Seplat Energy Plc has confirmed the complete exit of its founding shareholder, Etablissements Maurel & Prom S.A. (M&P), following the sale of its entire equity stake in the Nigerian energy company. The development marks a significant shift in Seplat’s ownership structure and ends a long-standing investment relationship.
The transaction involved the disposal of 120.4 million ordinary shares, which were acquired by Heirs Energies Limited and Heirs Holdings Limited. Heirs Energies purchased 86,639,377 shares, while Heirs Holdings took 33,760,623 shares, giving the Heirs group a combined 20.07 per cent stake in Seplat Energy’s issued share capital.
With the deal completed, M&P no longer holds any shares in Seplat Energy, officially concluding its role as one of the company’s original investors. The French energy firm had been instrumental in supporting Seplat’s early growth and transformation into one of Nigeria’s leading indigenous energy companies.
Seplat Energy acknowledged M&P’s contribution to its development, expressing appreciation for the investor’s long-term support and partnership over the years. The company also welcomed the entry of the Heirs group, noting that the new shareholders are expected to play a strategic role in driving Seplat’s future growth and expansion plans.
Commenting on the development in a notice filed on the Nigerian Exchange Limited (NGX), Seplat’s Chief Financial Officer, Eleanor Adaralegbe, said the company looks forward to working closely with its new shareholders to advance its long-term ambitions. She added that the transaction has been formally disclosed through the TR-1 Standard Form for Notification of Major Holdings, in line with regulatory requirements.
source: punch