Tony Elumelu’s energy company, Heirs Energies, has become the largest single shareholder in Seplat Energy after acquiring a 20 percent equity stake from French firm Maurel & Prom in a deal valued at about US$500 million.
The transaction is being described as one of the most significant African-led investments in the continent’s oil and gas sector in recent years. It also signals a growing shift toward local ownership of strategic energy assets at a time when international firms are reassessing their exposure to African markets.
The acquisition was backed by Afreximbank and the Africa Finance Corporation, two of the continent’s most influential development finance institutions. Their involvement highlights the increasing role of African capital in supporting large-scale energy transactions that were once dominated by foreign funding.
Heirs Energies has strengthened its financial position in recent months. Earlier this year, the company secured a US$750 million financing facility from Afreximbank, giving it the capacity to pursue major acquisitions and expand its footprint across the oil and gas value chain.
Seplat Energy, which is listed on both the Nigerian Exchange and the London Stock Exchange, has a market capitalisation of about ₦3.2 trillion, or US$2.2 billion. Its operations are largely concentrated in Nigeria’s Niger Delta, where it produces approximately 286,000 barrels of oil equivalent per day.
Heirs Energies currently produces around 70,000 barrels of oil equivalent per day. Combined, the two companies now have an estimated daily production capacity of about 356,000 barrels of oil equivalent, including roughly 266,000 barrels of oil and 490 million cubic feet of gas.
The deal further strengthens Tony Elumelu’s influence across Nigeria’s broader energy sector. Beyond oil and gas, his interests extend into power generation through Transcorp Power in Delta State and TransAfam Power in Rivers State. Together, these facilities supply around 17 percent of Nigeria’s electricity generation capacity.
Industry observers see the transaction as part of a wider trend toward African-led ownership and control of energy resources. As global energy markets evolve and financing dynamics change, local companies with access to African capital are increasingly stepping in to acquire assets seen as vital to national development and energy security.
For Heirs Energies, the investment represents a long-term commitment to Nigeria’s hydrocarbons sector and a statement of confidence in the ability of African institutions to fund, manage and grow complex energy operations at scale.
