Table of Contents
Barely two weeks after securing $750 million from the African Export–Import Bank (Afreximbank) to support its growth plans, Heirs Energies, one of Africa’s largest locally owned energy companies, led by Nigerian businessman Tony Elumelu, has acquired a 20.07 percent stake in Nigeria’s leading energy firm, Seplat Energy Plc, for nearly $500 million. The move marks one of the largest locally driven investments in Africa’s oil and gas sector in recent years.
The acquired stake, equivalent to 120.4 million ordinary shares, was previously held by French oil and gas producer Maurel & Prom. The binding agreement, signed after market close on Tuesday, December 30, valued the shares at GBP3.05 ($4.09) each, placing the transaction at $496 million. The landmark deal reflects a broader shift in Africa’s energy sector, with more local players taking strategic positions in major assets.
Strategic investment backs long-term growth
Seplat Energy, a Nigerian independent oil and gas giant, operates primarily in the Niger Delta and is listed on both the Nigerian Exchange and the London Stock Exchange. The company, which has a market capitalization of N3.2 trillion ($2.2 billion), reported 2P reserves of 1.043 billion barrels of oil equivalent as of December 31, 2024, and production of 135,600 barrels per day as of October 31, 2025. It remains central to Nigeria’s energy supply and transition strategy.
Tony Elumelu, chairman of Heirs Energies, said in a statement: “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, industrialization, 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.”
Heirs Energies expands power, oil holdings
Maurel & Prom, one of Seplat’s three founding shareholders, will receive $248 million upfront, with the remainder payable within 30 days, secured by an irrevocable letter of credit. The agreement also includes a potential $10 million contingent payment based on Seplat’s share performance over the next six months. CEO Olivier de Langavant said the timing was right to monetize the position, allowing Maurel & Prom to focus on other direct investments.
Heirs Energies, chaired by Elumelu and led by CEO Osa Igiehon, manages a growing oil and gas portfolio, including OML 17 in the Niger Delta, producing over 50,000 barrels of oil and 120 million cubic feet of gas daily. The company supplies fuel to Nigeria’s power sector, supporting over 400 megawatts of electricity generation. The recent acquisition, combined with its $750 million Afreximbank-backed financing, highlights the increasing capacity of African companies to fund, manage, and expand strategic energy assets.
