Tony Elumelu Prepares to Step onto Seplat Board After $500M Stake Deal
Heirs Energies acquires 20.07% stake from Maurel & Prom, becoming Seplat's largest single shareholder
Nigerian billionaire and Heirs Energies Chairman, Tony Elumelu, is set to join the board of Seplat Energy Plc following a landmark acquisition that has repositioned the company’s ownership structure.
Heirs Energies acquired a 20.07% stake in Seplat Energy, purchasing approximately 120.4 million ordinary shares previously held by French energy firm Maurel & Prom in a deal valued at nearly $500 million.
The transaction makes Heirs Energies the single largest shareholder in the Nigerian-listed oil and gas company.
Following the completion of the deal, Elumelu is expected to assume a Non-Executive Director role on Seplat’s board, a position that would see him contribute to the company’s strategic direction and governance without involvement in its day-to-day operations.
The development marks a significant shift in the ownership of one of Nigeria’s prominent indigenous energy firms, further deepening African participation in the country’s oil and gas sector.
Analysts say the move could bolster Seplat’s long-term expansion strategy, with Elumelu’s extensive business network and energy sector experience expected to add considerable value to the company’s board.
