Heirs Energies, owned by Tony Elumelu, has purchased a 20 percent stake in Seplat Energy Plc as Elumelu further diversifies his holdings.
The acquisition involves the purchase of 120.4 million ordinary shares previously held by Maurel & Prom S.A. at a price of GBP3.05 per share, valuing the transaction at approximately $500 million.
The deal represents a full exit by the foreign shareholder and further consolidates indigenous ownership within Nigeria’s energy sector.
Seplat Energy is dual-listed on the Nigerian Exchange and the London Stock Exchange and operates a portfolio of onshore oil and gas assets in the Niger Delta.
The company plays a critical role in Nigeria’s domestic gas supply, power generation feedstock, and crude oil production.
The transaction underscores the accelerating shift of strategic energy assets from international oil companies to well-capitalised Nigerian operators, a trend reinforced by regulatory reforms under the Petroleum Industry Act.
Heirs Energies described the acquisition as a long-term strategic investment aligned with its objective of deepening indigenous participation in critical energy infrastructure while supporting sustainable energy development and security across Nigeria and Africa.
Commenting on the transaction, Tony Elumelu, Chairman of Heirs Energies, said the investment reflects confidence in Africa’s ability to own and manage its strategic resources responsibly and profitably.
He noted that Seplat Energy has established a resilient and well-governed operating platform with strong long-term growth prospects.
From a market perspective, the entry of Heirs Energies as a cornerstone shareholder is expected to enhance Seplat Energy’s shareholder stability and reinforce its long-term strategic direction, particularly as the company advances upstream growth and gas monetisation initiatives.
The acquisition was financed with support from two African development finance institutions, Afreximbank and Africa Finance Corporation, highlighting the growing capacity of African capital to fund large-scale energy transactions without reliance on offshore financing.
Analysts view the deal as a strategic alignment rather than a short-term portfolio trade, reflecting Elumelu’s broader investment philosophy of building African-owned champions in energy, power, financial services, and infrastructure.