In a major development in Africa’s energy landscape, Heirs Energies Limited, the Nigerian energy powerhouse led by business titan Tony Elumelu has officially taken over a 20.07% equity stake in Seplat Energy Plc from French oil producer Maurel & Prom S.A. This agreement marks one of the most significant transfers of ownership in West Africa’s energy sector this year.
The transaction, valued at approximately $496 million to $500 million, involved the purchase of around 120.4 million ordinary shares previously held by Maurel & Prom in Seplat Energy, a firm dual-listed on both the Nigerian Exchange (NGX) and the London Stock Exchange (LSE).
Heirs Energies now stands as one of Seplat’s largest shareholders with this controlling interest, aligning with its long-term strategy to expand operations and deepen its footprint across Africa’s upstream energy ecosystem. The acquisition was facilitated with support from two leading Pan-African financial institutions: Afreximbank and Africa Finance Corporation, reflecting the increasing maturity and capacity of African capital markets to underwrite large-scale deals without heavy reliance on external lenders.
This move also follows Heirs Energies’ recent $750 million financing agreement with Afreximbank, which further strengthens its financial leverage and ability to pursue ambitious growth objectives.
Seplat Energy remains one of Nigeria’s foremost independent energy companies, with production operations that combine both oil and natural gas assets. Prior to this deal, the company was already expanding its production base through strategic growth initiatives and asset acquisitions, including Mobil Producing Nigeria Unlimited (MPNU).
The acquisition of MPNU significantly bolstered Seplat’s operational scale and profitability, pushing crude oil sales up by over 230% under recent reporting and diversifying its revenue streams beyond oil into natural gas and natural gas liquids.
From an economic standpoint, this deal arrives at a time when investment in Nigerian energy assets is under close scrutiny due to global energy volatility and local regulatory reforms. For Nigeria, the increased stake held by an indigenous company like Heirs Energies supports broader economic objectives, including enhanced energy security, increased local value capture, and the attraction of more domestic and foreign investors into the sector. Domestic ownership of energy assets strengthens fiscal stability and helps retain capital within the national economy, instead of profits being repatriated abroad. The deal is expected to stimulate investor confidence and contribute to job creation and local economic growth by keeping more value from Nigeria’s energy resources in the country.
Financial markets have also taken note. Seplat Energy’s stock performance has remained resilient through the year, buoyed by strategic asset expansions, while the company’s capital structure has shown disciplined use of debt and equity to fuel growth.
For Maurel & Prom, the divestment monetizes a long-standing investment in Seplat and provides capital that could be redirected toward other strategic ventures or new exploration opportunities.
Speaking on the transaction, Tony Elumelu emphasized confidence in Africa’s ownership of its energy destiny and the importance of long-term investment in the region’s productive industries. This deal represents a pivotal moment for Heirs Energies, reinforcing its position as a key player in Nigeria’s energy future and helping to shape a more self-reliant and prosperous African energy sector.
Looking ahead, analysts expect the integration of this new stake into Heirs Energies’ portfolio to unlock synergies that could accelerate operational efficiencies and growth for Seplat, while also positioning the combined entity to compete more effectively on the global energy stage.
