Onome Amuge
Nigeria’s oil and gas industry has entered a defining new phase, as Heirs Energies, Africa’s leading indigenous integrated energy company, completed the acquisition of a 20.07 per cent equity stake in Seplat Energy Plc from French energy firm Maurel & Prom, in a transaction valued at about $500 million. The deal, finalised on December 31, 2025, represents one of the most consequential shifts in ownership in Nigeria’s hydrocarbons sector in recent years and highlights the accelerating rise of domestic capital in assets long dominated by foreign investors.
Under the terms of the transaction, Heirs Energies acquired 120.4 million ordinary shares in Seplat at a price of 305 pence per share. The purchase was structured with an initial payment of $248 million, with the balance payable within 30 days, and includes a potential additional consideration of up to $10 million, contingent on Seplat’s share price performance over the next six months. Seplat shares closed at 256.5 pence in London on the day the deal was announced.
Tony Elumelu,chairman, Heirs Energies, noted that the acquisition marks a strategic leap from operational excellence into sector-wide influence. While Heirs Energies has already established itself as a leading onshore producer through its operations at OML 17 in the Niger Delta, the Seplat stake elevates the group into the ranks of core shareholders shaping the future direction of Nigeria’s most prominent independent energy company.
“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,” Elumelu stated.
The symbolism of the deal is as important as its size. For decades, Nigeria’s oil and gas industry was built on foreign capital and expertise, with international oil companies and overseas investors holding dominant equity positions. However, a combination of global energy transition pressures, heightened operating risks, and changing portfolio priorities has led many foreign players to reduce exposure to onshore Nigerian assets. In their place, well-capitalised indigenous companies have begun to emerge as buyers of choice.
Maurel & Prom’s decision to sell down its stake in Seplat captures the development underway in Nigeria’s energy sector. As a founding shareholder at Seplat’s incorporation in 2010, the French firm was instrumental in shaping the company’s evolution into a diversified oil and gas producer with dual listings on the Nigerian Exchange and the London Stock Exchange. Over the past 15 years, Seplat has matured into a cornerstone of Nigeria’s energy system, supplying crude to export markets while steadily expanding its gas processing footprint and domestic supply capacity.
Olivier de Langavant, chief executive of Maurel & Prom, described the sale as a timely monetisation of a highly successful investment. He noted that the company would now redeploy capital into direct oil and gas investments, in line with a strategy it plans to accelerate. “We are very pleased to transfer our stake to Heirs Energies,” he said, adding that the group was confident Seplat would “continue to thrive with the support of another strong, long-term shareholder.”
The transaction was backed by Afreximbank and Africa Finance Corporation, two leading African financial institutions, reinforcing a growing confidence in the continent’s ability to finance large-scale strategic deals internally.
Industry analysts say the entry of Heirs Energies as a major shareholder could strengthen Seplat’s long-term stability, particularly as the company undergoes an operating environment marked by security challenges, regulatory uncertainty and the demands of energy transition. As at December 31, 2024, Seplat 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 of October 2025.
Heirs Energies brings operational credibility to the table. Since its debut in 2021, the company has earned a reputation as a brownfield excellence leader, successfully restoring production and stability to onshore assets once considered high risk. Its OML 17 operations currently produce more than 50,000 barrels of oil per day and 120 million cubic feet of gas, with a reserves base exceeding 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
Notably, Heirs Energies is also a major supplier of gas to Nigeria’s domestic market, providing fuel for over 400 megawatts of electricity generation. In a country where power shortages remain a critical constraint on economic growth, this focus on gas aligns closely with national priorities and with Seplat’s own positioning as a transition-focused energy company.
