Elumelu’s Heirs Energy Acquires 20% M&P Stakes In Seplat For $500m

Heirs Energies, owned by businessman and entrepreneur Tony Elumelu, has acquired the entire 20.07% equity stake previously held by Maurel & Prom S.A. in Seplat Energy Plc for 305 pence per share, valuing the transaction at approximately US$500 million.

The landmark acquisition (120.4 million ordinary shares), announced on December 31, 2025, by the French firm Maurel & Prom, represents a further milestone in Heirs Energies’ long-term strategy to strengthen indigenous participation in strategic assets and accelerate sustainable energy development and security for Nigeria and Africa.

Commenting on the transaction, Elumelu said: “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, industrialisation, 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.”

The acquisition was supported by Afreximbank and AFC, further demonstrating Africa’s capacity to finance its own deals.

Heirs Energies operates OML 17 in the Niger Delta, producing over 50 thousand barrels of oil per day (50 kbopd) and 120 million cubic feet of gas per day (120 mmcfd), with reserves base of over 1.5 billion barrels of oil (MMBo) and 2.5 trillion cubic feet of gas (Tcf).

READ ALSO: NNPC Posts ₦502bn Profit On Improved Gas Output, 100% Pipeline Availability

The company also supplies gas to the domestic market, providing fuel for over 400 megawatts of electricity generation, powering millions of homes, businesses, and factories.

On the other hand, Seplat Energy Plc is an independent energy company focused on oil and gas exploration, production, and gas processing, primarily in the Niger Delta.

Listed on both the Nigerian Exchange and the London Stock Exchange, Seplat Energy has, as of 31 December 2024, 2P reserves of 1.043 billion barrels of oil equivalent (MMBoe) and working interest production of 135.6 kboepd as of 31 October 2025.