Powering Africapitalism

Heirs Energies’ acquisition of Maurel & Prom’s stake in Seplat Energy fosters homegrown investment and long-term economic empowerment across Africa, writes Obinna Chima

Nigeria’s oil and gas sector remains one of the most consequential pillars of the nation’s economy, shaping revenue flows, employment, infrastructure, and investor confidence. Despite cycles of volatility, reforms around governance, transparency, local content, and gas utilisation continue to open new pathways for growth.

With global markets shifting toward cleaner fuels, Nigeria’s vast gas reserves and the push to monetise them present renewed opportunities. Indigenous companies are taking on larger roles, demonstrating capacity, resilience, and ambition. This transition is helping to deepen domestic value creation, strengthen sector resilience, and keep more economic benefits within the country.

Against this backdrop, strategic investments are beginning to redefine the narrative of ownership and value creation in African energy.

The decision by Heirs Energies to acquire Maurel & Prom’s 20.07 percent stake in Seplat Energy underscores this shift and stands as a strong boost for Africapitalism.

Africapitalism, which is championed by the Chairman of the United Bank for Africa (UBA) and Heirs Holdings, Mr. Tony Elumelu, advocates for a form of capitalism that prioritises long-term economic and social value in Africa. It’s a call for the private sector to play a leading role in the continent’s development, not just for profit, but for shared prosperity. In the face of global trade uncertainties, this philosophy offers a beacon of hope.

Heirs Energies, one of Africa’s leading indigenous integrated energy companies during the week acquired the entire 20.07 percent 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, which was among the flurry of last-minute deals seen at the twilight of 2025, represented 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.

Commenting on the transaction, Elumelu, who is also the 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, industrialisation, 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.”

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals. 

Having a strong focus on safe operations, innovation-driven growth, environmental responsibility, and creating shared prosperity for all stakeholders, Heirs Energies leads in the evolving energy landscape and contributes to a more prosperous Africa.

Heirs Energies operates OML 17 in the Niger Delta, producing over 50 thousand barrels of oil per day (50 kbopd) and 120 million cubic feet of gas per day (120 mmcfd), with a reserves base of over 1.5 billion barrels of oil (MMBo) and 2.5 trillion cubic feet of gas (Tcf).

Since its debut in 2021, Heirs Energies has established itself as the brownfield excellence leader, having successfully addressed all the challenges that confronted onshore operations in Nigeria and has been a critical catalyst for the rejuvenation of safe and reliable onshore operations in the Niger Delta.

The company is also a leading gas producer and supplier in Nigeria’s domestic gas market, providing fuel for over 400 megawatts of electricity generation, powering millions of homes, businesses, and factories. 

On the other hand, Seplat Energy Plc is a Nigerian independent energy company focused on oil and gas exploration, production, and gas processing, primarily in the Niger Delta. It is listed on both the Nigerian Exchange and the London Stock Exchange and is as a key player in Nigeria’s energy transition.

The landmark achievement was supported by two leading African financial institutions—Afreximbank and the Africa Finance Corporation — further demonstrating Africa’s capacity to finance its own deals.

Heirs Energies had last week sealed a $750 million financing deal with Afreximbank. The agreement, signed by Elumelu, and President, Afreximbank, Dr. George Elombi, for their respective entities, was to propel Heirs into its next phase of growth.

Elumelu had hailed the Heirs Energies and Afreximbank deal as a “clear manifestation of African capital working for African businesses.

He chronicled Heirs Energies’ venture into oil and gas, highlighting the initial funding barriers it faced, but which Afreximbank helped play a catalytic role in financing.

He admitted that the “story cannot be told without referencing Afreximbank’s catalytic growth support, working with the AFC and other partners.”

The Chairman also acknowledged that it is indeed tough to survive in businesses in Africa, praising Afreximbank for its unprecedented impact.

Elumelu said, “No one can develop Africa; the most catalytic and impactful financial institution in Africa is Afreximbank. They have grown the capacity and boldness to support African businesses.

