Renowned entrepreneur and philanthropist, Tony Elumelu, through his investment vehicle Heirs Holdings and its subsidiary Heirs Energies Ltd, has emerged as the largest shareholder in Seplat Energy Plc following the acquisition of a 20.07 per cent equity stake valued at $496 million.
The landmark transaction was disclosed in a regulatory filing on the Nigerian Exchange on Wednesday.
The stake was acquired from Etablissements Maurel & Prom S.A. (M&P), which sold its entire 120.4 million shares in Seplat to Heirs Energies under a binding agreement executed after market close on December 30, 2025.
Under the terms of the deal, the shares were sold at 305 pence per share, with an initial payment of $248 million and the balance payable within 30 days.
The outstanding sum is secured by an irrevocable letter of credit, while an additional contingent consideration of up to $10 million may become payable, subject to Seplat’s share price performance over the next six months.
Confirming the transaction, M&P expressed confidence in Seplat’s future under its new core investor, stating that it was pleased to transfer its stake to Heirs Energies, a subsidiary of the leading Pan-African investment firm Heirs Holdings, noting that Seplat would continue to thrive with the backing of a strong, long-term shareholder.
M&P, one of Seplat’s three founders and its largest shareholder since 2010, has played a significant role in the company’s growth into a leading Nigerian independent energy firm with a diversified oil and gas portfolio.
Commenting on the divestment, M&P Chief Executive Officer, Olivier de Langavant, said the company was proud of its 15-year partnership with Seplat, describing the investment as a major success that delivered strong returns. He added that the sale would allow M&P to refocus on direct investments in oil and gas assets.
Following the announcement, Seplat’s shares surged by 11 per cent in London, while M&P shares climbed 8 per cent in Paris, reflecting positive market reaction to the transaction.
Herbert Smith Freehills Kramer and Morgan Stanley served as legal and financial advisers to M&P, respectively.
Seplat Energy, listed on both the London Stock Exchange and the Nigerian Exchange, remains a critical pillar of Nigeria’s energy security, with extensive oil and gas operations across the country.
The acquisition further underscores Heirs Holdings’ expanding footprint in Africa’s energy sector, coming on the heels of its recently executed $750 million financing deal with the African Export–Import Bank.
Credit: Punch Newspapers except headline
