Elumelu, Seplat, and the Price of Owning the Oil

Some deals announce themselves by size alone. Others matter because of who is finally holding the pen. Late December delivered both. Barely two weeks after raising $750 million from Afreximbank, Heirs Energies quietly acquired a 20.07 per cent stake in Seplat Energy Plc for just under $500 million. By year’s end, Tony Elumelu had become Seplat’s largest shareholder.

The transaction reportedly closed on December 30, after market hours. Heirs Energies bought 120.4 million ordinary shares from Maurel & Prom at £3.05 per share, valuing the deal at $496 million. The French firm exited fully, ending a founding relationship that dated back more than a decade.

Seplat is no marginal asset. The company operates across the Niger Delta, is listed in Lagos and London, and holds 2P reserves of over one billion barrels of oil equivalent. As of October 2025, production stood at 135,600 barrels per day, with its market value sitting around N3.2 trillion.

International oil companies have been trimming Nigerian exposure, selling onshore and shallow-water assets. Local firms have been buying, though rarely at this scale and with this balance sheet. This deal ranks among the largest locally driven oil and gas investments on the continent.

Elumelu framed the purchase as a long-term wager on African ownership and governance. The language fits his Africapitalism thesis, though the mechanics are equally telling. The deal was backed by African lenders, including Afreximbank and the Africa Finance Corporation, rather than offshore capital alone.

Maurel & Prom receives $248 million upfront, with the balance due within 30 days and secured by a letter of credit. A further $10 million may follow, tied to Seplat’s share performance. For the seller, it was a clean exit. For the buyer, it was a consolidation move.

Heirs Energies already operates OML 17, producing over 50,000 barrels of oil daily and significant gas volumes that feed Nigeria’s power sector. Combined with Transcorp Power, Elumelu’s energy footprint now spans extraction to electricity.