KEY POINTS
- Seplat shares have gained over 15% in January 2026, hitting a record N6,700 on the NGX.
- Founding investor Maurel & Prom sold its 20.07% stake to Heirs Energies for $496 million.
- The deal has boosted investor confidence, lifting Seplat’s market value to about N4 trillion.
Seplat Energy Plc hit an all-time high on the Nigerian Exchange (NGX) after gaining more than 15% in January 2026. This happened after one of its founding investors sold a large equity stake to Heirs Energies Limited.
The share price of the indigenous oil and gas producer went up 15.3% this year, from N5,809 at the end of the last trading year to N6,700. Investors liked the change in ownership.
The rally happened less than three weeks after Tony Elumelu-backed Heirs Energies Limited bought all 120.4 million shares of Etablissements Maurel & Prom S.A. (M&P), one of Seplat’s founders. This gave them a 20.07 percent stake in the company.
M&P said that the deal took place on December 30, 2025, at a price of 305 pence per share, which came to a total of $496 million.
Heirs Energies will pay $248 million up front, with the rest due in 30 days and backed by an irrevocable letter of credit. There is also a possible $10 million contingent payment in the deal, depending on how well Seplat’s stock price does over the next six months.
Market capitalisation tops N4 trillion
Seplat’s market capitalization is now about N4.02 trillion, with 599.94 million shares still outstanding. Trading has slowed down since the initial surge after the announcement.
Data from the market show that the stock has been moving sideways in recent sessions after going up earlier. This is because shareholders have been changing their portfolios.
Analysts say that Heirs Energies becoming a major shareholder has made people more confident in Seplat’s long-term plans and growth potential.
M&P, Seplat’s biggest shareholder since the company started in 2010, said it was selling its stake after years of helping the company grow into a major Nigerian energy player with a wide range of oil and gas assets and a strong role in national energy security.
Most people see the deal as a way for Seplat and Heirs Energies to work together more closely in Nigeria’s changing energy market.
