Heirs Energies Limited, a leading African indigenous energy company, has acquired a 20.07% equity stake in Seplat Energy Plc from French oil and gas producer Maurel & Prom S.A. in a transaction valued at approximately $500 million.
The deal positions Heirs Energies as the largest single shareholder in Seplat, signaling a landmark shift toward greater indigenous ownership in Nigeria’s energy sector.
Transaction Overview
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Stake Acquired: 20.07% of Seplat Energy Plc
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Seller: Maurel & Prom S.A., a longstanding shareholder since Seplat’s foundation in 2010
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Transaction Value: $500 million (approximately £3.05 per share for 120.4 million shares)
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Financing: Backed by Afreximbank and Africa Finance Corporation (AFC), highlighting Africa’s capacity to support major indigenous-led energy deals.
Major Players
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Heirs Energies Limited: Subsidiary of Heirs Holdings, led by billionaire entrepreneur, Tony Elumelu, operating Oil Mining Lease (OML) 17 in the Niger Delta.
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Seplat Energy Plc: A dual-listed Nigerian energy company engaged in exploration, production, and gas processing, listed on the Nigerian Exchange (NGX), and the London Stock Exchange (LSE).
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Maurel & Prom S.A.: French oil and gas producer and founding shareholder of Seplat, exiting its 20.07% stake.
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Financial Partners: Afreximbank and Africa Finance Corporation, providing strategic financing for the transaction.
Strategic Significance
The acquisition strengthens Heirs Energies’ footprint in Nigeria’s energy sector and aligns with its mission to enhance energy security, industrialisation, and economic empowerment across Africa. The deal demonstrates the growing role of African capital in major energy investments and marks a strategic milestone for Seplat Energy as the company sees increased indigenous ownership.
Market Impact
Following the announcement, Seplat Energy shares experienced a notable surge on the London Stock Exchange, reflecting investor confidence in the strategic partnership and the company’s long-term growth prospects.
Conclusion
The acquisition of Maurel & Prom’s stake by Heirs Energies is a transformative development for Nigeria’s energy sector, highlighting the rise of African-led investments in key strategic industries.
It underscores the increasing influence of local capital in shaping the continent’s energy landscape and advancing economic empowerment.