Heirs Energies Limited, led by Nigerian businessman Tony Elumelu, has acquired French energy firm Maurel & Prom’s 20.07% stake in Seplat Energy, securing its position as the company’s largest single shareholder in a deal valued at approximately USD 500 million. The transaction marks one of the most significant African-led acquisitions in the region’s oil and gas sector in recent years, highlighting a growing capacity for domestic capital to drive major resource investments.
The stake transfer represents a strategic shift within Nigeria’s energy landscape, as foreign divestments continue to create openings for indigenous firms with the financial depth and operational experience to compete at scale. Backed by financing support from the African Export–Import Bank (Afreximbank) and the Africa Finance Corporation (AFC), Heirs Energies’ move reinforces the increasing role of regional financial institutions in underwriting large-scale, intra-African transactions.
The acquisition comes just weeks after Heirs Energies secured a USD 750 million financing agreement with Afreximbank to strengthen its existing operations and fuel expansion. Industry analysts say the additional capital placed the company in a favorable position to pursue major acquisitions, enabling it to rapidly scale its portfolio without compromising liquidity.
With Seplat Energy producing roughly 286 thousand barrels of oil equivalent per day and Heirs Energies contributing an estimated 70 kboepd, the combined output of the newly aligned shareholder bloc now approaches 356 kboepd. The deal significantly enhances Heirs Energies’ influence in shaping Seplat’s strategic direction while further consolidating its footprint in Nigeria’s oil and gas industry.
Market observers note that the transaction holds implications well beyond shareholder dynamics. It signals a growing determination among African energy players to take control of resource ownership and development, reducing reliance on foreign capital while reinforcing continental financial autonomy. Analysts also point to potential synergies in gas supply and power infrastructure as areas where both companies could jointly benefit, particularly as Nigeria intensifies efforts to expand gas utilization to stabilize power generation and support industrial growth.
Despite the positive outlook, the acquisition takes place against the backdrop of ongoing challenges in Nigeria’s energy environment, including regulatory reforms, security concerns in oil-producing regions, and global price volatility. However, investors say Heirs Energies’ strengthened capital position and increased production-linked earnings potential mitigate many of these risks while positioning the company to benefit from long-term market opportunities.
As Maurel & Prom exits its long-standing stake—dating back to Seplat’s formative years—the energy landscape in Nigeria appears poised for deeper integration of domestic ownership and financing. Industry stakeholders say the deal could serve as a model for future transactions, illustrating how African firms can leverage local capital and institutional backing to capture strategic value from departing international operators.
With this acquisition, Heirs Energies not only expands its influence in Nigeria’s upstream sector but also cements its status as a key driver of the next phase of African-led energy investment.
