A regulatory filing released by Seplat Energy Plc on the Nigerian Exchange (NGX) has provided fresh clarity on the ultimate ownership and control structure behind the company’s new largest shareholder, following the exit of its long-standing founding investor.
In a Notification of Major Holdings dated 6 January 2026, Seplat confirmed that Etablissements Maurel & Prom S.A. has fully divested its 20.07% equity stake—equivalent to 120.4 million ordinary shares—with the shares now jointly held by Heirs Energies Limited and Heirs Holdings Limited.
How the 20.07% Seplat stake is held
According to the filing, the former Maurel & Prom stake has been split as follows:
- Heirs Energies Limited: 86,639,377 shares, representing 14.44% of Seplat’s issued share capital
- Heirs Holdings Limited: 33,760,623 shares, representing 5.63%
Together, the two Heirs-linked entities now control 20.07% of Seplat, while Maurel & Prom no longer holds any shares in the company.
What the filing newly establishes
While the acquisition itself was disclosed in late December, the NGX filing goes further by formally mapping the ownership chain and voting control behind the new shareholders—details that were not previously on record.
The structure disclosed in the filing is:
Heirs Alliance Limited → Heirs Holdings Limited → Heirs Energies Limited
At the Heirs Holdings level, the disclosure shows that:
- Tony Elumelu holds 30%
- Awele Elumelu holds 10%
Combined, Tony and Awele Elumelu therefore own 40% of Heirs Holdings, the investment vehicle that—alongside Heirs Energies—now owns the 20.07% stake in Seplat.
Importantly, the filing confirms that the Seplat stake is held entirely through ordinary shares, with no financial instruments or derivatives involved.
Why the distinction matters
The clarification is significant for capital-markets participants because it clearly separates:
- Direct ownership of Seplat (20.07%), from
- Ownership of the holding company behind that stake (40% at the Heirs Holdings level)
This distinction matters for how investors interpret control, voting rights, and governance influence, particularly following the exit of a foreign founding shareholder and the entry of a new African-controlled ownership structure.
A post-acquisition transparency moment
Maurel & Prom had been a founding investor in Seplat since 2010 and remained one of its largest shareholders for more than 15 years. With its exit now complete, the NGX filing marks a shift from inference to formal, regulator-verified disclosure on beneficial ownership.
For Seplat, the development closes one chapter of its ownership history and opens another—anchored in African capital, transparent shareholding structures, and clearly defined voting control.