Prime Business Africa
Heirs Energies Limited, an oil company owned by Tony Elumelu, the chairman of United Bank for Africa (UBA), has acquired a substantial stake of 20.07 percent held by Maurel & Prom S.A. in Seplat Energy Plc for $500 million.
The stake, announced on Wednesday, hands Heirs Energies 120.4 million ordinary shares, and makes Heirs Energies the majority shareholder of Seplat, above Petrolin Group (13.77 percent stake), Sustainable Capital (10.15 percent stake), Professional support (8.50 percent stake) and Allan Gray Investment Management (5.40 percent stake).
Join our WhatsApp ChannelHeirs Energies said the acquisition represents a further milestone in the company’s long-term strategy to strengthen indigenous participation in strategic assets and accelerate sustainable energy development and security for Nigeria and Africa.
Speaking on the deal, Elumelu, the chairman of Heirs Energies, said the acquisition reflects “our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources”.
“It is a long-term investment in Nigeria’s and Africa’s energy future, and aligns with our mission to drive energy security, industrialization, and shared prosperity,” he said.
“Seplat Energy has built a resilient, well-governed platform with compelling long term prospects, and we are pleased to support its continued growth and value creation for all stakeholders.”
According to the company, the acquisition was supported by the African Export-Import Bank (Afreximbank) and the Africa Finance Corporation (AFC).
On December 22, Afreximbank announced it approved $750-million loan for Heirs Energies.
Since its establishment in 2021, Heirs Energies has operated oil mining lease-17 (OML) in the Niger Delta, producing over 50,000 barrels of oil per day (50 kbopd) and 120 million cubic feet of gas per day (120 mmcfd), with reserves base of over 1.5 billion barrels of oil (MMBo) and 2.5 trillion cubic feet of gas (Tcf).
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