In a transformative move for the Nigerian energy sector, Heirs Energies has officially acquired a 20.07% stake in Seplat Energy PLC, becoming the company’s single largest shareholder.
The deal, valued at approximately $496 million, saw Heirs Energies purchase the entirety of the shareholding previously held by the French oil and gas firm, Maurel & Prom (M&P).
The transaction marks a significant milestone in the indigenisation of Nigeria’s oil and gas industry, as Seplat—a leading independent energy company listed on both the Nigerian and London Stock Exchanges—is now anchored by a major domestic institutional investor.
Tony Elumelu, Chairman of Heirs Energies and Heirs Holdings, described the acquisition as a bold step toward securing Africa’s energy future.
"This investment is a testament to our belief in the immense potential of Nigeria’s energy sector," Elumelu stated.
"At Heirs Energies, we are committed to the philosophy of Africapitalism—ensuring that African private capital plays a leading role in developing the continent’s critical resources.
By becoming the largest shareholder in Seplat, we are reinforcing our commitment to indigenous participation and long-term value creation in the energy space."
For the seller, Maurel & Prom, the exit represents a strategic decision to rebalance its global portfolio. Olivier de Langavant, the Chief Executive Officer of Maurel & Prom, noted that the sale allows the French firm to crystallise value for its shareholders while exiting its non-operated position in Nigeria.
"The sale of our 20.07% interest in Seplat Energy for $496 million is a major milestone for M&P," de Langavant said.
"It allows us to simplify our portfolio and further strengthen our balance sheet. We are pleased that this significant stake is transitioning to a reputable group like Heirs Energies, which is deeply committed to the growth of the Nigerian energy industry."
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