KEY POINTS
- Seplat’s share price surged about 57 percent after a 496 million dollar stake acquisition backed by Tony Elumelu.
- The deal transfers a 20.07 percent stake from Maurel & Prom to Heirs Energies, reshaping ownership.
- Investors added roughly 1.25 billion dollars to Seplat’s market value amid optimism about future growth.
Shares of Seplat Energy Plc recorded a dramatic surge on the stock market after Heirs Energies Limited completed a major equity acquisition backed by billionaire investor Tony Elumelu, a development that significantly boosted investor sentiment and added approximately 1.25 billion dollars to the company’s market capitalisation.
Trading data showed the stock price jumped about 57 percent to roughly ₦9,099.90 per share amid heightened transaction volumes and renewed institutional demand, marking one of the most notable rallies for an energy stock on the Nigerian Exchange Limited in recent years.
The market reaction followed confirmation that Etablissements Maurel & Prom S.A. agreed to sell its entire 120.4 million shares in Seplat, representing a 20.07 percent stake, to Heirs Energies in a transaction valued at 496 million dollars and priced at 305 pence per share.
The deal effectively ends the French firm’s long-standing role as one of Seplat’s founding shareholders, signaling a major shift in the company’s ownership structure and opening a new chapter in its corporate evolution.
Financing structure underscores investor confidence
An initial payment of 248 million dollars has already been completed, while the remaining balance is due within 30 days and is secured through an irrevocable letter of credit, demonstrating strong financial backing for the acquisition.
Analysts say the scale and structure of the deal highlight growing investor confidence in Nigeria’s energy sector and reinforce expectations that Seplat could unlock additional growth opportunities under its revised shareholder base.
Elumelu, who has steadily expanded his presence across the oil and gas value chain through Heirs Holdings, is widely viewed as positioning the acquisition as part of a long-term strategy to deepen influence in Africa’s energy landscape.
Market observers also point to recent adjustments in the naira’s valuation, which have improved the transaction’s overall attractiveness within Heirs Energies’ investment portfolio and contributed to the positive market reaction.
At the close of trading following the announcement, Seplat’s roughly 599.9 million outstanding shares translated into a market value of about ₦5.459 trillion, or approximately 3.41 billion dollars, cementing its standing among the most valuable energy firms listed in Lagos.
Analysts note that investor optimism reflects expectations that the new ownership mix could unlock operational efficiencies, strengthen financing capacity, and accelerate expansion within Nigeria’s evolving petroleum industry.
