Heirs Energies, Africa’s leading indigenous integrated energy company, has acquired a 20.07 per cent equity stake in Seplat Energy Plc in a transaction valued at approximately US$500 million, further strengthening indigenous ownership of strategic energy assets in Nigeria.
The acquisition involves 120.4 million ordinary shares previously held by Maurel & Prom S.A., purchased at £3.05 per share. The deal marks a significant milestone in Heirs Energies’ long-term strategy to deepen African participation across the energy value chain and accelerate sustainable energy development and security for Nigeria and the continent.
Commenting on the transaction, Mr. Tony Elumelu, CON, Chairman of Heirs Energies, said: “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.”
The landmark transaction was supported by two leading African development finance institutions—Afreximbank and the Africa Finance Corporation (AFC)—underscoring Africa’s growing capacity to finance large-scale, strategic energy investments with home-grown capital.
About Heirs Energies
Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting the continent’s unique energy needs while aligning with global sustainability goals. The company focuses on safe operations, innovation-driven growth, environmental responsibility, and shared prosperity for stakeholders.
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Heirs Energies operates OML 17 in the Niger Delta, producing over 50,000 barrels of oil per day (kbopd) and 120 million standard cubic feet of gas per day (mmcfd). Its reserves base exceeds 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
Since its debut in 2021, Heirs Energies has established itself as a leader in brownfield asset revitalisation, successfully addressing longstanding onshore operational challenges and catalysing safer, more reliable operations in the Niger Delta. The company is also a major supplier to Nigeria’s domestic gas market, providing fuel for over 400 megawatts of electricity generation, powering millions of homes, businesses, and industries.
About Seplat Energy
Seplat Energy Plc is a Nigerian independent energy company focused on oil and gas exploration, production, and gas processing, primarily in the Niger Delta. The company is dual-listed on the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE) and is recognised as a key player in Nigeria’s energy transition.
As at 31 December 2024, Seplat Energy reported 2P reserves of 1.043 billion barrels of oil equivalent (MMBoe), with working-interest production of 135.6 thousand barrels of oil equivalent per day (kboepd) as at 31 October 2025.
