Heirs Energies has acquired the entire 20.07 percent equity stake previously held by French oil firm Maurel & Prom S.A. in Seplat Energy Plc, marking a significant shift in the company’s ownership structure.
In a statement issued on Wednesday, Heirs Energies confirmed that it executed the transaction at £3.05 per share, valuing the deal at approximately $500 million.
The company described the acquisition as part of its long-term strategy to deepen indigenous participation in strategic energy assets while supporting sustainable energy development and security across Nigeria and Africa.
Commenting on the transaction, Tony Elumelu, Chairman of Heirs Energies, said the acquisition reflects confidence in Africa’s capacity to own and manage its natural resources.
“This acquisition reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources,” Elumelu said. “It represents 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.”
Transaction Financing and Strategic Rationale
Heirs Energies stated that Afreximbank and the Africa Finance Corporation (AFC) supported the transaction, underscoring the growing role of African financial institutions in funding large-scale energy deals on the continent.
The acquisition follows Heirs Energies’ recent $750 million loan facility from Afreximbank, secured more than a week earlier. The company noted that the transaction strengthens its position across upstream and gas-focused assets while reinforcing its integrated energy strategy.
Elumelu added that Seplat Energy operates a resilient and well-governed platform with strong long-term prospects, making the investment consistent with Heirs Energies’ portfolio objectives.
Asset Profile and Market Positioning
Heirs Energies operates OML 17 in the Niger Delta, producing over 50,000 barrels of oil per day and 120 million cubic feet of gas per day. The asset base includes over 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas in reserves.
Since its launch in 2021, the company has focused on revitalising onshore operations, addressing legacy operational challenges, and expanding domestic gas supply. Its gas production supports more than 400 megawatts of electricity generation, supplying fuel to power homes, businesses, and industrial users.
Seplat Energy Plc, which lists on both the Nigerian Exchange and the London Stock Exchange, remains a key independent operator in Nigeria’s oil and gas sector. As of December 31, 2024, Seplat reported 2P reserves of 1.043 billion barrels of oil equivalent, with working interest production of 135.6 kboepd as of October 31, 2025.
The transaction further consolidates indigenous ownership within Nigeria’s energy sector, as international firms continue to adjust their exposure to onshore assets in the region.