“To my fellow private sector leaders: when financial institutions support you, please, the least you owe them is to perform. If you perform, you encourage them to do more for you and others. And this is our mantra.

“Even when we had significant oil theft in our operations, we never defaulted in our payments. No private sector business in Africa without Afreximbank.”

Further recounting the acquisition of Oil Mining Lease (OML) 17, he noted that the transaction encountered prolonged delays under the administration of former President Muhammadu Buhari, partly due to concerns that the asset was too large for private sector ownership.

Elumelu also said not a dollar came from UBA to finance OML 17, reaffirming the role of external financiers in the continent.

He said, “Our government at the time refused to approve it because it was considered too big for the private sector, forgetting that Shell itself was a private sector entity,” he said, adding that the delays imposed significant financial costs on the company.”

Elombi said the bank’s support for Heirs Energies aligned with its broader commitment to strengthening Africa’s energy sector, which he described as critical to economic stability across the continent.

The Afreximbank President said, “If we did not support the energy sector, about 23 African countries would be in serious trouble”

He added that Afreximbank’s African ownership reinforced its resolve to remain a dependable partner in both favourable and challenging times.

Giving more insight into the deal, Executive Director/ Chief Financial Officer (CFO), Heirs Energies, Samuel Nwanze, said the financing was designed to “take us into the next phase of growth” by doubling outputs.

He added: “We are an ambitious group, and we consistently look for growth opportunities. The core reason we are in the oil and gas business at Heirs Energy is to drive energy sufficiency for the African continent.

“Wherever we see opportunities to acquire assets that align with that broader vision, we intend to pursue them. That said, we are not speaking about any specific acquisitions at Elumelu’s concept of Africapitalism acknowledges that the public sector is insufficient to drive Africa’s development and provides an alternative to government-only methods of market regulation and the delivery of necessary social services.

It calls for the creation of a new Africa via the initiatives of a resurgent private sector that will deal with societal challenges by starting companies and creating wealth for the local community.

Certainly, Africa offers countless untapped economic opportunities as the last frontier of capitalism. That is why the continent needs an endogenous growth model in which it manufactures goods for its markets as a first foundation, spreading out regionally from that base and emerging as an economic power in its own right through competitive advantage.

One way to do so is to invest heavily and simultaneously in job-creation strategies and in education systems that will create skilled workers to take opportunities that will be created by expanding economies.

Africa’s growth profile is, among other things, driven by its rapidly expanding consumer markets, as well as its private sector.  From Lagos to Nairobi, Accra to Lusaka and other major cities in the continent, with innovations in the oil and gas, mobile payment space, e-commerce, technology, agriculture and other critical sectors of the continent, promoters of Africapitalism strongly believe that with the required support, Africa can compete with their peers in the global market, thereby expanding trade in the region. This would help lift the continent out of its present economic predicament.

Also, proponents of Africapitalism maintain that the private sector can also contribute to the continent’s development by making long-term investments in critical sectors that will foster social welfare and economic prosperity.

The founder of the Tony Elumelu Foundation strongly believes that entrepreneurship is a vital tool for eradicating poverty in Africa. More importantly, for him, entrepreneurship would get youths in the continent busy and keep them out of social vices, as well as create employment opportunities in the continent.

According to the Chairman and Founder of Heirs Holdings, Africa’s development requires massive private global capital to fire and power investments in the area of infrastructure, to create employment and eradicate poverty.

Therefore, if Africa is to create wealth sufficient to sustain economic growth, it must sharpen its entrepreneurial focus on the continent, promote long-term investments with social impact that can offer outstanding return opportunities when compared with short-sighted, rent-seeking types of economic activities that had been Africa’s private sector for decades.

In all, Heirs Energies’ $500 million acquisition of Maurel & Prom’s stake in Seplat Energy is a clear demonstration of Africapitalism in action, showcasing the continent’s capacity to drive high-impact, locally led investments. This landmark deal not only strengthens energy infrastructure but also underscores the potential of African capital to shape sustainable economic growth across the region.