Heirs Energies, 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. Announced on 31 December 2025, the transaction involves the purchase of 120.4 million ordinary shares at 305 pence each. This acquisition is a key milestone in Heirs Energies’ strategy to boost indigenous participation in Nigeria’s energy sector and to promote sustainable energy development across Africa.
Seplat Energy is an independent oil and gas company focused on exploration, production, and processing, primarily in the Niger Delta. As of October 2025, it holds 2P reserves of 1.043 billion barrels of oil equivalent and a working‑interest production of 135.6 thousand barrels of oil equivalent per day. The deal is viewed as a vote of confidence in Africa’s ability to manage its own energy resources. Elumelu said, “This investment reflects our strong belief in Africa’s capacity to own, develop, and responsibly manage its strategic resources.”
The investment is expected to enhance energy security, industrialisation, and shared prosperity in Nigeria and the wider continent. African financial institutions, including Afreximbank and the Africa Finance Corporation, supported the transaction, underscoring the growing capacity of the continent to finance its own deals.
Heirs Energies operates the OML 17 field in the Niger Delta, producing over 50 thousand barrels of oil per day and 120 million cubic feet of gas per day, with a reserves base exceeding 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas. The company also supplies gas to the domestic market, fueling more than 400 megawatts of electricity generation that powers millions of homes, businesses, and factories.
The Seplat acquisition will further strengthen Heirs Energies’ position in Nigeria’s energy sector and advance the development of the country’s oil and gas resources. It highlights a broader trend of African companies investing in the continent’s energy industry to increase indigenous participation and promote sustainable development. As the energy landscape evolves, similar transactions are likely to drive continued growth and development across Africa’s energy sector.
Comments are closed for this story.