Seplat Energy Plc has recorded a remarkable surge in market value following a landmark acquisition by Heirs Energies Limited, a transaction widely viewed as a strategic move backed by billionaire investor Tony Elumelu. The development has injected renewed confidence into the Nigerian Exchange (NGX), adding approximately $1.25 billion to Seplat’s valuation.
Trading data indicate that Seplat’s share price soared by 57 per cent to close at about ₦9,099.90, equivalent to roughly $5.69 per share, amid heightened trading volumes and robust institutional interest. Since the announcement of the deal, the stock has climbed 56.65 per cent, marking one of the most notable market upswings by an energy stock on the NGX in recent years.
The surge followed confirmation that French energy firm Etablissements Maurel & Prom S.A. agreed on December 30, 2025, to divest its entire 120.4 million shares in Seplat, representing a 20.07 per cent stake, to Heirs Energies. The transaction signals the exit of one of Seplat’s founding shareholders and ushers in a new ownership dynamic for the company.
Valued at $496 million and priced at 305 pence per share, the acquisition highlights the financial strength underpinning Elumelu’s growing investments in Nigeria’s oil and gas sector. An initial payment of $248 million has been completed, while the outstanding balance is scheduled for settlement within 30 days, backed by an irrevocable letter of credit.
Industry analysts say the deal reinforces long-term investor confidence in Seplat’s growth trajectory, especially as Heirs Energies consolidates its position across the upstream value chain. The transaction also aligns with broader efforts to strengthen indigenous participation in Nigeria’s energy industry.
Market observers further note that the recent recalibration of the naira has enhanced the strategic appeal of the acquisition, improving its value proposition within Heirs Energies’ portfolio and contributing to the sustained market momentum.
As of last week Thursday’s close, Seplat’s 599.944 million outstanding shares translated to a market capitalisation of approximately ₦5.459 trillion, or about $3.41 billion, solidifying its standing among the most capitalised energy firms listed in Lagos.
Maurel & Prom, which had maintained its position as Seplat’s largest shareholder since the company’s founding in 2010, played a pivotal role in its emergence as a leading indigenous oil producer. Its exit marks the beginning of a fresh phase for Seplat, with investors expressing optimism that the Elumelu-backed investment will unlock new operational efficiencies and growth opportunities in Nigeria’s evolving energy landscape.
