Prominent Nigerian billionaire and entrepreneur, Tony Elumelu, is poised for a substantial increase in his wealth following a major strategic acquisition in the energy sector. Through his investment conglomerate, Heirs Holdings, and its subsidiary Heirs Energies Ltd, Elumelu has secured the position of the single largest shareholder in Seplat Energy Plc.
The Details of the Landmark Acquisition
The transaction, valued at a staggering $496 million, was finalized on December 30, 2025. Elumelu's entities acquired approximately 20.07% equity stake in Seplat from the French oil and gas company, Etablissements Maurel & Prom S.A. (M&P). This information was officially disclosed in a regulatory filing on the Nigerian Exchange on Wednesday, December 31.
M&P divested its entire holding of 120.4 million shares in Seplat at a price of 305 pence per share. The payment structure involved an upfront sum of $248 million, with the balance due within 30 days and backed by an irrevocable letter of credit. Notably, the deal also includes a contingent consideration of up to $10 million, which is tied to Seplat's share price performance over a six-month period.
Strategic Implications for Elumelu's Empire
This acquisition represents a significant consolidation of Tony Elumelu's influence in the Nigerian and African energy landscape. Seplat Energy is a leading independent energy company with dual listings on both the London Stock Exchange and the Nigerian Exchange. By becoming its largest shareholder, Heirs Energies dramatically strengthens its portfolio and operational footprint.
The move follows closely on the heels of a $750 million financing arrangement secured by Heirs Holdings from the African Export-Import Bank, showcasing the group's formidable financial capacity for large-scale investments. Market reaction was immediately positive, with Seplat's shares surging by 11% in London, while M&P's stock gained 8% in Paris following the announcement.
Confidence from the Seller and Future Outlook
In a statement, M&P, which had been a founding and major shareholder in Seplat since 2010, expressed satisfaction with the transfer of ownership to Heirs Energies. The French firm described Heirs Holdings as a "leading Pan-African investment company" and expressed confidence that Seplat would continue to thrive under a strong, long-term shareholder like Elumelu's group.
Olivier de Langavant, Chief Executive of M&P, noted that their investment in Seplat had generated solid returns over 15 years, allowing them to refocus on direct oil and gas assets. For Elumelu, this deal is widely anticipated to give a considerable boost to his net worth, which is already anchored by substantial holdings across banking, power, energy, and hospitality sectors. This development further cements his status as one of Africa's most influential business leaders.
