Tony Elumelu’s Heirs Energies has emerged as the single largest shareholder in Seplat Energy after acquiring a 20% stake in the Nigerian oil and gas producer for about $500 million, in a transaction that reshapes Seplat’s ownership structure and underscores the growing role of African capital in funding large-scale energy deals.
The stake was acquired from French oil and gas company Maurel & Prom (M&P), which agreed to sell its entire 20.07% holding in Seplat to Heirs Energies for a total consideration of $496 million. The deal covers 120.4 million shares priced at 305 pence per share, according to disclosures made by M&P on December 31, 2025.
At the time of the announcement, Seplat was trading at about 275 pence on the London Stock Exchange, meaning the transaction was struck at a premium of roughly 10.9% to the prevailing market price. The structure of the deal includes an upfront payment of $248 million, with the balance payable within 30 days and secured by an irrevocable letter of credit. A further $10 million in contingent consideration may be payable, depending on Seplat’s share price performance over the next six months.
The acquisition was backed by two major African development finance institutions, Afreximbank and the Africa Finance Corporation (AFC), reinforcing the narrative that large, strategic transactions on the continent can increasingly be financed without relying primarily on Western capital.
The deal also comes just days after Heirs Energies secured a separate $750 million financing facility from Afreximbank to fund its operations and expansion plans, giving the group significant financial headroom to pursue transactions of this scale.
With the purchase, Heirs Energies, a subsidiary of Heirs Holdings, takes its stake in Seplat to about 20.46%, overtaking all other shareholders and cementing its position as the company’s largest investor. Seplat’s other major shareholders include Petrolin Group with 13.77%, Sustainable Capital with 9.77%, Professional Support at 8.5%, and Allan Gray Investment Management with 5.57%.
Seplat currently produces about 286,000 barrels of oil equivalent per day, making it one of Nigeria’s most significant indigenous energy companies. Heirs Energies, by comparison, produces roughly 70,000 barrels of oil equivalent per day from its flagship asset, OML 17 in the Niger Delta. That asset delivers over 50,000 barrels of oil per day and about 120 million cubic feet of gas daily, with a reserves base estimated at more than 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
Commenting on the transaction, Tony Elumelu, chairman of Heirs Energies, framed the deal as both a commercial investment and a statement of intent.
“This acquisition reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources,” Elumelu said. “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.”
He added that Seplat has built “a resilient, well-governed platform with compelling long-term prospects,” and said Heirs Energies was pleased to support its continued growth and value creation.
For Maurel & Prom, the sale represents a major exit from a long-standing investment. M&P has been one of Seplat’s three founding shareholders and the largest single investor since the company was established in 2010. Over that period, the French firm played a central role in Seplat’s evolution into a major independent producer with a diversified oil and gas portfolio.
“We are incredibly proud to have supported Seplat’s journey over the last fifteen years,” M&P chief executive Olivier de Langavant said, describing the investment as having delivered “very strong returns” since inception. He said the timing was right for M&P to monetize its position and redeploy capital into direct oil and gas asset investments as part of an accelerated growth strategy.
The transaction marks a clear transition in Seplat’s shareholder base, with a foreign founding investor handing over to a Nigerian-led, Africa-focused energy group as a long-term strategic shareholder. Legal and financial advisers to the deal were Herbert Smith Freehills, Kramer, and Morgan Stanley, respectively.
While no detailed regulatory timeline has been disclosed, the secured structure of the transaction and the involvement of major financial institutions suggest a carefully coordinated process. Once completed, the deal will further consolidate Heirs Holdings’ position as one of Africa’s most influential integrated energy groups, spanning upstream oil, gas supply to the domestic power market, and broader infrastructure investments.
Beyond the immediate change in Seplat’s register, the transaction carries wider implications for Nigeria’s energy sector. It signals sustained investor confidence in well-run indigenous producers at a time when international oil companies continue to rationalize their onshore exposure. It also highlights a gradual shift toward African ownership and financing of strategic assets, a theme that could encourage further consolidation and partnership activity across the sector.
Seplat, founded by Austin Avuru and ABC Orjiako through the merger of Shebah Petroleum and Platform Petroleum in 2009, ends 2025 with a market capitalization of about £1.66 billion and a renewed shareholder base anchored by a deep-pocketed local investor with an explicit long-term growth agenda.
