more than 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.

Seplat Energy Plc operates as an indigenous, independently run energy firm and maintains dual listings on the Nigerian Exchange and the London Stock Exchange. Its business portfolio is centred on the exploration and development of oil and gas assets, crude and gas production, and downstream gas processing activities.

By the end of December 2024, the company had booked 2P reserves amounting to 1.043 billion barrels of oil equivalent, and its working interest output reached 135.6 thousand barrels of oil equivalent per day as at October 31, 2025.

Company promises to revive 100 oil wells

Legit.ng earlier reported that Heirs Energies announced its plans to reactivate more than 100 dormant wells in OML 17 within 100 days of taking over operation.

Hiers Energies, a subsidiary of Heirs Holdings, is the sole operator of OML 17 in the Niger Delta oil region. The company said it transformed the OML 17 from an underperforming asset at takeover to a high-performing asset with over 95-100% terminal delivery.

The company pledged to boost crude oil production from the oil wells to 100,000 barrels per day in the near future.