Shares of Seplat Energy surged on the Nigerian Exchange Limited after Heirs Energies, backed by billionaire investor Tony Elumelu, agreed to acquire a significant equity stake in the company. The transaction triggered a strong investor rally, adding an estimated $1.25 billion to Seplat’s market value, as reported by Business Insider Africa.
The deal involves the purchase of a $496 million stake previously held by Etablissements Maurel & Prom, representing approximately 20.07 percent of Seplat’s issued shares. An initial payment has been completed, with the balance secured through an irrevocable letter of credit and expected within 30 days.
Following the announcement, Seplat’s share price climbed sharply, with reports indicating a gain of about 57 percent, lifting its market capitalisation to roughly ₦5.459 trillion (around $3.41 billion). Market analysts cited renewed investor confidence, strengthened local participation in upstream assets, and improved currency dynamics as key drivers behind the rally.
Industry observers say the acquisition underscores a broader shift toward increased domestic ownership within Nigeria’s oil and gas sector. The transaction is widely viewed as a strategic milestone that could inject fresh momentum into the country’s energy industry while reinforcing Seplat’s position as a leading indigenous operator.
Image Source: africa.businessinsider.com
