Written by: Funsho Arogundade
in In 2021, influential investor Tony O. Elumelu announced his presence in Nigeria’s hydrocarbon ecosystem. He acquired 45 percent of the OML 17 license block in the Niger Delta. The block is located on the coast several dozen kilometers north of Port Harcourt in Rivers State, and the total transaction value is $1.1 billion. The question, then, was whether the acquisition of Elumelu would create a new private oil major in Nigeria, as it consisted of shares held by Shell (30%), Total (10%) and ENI (5% through its subsidiary Nigerian Agip Oil).
Fast forward to late 2025. Elumelu, through Heirs Holdings and its subsidiary Heirs Energies, made sensational headlines with a significant deal to quietly acquire a 20.07 percent stake in Seplat Energy Plc for $500 million. Mr. Hermel jumped on board with 120.4 million ordinary shares in French company Morel & Promme, purchasing them at a price of 3.05 pounds per share, valued at $496 million, and became Seprat’s largest shareholder by the end of the year. The deal reportedly closed on Dec. 30, after market hours. The Euronext Paris-listed company has completely withdrawn, ending its founding relationship with Sepra that dates back more than 10 years.
Seplat, on the other hand, is not a marginal asset. The company operates across the Niger Delta. The company is listed on the Nigerian and London exchanges, and shares traded on the London Stock Exchange rose 10.72% on the news. It has reserves of more than 1 billion barrels of oil equivalent. As of October 2025, production reached 135,600 barrels per day, with a market value of approximately NOK 3.2 trillion.
This unique deal completes Heir Energy’s transition from an ambitious start-up to a leading indigenous powerhouse. Elumelu said the deal, supported by both the African Export-Import Bank and the African Finance Corporation, reflects the heirs’ strong belief in Africa’s ability to own, develop and responsibly manage its strategic resources.
It has been noted that Elumelu already owns three oil companies: Heirs Energies, Transcorp Energy and Tenoil. This latest acquisition in Seplat, the largest equity transaction in Nigeria’s energy history, will strengthen Elumelu’s energy ambitions. And as he rapidly expands his oil and gas portfolio, some industry analysts are risking speculation about what may have fueled Elumelu’s increasing dominance in Nigeria’s energy sector and his recognition as Africa’s leading indigenous energy company.
From the time he was a young banker, Elumelu was able to legitimately inject himself into the top 0.001 percent of the world. And he is fast becoming one of the continent’s few corporate politicians. The billionaire founded Heir Holdings in 2010 to invest in strategic sectors in the continent’s biggest oil exporter. His foundation is built in banking and financial services, where governance, balance sheet strength and regulatory compliance determine long-term survival. Conservatively speaking, it is correct to say that he conquered banking. Now, the new “oil chiefs” are rapidly establishing their dominance, establishing themselves as key players in the shark-infested oil sector, traditionally dominated by international players.
