Heirs Energies, an indigenous integrated energy company, has completed the purchase of 20.07% equity in Seplat Energy Plc, previously held by French firm Maurel & Prom S.A.
The deal covers 120.4 million ordinary shares at GBP3.05 per share, valuing the transaction at about $500 million, according to a statement issued Wednesday.
The acquisition comes just days after Heirs Energies secured a $750 million loan from Afreximbank, underscoring its aggressive expansion strategy.
Heirs Energies described the move as a milestone in its long-term plan to deepen local ownership of strategic assets.
“The acquisition represents a further milestone in Heirs Energies’ long-term strategy to strengthen indigenous participation in strategic assets and accelerate sustainable energy development and security for Nigeria and Africa,” the company said.
Chairman Tony Elumelu added that the deal reflects confidence in Africa’s ability to manage its own resources.
“It is a long-term investment in Nigeria’s and Africa’s energy future, and aligns with our mission to drive energy security, industrialization, and shared prosperity,” Elumelu stated.
Backing From African Institutions
The transaction was supported by two leading African financiers — Afreximbank and the Africa Finance Corporation (AFC).
The company noted that the backing highlights Africa’s growing capacity to fund major transactions without relying solely on Western institutions.
Elumelu praised Seplat’s resilience and governance record. “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.
Seplat Energy Plc is one of Nigeria’s largest independent energy firms, listed on both the Nigerian Exchange and the London Stock Exchange. It plays a key role in Nigeria’s oil and gas sector, with operations spanning exploration, production, and gas processing.
The acquisition by Heirs Energies strengthens indigenous control in a sector long dominated by international players. It also comes at a time when Nigeria is pushing for greater energy security and investment in domestic refining capacity.
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