Tony Elumelu's Heirs Energies Secures Major Stake in Seplat Energy: A Game-Changer for Nigeria's Oil and Gas Sector

In a bold move that's sending ripples through Nigeria's energy industry, Heirs Energies has snapped up a full 20.07% stake in Seplat Energy Plc from French firm Maurel & Prom. This massive deal, worth around $500 million, involves buying 120.4 million shares at £3.05 each and positions Heirs Energies—led by visionary entrepreneur Tony Elumelu—as the biggest single shareholder in one of the country's top independent oil and gas companies.

This isn't just another transaction; it's a powerful statement about the rise of indigenous players in Nigeria oil and gas. Heirs Energies, already a standout as Africa's premier locally owned integrated energy firm, is pushing hard to boost local control over key resources. The acquisition fits perfectly into their bigger plan: ramping up homegrown involvement in vital assets while speeding up reliable and eco-friendly energy growth across Nigeria and the wider continent.

Tony Elumelu, the dynamic Chairman of Heirs Energies, didn't hold back in his excitement about the deal. He described it as a clear sign of confidence in Africa's potential to take charge of its own natural wealth, develop it wisely, and handle it responsibly. "We're making a solid, long-haul commitment to the energy prospects of Nigeria and Africa," he shared. It ties right into our goal of boosting energy security, sparking industrial growth, and spreading wealth to everyone involved.

Elumelu went on to praise Seplat Energy for building a strong, transparent operation with bright future potential. "We're thrilled to back their ongoing expansion and help create real value for all parties," he added. His words capture the spirit of Africapitalism—his personal philosophy of using private sector power to drive economic and social progress across the continent.

What makes this milestone even more impressive is the backing from two powerhouse African lenders: Afreximbank and the Africa Finance Corporation (AFC). Their support highlights how Africa is increasingly funding its own big projects, reducing reliance on outside capital and proving the continent's financial muscle

Let's dive into what these companies bring to the table. Heirs Energies stands out for its focus on safe practices, smart innovation, protecting the environment, and ensuring benefits flow to communities and stakeholders. Since launching in 2021, they've become the go-to experts in reviving older oil fields—known as brownfield assets—in Nigeria.

Their flagship operation is OML 17 in the Niger Delta, where they pump out more than 50,000 barrels of oil per day and 120 million cubic feet of gas daily. With proven reserves topping 1.5 billion barrels of oil and a whopping 2.5 trillion cubic feet of gas, this asset has huge longevity. Heirs has tackled longstanding issues in onshore operations head-on, restoring safe and steady production in a region that's seen its share of challenges.

On the gas side, they're a major player in supplying Nigeria's home market, fueling power plants that generate over 400 megawatts of electricity. That means reliable energy reaching millions of households, factories, and businesses—directly supporting everyday life and economic activity.

Now, turning to Seplat Energy—a dual-listed company on the Nigerian Exchange and London Stock Exchange. They're a leading independent focused on exploring, producing, and processing oil and gas, mostly in the Niger Delta. As of late 2024, they boasted 2P reserves of around 1.043 billion barrels of oil equivalent, with recent working interest production hitting impressive levels.

Seplat plays a crucial role in Nigeria's shift toward cleaner energy, balancing traditional hydrocarbons with growing gas utilization. Pairing forces with Heirs Energies opens up exciting possibilities: shared expertise, bigger scale, and faster progress on projects that could transform Nigeria energy security.

This deal comes at a pivotal time for the sector. With global shifts toward renewables, Nigeria is working to maximize its vast resources while embracing sustainability. Indigenous firms like Heirs are stepping up, proving they can manage complex operations just as effectively as international giants—and often with a deeper commitment to local impact.

Analysts are buzzing about the implications. Greater local ownership could mean more reinvestment in Nigeria, job creation in the Niger Delta, and stronger community ties. It also signals confidence in the country's investment climate, especially after recent reforms aimed at attracting capital to oil and gas investments.

For everyday Nigerians, the real win could be in energy access. More efficient production and gas supply might help stabilize power, lower costs for industries, and support manufacturing growth. Heirs' track record of quick turnarounds—doubling output in months at OML 17—suggests they could unlock even more value from Seplat's assets.

Looking ahead, this partnership strengthens Tony Elumelu's influence in Nigeria's power and energy landscape. Through Heirs Holdings, he's already a force in banking, hospitality, and electricity generation. Adding a major stake in Seplat cements his vision of integrated African energy champions competing globally.

As 2026 kicks off, all eyes are on how this new alliance will play out. Expect announcements on joint initiatives, perhaps expanded drilling, gas-to-power projects, or green efforts to cut emissions. One thing's clear: moves like this are reshaping Africa energy future, putting local leaders at the forefront.

In a world hungry for reliable energy, Nigeria's homebase companies are rising to the challenge. Heirs Energies' bold acquisition isn't just business—it's a step toward self-reliant growth, shared success, and a brighter outlook for the nation's oil and gas sector. With leaders like Elumelu driving the charge, the potential feels limitless.