Nigerian energy company Heirs Energies Limited has acquired a 20.07 percent stake in Seplat Energy, becoming the single largest shareholder in the London- and Lagos-listed oil and gas producer, the company said.
The US$500 million transaction involves the purchase of shares previously held by French oil group Maurel & Prom and marks one of the largest African-led acquisitions in Nigeria’s upstream energy sector in recent years.
Heirs Energies, founded by Nigerian businessman Tony Elumelu, said the deal was supported by two Africa-based development finance institutions, Afreximbank and the Africa Finance Corporation (AFC), underscoring what it described as growing capacity for African capital to finance large-scale strategic transactions on the continent.
The acquisition comes just days after Heirs Energies announced the close of a separate US$750 million financing facility with Afreximbank to support its operations and expansion plans. Taken together, the funding highlights the company’s increasing financial firepower as it scales up its footprint in Nigeria’s energy industry.
Seplat Energy is one of Nigeria’s leading indigenous oil and gas producers, with current output of about 286,000 barrels of oil equivalent per day (boepd). Heirs Energies produces around 70,000 boepd from its own assets. Combined, the two companies account for roughly 356,000 boepd in daily production.
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This aggregate output includes about 266,000 barrels of crude oil per day and approximately 490 million cubic feet of gas per day, strengthening the group’s position across both oil and gas segments in Africa’s largest energy market.
The deal further consolidates Elumelu’s influence in Nigeria’s energy sector, spanning upstream oil and gas as well as power generation and distribution. His power assets include Transcorp Power in Delta State and TransAfam Power in Rivers State, which together account for about 17 percent of Nigeria’s electricity supply.
Elumelu is also the chairman of Abuja Electricity Distribution Company (AEDC), which supplies power across a 126,000-square-kilometre area covering Nigeria’s federal capital, Abuja, and the surrounding states of Kogi, Nasarawa and Niger.
Industry analysts say the acquisition signals growing confidence among Nigerian-led energy companies at a time when international oil majors are scaling back onshore and shallow-water operations in the country, creating opportunities for local firms to expand.
It also reflects a broader push by African investors and institutions to take greater ownership of the continent’s natural resources, amid calls for deeper local participation and value retention.
Elumelu, a prominent advocate of what he terms “Africapitalism” the idea that Africa’s private sector must drive the continent’s development has repeatedly argued that energy access is central to economic growth. Nigeria, despite being Africa’s largest oil producer, continues to grapple with widespread energy poverty and chronic power shortages.
Heirs Energies said the Seplat transaction aligns with its strategy of building a fully integrated African energy champion capable of delivering reliable energy while supporting economic development.
The acquisition is subject to customary regulatory approvals. Once completed, it will further reshape Nigeria’s indigenous oil and gas landscape, as local players continue to step into roles previously dominated by international firms.
