Nigerian billionaire and investor Tony Elumelu, through his energy company Heirs Energies, has acquired a 20 percent equity stake in Seplat Energy, Nigeria’s largest independent oil and gas explorer, in a transaction valued at approximately $500 million.
The stake was purchased from French energy firm Maurel & Prom, instantly positioning Heirs Energies as Seplat Energy’s single largest shareholder. The deal marks one of the most significant locally led investments in Africa’s oil and gas sector in recent years and reinforces the growing dominance of African capital in strategic energy assets.
The acquisition was backed by two of Africa’s leading financial institutions Afreximbank and the Africa Finance Corporation (AFC) highlighting strong continental support for indigenous ownership and energy security.
This move comes shortly after Heirs Energies secured a $750 million financing facility from Afreximbank, strengthening its capacity to execute large-scale acquisitions and drive value across the oil and gas value chain.
With the transaction completed, the combined production capacity of Heirs Energies and Seplat Energy now stands at approximately 356,000 barrels of oil equivalent per day (kboepd). This includes about 266,000 barrels of oil per day (kbopd) and 490 million cubic feet of gas per day (mmcfd) further solidifying their role in Nigeria’s upstream energy landscape.
Beyond oil and gas exploration, the deal significantly expands Tony Elumelu’s influence across Nigeria’s energy ecosystem. His power generation companies, Transcorp Power in Delta State and TransAfam Power in Rivers State currently supply an estimated 17 percent of Nigeria’s total electricity, making him one of the most influential private-sector players in the country’s power and energy infrastructure.
Industry analysts view the acquisition as a defining moment for Africa’s energy future, underscoring a shift toward African ownership, African capital, and African leadership in sectors traditionally dominated by foreign firms.
For Heirs Energies, the deal aligns with its long-term strategy of building energy solutions that power economic growth, industrialisation, and sustainable development across Africa.
As global energy markets evolve and Nigeria pushes for greater local participation in its natural resources sector, the Elumelu-led acquisition signals renewed confidence in Nigeria’s energy potential and a strong vote for indigenous players shaping the continent’s future.
