Elumelu turns into Seplat’s largest shareholder in $496m deal

Famend entrepreneur and philanthropist Tony Elumelu, by means of his funding car Heirs Holdings and its subsidiary, Heirs Energies Ltd, has turn out to be the most important shareholder in Seplat Vitality Plc following the acquisition of a 20.07 per cent fairness stake from Institutions Maurel & Promenade S.A. in a transaction valued at $496m.

The deal was disclosed in a regulatory submitting on the Nigerian Trade on Wednesday. M&P stated it entered right into a binding settlement after market shut on 30 December 2025, to promote its 120.4 million shares in Seplat to Heirs Energies.

The shares had been offered at a value of 305 pence per share, with an preliminary cost of $248m and the steadiness payable inside 30 days, secured by an irrevocable letter of credit score. An extra contingent consideration of as much as $10m could turn out to be payable, relying on Seplat’s share value efficiency over the subsequent six months.

“We’re additionally 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 help of one other robust, long-term shareholder.”

Etablissements Maurel & Promenade S.A. (“M&P”, the “Group”) declares that on 30 December 2025, after market shut, it entered right into a binding settlement in relation to the sale of its complete shareholding of 120.4 million shares, representing a 20.07 per cent curiosity, in Seplat Vitality Plc, a number one Nigerian unbiased vitality firm listed on the London Inventory Trade and the Nigerian Trade, to Heirs Energies Ltd. The sale is at a value of 305 pence per share, similar to a complete consideration of $496m, with an preliminary cost of $248m and the steadiness payable inside 30 days, secured by an irrevocable letter of credit score. An extra contingent consideration of $10m could turn out to be payable, topic to share value efficiency over the subsequent six months,” the doc partly reads.

Recall that Heirs Holdings executed a $750m financing with the African Export–Import Financial institution.

M&P, considered one of Seplat’s three founders and its largest shareholder since 2010, supported the corporate’s progress into a number one Nigerian vitality participant with a diversified oil and fuel portfolio.

Commenting on the transaction, M&P’s Chief Govt Officer, Olivier de Langavant, stated, “We’re extremely proud to have supported Seplat’s journey over the past fifteen years and its transformation into a number one vitality firm in Nigeria throughout each oil and fuel. This funding has additionally confirmed to be a terrific success for M&P, delivering very robust returns since inception in 2010. We consider that now’s the correct time for M&P to monetise this place and additional deal with direct investments in oil and fuel belongings.”

Langavant added that M&P was assured Seplat would proceed to thrive beneath the brand new possession: “We’re more than happy to switch our stake to Heirs Energies, a subsidiary of the main Pan-African funding firm Heirs Holdings, and we’re assured that Seplat will proceed to thrive with the help of one other robust, long-term shareholder.”

Seplat’s shares rose 11 per cent in London following the announcement, whereas M&P shares superior 8 per cent in Paris. Herbert Smith Freehills Kramer and Morgan Stanley acted as authorized and monetary advisers, respectively, to M&P.

Seplat Vitality, listed on each the London Inventory Trade and the Nigerian Trade, performs a important position in Nigeria’s vitality safety by means of its diversified oil and fuel operations.