In a transaction that underscores the growing momentum of African-led energy consolidation, Heirs Energies, the oil and gas company controlled by prominent Nigerian businessman Tony Elumelu, has completed the acquisition of French company Maurel & Prom’s entire stake in Seplat Energy Plc for approximately US$500 million.
The deal, announced on December 31, 2025, saw Heirs Energies acquire 120.4 million ordinary shares—representing a 20.07% equity stake in the London- and Nigerian-listed energy producer—at 305 pence per share. The acquisition marks one of the largest indigenous African investments in the continent’s energy sector in recent years, signaling a strategic shift toward homegrown ownership of critical energy infrastructure.
Speaking about the landmark transaction, Tony Elumelu, founder and chairman of Heirs Holdings—the parent company of Heirs Energies—framed the acquisition as part of a broader vision for African energy independence and economic transformation.
“This acquisition reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources,” Elumelu said in a statement. “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, who is also chairman of the United Bank for Africa and founder of the Tony Elumelu Foundation, has long championed the concept of “Africapitalism”—the notion that the private sector should play a leading role in Africa’s economic development. This acquisition appears to be a concrete manifestation of that philosophy applied to the energy sector.
The billionaire entrepreneur praised Seplat Energy’s track record, describing it as having “built a resilient, well-governed platform with compelling long-term prospects.” He expressed confidence in supporting the company’s continued expansion and value creation across its stakeholder base.
In a significant detail that highlights the continent’s maturing financial infrastructure, the transaction was backed by two major African financial institutions: the African Export-Import Bank (Afreximbank) and the Africa Finance Corporation (AFC). This financing structure demonstrates what industry observers say is a critical evolution—Africa’s growing capacity to fund its own major transactions without exclusive reliance on Western capital markets.
The involvement of these pan-African development finance institutions sends a powerful message about the continent’s financial sovereignty and its ability to mobilize capital for strategic investments.
The acquisition brings together two substantial players in Nigeria’s oil and gas landscape. Heirs Energies currently operates Oil Mining Lease (OML) 17 in the Niger Delta, one of Nigeria’s most productive oil-bearing regions. The company’s operations include production exceeding 50,000 barrels of oil per day and 120 million cubic feet of gas daily, supported by an impressive reserves base of over 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
Beyond extraction, Heirs Energies has positioned itself as a key contributor to Nigeria’s power generation capacity, supplying gas that fuels over 400 megawatts of electricity—enough to power millions of homes, businesses, and industrial facilities across the country. This domestic gas supply commitment addresses one of Nigeria’s most pressing developmental challenges: reliable electricity access.
Seplat Energy, the target of this acquisition, operates as an independent exploration and production company with primary operations also concentrated in the Niger Delta. As of December 31, 2024, the company held proven and probable (2P) reserves of 1.043 billion barrels of oil equivalent, with working interest production reaching 135,600 barrels of oil equivalent per day as of October 31, 2025.
The dual listing of Seplat Energy on both the Nigerian Exchange and the London Stock Exchange gives it significant visibility among international investors and provides liquidity for its shares—factors that likely enhanced the attractiveness of the acquisition for Heirs Energies.
This transaction comes at a pivotal moment for Nigeria’s energy sector. The country, despite being Africa’s largest oil producer, has struggled with underinvestment in its oil and gas infrastructure, aging facilities, and the exodus of international oil companies seeking to divest from onshore operations.
The acquisition of a significant stake in Seplat by a Nigerian-owned entity fits into a broader pattern of indigenous companies acquiring assets from departing international majors. This trend has accelerated in recent years as Western oil companies face pressure from shareholders and environmental groups to reduce their carbon footprints and focus on more profitable, less complex operations.
For Maurel & Prom, the French independent oil and gas company, the divestment represents an exit from what had been a strategic investment in one of West Africa’s most significant independent producers. The 305 pence per share price suggests a valuation that reflects both Seplat’s operational performance and future growth potential.
Industry analysts will be watching closely to see how Heirs Energies leverages this substantial stake. With a 20.07% holding, the company becomes a major shareholder with potential influence over strategic direction, though it falls short of a controlling stake.
The coming months will reveal whether this acquisition is merely a financial investment or the precursor to deeper operational integration between Heirs Energies and Seplat Energy—a combination that could create one of Africa’s most formidable indigenous energy companies.
As Africa continues to navigate the global energy transition while addressing its immediate energy access challenges, deals like this one signal that the continent’s business leaders are positioning themselves not just as resource custodians but as strategic architects of its energy future.
WHAT YOU SHOULD KNOW
Heirs Energies, owned by Tony Elumelu, has acquired a 20% stake in Seplat Energy for $500 million from French company Maurel & Prom—marking one of Africa’s largest indigenous energy investments. The deal was financed entirely by African institutions (Afreximbank and AFC), demonstrating the continent’s growing capacity to fund its own strategic acquisitions.
This transaction represents a significant shift toward African ownership of critical energy assets and strengthens Nigeria’s energy security through the combination of two major oil and gas producers with combined reserves exceeding 2.5 billion barrels of oil equivalent. The acquisition embodies Elumelu’s vision of “Africapitalism”—Africans taking control of their own resources and economic destiny.
