Tony Elumelu’s Heirs Energies has completed a $500 million acquisition of a 20.07 percent equity stake in Seplat Energy Plc, previously owned by French oil company Maurel & Prom S.A. The purchase covers 120.4 million ordinary shares at GBP 3.05 per share.
The deal follows Heirs Energies’ recent $750 million loan from Afreximbank and underscores the company’s strategy to strengthen local ownership of key energy assets while advancing sustainable energy development in Nigeria and across Africa.
Elumelu, chairman of Heirs Energies, described the acquisition as a long-term investment in Africa’s energy future.
“This transaction demonstrates our commitment to energy security, industrialisation, and shared prosperity. Seplat Energy has built a resilient and well-governed platform, and we are proud to support its continued growth and value creation,” he said.
The acquisition was backed by two major African financial institutions — Afreximbank and Africa Finance Corporation (AFC) — highlighting the continent’s increasing capacity to fund its own major transactions.
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