After landing $750m Afreximbank Financing Deal, Heirs Energies Acquires 20.07% Stake in Seplat Energy Valued for $500m

Heirs Energies Limited, one of Africa’s leading indigenous integrated energy companies, which recently landed a $750 million financing agreement with Afreximbank, has acquired the entire 20.07 per cent equity stake previously held by French energy firm Maurel & Prom S.A. in Seplat Energy Plc, in a transaction valued at approximately $500 million.

The deal involves the purchase of 120.4 million ordinary shares at a price of £3.05 per share and marks one of the largest recent equity transactions in Nigeria’s energy sector. With the acquisition, Heirs Energies strengthens its position as a major indigenous investor in strategic oil and gas assets.

In a statement announcing the transaction, Heirs Energies said the acquisition aligns with its long-term strategy to deepen indigenous participation in Africa’s energy value chain while supporting sustainable energy development and security across the continent.

Tony Elumelu, Chairman of Heirs Energies, described the deal as a vote of confidence in Africa’s capacity to own and manage its natural resources responsibly.

“This acquisition reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources,” Elumelu said. “It is a long-term investment in Nigeria’s and Africa’s energy future and aligns with our mission to drive energy security, industrialisation, and shared prosperity.”

He added that Seplat Energy has built “a resilient, well-governed platform with compelling long-term prospects,” noting that Heirs Energies is pleased to support the company’s continued growth and value creation.

The transaction was supported by African financial institutions Afreximbank and the Africa Finance Corporation (AFC), underscoring what the parties described as growing capacity for African-led financing of large-scale strategic deals.

Elumelu, who is also chairman and Chief Executive Officer of Transcorp, and United Bank for Africa, said that the deal is tailored to refinancing existing borrowing and accelerating business expansion.

According to him, the deal was more important than just the money, adding that it was a vindication of our bold acquisition back in 2021. It was a tribute to how far Heirs Energies and their superb management team have come. A truly indigenous business – but also a world class player, respected internationally. Africa’s largest integrated energy business. And it proved, something even more impactful – African capital backing African business. Afreximbank exemplifies the long term, patient, strategic capital that is transforming Africa.

“I have always believed that transformation is not accidental. It follows conviction, discipline, and the courage to act, when others hesitate.

“When I took over a distressed bank decades ago, many doubted that it could be saved. Yet, with the right leadership, governance, and focus, it was transformed and, what is now UBA Group, operates across 24 countries and four continents. That same philosophy guided our investments beyond banking.

“In hospitality, Transcorp Hotels Plc was to be avoided. Today, Transcorp Hilton Abuja stands not just as Nigeria’s flagship hotel, but as a symbol of what professional management and long-term capital can achieve.

“In the power sector, we applied the same discipline, investing, rehabilitating assets, expanding capacity, and operating with integrity; despite sector-wide challenges, including liquidity constraints and outstanding receivables of over N600 billion owed by the Nigerian government. And now, in energy, we are replicating that impact.

“Our journey in oil and gas and now integrated energy cannot be told without acknowledging African Export Import Bank – Afreximbank catalytic role.

“When we first pursued the acquisition of assets from Shell, Afreximbank stepped forward with a $600 million letter of commitment. That demonstration of confidence made it possible for us to raise over $2.5 billion globally and close one of the most complex energy transactions in Nigeria.

“The journey was far from smooth. Regulatory delays, policy uncertainty, and the eventual restructuring of the transaction imposed enormous financial and operational costs. Yet we persevered.

“What sustained us was a simple belief: Africa must develop Africa, and African businesses must be built to global standards.

“Today, Heirs Energies is a credible, globally admired energy company. The $750 million Afreximbank financing is a public endorsement of that journey”.

Heirs Energies is an indigenous integrated energy company operating Oil Mining Lease (OML) 17 in the Niger Delta, where it produces over 50,000 barrels of oil per day and 120 million cubic feet of gas per day. The company holds a reserves base of more than 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas and is a major supplier to Nigeria’s domestic gas market, supporting over 400 megawatts of electricity generation.

Seplat Energy Plc is a Nigerian independent energy company focused on oil and gas exploration, production and gas processing in the Niger Delta. It is listed on both the Nigerian Exchange and the London Stock Exchange and is regarded as a key player in Nigeria’s energy transition. As of December 31, 2024, the company reported 2P reserves of 1.043 billion barrels of oil equivalent, with working interest production of 135.6 thousand barrels of oil equivalent per day as of October 31, 2025.