Market data show Seplat’s stock jumped 57 percent to about ₦9,099.90, equivalent to roughly $5.69 per share, amid stronger trading volumes and renewed institutional demand. Since the deal was announced, the company’s share price has gained 56.65 percent, marking one of the most notable rallies for an energy-linked stock on the Nigerian Exchange in recent years.
The surge followed confirmation that French energy group Etablissements Maurel & Prom S.A. agreed on December 30, 2025, to divest its entire 120.4 million shares in Seplat, representing a 20.07 percent stake, to Heirs Energies. The transaction effectively ends the tenure of one of Seplat’s founding shareholders and reshapes the company’s ownership structure.
Valued at $496m and priced at 305 pence per share, the deal underscores the financial firepower behind Elumelu’s expanding energy ambitions. An initial $248m payment has already been completed, with the balance due within 30 days and secured by an irrevocable letter of credit.
Elumelu, who chairs United Bank for Africa Plc and serves on the board of Transnational Corporation Plc, has been steadily deepening his footprint in Nigeria’s oil and gas value chain through Heirs Holdings. Analysts say the latest move reinforces long-term confidence in Seplat’s growth outlook.
Market watchers also note that the recent recalibration of the naira has improved the acquisition’s value proposition, strengthening its appeal within Heirs Energies’ portfolio strategy and helping to drive the equity rally.
At Thursday’s close, Seplat’s 599.944 million outstanding shares translated to a market capitalisation of about ₦5.459tn, or roughly $3.41bn, cementing its position among the most valuable energy companies listed in Lagos.
Maurel & Prom had been Seplat’s largest shareholder since the company’s 2010 founding, playing a key role in its evolution into a leading indigenous producer.
Its exit now opens a new chapter, with investors betting that the Elumelu-backed entry could unlock fresh operational value in Nigeria’s shifting energy landscape.
