Elumelu-backed acquisition sparks N2trn rally in Seplat, lifts market sentiment

A landmark acquisition by Heirs Energies Limited has ignited a rally in Seplat Energy Plc, driving a 57 percent surge in the company’s share price and adding nearly N2 trillion to its market value in one of the most significant runs recorded by an energy-linked stock on the Nigerian Exchange in recent years.

Market data show that Seplat’s shares climbed to N9,099.90 amid heightened trading volumes and renewed institutional buying interest, marking a sharp departure from the stock’s historically stable trading pattern.

Since the transaction was announced, the company’s stock has appreciated by 56.65 percent, underscoring strong investor confidence in the deal’s long-term strategic value.

The rally followed the announcement by Etablissements Maurel & Prom S.A. on December 30, 2025, that it had entered into a binding agreement to divest its entire 120.4 million shares, representing a 20.07 percent stake in Seplat to Heirs Energies Limited. The stake sale marks the exit of one of Seplat’s founding shareholders and signals a significant shift in its ownership structure.

The $496 million transaction was priced at 305 pence per share. An initial payment of $248 million has already been made, with the outstanding balance due within 30 days and secured by an irrevocable letter of credit, reflecting the financial strength underpinning the deal.

The acquisition is backed by billionaire investor, Tony Elumelu, chairman of United Bank for Africa Plc and a leading figure at Transnational Corporation Plc. The move represents his latest strategic expansion in the energy sector and reinforces Heirs Energies’ ambition to deepen its footprint in Nigeria’s oil and gas value chain.

Analysts believed the recent recalibration of the naira has further enhanced the value proposition of the acquisition, strengthening its appeal within Heirs Energies’ long-term portfolio strategy. The shift in ownership is widely viewed as a catalyst for renewed growth expectations and operational optimisation at Seplat.

At the close of trading on Thursday, Seplat’s 599.944 million outstanding shares placed its market capitalisation at N5.459 trillion, consolidating its position among the most valuable energy companies listed on the Nigerian Exchange.

Maurel & Prom had been Seplat’s largest shareholder since the company’s inception in 2010, playing a pivotal role in its transformation into a leading indigenous energy company with a diversified oil and gas portfolio. Its exit now ushers in a new chapter for Seplat, with investors betting that the Elumelu-backed entry will sustain momentum and unlock fresh value in Nigeria’s evolving energy landscape.