A major shift in Nigeria’s energy ownership landscape has been recorded following the acquisition of a significant equity stake in Seplat Energy Plc by Heirs Energies, reinforcing the growing role of indigenous companies in strategic national assets.
Heirs Energies, Africa’s leading indigenous integrated energy company, has acquired the entire 20.07 per cent equity stake—amounting to 120.4 million ordinary shares—previously held by Maurel & Prom S.A. in Seplat Energy Plc. The shares were purchased at GBP3.05 per share, valuing the transaction at approximately US$500 million.
The deal marks another important milestone in Heirs Energies’ long-term strategy to deepen African ownership of critical energy infrastructure while advancing sustainable energy development and energy security across Nigeria and the continent. It also highlights increasing confidence in locally driven capital and governance structures within Africa’s extractive industries.
The transaction was backed by two leading African financial institutions, Afreximbank and the Africa Finance Corporation (AFC), underscoring Africa’s growing capacity to finance large-scale, high-value transactions independently and competitively.
Heirs Energies’ Chairman, Tony Elumelu, described the acquisition as a long-term investment in Africa’s energy future, emphasizing the company’s belief in Africa’s ability to responsibly own and manage its natural resources. He noted that Seplat Energy represents a resilient and well-governed platform with strong long-term prospects, aligning with Heirs Energies’ mission to drive energy security, industrialisation and shared prosperity.
Founded with a focus on meeting Africa’s unique energy needs while aligning with global sustainability goals, Heirs Energies has emerged as a key player in Nigeria’s oil and gas sector. The company operates OML 17 in the Niger Delta, producing over 50,000 barrels of oil per day and 120 million cubic feet of gas per day, with a reserves base exceeding 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
Since commencing operations in 2021, Heirs Energies has built a reputation as a leader in brownfield asset management, overcoming long-standing operational challenges associated with onshore production in Nigeria. Its activities have contributed significantly to the revival of safe, reliable and efficient onshore operations in the Niger Delta.
The company is also a major supplier to Nigeria’s domestic gas market, providing gas that fuels more than 400 megawatts of electricity generation and supports millions of homes, businesses and industrial users.
Seplat Energy Plc, the subject of the acquisition, is a Nigerian independent energy company focused on oil and gas exploration, production and gas processing, with core operations in the Niger Delta. The company is dual-listed on the Nigerian Exchange and the London Stock Exchange and is widely regarded as a key player in Nigeria’s energy transition efforts. As of 31 December 2024, Seplat Energy 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 31 October 2025.
Industry observers view the transaction as a strong signal of increasing indigenous participation, financial sophistication and long-term commitment to sustainable energy development within Nigeria’s oil and gas sector.