Heirs Energies Completes $500 Million Acquisition of Seplat Energy Shares in Landmark Indigenous Energy Deal

Heirs Energies Limited has completed the acquisition of the entire 20.07 per cent equity stake previously held by French energy company Maurel & Prom S.A. in Seplat Energy Plc, in a transaction valued at approximately US$500 million, marking one of the most significant indigenous-led acquisitions in Nigeria’s oil and gas sector in recent years.

The deal involved the purchase of 120.4 million ordinary shares in Seplat Energy at a price of 305 pence per share, representing a major shift in the ownership structure of the London- and Lagos-listed energy company and further strengthening Nigerian participation in strategic upstream assets.

Strengthening Indigenous Ownership in Strategic Assets

Industry observers describe the transaction as a landmark moment for Nigeria’s energy sector, reflecting the growing financial strength, technical capability, and strategic ambition of indigenous energy companies.

For Heirs Energies, the acquisition aligns with its long-term strategy of deepening local ownership and control in critical energy infrastructure, while supporting sustainable energy development, energy security, and industrial growth across Nigeria and the wider African continent.

The deal also reinforces a broader trend of international oil companies gradually exiting African upstream assets, while well-capitalised indigenous firms step in to assume ownership and operational leadership.

Elumelu: Vote of Confidence in Africa’s Capacity

Commenting on the acquisition, Chairman of Heirs Energies, Tony Elumelu, described the deal as a powerful statement of 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 squarely with our mission to drive energy security, industrialisation, and shared prosperity across the continent.”

Elumelu noted that beyond its commercial value, the transaction carries symbolic importance for African ownership in sectors historically dominated by international players.

Confidence in Seplat’s Platform and Governance

Heirs Energies also expressed confidence in Seplat Energy’s operational resilience, governance framework, and long-term growth prospects.

According to Elumelu, Seplat has built a strong, well-governed platform that is well-positioned to deliver sustained value for shareholders and stakeholders.

“Seplat Energy has established itself as a resilient and well-governed company with strong long-term prospects. We are pleased to support its continued growth and value creation,” he said.

Seplat Energy is one of Nigeria’s leading independent oil and gas producers, with a portfolio that spans upstream oil production, gas processing, and domestic gas supply for power generation and industrial use.

African Financial Institutions Back the Deal

The acquisition was financed with the support of Afreximbank and the Africa Finance Corporation (AFC), two of Africa’s leading development finance institutions.

Their involvement underscores the growing capacity of African financial institutions to underwrite and execute large-scale, complex energy transactions that were previously dominated by foreign lenders.

Analysts say the deal signals increasing confidence among African banks and investors in the viability of indigenous energy champions and the long-term fundamentals of Africa’s energy market.

Heirs Energies’ Expanding Footprint

Heirs Energies is widely regarded as Africa’s leading indigenous-owned integrated energy company, with operations focused on meeting the continent’s energy needs while aligning with global sustainability and energy transition goals.

The company operates Oil Mining Lease (OML) 17 in the Niger Delta, one of Nigeria’s most prolific oil and gas assets, producing over 50,000 barrels of oil per day and approximately 120 million standard 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, Heirs Energies plays a critical role in Nigeria’s domestic gas market.

The company supplies gas that fuels more than 400 megawatts of electricity generation, powering millions of homes, businesses, and industries, while supporting national objectives around power sector stability and energy access.

Broader Implications for Nigeria’s Energy Sector

Energy experts note that the acquisition strengthens Nigeria’s indigenous energy ecosystem at a time when the country is seeking to boost production, expand domestic gas utilisation, and attract investment into the sector under the Petroleum Industry Act (PIA).

The transaction is expected to further enhance confidence in Nigeria’s upstream sector and demonstrate the ability of local firms to execute large, capital-intensive deals while maintaining high governance standards.