Heirs Energies, Africa’s leading indigenous integrated energy company, has acquired the entire 20.07% equity stake previously held by Maurel & Prom S.A. in Seplat Energy Plc, marking a major milestone in Nigeria’s energy sector and one of the most significant indigenous-led equity transactions in recent years.
The deal involves the acquisition of 120.4 million ordinary shares at a price of GBP 3.05 per share, valuing the transaction at approximately $500 million. With this move, Heirs Energies strengthens its position as a long-term strategic investor in Nigeria’s oil and gas industry, reinforcing the growing role of African-owned companies in controlling and developing critical energy assets.
Speaking on the transaction, Tony Elumelu, Chairman of Heirs Energies, described the acquisition as a statement of confidence in Africa’s capacity to own and responsibly manage its natural resources. He noted that the investment aligns with Heirs Energies’ mission to advance energy security, industrialisation, and shared prosperity across Nigeria and the continent. Elumelu also highlighted Seplat Energy’s strong governance framework and resilient operating platform, describing the company as well positioned for long-term value creation.
The acquisition was backed by two major African financial institutions—Afreximbank and the Africa Finance Corporation (AFC)—underscoring the increasing ability of African capital markets and development finance institutions to fund large-scale, strategic transactions without relying heavily on offshore financing. The deal adds to a growing list of high-value transactions financed largely within the continent, signalling a maturing African investment ecosystem.
For Heirs Energies, the acquisition fits squarely into its broader strategy of expanding indigenous participation in upstream and gas-focused assets while supporting Nigeria’s energy transition. Since its launch in 2021, the company has rapidly established itself as a leading indigenous operator, particularly through its stewardship of OML 17 in the Niger Delta. The asset currently produces over 50,000 barrels of oil per day and 120 million cubic feet of gas per day, with a substantial reserves base of over 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
Beyond crude production, Heirs Energies has positioned gas as a central pillar of its growth strategy. The company is a major supplier to Nigeria’s domestic gas market, providing fuel that supports more than 400 megawatts of electricity generation, helping to power homes, businesses, and industrial facilities. Its focus on operational excellence has also contributed to the revitalisation of onshore operations in the Niger Delta, an area long challenged by security and reliability concerns.
Seplat Energy, meanwhile, remains one of Nigeria’s most prominent independent energy companies, with listings on both the Nigerian Exchange and the London Stock Exchange. The company plays a key role in Nigeria’s gas expansion and energy transition agenda. As of December 2024, Seplat reported 2P reserves of 1.043 billion barrels of oil equivalent, with working interest production of 135.6 thousand barrels of oil equivalent per day as of October 2025.
From a market perspective, the transaction reinforces a broader shift toward indigenous ownership and long-term capital in Nigeria’s energy sector. As international oil companies continue to rationalise portfolios and divest from certain onshore assets, well-capitalised local players like Heirs Energies are increasingly stepping in—not just as operators, but as strategic investors shaping the future of Africa’s energy landscape.
