Heirs Energies takes over French firm’s 20.7% Seplat stake in $500m deal 

Heirs Energies has completed the acquisition of the 20.07 per cent equity stake formerly held by French oil company Maurel & Prom S.A. in Seplat Energy Plc, in a transaction valued at about $500 million.

The acquisition, confirmed in a statement on Wednesday, was executed at 305 pence per share and marks a major consolidation of indigenous ownership in one of Nigeria’s most strategic energy companies.

According to Heirs Energies, the deal reinforces its long-term vision of deepening African participation in critical energy assets while supporting sustainable development and energy security across Nigeria and the wider continent.

Chairman of Heirs Energies, Tony Elumelu, described the transaction as a strong vote of confidence in Africa’s capacity to control 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 aligns with our mission to drive energy security, industrialisation and shared prosperity.

“Seplat Energy has built a resilient and well-governed platform with compelling long-term prospects, and we are pleased to support its continued growth and value creation,” he added.

The company disclosed that the transaction was financed with the support of Afreximbank and the Africa Finance Corporation (AFC), a development that highlights the growing role of African financial institutions in underwriting large-scale, cross-border energy deals.

The acquisition comes shortly after Heirs Energies secured a $750 million loan facility from Afreximbank, strengthening its capacity to pursue strategic investments across the energy value chain.

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, with a mandate to meet the continent’s energy needs while aligning operations with global sustainability goals. The company places emphasis on safe operations, innovation-driven growth, environmental responsibility and shared prosperity.

It operates OML 17 in the Niger Delta, producing over 50,000 barrels of oil per day and 120 million standard cubic feet of gas daily, with a reserves base of more than 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.

Since commencing operations in 2021, Heirs Energies has built a reputation for excellence in brownfield asset management, overcoming long-standing onshore challenges and playing a key role in restoring stable and safe operations in the Niger Delta.

The company is also a major supplier to Nigeria’s domestic gas market, providing gas that supports over 400 megawatts of electricity generation, powering homes, businesses and industries across the country.

Seplat Energy Plc is a Nigerian independent energy company focused on oil and gas exploration, production and gas processing, with core operations in the Niger Delta. The company is listed on both the Nigerian Exchange and the London Stock Exchange and is widely regarded as a key player in Nigeria’s energy transition.

As of December 31, 2024, Seplat Energy reported 2P reserves of 1.043 billion barrels of oil equivalent, while its working interest production stood at 135.6 thousand barrels of oil equivalent per day as of October 31, 2025.