Shares of Seplat Energy Plc have recorded a remarkable surge following a landmark acquisition by Heirs Energies Limited, backed by billionaire investor Tony Elumelu, adding approximately $1.25 billion to the company’s market value and energizing sentiment on the Nigerian Exchange.
Market data reveal that Seplat’s stock jumped 57 percent to approximately ₦9,099.90, equivalent to roughly $5.69 per share, amid stronger trading volumes and renewed institutional demand.
Since the deal was announced, the company’s share price has gained 56.65 percent, marking one of the most notable rallies for an energy-linked stock on the Nigerian Exchange in recent years.
The Landmark Acquisition
The surge followed confirmation that French energy group Etablissements Maurel & Prom S.A. agreed on December 30, 2025, to divest its entire 120.4 million shares in Seplat, representing a 20.07 percent stake, to Heirs Energies.
The transaction, valued at $496 million and priced at 305 pence per share, effectively ends the tenure of one of Seplat’s founding shareholders and fundamentally reshapes the company’s ownership structure.
An initial $248 million payment has already been completed, with the balance due within 30 days and secured by an irrevocable letter of credit, underscoring the financial firepower behind Elumelu’s expanding energy ambitions.
Market Impact
Investors responded strongly to the transaction, adding about $1.25 billion to Seplat’s market capitalization.
At Thursday’s close, Seplat’s 599.944 million outstanding shares translated to a market capitalisation of approximately ₦5.459 trillion, or roughly $3.41 billion, cementing its position among the most valuable energy companies listed in Lagos.
| 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 |
Strategic Significance
Tony Elumelu, who chairs United Bank for Africa Plc and serves on the board of Transnational Corporation Plc, has been steadily deepening his footprint in Nigeria’s oil and gas value chain through Heirs Holdings. Analysts say the latest move reinforces long-term confidence in Seplat’s growth outlook.
Maurel & Prom had been Seplat’s largest shareholder since the company’s 2010 founding, playing a key role in its evolution into a leading indigenous producer. Its exit now opens a new chapter, with investors betting that the Elumelu-backed entry could unlock fresh operational value in Nigeria’s shifting energy landscape.
Market Conditions
Market watchers also note that the recent recalibration of the naira has improved the acquisition’s value proposition, strengthening its appeal within Heirs Energies’ portfolio strategy and helping to drive the equity rally.
Looking Ahead
Analysts say the transaction could unlock fresh growth momentum in Nigeria’s oil and gas sector, with Seplat positioned to benefit from renewed strategic direction and enhanced operational focus under its new ownership structure. As Nigeria’s energy landscape continues to evolve, the Elumelu-backed entry signals sustained confidence in the sector’s long-term potential.
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