Elumelu-backed Seplat deal fuels $1.25bn value surge, signals fresh energy momentum

Shares of Seplat Energy Plc have surged sharply after Heirs Energies Limited struck a landmark acquisition backed by billionaire investor Tony Elumelu, adding roughly $1.25 billion to the company's market value and energising sentiment on the Nigerian bourse.

Feb 24, 2026 - 07:03

Elumelu-backed Seplat deal fuels $1.25bn value surge, signals fresh energy momentum

Chairman of the Heirs Holding Ltd., Tony O. Elumelu looks on during an event titled "Boosting Productivity Growth in the Digital Age" at the IMF/World Bank annual meetings in Washington, DC on October 15, 2025. [Photo by BRENDAN SMIALOWSKI/AFP via Getty Images]

Shares of Seplat Energy Plc have surged sharply after Heirs Energies Limited struck a landmark acquisition backed by billionaire investor Tony Elumelu, adding roughly $1.25 billion to the company's market value and energising sentiment on the Nigerian bourse.

Seplat Energy’s shares surged 57 percent following a $496 million stake acquisition by Heirs Energies.
The deal, backed by billionaire Tony Elumelu, marks a major shift in ownership for the Nigerian energy firm.
Investors responded strongly, adding about $1.25 billion to Seplat’s market value.
Analysts say the transaction could unlock fresh growth momentum in Nigeria’s oil and gas sector.

Market data show Seplat’s stock jumped 57 percent to about ₦9,099.90, equivalent to roughly $5.69 per share, amid stronger trading volumes and renewed institutional demand. Since the deal was announced, the company’s share price has gained 56.65 percent, marking one of the most notable rallies for an energy-linked stock on the Nigerian Exchange in recent years.

The surge followed confirmation that French energy group Etablissements Maurel & Prom S.A. agreed on December 30, 2025, to divest its entire 120.4 million shares in Seplat, representing a 20.07 percent stake, to Heirs Energies. The transaction effectively ends the tenure of one of Seplat’s founding shareholders and reshapes the company’s ownership structure.

Valued at $496m and priced at 305 pence per share, the deal underscores the financial firepower behind Elumelu’s expanding energy ambitions. An initial $248m payment has already been completed, with the balance due within 30 days and secured by an irrevocable letter of credit.

Tony Elumelu, United Bank for Africa president and founder of The Tony Elumelu Foundation. [Photo by ERIC PIERMONT/AFP via Getty Images]

Elumelu, who chairs United Bank for Africa Plc and serves on the board of Transnational Corporation Plc, has been steadily deepening his footprint in Nigeria’s oil and gas value chain through Heirs Holdings. Analysts say the latest move reinforces long-term confidence in Seplat’s growth outlook.

Market watchers also note that the recent recalibration of the naira has improved the acquisition’s value proposition, strengthening its appeal within Heirs Energies’ portfolio strategy and helping to drive the equity rally.

At Thursday’s close, Seplat’s 599.944 million outstanding shares translated to a market capitalisation of about ₦5.459tn, or roughly $3.41bn, cementing its position among the most valuable energy companies listed in Lagos.

Maurel & Prom had been Seplat’s largest shareholder since the company’s 2010 founding, playing a key role in its evolution into a leading indigenous producer.

Its exit now opens a new chapter, with investors betting that the Elumelu-backed entry could unlock fresh operational value in Nigeria’s shifting energy landscape.