Some offers announce themselves by measurement alone. Others matter due to who’s lastly holding the pen. Late December delivered each. Barely two weeks after elevating $750 million from Afreximbank, Heirs Energies quietly acquired a 20.07 per cent stake in Seplat Power Plc for slightly below $500 million. By yr’s finish, Tony Elumelu had grow to be Seplat’s largest shareholder.
The transaction reportedly closed on December 30, after market hours. Heirs Energies purchased 120.4 million bizarre shares from Maurel & Promenade at £3.05 per share, valuing the deal at $496 million. The French agency exited absolutely, ending a founding relationship that dated again greater than a decade.
Seplat isn’t any marginal asset. The corporate operates throughout the Niger Delta, is listed in Lagos and London, and holds 2P reserves of over one billion barrels of oil equal. As of October 2025, manufacturing stood at 135,600 barrels per day, with its market worth sitting round N3.2 trillion.
Worldwide oil firms have been trimming Nigerian publicity, promoting onshore and shallow-water belongings. Native corporations have been shopping for, although not often at this scale and with this stability sheet. This deal ranks among the many largest regionally pushed oil and fuel investments on the continent.
Elumelu framed the acquisition as a long-term wager on African possession and governance. The language suits his Africapitalism thesis, although the mechanics are equally telling. The deal was backed by African lenders, together with Afreximbank and the Africa Finance Company, somewhat than offshore capital alone.
Maurel & Promenade receives $248 million upfront, with the stability due inside 30 days and secured by a letter of credit score. An additional $10 million might observe, tied to Seplat’s share efficiency. For the vendor, it was a clear exit. For the client, it was a consolidation transfer.
Heirs Energies already operates OML 17, producing over 50,000 barrels of oil every day and important fuel volumes that feed Nigeria’s energy sector. Mixed with Transcorp Energy, Elumelu’s vitality footprint now spans extraction to electrical energy.
