Seplat Energy Plc has disclosed the detailed structure behind the acquisition that delivered a 20.07 per cent equity stake to companies linked to Tony Elumelu following the complete exit of founding shareholder Etablissements Maurel & Prom S.A..
The transaction involved the sale of 120.4 million ordinary shares, representing 20.07 per cent of Seplat Energy’s issued share capital.
Regulatory filings confirm that the shares were acquired through two separate Elumelu-linked entities, reflecting a deliberate ownership and control structure rather than a single holding vehicle.
Under the breakdown released by Seplat Energy, Heirs Energies Limited acquired 86,639,377 ordinary shares, equivalent to 14.44 per cent of the company’s issued share capital.
A further 33,760,623 ordinary shares, representing 5.63 per cent, were acquired by Heirs Holdings Limited. Combined, the two entities now jointly control the full 120.4 million shares.
The filings confirm that Maurel & Prom has fully divested its stake and no longer holds any equity interest in Seplat Energy.
The French firm was a founding investor in the company and remained a major shareholder for several years, supporting Seplat’s evolution into one of Nigeria’s leading indigenous energy producers.
Ownership disclosures also outline the control chain behind the acquiring entities. Heirs Energies Limited is held through a layered structure involving TNOG Limited and HHOG Limited, while Heirs Holdings Limited is controlled by Heirs Alliance Limited.
Within Heirs Holdings, Tony Elumelu holds a 30 per cent interest, with the remaining equity split among other shareholders, including Awele Elumelu.
The threshold for the change in major holdings was crossed on December 30, 2025, with formal notification to the company in early January 2026.
The acquisition was executed entirely through direct share purchases, with no voting rights arising from financial instruments or derivatives.
From a market perspective, the transaction reshapes Seplat Energy’s shareholder register, replacing a long-standing foreign institutional investor with domestically anchored capital.
The move strengthens indigenous participation in Nigeria’s energy sector at a time when regulatory reforms and asset divestments by international oil companies continue to redefine ownership patterns.
Seplat Energy said it welcomed Heirs Energies and Heirs Holdings as new major shareholders and expressed optimism about working with both entities to advance its long-term strategy, including its ambition to become a leading African energy champion.
