Nigerian businessman Tony Elumelu’s Heirs Energies has made a significant move in the energy sector, acquiring a 20.07% stake in Seplat Energy Plc for nearly $500 million.
This deal marks one of the largest local investments in Nigeria’s energy sector in recent years, showcasing Elumelu’s confidence in Africa’s energy potential.
The acquired shares, previously held by French oil producer Maurel & Prom, total 120.4 million ordinary shares, valued at $4.09 each. This acquisition makes Heirs Energies the single largest shareholder in Seplat Energy, a leading energy firm in Nigeria.
The binding agreement was signed on December 30, 2025, reflecting a growing trend of local players taking strategic positions in Africa’s energy market.
Seplat Energy, listed on both the Nigerian Exchange and London Stock Exchange, operates primarily in the Niger Delta and produces over 135,000 barrels of oil per day.
This investment aligns with Heirs Energies’ mission to drive energy security, industrialization, and shared prosperity across Africa. Tony Elumelu, chairman of Heirs Energies, said the deal represents a long-term investment in Africa’s energy future and supports Seplat’s continued growth and value creation.
Elumelu’s involvement is expected to boost investor confidence in Nigeria’s energy sector, demonstrating the potential for local players to drive growth and development.
The deal also highlights the increasing importance of African investors in shaping the continent’s energy landscape. The acquisition is a testament to Elumelu’s strategic vision and his commitment to Africa’s economic development.
As a serial investor, Elumelu has consistently demonstrated his ability to identify and capitalize on opportunities that drive growth and create value.
This deal is likely to have a positive impact on Seplat Energy’s operations and growth prospects, and will be closely watched by industry stakeholders and investors.
Reported by Mike Cerutti, Daily Query special Contributing Editor
