Heirs Energies, a company owned by Nigerian businessman Tony Elumelu, has acquired a 20.07% stake in Seplat Energy Plc from Maurel & Prom S.A. for approximately $500 million. The transaction, announced on December 31, 2025, involves the purchase of 120.4 million ordinary shares at 305 pence per share.
This acquisition marks a significant milestone in Heirs Energies’ strategy to increase indigenous participation in Nigeria’s energy sector and promote sustainable energy development in Africa. Seplat Energy, an independent energy company, is focused on oil and gas exploration, production, and processing, primarily in the Niger Delta. The company has a strong track record, with 2P reserves of 1.043 billion barrels of oil equivalent and working interest production of 135.6 thousand barrels of oil equivalent per day as of October 2025.
The acquisition is seen as a vote of confidence in Africa’s ability to manage its own energy resources. Elumelu commented, “This investment reflects our strong belief in Africa’s capacity to own, develop, and responsibly manage its strategic resources.” Heirs Energies’ investment in Seplat Energy is expected to drive energy security, industrialization, and shared prosperity in Nigeria and Africa.
The transaction was supported by African financial institutions, including Afreximbank and the Africa Finance Corporation, demonstrating the continent’s growing ability to finance its own deals. Heirs Energies, which operates the OML 17 field in the Niger Delta, produces over 50 thousand barrels of oil per day and 120 million cubic feet of gas per day, with a reserves base of over 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
The company also supplies gas to the domestic market, providing fuel for over 400 megawatts of electricity generation, which powers millions of homes, businesses, and factories. The acquisition of Seplat Energy is expected to further strengthen Heirs Energies’ position in the Nigerian energy sector and promote the development of the country’s oil and gas resources.
The deal highlights the growing trend of African companies investing in the continent’s energy sector, driven by a desire to increase indigenous participation and promote sustainable energy development. As the energy landscape continues to evolve, it is likely that we will see more transactions of this nature, driving growth and development in Africa’s energy sector.