Oluwadamilola Olanrewaju
Heirs Energies Limited has officially acquired a 20.07% stake in Seplat Energy Plc. The deal, valued at approximately US$500 million, marks a significant shift in the ownership of one of Nigeria’s most prominent independent energy companies.
The transaction involved the purchase of 120.4 million ordinary shares from the French energy group Maurel & Prom S.A. at a price of GBP 3.05 per share.
With this acquisition, Maurel & Prom completely exits its equity position in Seplat, handing the baton to one of Africa’s fastest-growing indigenous players.
This is a strategic milestone for indigenous ownership This acquisition isn’t just about the numbers; it’s a statement of intent. By taking a massive seat at the Seplat table, Heirs Energies is doubling down on its mission to lead Africa’s energy transition from within.
Tony Elumelu, Chairman of Heirs Energies, emphasized that the move is a vote of confidence in the continent’s potential.
“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.”
The Power Behind the Deal A transaction of this scale requires serious financial backing. Proving that Africa has the capital to fund its own industrialization, the deal was supported by two major pan-African financial institutions:2
Afreximbank
Africa Finance Corporation (AFC)
Their involvement underscores a growing trend of “African solutions for African challenges,” moving away from a total reliance on Western capital for large-scale infrastructure and energy projects.
Who are the Key Players? Company Key Stats Role in Deal Heirs Energies Produces 50 kbopd; 1.5 billion barrels in reserves. The Buyer Seplat Energy Dual-listed (NGX & LSE); 1.043 billion boe 2P reserves. The Target Maurel & Prom International energy firm. The Seller Why this is important. Heirs Energies has already made a name for itself as a “brownfield excellence leader.”3 Since taking over OML 17 in 2021, the company has successfully navigated the complexities of onshore operations in the Niger Delta, supplying gas that powers over 400 megawatts of Nigeria’s electricity.
By integrating Seplat’s robust portfolio with its own, Heirs Energies is positioning itself as a titan in the integrated energy space.
For Nigerians, this means a more stabilized domestic gas supply, increased energy security, and a future where indigenous companies drive national prosperity.
Source: BusinessElitesAfrica | Read the Full Story…
