This update follows Arbiterz’s earlier report on Heirs Energies’ acquisition of a strategic stake in Seplat Energy, in which the transaction value was cited using market-based estimates pending official disclosure.
Tony Elumelu–backed Heirs Energies Limited has agreed to acquire Maurel & Prom’s 20.07% equity stake in Seplat Energy Plc for a total consideration of $496 million, according to a formal announcement by Etablissements Maurel & Prom S.A..
In a statement issued in Paris on 31 December 2025, Maurel & Prom confirmed that it entered into a binding agreement on 30 December 2025, after market close, to sell its entire holding of 120.4 million shares, representing 20.07% of Seplat Energy, to Heirs Energies.
Deal structure and pricing
The transaction is priced at 305 pence per share, translating to a confirmed headline consideration of $496 million. Under the agreed terms:
-
$248 million will be paid upfront
-
The balance will be paid within 30 days, secured by an irrevocable letter of credit
-
A further contingent consideration of up to $10 million may become payable, subject to Seplat’s share-price performance over the next six months
sale-of-m-ps-20-07-interest-in-…
By comparison, Arbiterz’s earlier report referenced an estimated valuation of approximately $500 million, derived from Seplat Energy’s prevailing market capitalisation and peer benchmarks. The confirmed sale price of $496 million is therefore broadly consistent with that market-based assessment, with the difference reflecting final pricing and deal-specific terms rather than a change in transaction scope.
Seplat acknowledges transaction
In a separate corporate announcement issued in Lagos and London, Seplat Energy Plc confirmed that it has taken note of Maurel & Prom’s disclosure regarding the proposed sale of the 20.07% stake to Heirs Energies. The company stated that it will provide further updates once formal regulatory notifications are completed, in line with NGX and LSE requirements.
End of a 15-year founding shareholding
Maurel & Prom noted that it has been one of Seplat’s three founding shareholders since 2010 and its largest shareholder throughout that period. The French group described the exit as a strategic monetisation of a highly successful investment, enabling it to refocus capital on direct oil and gas asset investments as part of an accelerated growth strategy.
Maurel & Prom’s Chief Executive Officer, Olivier de Langavant, said the group was “very pleased” to transfer the stake to Heirs Energies, describing it as a strong, long-term African shareholder capable of supporting Seplat’s next phase of growth.
Strategic significance
Once completed, the acquisition will make Heirs Energies the single largest shareholder in Seplat Energy, deepening Tony Elumelu’s footprint across Nigeria’s oil, gas, and power value chains. The transaction also reinforces the increasing role of African capital and African-owned energy firms in reshaping ownership structures previously dominated by international investors.