The origins of Seplat Energy Plc trace back to 2009, a moment when Nigeria’s upstream oil sector was beginning to tilt—quietly but decisively—towards indigenous ownership.
At the time, Shell Petroleum Development Company was preparing to divest several onshore Oil Mining Leases (OMLs). Two Nigerian firms—Platform Petroleum and Shebah Petroleum—identified an opportunity. Platform was led by Austin Avuru, while Shebah was owned by A.B.C. Orjiako.
The two men did not initially know each other. They were introduced by Nasir Ado Bayero, who recognised that neither company, acting alone, had the balance sheet or institutional credibility to execute a transaction of that scale.
The birth of Seplat
Platform Petroleum and Shebah Petroleum agreed to form a Special Purpose Vehicle (SPV) to pursue the Shell assets. That SPV would eventually become Seplat.
The initial valuation of the targeted OMLs stood at $610 million, a figure well beyond the capacity of local banks at the time. After negotiations, the price was renegotiated down to $340 million, but even at that level, the transaction required international financing expertise.
The founders then faced a strategic choice.
Orjiako, drawing on his experience as a global commodities trader with access to international financial networks, favoured engaging a top-tier global adviser. Avuru, more cost-conscious, preferred a leaner approach. Ultimately, they converged on BNP Paribas, recognising that Nigeria’s domestic banking system lacked the capacity to underwrite such a deal.
Enter Maurel & Prom
BNP Paribas’ involvement proved decisive. The French bank introduced the SPV to Etablissements Maurel & Prom S.A., an independent oil and gas company based in Paris.
Maurel & Prom had recently exited assets in Congo and was flush with liquidity. More importantly, it saw strategic value in backing an indigenous Nigerian upstream platform at a moment when international oil companies were beginning to reassess their onshore exposure.
Maurel & Prom provided the bulk of the equity capital required to complete the $340 million acquisition from Shell. By virtue of that capital commitment, it emerged as Seplat’s largest shareholder from inception, ahead of Avuru and Orjiako.
It was a bet on Nigeria’s upstream sector—and on indigenous operators—that would ultimately prove highly profitable.
From start-up to sector leader
Over the following decade and a half, Seplat grew from a start-up SPV into Nigeria’s largest indigenous oil and gas company.
By 2024, Seplat reported revenues of approximately ₦1.65 trillion. In the first nine months of 2025 alone, revenue had already reached $2.176 billion (about ₦3.36 trillion). Today, Seplat produces roughly 286,000 barrels of oil equivalent per day, a scale unmatched by any other indigenous producer in Nigeria.
Maurel & Prom’s early conviction—placing substantial capital behind Nigerian upstream assets in 2009—had paid off.
The exit, and Tony Elumelu’s entry
By 2025, however, Maurel & Prom had begun to reposition its portfolio. Having achieved strong returns, the French group decided it was time to monetise its Seplat investment.
At this point entered Tony Elumelu, chairman of Heirs Energies Limited.
Just days before the Seplat transaction was confirmed, Heirs Energies had secured $750 million in financing from Afreximbank, strengthening its liquidity position and providing the firepower to execute large-scale acquisitions.
Heirs Energies, while fast-growing, remained smaller than Seplat. The company produces around 50,000 barrels of oil per day, alongside 50–120 million cubic feet of gas per day, with a reported reserves base exceeding 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
To achieve its ambition of becoming a continental-scale energy player, Heirs Energies needed leverage, scale, and platform depth—all of which Seplat offered.
A full-circle moment
In Paris, late in December, Heirs Energies completed the acquisition of Maurel & Prom’s entire 20.07% equity stake—120.4 million ordinary shares—in Seplat Energy, at 305 pence per share, valuing the transaction at roughly $500 million.
With that transaction, Heirs Energies became the largest shareholder in Seplat Energy, marking a generational handover: from one foreign early-stage backer of Nigerian upstream assets to a new African capital champion.
What began in 2009 as a pragmatic SPV formed to acquire Shell assets has now come full circle—anchored firmly in African ownership, scale, and ambition.
