Heirs Energies Completes $500 Million Acquisition of 20.07% Stake in Seplat Energy, Deepens Indigenous Ownership

Heirs Energies, Africa’s leading indigenous integrated energy company, has completed the acquisition of the entire 20.07 per cent equity stake—representing 120.4 million ordinary shares—previously held by French energy company Maurel & Prom S.A. in Seplat Energy Plc, in a transaction valued at approximately US$500 million.

The shares were acquired at a price of 305 pence per share, marking one of the most significant indigenous-led transactions in Nigeria’s energy sector in recent years and reinforcing a growing shift toward African ownership of strategic natural resource assets.

Strategic Milestone for Indigenous Participation

The acquisition represents a major milestone in Heirs Energies’ long-term strategy to strengthen indigenous participation in critical energy assets and accelerate sustainable energy development and security for Nigeria and the African continent.

Industry analysts describe the deal as a strong signal of confidence in Nigeria’s upstream sector and in the capacity of indigenous companies to execute large, capital-intensive transactions while maintaining high governance standards.

Elumelu: Long-Term Bet on Africa’s Energy Future

Commenting on the transaction, Tony Elumelu, Chairman of Heirs Energies, said the acquisition reflects deep confidence in Africa’s ability to own, develop, and responsibly 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 is a long-term investment in Nigeria’s and Africa’s energy future, and it aligns with our mission to drive energy security, industrialisation, and shared prosperity.”

He added that Seplat Energy has built a resilient and well-governed operating platform with compelling long-term prospects.

“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,” he said.

Backed by African Capital

The landmark transaction was supported by Afreximbank and the Africa Finance Corporation (AFC), underscoring the growing depth and sophistication of African capital markets in financing large-scale strategic investments.

Their involvement reflects increasing confidence in Heirs Energies’ strategy, governance framework, and disciplined approach to capital deployment.

Expanding Heirs Energies’ Impact

For Heirs Energies, the acquisition affirms its long-term vision to drive energy security, industrialisation, and shared prosperity, while operating to the highest standards of safety, governance, and stakeholder responsibility.

As the company looks ahead, it says its priorities remain focused on:

• Delivering reliable and affordable energy

• Protecting long-term shareholder value

• Deepening strategic partnerships

• Executing responsibly across all aspects of its operations

The transaction further strengthens Nigeria’s indigenous energy ecosystem at a time when domestic gas development, power generation, and energy transition efforts are central to national economic growth.