Africa Can Own and Manage Its Strategic Resources – Tony Elumelu on $500M Seplat Acquisition
Tony Elumelu, Chairman of Heirs Energies, has reiterated Africa’s ability to own, develop, and responsibly manage its strategic resources. Speaking on the company’s latest acquisition, Elumelu described the transaction as a “long-term investment in Nigeria’s and Africa’s energy future,” emphasizing its alignment with Heirs Energies’ mission to promote energy security, industrialization, and shared prosperity across the continent.
Heirs Energies recently acquired the entire 20.07% equity stake in Seplat Energy Plc, previously held by Maurel & Prom S.A., in a transaction valued at approximately $500 million at GBP 3.05 per share. Elumelu highlighted Seplat Energy’s “resilient, well-governed platform with compelling long-term prospects” and expressed confidence in supporting its continued growth for the benefit of all stakeholders.
The acquisition marks a significant milestone in Heirs Energies’ strategy to strengthen indigenous participation in Africa’s strategic assets. The deal, backed by African financial institutions Afreximbank and AFC, demonstrates the continent’s growing capacity to finance and manage its own large-scale projects, underscoring a shift towards homegrown leadership in Africa’s energy sector.
Since its debut in 2021, Heirs Energies has become a leader in brownfield excellence, operating OML 17 in the Niger Delta with daily production of 50,000 barrels of oil and 120 million cubic feet of gas. The company’s operations support over 400 megawatts of electricity generation, powering millions of homes and businesses while advancing sustainable energy development in Nigeria.
Seplat Energy, a Nigerian independent oil and gas company listed on both the Nigerian and London Stock Exchanges, holds 2P reserves of 1.043 billion barrels of oil equivalent and production of 135.6 kboepd as of late 2025. The acquisition by Heirs Energies reinforces local ownership and positions the company as a key player in Africa’s energy transition, highlighting the continent’s potential to lead responsibly in strategic resource management.
source: The Guardian