Elumelu Emerges Seplat’s Largest Shareholder In $496m Deal

Renowned entrepreneur and philanthropist, Tony Elumelu, through his investment vehicle, Heirs Holdings, and its subsidiary, Heirs Energies Ltd, has emerged as the largest shareholder in Seplat Energy Plc, following the acquisition of a 20.07 per cent equity stake from Etablissements Maurel & Prom S.A. (M&P) in a deal valued at $496m.

The transaction was disclosed in a regulatory filing on the Nigerian Exchange on Wednesday. M&P said it entered into a binding agreement after market closed on December 30, 2025, to sell its 120.4 million shares in Seplat to Heirs Energies.

The shares were sold at 305 pence per share, with an initial payment of $248m and the balance payable within 30 days, secured by an irrevocable letter of credit. An additional contingent consideration of up to $10m may become payable, subject to Seplat’s share price performance over the next six months.

“We are very pleased to transfer our stake to Heirs Energies, a subsidiary of the leading Pan-African investment company Heirs Holdings. We are confident that Seplat will continue to thrive with the support of another strong, long-term shareholder,” M&P said in the filing.

In the statement, Etablissements Maurel & Prom S.A., one of Seplat’s three founders and its largest shareholder since 2010, confirmed that the divestment marked the sale of its entire 20.07 per cent interest in the Nigerian independent energy company, which is listed on both the London Stock Exchange and the Nigerian Exchange.

Recall that Heirs Holdings recently executed a $750m financing arrangement with the African Export–Import Bank to support its energy and infrastructure investments.

Commenting on the transaction, M&P’s Chief Executive Officer, Olivier de Langavant, said the company was proud to have supported Seplat’s growth over the last 15 years.

“We are incredibly proud to have supported Seplat’s journey and its transformation into a leading energy company in Nigeria across both oil and gas. This investment has delivered very strong returns since inception in 2010, and we believe this is the right time to monetise our position and focus on direct investments in oil and gas assets,” he said.

Langavant added that M&P remained confident in Seplat’s future under the new ownership.

Following the announcement, Seplat’s shares rose 11 per cent in London, while M&P shares gained 8 per cent in Paris. Herbert Smith Freehills Kramer and Morgan Stanley acted as legal and financial advisers to M&P on the transaction.