Tony Elumelu’s Heirs Energies has acquired a 20per cent stake in Seplat Energy for $500 million, becoming the single largest shareholder in the company.
This landmark achievement was supported by two leading African financial institutions—Afreximbank and Africa Finance Corporation—further demonstrating Africa’s capacity to finance its own deals.
It will be recalled that just last week, Heirs Energies closed a $750 million financing deal with Afreximbank to fund its existing operations and expansion plans.
With this financial firepower, Heirs Energies is well-positioned to execute transactions of this scale.
Seplat Energy currently produces approximately 286 thousand barrels of oil equivalent per day (kboepd), while Heirs Energy produces around 70 kboepd.
According to the deal’s details, French oil and gas company Maurel & Prom (M&P) entered into a binding agreement to sell its entire 20.07% stake in Seplat Energy Plc to Heirs Energies Ltd for a total consideration of $496 million.
This is based on the sale of 120.4 million shares for 305 pence per share, as disclosed by M&P on December 31, 2025. Seplat is currently trading at 275 pence per share, indicating a 10.9% premium to its current price.
The deal includes an upfront payment of $248 million, with the remaining balance due within 30 days and backed by an irrevocable letter of credit.
An additional $10 million in contingent consideration may also be paid, depending on Seplat’s share price performance over the next six months.
The buyer, Heirs Energies, is a subsidiary of Heirs Holdings, a pan-African investment company known for long-term strategic investments across sectors.
Commenting on the transaction, Chairman of Heirs Energies, Tony Elumelu in a statement said:“This acquisition reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources. It is a long-term investment in Nigeria’s and Africa’s energy future and aligns with our mission to drive energy security, industrialisation, and shared prosperity.
“Seplat Energy has built a resilient, well-governed platform with compelling long-term prospects, and we are pleased to support its continued growth and value creation for all stakeholders.”
M&P, one of Seplat’s three founding shareholders, has held the largest single stake since the company was founded in 2010.
“Over the past 15 years, M&P has supported Seplat’s transformation into one of Nigeria’s top independent energy companies, playing a key role in the country’s energy security through its diversified oil and gas portfolio,” M&P said.
M&P’s CEO, Olivier de Langavant, also expressed pride in the company’s long-standing support for Seplat, stating:
“We are incredibly proud to have supported Seplat’s journey over the last fifteen years and its transformation into a leading energy company in Nigeria across both oil and gas.”
He added:
“This investment has also proven to be a great success for M&P, delivering very strong returns since its inception in 2010. We believe that now is the right time for M&P to monetise this position and further focus on direct investments in oil and gas assets, in line with a growth strategy that we plan to accelerate.”
The transaction marks a significant change in Seplat’s ownership structure, with Heirs Energies, a subsidiary of Heirs Holdings, stepping in as a new long-term strategic investor.
M&P expressed confidence in Heirs Energies as a successor shareholder, stating that Seplat is well-positioned to continue thriving under its new ownership.
Legal and financial advisers to the deal were Herbert Smith Freehills Kramer, and Morgan Stanley, respectively.
The sale represents a significant exit by a founding investor in one of Nigeria’s key indigenous oil and gas firms. While no mention was made of regulatory approvals or timelines for completion, the structured nature of the transaction—including the secured letter of credit—suggests a well-orchestrated transition.