Nigerian energy company Heirs Energies Limited on Monday said it has acquired French firm Maurel & Promes' entire 20.07 per cent stake in Seplet Energy Plc for about $500 million, marking one of Nigeria's largest energy sector transactions this year and strengthening indigenous ownership of the country's strategic oil and gas assets.
The deal, which values Seplat's each share at 3.05 pence, involves the transfer of 120.4 million ordinary shares and represents a significant consolidation of Nigerian ownership in the country's energy sector.
Heirs Energies, controlled by billionaire businessman Tony Elumelu, said the acquisition is in line with its strategy to increase indigenous participation in strategic energy assets across Africa. The transaction was financed with the support of two pan-African lenders, the African Export-Import Bank (Afreximbank) and the Africa Finance Corporation (AFC).
“This acquisition reflects our strong confidence in Africa's ability to own, develop and responsibly manage its strategic resources,” Elumelu, who serves as chairman of Heirs Energies, said in a statement. “This is a long-term investment in the energy future of Nigeria and Africa.”
The acquisition establishes Heirs Energy as a significant shareholder in Seplat, one of Nigeria's largest independent oil and gas producers, with proven 2P reserves of 1.043 billion barrels of oil equivalent by December 2024 and working interest production of 135.6 thousand barrels of oil equivalent per day by October 2025.
Paris-based Morrell & Prome, which focuses on African oil and gas exploration and production, had held the stake for several years. The French company did not immediately respond to requests for comment on the reasons for the divestment.
The transaction comes as Nigeria looks to boost domestic investment in its energy sector amid a decline in foreign participation. International oil companies including Shell, ExxonMobil and Chevron are gradually reducing their onshore Nigerian operations, creating opportunities for indigenous companies to acquire mature assets.
Nigeria, Africa's largest crude oil producer, is struggling with low investment in its oil and gas sector due to regulatory uncertainty, security challenges in oil-producing areas and difficulties in passing comprehensive petroleum industry reforms.
The participation of Afreximbank and AFC in financing the deal highlights the growing capacity of African financial institutions to support large-scale transactions. Afreximbank, headquartered in Cairo, is expanding its energy sector financing across the continent, while AFC, based in Lagos, focuses on infrastructure and industrial projects.
“This historic achievement was supported by two leading African financial institutions, Afreximbank and AFC, demonstrating Africa’s ability to finance its deals,” Heir Energies said.
Heirs Energies, which commenced operations in 2021, has rapidly established itself as a major player in Nigeria's oil and gas sector. The company operates Oil Mining Lease (OML) 17 in the Niger Delta, producing 50,000 barrels of oil and 120 million cubic feet of gas per day, with a reserve base of more than 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
Elumelu, who made his fortune in banking before diversifying into energy, power and other sectors, has been a vocal advocate of increasing African ownership of the continent's natural resources. His investment vehicle, Heirs Holdings, has interests in several African countries.
The acquisition could provide Seplat with additional capital and strategic support as it seeks to expand production and address Nigeria's challenging operating environment. Seplet shares have fluctuated significantly in recent years due to oil price volatility and operational challenges.
Industry analysts said the deal reflects growing confidence among African investors in the continent's energy sector despite global pressure to move away from fossil fuels.
“We are pleased to support its continued growth and value creation for all stakeholders,” Elumelu said, referring to Seplet’s platform and prospects.
The transaction is expected to close following regulatory approvals from Nigerian authorities, including the Securities and Exchange Commission and other relevant bodies.
