Heirs Energies, an indigenous integrated energy company, has acquired the entire 20.07 per cent equity stake previously held by Maurel & Prom S.A. in Seplat Energy Plc in a transaction valued at $500 million.
The deal involved the purchase of 120.4 million ordinary shares at 305 pence per share, further consolidating indigenous participation in one of Nigeria’s most strategic energy assets.
The acquisition marks another step in Heirs Energies’ long-term strategy to deepen local ownership in the energy sector while supporting sustainable energy development and energy security across Nigeria and Africa.
Speaking on the transaction, Chairman of Heirs Energies, Tony Elumelu, said the acquisition reflects their 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,” he said.
The transaction was backed by two African financial institutions, the African Export–Import Bank (Afreximbank) and Africa Finance Corporation (AFC), highlighting the growing capacity of African capital to support large-scale energy deals on the continent.
Heirs Energies operates Oil Mining Lease (OML) 17 in the Niger Delta, with production of over 50,000 barrels of oil per day and 120 million standard cubic feet of gas per day.
The company has a reserves base of more than 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
As a result, oil and gas production from the asset has more than doubled. Output has risen from an acquisition level of 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d) to the current production of over 50,000 bopd and 120 mmscf/d. All gas produced from OML 17 is supplied to the domestic gas market, supporting Nigeria’s power generation value chain.
