Heirs Energies, a leading indigenous integrated energy company, has acquired a 20.07% equity stake in Seplat Energy Plc from Maurel & Prom S.A. for approximately $500 million.
The deal, valued at GBP3.05 per share, marks a significant milestone in Heirs Energies’ strategy to strengthen indigenous participation in Africa’s energy sector.
The acquisition comes just over a week after Heirs Energies secured a $750 million loan from Afreximbank, demonstrating Africa’s growing capacity to fund its own transactions.
In his remarks after securing the loan the Chairman, Heirs Energies Limited, Mr. Tony O. Elumelu, noted: “This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital.
“It reflects the successful journey Heirs Energies has taken – from turnaround to growth – and reinforces our belief in African capital working for African businesses. This is Africa financing Africa’s future.”
Heirs Energies plays a pivotal role in Nigeria’s oil and gas industry, where crude oil remains a resource of critical national and international importance.
Elumelu emphasized that the acquisition of the 20% stake is Seplat aligns with the company’s mission to drive energy security, industrialization, and shared prosperity.
“This acquisition reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources,”he said.
“It is a long-term investment in Nigeria’s and Africa’s energy future, and aligns with our mission to drive energy security, industrialization, and shared prosperity”.
The transaction was backed by Afreximbank and Africa Finance Corporation (AFC), highlighting Africa’s growing ability to fund its own transactions.
Seplat Energy has built a resilient platform with compelling long-term prospects, and Heirs Energies is pleased to support its continued growth and value creation.
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