Elumelu’s Heirs Energies Acquires 20.07% Stake in Seplat

By Aduragbemi Omiyale

One of the companies owned by serial entrepreneur, Mr Tony Elumelu, Heirs Energies Limited, has acquired about 20.07 per cent stake in Seplat Energy Plc.

Mr Elumelu is joining Seplat Energy as one of its key shareholders by buying the entire shares of Maurel and Prom, about 120.4 million units, in the Nigerian Exchange-listed organisation.

According to reports, the French oil and gas producer sold its shares to Heirs Energies for about $496 million. The deal for sealed on Tuesday, December 20, 2025.

Maurel and Prom will receive $248 million upfront, with the remaining balance payable within 30 days and secured by an irrevocable letter of credit.

The agreement also includes a possible $10 million contingent payment tied to Seplat’s share price performance over the next six months.

This deals comes after Heirs Energies and Afreximbank seals a $750 financing deal some days ago.