Heirs Energies Acquires 20.07% Stake in Seplat for $500 Million
Heirs Energies Limited, chaired by Tony Elumelu, has completed the acquisition of a 20.07 per cent holding in Seplat Energy Plc. The $500 million deal involved the purchase of 120.4 million shares at GBP3.05 per share from French oil and gas firm Maurel & Prom S.A. Afreximbank and Africa Finance Corporation provided financing for the transaction.
The stake is held through two entities: Heirs Energies Limited (3.658 per cent) and Heirs Holdings Limited (16.412 per cent). Samuel Nwanze serves as proxy holder for Heirs Energies' stake, while Emmanuel Nnorom holds proxy for Heirs Holdings' stake—both holding voting rights indefinitely.
Seplat is dual-listed on the London Stock Exchange and Nigerian Exchange (NGX). Heirs Energies operates Oil Mining Lease 17 in the Niger Delta, producing 50,000 barrels of oil and 120 million cubic feet of gas daily, with reserves exceeding 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas—enough to fuel over 400 megawatts of electricity generation.
This major energy sector consolidation raises questions about Nigeria's energy security strategy and local content development. How will this stake influence Seplat's operations and Nigeria's broader energy transition plans?