Elumelu’s Heirs Energies buys 20% of French oil firm’s stake in Seplat for $500m

Heirs Energies has completed the acquisition of Maurel & Prom S.A.’s entire 20.07 per cent shareholding in Seplat Energy Plc in a transaction valued at about $500 million.

Heirs Energies announced this via a statement issued on Wednesday, December 31, 2025.

The indigenous energy firm said it purchased the 120.4 million ordinary shares at a price of 305 pence per share.

The acquisition comes shortly after Heirs Energies secured a $750 million financing facility from Afreximbank.

Speaking on the acquisition, the Chairman of Heirs Energies, Tony Elumelu, described the deal as a strategic long-term investment in Africa’s energy future, noting that it underscores confidence in the continent’s ability to own and manage its critical resources.

Elumelu said the investment aligns with the company’s focus on energy security, industrialisation and sustainable value creation.

Elumelu’s Heirs Energies clinches $750m Afreximbank funding to boost growth

The billionaire businessman said: “This acquisition reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources.

“It is a long-term investment in Nigeria’s and Africa’s energy future, and aligns with our mission to drive energy security, industrialisation, and shared prosperity.

“Seplat Energy has built a resilient, well-governed platform with compelling long-term prospects, and we are pleased to support its continued growth and value creation for all stakeholders.”

The transaction was backed by Afreximbank and the Africa Finance Corporation (AFC), highlighting the growing capacity of African institutions to fund major energy deals.

Heirs Energies, which operates OML 17 in the Niger Delta, currently produces over 50,000 barrels of oil per day and 120 million cubic feet of gas daily, with significant oil and gas reserves.

The Star