December 31, (THEWILL) — Heirs Energies Limited, a leading indigenous integrated energy company, has acquired the entire 20.07% equity stake in Seplat Energy Plc previously held by Maurel & Prom S.A.
The transaction, valued at approximately US$500 million, covers 120.4 million ordinary shares at a price of GBP 3.05 pence per share.
The acquisition aligns with Heirs Energies’ long-term strategy to deepen indigenous participation in strategic energy assets while accelerating sustainable energy development and energy security in Nigeria and across Africa.
Commenting on the acquisition, Tony Elumelu, Chairman of Heirs Energies, said deal reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources
“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”, he said.
The deal was facilitated with support from Afreximbank and AFC, two African financial institutions, thus highlighting the continent’s capacity to finance its own major transactions.
Heirs Energies Limited has positioned itself as a driving force in Africa’s energy sector. Operating OML 17 in the Niger Delta, the company produces over 50,000 barrels of oil per day (bpd) and 120 million cubic feet of gas per day (mmcfd), with reserves of more than 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas. Since its market debut in 2021, Heirs Energies has been recognised for brownfield operational excellence, rejuvenating onshore operations, and supplying gas to power over 400 megawatts of electricity generation across Nigeria.
Seplat Energy Plc, listed on both the Nigerian Exchange and the London Stock Exchange, is a key player in Nigeria’s energy transition. As of December 31, 2024, the company held 2P reserves of 1.043 billion barrels of oil equivalent (MMBoe) and a working interest production of 135.6 kboepd as of 31 October 2025.
This acquisition marks a significant milestone in Africa’s energy landscape, reinforcing the role of indigenous companies in managing strategic resources and driving the continent’s sustainable growth.
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