Heirs Energies acquires Seplat Energy stake

Heirs Energies, an indigenous integrated energy company, has acquired the entire 20.07% equity stake (120.4 million ordinary shares) previously held by Maurel & Prom S.A. in Seplat Energy Plc. The transaction is valued at approximately $500 million, with shares purchased at £3.05 each. This acquisition is a key part of Heirs Energies' long-term strategy to enhance indigenous participation in strategic energy assets and promote sustainable energy development and security for Nigeria and Africa. Tony Elumelu, Chairman of Heirs Energies, stated that the deal reflects a strong belief in Africa's ability to manage its own resources and is a long-term investment in the continent's energy future. The acquisition was financially supported by two prominent African financial institutions, African Export–Import Bank and Africa Finance Corporation, underscoring Africa's growing capacity to finance major deals independently. Heirs Energies operates OML 17 in the Niger Delta, producing significant volumes of oil and gas, and is a major supplier to Nigeria's domestic gas market. Seplat Energy Plc, listed on both the Nigerian Exchange and the Aquis Stock Exchange, is an independent Nigerian energy company focused on oil and gas exploration, production, and gas processing in the Niger Delta.