Heirs Energies Limited, the energy investment firm chaired by business mogul Tony Elumelu, has finalized a major acquisition in Nigeria’s oil and gas sector, securing a 20.07% stake in Seplat Energy Plc. The transaction, completed late last year, involved the purchase of 120.4 million Seplat shares at GBP 3.05 per share, valuing the deal at approximately $500 million.
The acquisition was financially backed by Afreximbank and the Africa Finance Corporation, reflecting strong institutional confidence in the growing Nigerian oil market. Heirs Energies purchased the shares from French oil and gas company Maurel & Prom S.A., which is renowned for hydrocarbon exploration and production. Seplat Energy is publicly listed on both the London Stock Exchange and the Nigerian Exchange’s Premium Board.
Regulatory filings with the Nigerian Exchange show that the 20.07% stake is split between Heirs Energies Limited, holding 3.658%, and its parent company Heirs Holdings Limited, holding 16.412%. The corresponding voting rights are 21.9 million and 98.5 million, respectively. Barclays Bank Plc serves as the controlled undertaking for both entities. Proxy voting arrangements have been set, with Samuel Nwanze and Emmanuel Nnorom appointed to hold voting rights indefinitely on behalf of the two firms.
Heirs Energies is also an active operator in Nigeria’s Niger Delta through Oil Mining Lease (OML) 17, which produces 50,000 barrels of oil and 120 million cubic feet of gas per day. The company’s reserves in OML 17 exceed 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas, supporting over 400 megawatts of electricity generation nationwide.
The acquisition marks a strategic expansion for Heirs Energies in Nigeria’s upstream oil sector, reinforcing the company’s growing influence in energy production and infrastructure. Analysts suggest that the investment will further strengthen Seplat’s financial position and operational capacity while highlighting Tony Elumelu’s commitment to shaping Africa’s energy landscape.
source: premiumtime