Ownership Shift Spurs Market Excitement
The rally followed confirmation that French energy group Etablissements Maurel & Prom S.A. agreed on December 30, 2025, to divest its entire 120.4 million shares in Seplat—equivalent to a 20.07 percent stake—to Heirs Energies. The transaction ends the tenure of one of Seplat’s founding shareholders and reshapes the company’s ownership structure.
Valued at $496 million and priced at 305 pence per share, the deal highlights the financial firepower underpinning Tony Elumelu’s expanding energy ambitions. An initial $248 million payment has already been completed, with the balance due within 30 days, secured via an irrevocable letter of credit.
Elumelu, chairman of United Bank for Africa Plc and a board member of Transnational Corporation Plc, has been steadily increasing his footprint across Nigeria’s oil and gas value chain through Heirs Holdings. Analysts say the move reinforces long-term confidence in Seplat’s growth trajectory and signals a strong strategic commitment to the domestic energy sector.
Naira Recalibration Adds to Appeal
Market observers also note that the recent recalibration of the naira enhanced the acquisition’s value proposition, further strengthening its appeal within Heirs Energies’ portfolio strategy. This development helped fuel the rally, highlighting how currency movements can intersect with strategic corporate transactions.
Market Impact and Valuation
At Thursday’s close, Seplat’s 599.944 million outstanding shares translated to a market capitalization of roughly ₦5.459 trillion ($3.41 billion), solidifying its place among the most valuable energy companies listed in Lagos.
Since its founding in 2010, Maurel & Prom had been Seplat’s largest shareholder, playing a critical role in its evolution into a leading indigenous oil and gas producer. Its exit now opens a new chapter, with investors betting that the Elumelu-backed entry could unlock fresh operational value and growth opportunities in Nigeria’s evolving energy landscape.