Tony Elumelu’s Heirs Energies Limited has acquired the 20.07% equity stake in Seplat Energy Plc previously held by Maurel & Prom, in a transaction valued at approximately $500 million.
The $500m for Heirs Energies’ 20.07% acquisition of Seplat Energy is a market estimate derived from Seplat’s prevailing market capitalisation and comparable upstream valuations. Transaction terms were not formally disclosed.
The acquisition positions Heirs Energies as the single largest shareholder in Seplat Energy and marks one of the most consequential upstream equity transactions in Nigeria’s energy sector in recent years.
The deal was supported by two of Africa’s most influential development finance institutions—African Export-Import Bank (Afreximbank) and the Africa Finance Corporation (AFC)—underscoring the growing ability of African capital to finance large-scale strategic acquisitions within the continent.
Financial firepower behind the transaction
The Seplat stake acquisition comes just days after Heirs Energies closed a $750 million financing facility with Afreximbank, aimed at funding its existing operations and supporting expansion plans across Nigeria’s oil and gas sector. That transaction significantly strengthened Heirs Energies’ balance sheet and provided the financial flexibility required to execute a deal of this scale.
Taken together, the transactions reflect a deliberate capital strategy that combines long-term development finance with equity acquisitions, allowing Heirs Energies to scale rapidly while maintaining balance sheet resilience.
Production scale and operational impact
Seplat Energy currently produces approximately 286,000 barrels of oil equivalent per day (kboepd), while Heirs Energies’ operated assets contribute about 70,000 kboepd.
In aggregate, the combined production footprint of both companies now stands at roughly 356,000 kboepd, comprising about 266,000 barrels of oil per day (kbopd) and approximately 490 million standard cubic feet of gas per day (mmcfd).
While the transaction does not involve an operational merger, the scale of combined production highlights the strategic significance of the stake acquisition and Heirs Energies’ rising influence within Nigeria’s upstream and gas value chains.
Elumelu deepens energy-sector footprint
The acquisition further consolidates the position of Tony Elumelu as one of the most influential private-sector players in Nigeria’s energy landscape.
Beyond upstream oil and gas, Elumelu’s power generation assets—Transcorp Power in Delta State and TransAfam Power in Rivers State—account for an estimated 17% of Nigeria’s electricity supply. His group also controls Abuja Electricity Distribution Company (AEDC), which serves a franchise area of approximately 126,000 square kilometres spanning the Federal Capital Territory, Kogi, Nasarawa, and Niger States.
Africapitalism in practice
A leading proponent of Africapitalism, Elumelu has consistently argued that Africa’s development challenges—particularly in energy—require African-led solutions backed by African capital.
The Seplat stake acquisition aligns squarely with that philosophy, reinforcing his oft-cited conviction that “No One But Us Will Fix Africa.” It also reflects a broader shift in Nigeria’s energy sector, where indigenous companies, backed by regional financial institutions, are increasingly stepping into roles previously dominated by international oil majors.
For Nigeria’s upstream sector, the transaction signals renewed confidence in large-scale indigenous ownership, deeper capital markets participation, and the continued repositioning of gas and domestic energy security at the centre of national economic strategy.
Explainer: How the $500m Valuation Is Estimated
The financial terms of Heirs Energies’ acquisition of Maurel & Prom’s 20.07% stake in Seplat Energy Plc were not formally disclosed by the parties.
However, market estimates place the transaction value at approximately $500 million, based on the following considerations:
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Stake size: 20.07% equity interest in Seplat Energy
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Market capitalisation benchmark: Seplat Energy’s recent equity valuation across the Nigerian Exchange (NGX) and London Stock Exchange (LSE)
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Implied equity value: Applying Seplat’s prevailing market capitalisation range implies a valuation band of roughly $450 million to $550 million for a 20% stake
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Asset quality premium: Seplat’s scale, producing assets, and gas exposure justify pricing close to the upper end of peer benchmarks for Nigerian independents
As a result, $500 million is used as a midpoint market estimate, rather than a disclosed transaction price.
Important note:
Until formal disclosures are made through regulatory filings or official statements, the valuation should be regarded as indicative, not confirmed.
