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Maurel & Prom (M&P) has agreed to sell its entire 20.07% stake in Seplat Energy Plc to Heirs Energies owned by Billionaire Nigerian investor Tony Elumelu according to a statement.
The sale price is 305 pence/share, for total amount of $496 million, with initial payment of $248 million and balance payable within 30 days.
Additional contingent consideration of $10 million may become payable, subject to share price performance over the next six months. Seplat shares closed Tuesday at 256.5p in London.
Commenting on the transaction, Tony Elumelu, Chairman of Heirs Energies, said:
“This acquisition reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources. It is a long-term investment in Nigeria’s and Africa’s energy future, and aligns with our mission to drive energy security, industrialization, and shared prosperity. Seplat Energy has built a resilient, well-governed platform with compelling long term prospects, and we are pleased to support its continued growth and value creation for all stakeholders.”
This landmark achievement was supported by two leading African financial institutions—Afreximbank and AFC—further demonstrating Africa’s capacity to finance its own deals.
Maurel & Prom has been one of Seplat’s three founders and its largest shareholder since inception in 2010, and has supported the company throughout its development into a leading Nigerian energy player with a diversified portfolio across oil and gas, playing a key role in Nigeria’s energy security.
Olivier de Langavant, Chief Executive Officer of M&P, declared:
“We are incredibly proud to have supported Seplat’s journey over the last fifteen years and its transformation into a leading energy company in Nigeria across both oil and gas. We would like to warmly congratulate and thank Seplat’s management team and successive boards of directors for their outstanding performance over the years and wish them every success for the future, as we are convinced that there is still much more to come. This investment has also proven to be a great success for M&P, delivering very strong returns since inception in 2010. We believe that now is the right time for M&P to monetise this position and further focus on direct investments in oil and gas assets, in line with a growth strategy that we plan to accelerate. We are also very pleased to transfer our stake to Heirs Energies, a subsidiary of the leading PanAfrican investment company Heirs Holdings, we are confident that Seplat will continue to thrive with the support of another strong, long-term shareholder.”
Herbert Smith Freehills Kramer and Morgan Stanley acted respectively as legal and financial advisers to M&P.
This transaction, finalized on December 31, 2025, signals the continued “indigenization” of Nigeria’s oil and gas sector as foreign institutional investors like Maurel & Prom exit in favor of domestic conglomerates.
Africapitalism in the Delta: Why Heirs Energies’ Seplat Stake is a Strategic Masterstroke
The acquisition of a 20.07% stake in Seplat Energy by Heirs Energies, the energy vehicle of billionaire Tony Elumelu, marks a definitive shift in the ownership of Nigeria’s most prominent independent producer.
By acquiring this significant block from the French energy giant Maurel & Prom, Elumelu has effectively transformed from a peer to a major power broker within Seplat’s governance.
The deal is a binding agreement in relation to the sale of Maurel & Prom’s entire shareholding of 120.4 million shares, representing a 20.07% interest, in Seplat Energy Plc, to Heirs Energies Ltd.
Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs, while aligning with global sustainability goals. Having a strong focus on safe operations, innovation driven growth, environmental responsibility, and creating shared prosperity for all stakeholders, Heirs Energies leads in the evolving energy landscape and contributes to a more prosperous Africa.
Heirs Energies operates OML 17 in the Niger Delta, producing over 50 thousand barrels of oil per day (50 kbopd) and 120 million cubic feet of gas per day (120 mmcfd), with reserves base of over 1.5 billion barrels of oil (MMBo) and 2.5 trillion cubic feet of gas (Tcf). Since its debut in 2021, Heirs Energies has established itself as the brownfield excellence leader, having successfully addressed all the challenges that confronted onshore operations in Nigeria and has been a critical catalyst for the rejuvenation of safe and reliable onshore operations in the Niger Delta.
Heirs Energies is a leading gas producer and supplier into Nigeria’s domestic gas market, providing fuel for over 400 megawatts of electricity generation, powering millions of homes, businesses and factories.
The acquisition represents a further milestone in Heirs Energies’ long-term strategy to strengthen indigenous participation in strategic assets and accelerate sustainable energy development and security for Nigeria and Africa.
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