By Business News Correspondent
Maureen Iluobe
Heirs Energies Limited has completed a major strategic move in Nigeria’s energy sector with the acquisition of Maurel & Prom’s entire 20.07 per cent holding in Seplat Energy Plc, a transaction valued at about $500 million.
The deal transfers ownership of 120.4 million ordinary shares in Seplat to Heirs Energies at a price of 305 pence per share, strengthening indigenous participation in one of Nigeria’s largest independent energy companies.
Bet on Africa’s Energy Future
Chairman of Heirs Energies, Tony Elumelu, described the acquisition as a long-term commitment to African-led energy development.
“This investment underscores our confidence in Africa’s capacity to own and responsibly manage its strategic resources. It aligns with our broader objective of advancing energy security, industrial growth, and inclusive prosperity,” Elumelu said, adding that Seplat’s governance framework and asset base position it well for sustained value creation.
Africa-Funded, Africa-Led Transaction
The acquisition was backed by African financial institutions, including Afreximbank and the Africa Finance Corporation (AFC), reinforcing the growing role of continental capital in financing large-scale energy transactions.
Heirs Energies operates Oil Mining Lease 17 (OML 17) in the Niger Delta, producing more than 50,000 barrels of oil per day and approximately 120 million cubic feet of gas daily. Its reserves exceed 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas, with gas supply supporting over 400 megawatts of electricity generation nationwide.
Seplat’s Market Position
Seplat Energy Plc, listed on both the Nigerian Exchange and the London Stock Exchange, is a major player in oil and gas exploration, production, and processing in the Niger Delta. As at the end of 2024, the company held 2P reserves of 1.043 billion barrels of oil equivalent, with average working-interest production of 135,600 barrels of oil equivalent per day recorded in October 2025.
Maurel & Prom Exits After 15 Years
French energy firm Maurel & Prom confirmed the sale of its entire stake, valuing the transaction at $496 million, with an initial payment of $248 million and the balance due within 30 days, secured by an irrevocable letter of credit. An additional $10 million may be payable, depending on Seplat’s share price performance over the next six months.
M&P Chief Executive Officer Olivier de Langavant said the company’s exit followed a successful 15-year investment journey.
“We are extremely proud of the role we played in Seplat’s growth into a leading Nigerian energy company. The investment has delivered strong returns, and the timing is right for us to monetise and refocus on direct asset investments,” he said.
Momentum Builds for Heirs Energies
The acquisition comes shortly after Heirs Energies secured a $750 million reserve-based lending facility from Afreximbank, structured over five years to refinance existing obligations and fund expansion.
The financing is expected to double crude oil production to about 100,000 barrels per day and lift gas output to roughly 250 million cubic metres, strengthening supply to Nigeria’s power and industrial sectors.
Heirs Energies Chief Financial Officer Samuel Nwanze said the funding would accelerate the company’s next growth phase, while Elumelu reaffirmed the firm’s commitment to meeting obligations despite regulatory delays and operational challenges such as oil theft.
Afreximbank President Dr George Elombi said the bank’s support reflects confidence in Heirs Energies’ leadership, governance standards, and asset quality.
A Shift Toward Indigenous Ownership
Industry analysts view the transaction as a milestone in Nigeria’s energy transition, signalling increased indigenous control of strategic assets and a growing ability to fund large energy deals using African capital.
