HEIRS Energies Limited has acquired the 20.07% equity stake in Seplat Energy Plc previously held by Maurel & Prom (M&P), a transaction valued at approximately $500 million.
News Point Nigeria reports that the stake, comprising 120.4 million ordinary shares, was purchased at GBP3.05 per share.
Tony Elumelu, Chairman of Heirs Energies, said the 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 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.”
The transaction was supported by African financial institutions Afreximbank and AFC, highlighting the continent’s capacity to finance large-scale deals independently.
Heirs Energies, an indigenous integrated energy company, operates OML 17 in the Niger Delta, producing over 50,000 barrels of oil per day and 120 million cubic feet of gas daily, with reserves exceeding 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
The company supplies gas for more than 400 megawatts of electricity generation, supporting homes, businesses, and factories across Nigeria.
Seplat Energy Plc, listed on the Nigerian Exchange and London Stock Exchange, focuses on oil and gas exploration, production, and gas processing, primarily in the Niger Delta. As of 31 December 2024, Seplat Energy held 2P reserves of 1.043 billion barrels of oil equivalent and reported working interest production of 135.6 thousand barrels of oil equivalent per day as at 31 October 2025.
The acquisition marks a strategic step for Heirs Energies in expanding indigenous ownership in Nigeria’s energy sector and supporting sustainable energy development across the continent.
In a separate statement, French oil and gas group Maurel & Prom confirmed it has agreed to sell its entire 20.07 per cent stake in Seplat Energy Plc to Heirs Energies Ltd for $496 million.
According to the M&P’s statement, the transaction, announced after market close on 30 December, covers 120.4 million shares in Seplat, which is listed in both London and Lagos.
The deal is priced at 305 pence per share, with an initial payment of $248 million and the balance due within 30 days, secured by an irrevocable letter of credit. A further $10 million may be payable depending on Seplat’s share price performance over the next six months.
M&P, one of Seplat’s three founding shareholders and its largest since 2010, said it had played a pivotal role in the Nigerian company’s rise as a leading independent energy player.
Olivier de Langavant, Chief Executive Officer of M&P, remarked: “We are incredibly proud to have supported Seplat’s journey over the last fifteen years and its transformation into a leading energy company in Nigeria across both oil and gas. We would like to warmly congratulate and thank Seplat’s management team and successive boards of directors for their outstanding performance over the years and wish them every success for the future, as we are convinced that there is still much more to come.”
He added that the investment had delivered “very strong returns since inception in 2010” and that the timing was right to monetise the position.
“We believe that now is the right time for M&P to monetise this position and further focus on direct investments in oil and gas assets, in line with a growth strategy that we plan to accelerate. We are also very pleased to transfer our stake to Heirs Energies… we are confident that Seplat will continue to thrive with the support of another strong, long-term shareholder.”
News Point Nigeria recalls that last week, Heirs Energies secured a $750 million financing facility from the African Export-Import Bank (Afreximbank) to expand its domestic energy production in Nigeria. The funding, structured as a five-year reserve-based lending arrangement, combines refinancing of existing debt with new capital for expansion.
The facility is expected to double the company’s crude oil output to around 100,000 barrels per day and increase gas production to approximately 250 million cubic metres, supporting Nigeria’s power generation and industrial sectors.
Speaking at the signing in Abuja, Elumelu described the transaction as “Africa financing Africa’s future.” He noted that Afreximbank’s willingness to restructure facilities and provide room for expansion reflected confidence in Heirs Energies’ long-term prospects.
Samuel Nwanze, Executive Director and Chief Financial Officer of Heirs Energies, said the funding would consolidate existing production gains and unlock the next phase of growth. “This funding is designed to help us scale to about 100,000 barrels per day and 250 million cubic metres of gas,” he stated.
Heirs Energies currently produces over 50,000 barrels of oil per day and 120 million cubic metres of gas. Since acquiring Oil Mining Lease 17 (OML 17) from Shell, Total, and Eni, the company has raised approximately $1.1 billion, most of which has been repaid over four years of operations. Increased gas output has already supported electricity generation across Nigeria’s eastern domestic gas network.
Elumelu acknowledged regulatory delays following the OML 17 acquisition, noting that approvals under the former administration took longer than expected. “Those delays came at a real financial cost,” he said, adding that the company has continued to meet its obligations despite operational challenges such as oil theft.
Afreximbank President Dr George Elombi said the institution was confident in Heirs Energies’ leadership, governance, and asset base. “Energy remains central to economic resilience across the continent,” he said.