ABUJA, Jan. 1, 2026 (Naija247news) – Nigerian energy firm Heirs Energies Limited has acquired French company Maurel & Prom’s entire 20.07 per cent stake in Seplat Energy Plc in a landmark $500 million transaction, positioning the Tony Elumelu–backed group as the largest single shareholder in one of Nigeria’s biggest independent oil and gas producers.
The acquisition — involving 120.4 million ordinary shares valued at 3.05 pence each — marks one of the biggest energy-sector equity deals of the year, deepening indigenous control of strategic upstream assets at a time when foreign operators continue to scale down Nigerian exposure.
With the transaction concluded, Heirs Energies now holds a 20% stake, overtaking global and institutional investors including Petrolin Group (13.77%), Sustainable Capital (9.7%), Professional Support (8.5%) and Allan Gray Investment Management (5.61%). The company confirmed the deal was financed with support from Afreximbank and the Africa Finance Corporation (AFC) — a signal of growing African-led capital mobilisation for large-scale energy acquisitions.
“This acquisition reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources. It is a long-term investment in Nigeria’s and Africa’s energy future,”
— Tony Elumelu, Chairman, Heirs Energies
The deal further strengthens Heirs Energies’ footprint in Nigeria’s hydrocarbon value chain. Seplat — with 2P reserves of 1.043 billion barrels of oil equivalent (Dec. 2024) and working interest output of 135,600 boe/d (Oct. 2025) — ranks among the country’s most valuable indigenous upstream companies, operating major assets across the Niger Delta.
Maurel & Prom, headquartered in Paris and active in African E&P plays for decades, declined immediate comment on the divestment. The exit aligns with a wider industry trend as Shell, ExxonMobil, Chevron and other IOCs reduce onshore operations, making room for domestic investors to assume operational and equity control.
Nigeria, Africa’s top oil producer, has battled declining foreign investment, regulatory uncertainty and pipeline insecurity, even as the government pushes for local ownership and infrastructure renewal. Analysts say the Heirs–Seplat deal underscores rising confidence in African capital, despite the global energy transition discourse.
Heirs Energies — launched in 2021 — operates OML 17, producing 50,000+ barrels of oil per day and ~120m scf of gas daily, backed by reserves exceeding 1.5 billion barrels of oil and 2.5 tcf of gas. The company said support from Afreximbank and AFC demonstrates Africa’s evolving capacity to underwrite its energy future.
Industry experts also project that fresh strategic backing could strengthen Seplat’s expansion plans, enhance balance-sheet resilience, and boost production amid fluctuating oil prices and security-related field downtimes.
Regulatory approval from the Securities and Exchange Commission (SEC) and other Nigerian authorities is expected to finalise the deal in the coming months.
Joshua Chinonye ✔
Joshua Chinonye is the Energy Editor at Naija247news, covering Nigeria’s oil, gas, and power sectors. He reports on energy policy, market trends, and sustainability with a focus on informing public discourse and decision-makers.
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