Odita Sunday 
Nigerian billionaire and investor Tony Elumelu has significantly expanded his influence in the energy sector following Heirs Energies Limited’s acquisition of a major stake in Seplat Energy Plc, making the company Seplat’s largest shareholder. Heirs Energies secured a 20.07 per cent equity stake in a transaction valued at approximately $500 million, involving the purchase of 120.4 million ordinary shares previously held by the French energy firm Maurel & Prom. This deal stands as one of the most prominent transactions in Nigeria’s oil and gas sector for 2025, highlighting a strategic shift toward indigenous ownership of vital energy assets. With the completion of this acquisition, Heirs Energies now surpasses major institutional shareholders such as Petrolin Group, Sustainable Capital, Professional Support, and Allan Gray Investment Management.
Elumelu described the investment as a long-term commitment to Africa’s energy future, reflecting a deep confidence in the continent’s ability to manage its natural resources responsibly. He noted that the acquisition demonstrates a belief in Africa’s capacity to own and develop its strategic assets sustainably, representing a vital investment in the energy security of both Nigeria and the broader continent. The transaction was facilitated by financing from two leading pan-African institutions, the African Export-Import Bank (Afreximbank) and the Africa Finance Corporation (AFC). According to Heirs Energies, this African-led financing structure underscores the continent’s growing internal capacity to fund large-scale investments.
Seplat Energy remains a premier indigenous producer with estimated 2P reserves exceeding 1.04 billion barrels of oil equivalent and a working interest production of approximately 135,600 barrels per day. For Heirs Energies, which launched in 2021, the deal substantially strengthens a portfolio that already includes the operation of Oil Mining Lease (OML) 17 in the Niger Delta. Industry analysts view the transaction as a critical development during a period where international oil companies like Shell, ExxonMobil, and Chevron are divesting from onshore operations, creating space for local firms to lead. Despite ongoing regulatory and security challenges, the Heirs Energies–Seplat deal is seen as a strong indicator of sustained confidence in the future of Nigeria’s energy industry and the pivotal role of local investors.
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