Nigerian billionaire and investor, Tony Elumelu, has expanded his footprint in the energy sector following the acquisition of a significant stake in Seplat Energy Plc by Heirs Energies Limited, positioning the company as Seplat’s largest shareholder.
Heirs Energies acquired a 20.07 per cent equity stake in Seplat Energy in a transaction valued at approximately $500 million. The deal involved the purchase of 120.4 million ordinary shares previously held by French energy firm Maurel & Prom, marking one of the most notable transactions in Nigeria’s oil and gas sector in 2025.
The acquisition underscores a growing shift towards indigenous ownership of strategic energy assets in Nigeria. With the completion of the deal, Heirs Energies now surpasses other major institutional shareholders in Seplat, including Petrolin Group, Sustainable Capital, Professional Support, and Allan Gray Investment Management.
Speaking on the development, Elumelu described the investment as a long-term commitment to Africa’s energy future and a reflection of confidence in the continent’s ability to responsibly manage its natural resources.
“This acquisition reflects our belief in Africa’s capacity to own, develop and manage its strategic assets sustainably. It represents a long-term investment in Nigeria’s and Africa’s energy security,” he said.
The transaction was supported by financing from two leading pan-African financial institutions—the African Export-Import Bank (Afreximbank) and Africa Finance Corporation (AFC).
According to Heirs Energies, the African-led financing structure highlights the continent’s increasing ability to fund large-scale investments internally.
Seplat Energy is one of Nigeria’s leading indigenous oil and gas producers, with estimated 2P reserves of over 1.04 billion barrels of oil equivalent as of December 2024.
The company’s working interest production stood at about 135,600 barrels of oil equivalent per day as of October 2025.
For Heirs Energies, which commenced operations in 2021, the acquisition significantly strengthens its portfolio. The company currently operates Oil Mining Lease (OML) 17 in the Niger Delta, producing more than 50,000 barrels of oil daily alongside substantial gas output. Its asset base includes reserves exceeding 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
Industry analysts say the deal comes at a critical period for Nigeria’s energy sector, as several international oil companies continue to divest from onshore operations.
The exit of major players such as Shell, ExxonMobil and Chevron has created opportunities for indigenous firms to take over mature assets.
Despite challenges including regulatory uncertainty and security concerns in oil-producing regions, the Heirs Energies–Seplat transaction is widely viewed as a strong signal of sustained confidence in Nigeria’s energy industry and the growing role of local investors in driving its future.
About the Author
