Seplat Energy shares surged 57% after Heirs Energies, backed by Tony Elumelu, acquired a $496 million 20% stake, adding $1.25B to market value
Shares of Seplat Energy Plc soared 57 percent following a landmark acquisition by Heirs Energies Limited, backed by billionaire investor Tony Elumelu, injecting approximately $1.25 billion into the company’s market capitalization.
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The stock jumped to around ₦9,099.90 ($5.69) per share, amid heightened trading volumes and renewed institutional demand, marking one of the most notable rallies for an energy-linked stock on the Nigerian Exchange in recent years.
The surge came after French energy group Etablissements Maurel & Prom S.A. agreed on December 30, 2025, to sell its 120.4 million shares (20.07%) in Seplat to Heirs Energies for $496 million, at 305 pence per share.
An initial $248 million payment has been completed, with the remainder secured via an irrevocable letter of credit due within 30 days.
The transaction effectively ends Maurel & Prom’s tenure as a founding shareholder and reshapes Seplat’s ownership.
### Market Impact
| Metric | Details |
|---|---|
| Share Price Surge | 57% (₦9,099.90 / $5.69) |
| Market Value Addition | ~$1.25 billion |
| Stake Acquired | 20.07% (120.4 million shares) |
| Acquisition Value | $496 million |
| Price per Share | 305 pence |
| Market Capitalization | ₦5.459 trillion / $3.41 billion |
Investors responded positively, pushing Seplat’s market capitalization to about ₦5.459 trillion ($3.41 billion), cementing its position as one of Nigeria’s most valuable energy companies.
Tony Elumelu, chair of United Bank for Africa Plc and board member of Transnational Corporation Plc, has been expanding his footprint in Nigeria’s oil and gas sector through Heirs Holdings.
Analysts suggest the acquisition signals strong confidence in Seplat’s growth trajectory.
With Maurel & Prom’s exit, Seplat enters a new phase, with the Elumelu-backed entry expected to unlock fresh operational and strategic value amid Nigeria’s evolving energy landscape.
Recent naira recalibrations have strengthened the acquisition’s value proposition, boosting investor confidence.
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Analysts predict the move could drive renewed growth momentum for Seplat and the broader Nigerian oil and gas sector, reflecting sustained confidence in the country’s energy potential.
