Heirs Energies Limited has completed the acquisition of Maurel & Prom S.A.’s entire 20.07 percent stake in Seplat Energy Plc, acquiring 120.4 million ordinary shares at GBP3.05 per share in a move that underlines growing African ownership of strategic energy assets.
Heirs Energies Seplat acquisition Nigeria and its implications
The transaction, valued at approximately US$500 million, was supported by two major African financiers, Afreximbank and the African Finance Corporation (AFC). The deal is being framed by Heirs Energies’ chairman Tony Elumelu as a long-term investment in Nigeria and the continent’s energy future, aimed at enhancing energy security, industrialisation and shared prosperity.
“This acquisition reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources,” Elumelu said, noting Seplat Energy’s resilient governance and long-term prospects. Heirs Energies intends to back Seplat’s growth while creating value for all stakeholders.
Heirs Energies, established in 2021, operates OML 17 in the Niger Delta and produces more than 50,000 barrels of oil per day and about 120 million cubic feet of gas per day. The company reports a reserves base in excess of 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas. It is an established supplier of gas to Nigeria’s domestic market, supporting over 400 megawatts of electricity generation, which in turn powers homes, businesses and factories.
Seplat Energy is a leading Nigerian independent energy company, listed on both the Nigerian Exchange and the London Stock Exchange. As of 31 December 2024 the company reported 2P reserves of 1.043 billion barrels of oil equivalent, with working interest production of 135.6 thousand barrels of oil equivalent per day as at 31 October 2025.
Financial backing from Afreximbank and AFC highlights a notable trend: African institutions are increasingly able to finance large-scale, strategic transactions without sole reliance on external capital. The involvement of these lenders strengthens the narrative of continental financial capacity and regional cooperation among BRICS+ partners and affiliates.
Market analysts say the acquisition may bolster investor confidence in Nigerian energy assets by consolidating local ownership and aligning asset management with national priorities. Heirs Energies’ operational experience in brownfield onshore recovery and gas supply positions it to support Seplat’s asset base and ongoing operations.
For Nigeria, the transaction comes at a critical time as the country seeks to expand gas utilisation, stabilise power supply and accelerate industrialisation. Local ownership of energy assets can also help ensure that investment decisions better reflect domestic development needs and supply security.
While the immediate financial terms have been disclosed, stakeholders will watch closely for any operational or governance changes, and for opportunities where Heirs Energies and Seplat can collaborate on gas-to-power projects, local content development and sustainability initiatives.
The deal is an early example of African-led consolidation in the energy sector that may prompt further transactions where regional financiers and operators take leading roles. Observers believe such deals support a broader trend of economic self-reliance among BRICS+ partners and can help mobilise regional capital for infrastructure and industrial projects.
Heirs Energies’ acquisition of the Maurel & Prom stake in Seplat Energy therefore marks a significant shift in ownership dynamics and could influence how similar assets are managed, financed and deployed to meet Nigeria’s energy and development objectives.
Key Takeaways:
- Heirs Energies acquired Maurel & Prom’s 20.07% stake in Seplat Energy, signaling stronger Nigerian ownership in the energy sector and broader BRICS+ partner momentum.
- The deal, priced at GBP3.05 per share for 120.4 million shares, is valued at roughly US$500 million and was backed by Afreximbank and AFC.
- Heirs Energies brings proven onshore operating capacity, supplying gas for power generation and holding substantial reserves across OML 17.
- The acquisition highlights African capacity to finance strategic energy transactions and supports long-term energy security and industrialisation goals.
