Tony Elumelu’s Heirs Energies

Tony Elumelu’s Heirs Energies Becomes Largest Seplat Shareholder with $500 Million Acquisition

Tony Elumelu’s Heirs Energies has solidified its position as the largest shareholder in Seplat Energy, acquiring a 20.07 percent stake from French oil and gas company Maurel & Prom for approximately $500 million. The landmark deal underscores the growing influence and financial capability of African investors in the continent’s energy sector.

The acquisition was facilitated by two leading African financial institutions, Afreximbank and the Africa Finance Corporation, highlighting Africa’s capacity to fund major strategic transactions independently. Last week, Heirs Energies had closed a $750 million financing arrangement with Afreximbank, strengthening its ability to execute high-value deals and expand operations across the continent.

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Seplat Energy currently produces around 286 thousand barrels of oil equivalent per day, while Heirs Energies produces about 70 thousand barrels per day. Under the terms of the agreement, Maurel & Prom sold its 120.4 million shares in Seplat at 305 pence per share, representing a 10.9 percent premium over the company’s current trading price of 275 pence. The deal includes an upfront payment of $248 million, with the balance payable within 30 days, secured by an irrevocable letter of credit. An additional $10 million in contingent consideration may also be paid, depending on Seplat’s share price performance over the next six months.

Heirs Energies, a subsidiary of the pan-African investment company Heirs Holdings, is known for long-term strategic investments across key sectors. Commenting on the acquisition, Tony Elumelu, Chairman of Heirs Energies, said:

“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, aligned with our mission to drive energy security, industrialisation, and shared prosperity.”

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This milestone transaction not only strengthens Heirs Energies’ position in the Nigerian energy landscape but also signals the growing role of African-led capital in shaping the continent’s economic future.