Nigeria’s energy sector has opened the year with a defining indigenous transaction, as Heirs Energies Limited, backed by entrepreneur and investor Tony Elumelu, acquired a significant equity stake in Seplat Energy Plc in one of the largest locally driven energy deals in recent history.
Heirs Energies has acquired the entire 20.07 per cent equity stake, representing 120.4 million ordinary shares, previously held by Maurel & Prom S.A. in Seplat Energy Plc, in a transaction valued at approximately US$496 million. The acquisition makes Heirs Energies the single largest shareholder in Seplat, reinforcing a major shift towards indigenous ownership and long-term domestic capital within Nigeria’s oil and gas sector.
A Landmark African-Financed Transaction
Beyond its size, the transaction stands out for how it was financed. The acquisition was supported by two leading African financial institutions, Afreximbank and Africa Finance Corporation, underscoring Africa’s growing capacity to finance complex, large-scale energy transactions internally, without reliance on offshore capital.
The deal also follows closely on the heels of Heirs Energies’ successful closure of a US$750 million financing arrangement with Afreximbank to support its existing operations and expansion plans. Taken together, these developments signal a significant strengthening of the company’s financial base and its ability to execute transactions of scale within Africa’s capital markets.
Strategic Alignment, Not a Takeover
Seplat Energy Plc, dual-listed on the Nigerian Exchange and the London Stock Exchange, remains one of Nigeria’s most prominent independent energy companies, with a growing emphasis on gas development alongside its oil production portfolio. The transaction does not constitute a takeover but positions Heirs Energies as a cornerstone shareholder aligned with Seplat’s long-term strategy.
In announcing the acquisition, Heirs Energies described it as a milestone in its long-term vision to build scale, resilience, and sustainable value across Africa’s energy landscape. The company reaffirmed its commitment to advancing energy security, supporting industrialisation, and creating shared prosperity, while operating to the highest standards of governance, safety, and stakeholder responsibility.
Consolidating a Broader Energy Footprint
The acquisition further consolidates Tony Elumelu’s position across Nigeria’s energy value chain. Beyond upstream oil and gas, his power generation assets, Transcorp Power in Delta State and TransAfam Power in Rivers State, account for an estimated 17 per cent of Nigeria’s electricity supply. In addition, Abuja Electricity Distribution Company (AEDC), in which Heirs Holdings has a controlling interest, serves a vast franchise area of approximately 126,000 square kilometres across Abuja, Kogi, Nasarawa, and Niger States.
This vertically integrated exposure from upstream production to power generation and distribution reflects a coherent strategy focused on addressing Nigeria’s persistent energy deficits through long-term investment rather than short-term arbitrage.
A Statement of Confidence in Nigeria’s Energy Future
For Tony Elumelu, long recognised as a leading advocate of Africapitalism, the transaction reinforces a consistent philosophy: that Africa’s development challenges, including energy poverty, must be solved through African capital, African institutions, and African leadership. The acquisition aligns with his long-held belief that sustainable prosperity on the continent will be driven by private sector-led investment with strong developmental intent.
As global energy markets continue to evolve and international players reassess their exposure to frontier assets, the Heirs Energies–Seplat transaction sends a countervailing signal. Capital is still being committed to Nigeria, ownership is being retained locally and indigenous institutions are increasingly shaping the strategic direction of the sector.
A Defining Opening to the Year
There are transactions that attract attention, and those that quietly reshape industries. This deal belongs firmly in the latter category.
Heirs Energies’ acquisition of a 20.07 per cent stake in Seplat Energy Plc is not merely a financial transaction; it is a statement of confidence in Nigeria’s energy future and in the capacity of indigenous companies to lead, finance, and steward strategic assets responsibly.
As the first major energy deal to set the tone for the year, it underscores a reality that is steadily gaining ground: Nigeria’s energy story is increasingly being written from within.
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