Olufemi Adeyemi
Heirs Energies’ acquisition of a significant stake in Seplat Energy Plc marks a major change in Nigeria’s energy ownership landscape, reinforcing the growing role of indigenous companies in strategic national assets.
Energies, the heir to Africa’s leading indigenous integrated energy company, has acquired the entire 20.07% stake (120.4 million common shares) in Seplat Energy previously held by Maurel & Prom SA. The shares were purchased at a price of £3.05 per share, equating to a transaction value of approximately US$500 million.
This agreement marks another key milestone in Heir Energy’s long-term strategy to deepen its ownership of Africa’s critical energy infrastructure, while promoting sustainable energy development and energy security in Nigeria and across the African continent. It also highlights the growing confidence in locally-led capital and governance structures in Africa’s extractive industries.
The transaction was supported by two of Africa’s leading financial institutions, Afreximbank and African Finance Corporation (AFC), and confirmed Africa’s growing ability to independently and competitively finance large-scale, high-value transactions.
Hellys Energies Chairman Tony Elumelu described the acquisition as a long-term investment in Africa’s energy future, underscoring the company’s belief in Africa’s ability to responsibly own and manage its natural resources. He pointed out that Seplat Energy is a resilient and well-managed platform with a strong long-term outlook, in line with Heirs Energies’ mission to advance energy security, industrialization and shared prosperity.
Heirs Energies was founded with a focus on meeting Africa’s unique energy needs in line with global sustainability goals and has emerged as a leading player in Nigeria’s oil and gas sector. The company operates OML 17 in the Niger Delta, producing over 50,000 barrels of oil per day and 120 million cubic feet of gas per day, with reserves of over 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
Since commencing operations in 2021, Heirs Energies has overcome longstanding operational challenges associated with onshore production in Nigeria and built a reputation as a leader in brownfield asset management. Its activities have contributed significantly to the restoration of safe, reliable and efficient land operations in the Niger Delta.
The company is also a major supplier to Nigeria’s domestic gas market, providing gas to fuel over 400 megawatts of electricity generation, supporting millions of residential, business and industrial users.
The target of the acquisition, Seplat Energy Plc, is an independent Nigerian energy company focused on oil and gas exploration, production and gas processing, with core operations in the Niger Delta. The company is dual listed on the Nigerian Stock Exchange and the London Stock Exchange and is widely recognized as a key player in Nigeria’s energy transition efforts. As of December 31, 2024, Seplat Energy reported 2P reserves of 1.043 billion barrels of oil equivalent and operating interest production of 135,600 barrels of oil equivalent per day as of October 31, 2025.
Industry observers see the deal as a strong sign of increased indigenous participation, financial sophistication and a long-term commitment to sustainable energy development in Nigeria’s oil and gas sector.
