Nigerian billionaire businessman Tony Elumelu is set to join the board of Seplat Energy following the acquisition of a 20.07 per cent equity stake in the company by Heirs Energies in a transaction valued at approximately $500 million, Peak Newspaper reports
The development comes after Heirs Energies completed the purchase of 120.4 million ordinary shares in Seplat previously held by French energy firm Maurel & Prom, making the company the single largest shareholder in the indigenous oil and gas firm.
Elumelu is expected to be formally elected as a Non-Executive Director during Seplat’s 13th Annual General Meeting scheduled to hold virtually on May 20, 2026, where shareholders will also deliberate on corporate governance matters and the company’s financial performance.
The acquisition has been described as one of the largest indigenous investments in Nigeria’s energy sector in recent years and is being viewed as a significant boost for local participation in strategic oil and gas assets. Industry observers say the move further strengthens African ownership in the country’s energy industry amid the gradual exit of several international oil companies from onshore operations.
Heirs Energies said the investment aligns with its long-term strategy of deepening indigenous participation in Africa’s energy sector while supporting sustainable energy development and security across the continent.
