Heirs Energies acquires 20.07% stake in Seplat in $500 million deal
Heirs Energies Limited, chaired by Tony Elumelu, has completed the acquisition of a 20.07 per cent stake in Seplat Energy Plc for approximately $500 million. The deal involves the purchase of 120.4 million shares from French oil and gas firm Maurel & Prom S.A. at GBP3.05 per share. The transaction was financed by Afreximbank and Africa Finance Corporation.
Seplat, listed on the London Stock Exchange and Nigerian Exchange (NGX), confirmed in a regulatory filing that Heirs Energies now holds 120.4 million voting rights. The stake is split between two entities: Heirs Energies Limited (3.658 per cent, 21.9 million voting rights) and Heirs Holdings Limited (16.412 per cent, 98.5 million voting rights). Barclays Bank Plc serves as the controlled undertaking for both entities.
Samuel Nwanze has been appointed as proxy holder for Heirs Energies' stake, while Emmanuel Nnorom will represent Heirs Holdings' portion. Both proxies hold voting rights indefinitely until notified otherwise.
Heirs Energies operates Oil Mining Lease (OML) 17 in the Niger Delta, producing 50,000 barrels of oil and 120 million cubic feet of gas daily. The company's reserves stand at over 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas, providing fuel for more than 400 megawatts of electricity generation in Nigeria.
This acquisition consolidates African ownership in Nigeria's energy sector. How will this affect Seplat's strategic direction and Nigeria's broader energy security goals?