Heirs Energies Becomes Largest Shareholder in Seplat Energy with Strategic Acquisition

In a significant development for the African energy sector, Heirs Energies Limited, led by prominent investor Tony Elumelu, has acquired a 20.07% stake in Seplat Energy Plc from Maurel & Prom. The transaction, valued at $500 million, positions Heirs Energies as the single largest shareholder in the leading Nigerian energy company. This move marks a pivotal moment in the consolidation of Africa’s indigenous energy landscape.

The landmark acquisition was facilitated by two premier African financial institutions, Afreximbank and the Africa Finance Corporation. Their pivotal role underscores a growing trend of intra-continental capital deployment, demonstrating Africa’s capacity to finance its own transformative deals. This transaction follows closely on the heels of a separate $750 million financing agreement secured by Heirs Energies with Afreximbank, earmarked for existing operations and strategic expansion, providing the financial firepower necessary for transactions of this scale.

The combined operational output of the two entities is substantial. Seplat Energy currently produces approximately 286 thousand barrels of oil equivalent per day, while Heirs Energies contributes about 70 thousand barrels of oil equivalent per day. In aggregate, this creates a combined daily production of roughly 356 thousand barrels of oil equivalent, comprising about 266 thousand barrels of oil per day and 490 million cubic feet of gas per day. This consolidation significantly enhances the scale and reach of Elumelu’s energy portfolio, which already includes power generation assets accounting for 17% of Nigeria’s electricity supply through Transcorp Power and TransAfam Power, and the Abuja Electricity Distribution Company serving a vast area.

As a leading proponent of Africapitalism, Tony Elumelu has consistently championed the urgent need to bridge Africa’s energy poverty gap. This strategic acquisition reinforces his steadfast belief that “No One But Us Will Fix Africa.” The deal arrives at a time when broader economic discussions, such as the Senate probes utilisation of public funds and preparations for major events like AFCON 2025, highlight the critical need for robust, homegrown industrial and financial infrastructure. The role of institutions like the CBN in fostering a stable economic environment, alongside the activities of corporations in sectors ranging from energy to financial services like POS terminals, remains crucial for national development as the continent looks toward future milestones in 2027 and beyond.