Elumelu’s Heirs Energies Buys 20% Stake in Seplat for $500m
Heirs Energies, an indigenous integrated energy company, has acquired the entire 20.07% equity stake (120.4 million ordinary shares) previously held
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 at a price of GBP3.05 pence per share, valuing the transaction at approximately $500 million.
The acquisition represents a further milestone in Heirs Energies’ long-term strategy to strengthen indigenous participation in strategic assets and accelerate sustainable energy development and security for Nigeria and Africa, according to a statement on Wednesday.
Tony Elumelu, chairman of Heirs Energies, said: “This acquisition reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources. 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. Seplat Energy has built a resilient, well-governed platform with compelling long-term prospects, and we are pleased to support its continued growth and value creation for all stakeholders.”
This landmark achievement was supported by two leading African financial institutions—Afreximbank and AFC—further demonstrating Africa’s capacity to finance its own deals, according to the statement.
