Buys Out Maurel & Prom

Sopuruchi Onwuka

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Heirs Energies has declared that it has acquired a 20.07 percent equity stake in Seplat Energy Plc, strengthening indigenous ownership in Nigeria’s largest independent energy company.

The indigenous integrated energy firm announced on Wednesday that it purchased the entire 120.4 million ordinary shares previously held by Maurel & Prom S.A. at £3.05 per share, valuing the transaction at approximately $500 million.

The acquisition was financed with support from Afreximbank and the African Finance Corporation (AFC), two leading African financial institutions.

Seplat Energy Plc is a Nigerian independent oil and gas company focused on exploration, production, and gas processing in the Niger Delta. The company is listed on both the Nigerian Exchange and the London Stock Exchange.

As of 31 December 2024, Seplat reported proven and probable (2P) reserves of 1.043 billion barrels of oil equivalent. Working interest production stood at 135,600 barrels of oil equivalent per day as at 31 October 2025, positioning the company as a major player in Nigeria’s energy transition.

Heirs Energies currently operates Oil Mining Lease (OML) 17 in the Niger Delta. The asset holds over 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas. The company produces more than 50,000 barrels of oil per day and 120 million cubic feet of gas per day.

Since its debut in 2021, Heirs Energies has established itself as a leader in brownfield asset optimization, addressing long-standing operational challenges associated with onshore production in Nigeria. The company has played a key role in restoring safe and reliable operations across parts of the Niger Delta.

Heirs Energies is also a major supplier of gas to Nigeria’s domestic market, supporting over 400 megawatts of power generation that serves millions of homes, businesses, and industries.

The company maintains a strong focus on operational safety, innovation-driven growth, environmental responsibility, and shared prosperity.

With the Seplat acquisition, Heirs Energies further consolidates its position as one of Africa’s fastest-growing indigenous integrated energy companies, combining energy security objectives with global sustainability goals.

Commenting on the transaction, Chairman of Heirs Energies, Tony Elumelu, said the investment reflects confidence in Africa’s capacity to manage its strategic resources.

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

He added that Seplat Energy has built a resilient and well-governed platform with strong long-term prospects.

A company spokesperson, Chidimma Ugbojiaku, described the acquisition as a major milestone in Heirs Energies’ strategy to deepen indigenous participation in strategic assets and advance sustainable energy development across Nigeria and Africa.

She noted that the transaction also demonstrates the growing capacity of African financial markets to fund large-scale, homegrown investments.