Famend entrepreneur and philanthropist, Tony Elumelu, by means of his funding automobile, Heirs Holdings, and its subsidiary, Heirs Energies Ltd, has emerged as the biggest shareholder in Seplat Power Plc, following the acquisition of a 20.07 per cent fairness stake from Etablissements Maurel & Promenade S.A. (M&P) in a deal valued at $496m.
The transaction was disclosed in a regulatory submitting on the Nigerian Change on Wednesday. M&P stated it entered right into a binding settlement after market closed on December 30, 2025, to promote its 120.4 million shares in Seplat to Heirs Energies.
The shares have been bought at 305 pence per share, with an preliminary fee of $248m and the steadiness payable inside 30 days, secured by an irrevocable letter of credit score. A further contingent consideration of as much as $10m could turn out to be payable, topic to Seplat’s share value efficiency over the following six months.
“We’re more than happy to switch our stake to Heirs Energies, a subsidiary of the main Pan-African funding firm Heirs Holdings. We’re assured that Seplat will proceed to thrive with the assist of one other sturdy, long-term shareholder,” M&P stated within the submitting.
Within the assertion, Etablissements Maurel & Promenade S.A., considered one of Seplat’s three founders and its largest shareholder since 2010, confirmed that the divestment marked the sale of its complete 20.07 per cent curiosity within the Nigerian unbiased power firm, which is listed on each the London Inventory Change and the Nigerian Change.
Recall that Heirs Holdings not too long ago executed a $750m financing association with the African Export–Import Financial institution to assist its power and infrastructure investments.
Commenting on the transaction, M&P’s Chief Government Officer, Olivier de Langavant, stated the corporate was proud to have supported Seplat’s development during the last 15 years.
“We’re extremely proud to have supported Seplat’s journey and its transformation into a number one power firm in Nigeria throughout each oil and gasoline. This funding has delivered very sturdy returns since inception in 2010, and we imagine that is the fitting time to monetise our place and concentrate on direct investments in oil and gasoline property,” he stated.
Langavant added that M&P remained assured in Seplat’s future underneath the brand new possession.
Following the announcement, Seplat’s shares rose 11 per cent in London, whereas M&P shares gained 8 per cent in Paris. Herbert Smith Freehills Kramer and Morgan Stanley acted as authorized and monetary advisers to M&P on the transaction.
