Heirs Energies Becomes Largest Shareholder in Seplat Energy in Landmark $500 Million Transaction

Heirs Energies Limited, one of Africa’s leading indigenous integrated energy company, has acquired a 20.07% equity stake in Seplat Energy Plc from Maurel & Prom S.A. in a transaction valued at approximately $500 million. This makes Heirs Energies the single largest shareholder in Seplat, a leading Nigerian independent energy producer listed on both the Nigerian Exchange and London Stock Exchange.

Announced on 31 December 2025, the deal involves the purchase of 120.4 million ordinary shares at 305 pence per share. It represents one of the most significant energy sector transactions in Nigeria this year, advancing indigenous ownership of strategic oil and gas assets amid divestments by international operators.

Tony Elumelu, Chairman of Heirs Energies, stated:

“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, aligning with our mission to drive energy security, industrialisation, and shared prosperity.”

The transaction was financed with support from pan-African institutions Afreximbank and Africa Finance Corporation, underscoring the continent’s growing capacity to fund major deals.

Seplat Energy holds proven and probable (2P) reserves of 1.043 billion barrels of oil equivalent (as of 31 December 2024) and working interest production of 135.6 thousand barrels of oil equivalent per day (as of October 2025). This acquisition strengthens Heirs Energies’ portfolio, complementing its operations on OML 17 and reinforcing its role in Nigeria’s energy transition and domestic gas supply.

Olivier de Langavant, CEO of Maurel & Prom, highlighted the successful 15-year partnership with Seplat and expressed confidence in Heirs Energies as a committed long-term shareholder.