Tony Elumelu’s Heirs Energies Acquires 20% Stake in Seplat Energy for $500 Million

Tony Elumelu’s Heirs Energies Limited has acquired a 20% stake in Seplat Energy for a whooping USD 500 million, becoming the largest single shareholder in the company.

The transaction was backed by Afreximbank and Africa Finance Corporation, highlighting Africa’s growing ability to fund major continental deals.

This follows Heirs Energies’ recent closure of a USD 750 million financing deal with Afreximbank to support its existing operations and planned expansions.

Seplat Energy currently produces approximately 286,000 barrels of oil equivalent per day (kboepd), while Heirs Energies produces around 70 kboepd. Together, their combined daily production totals about 356 kboepd, split between 266,000 barrels of oil per day (kbopd) and 490 million cubic feet of gas per day (mmcfd).

The acquisition further strengthens Tony Elumelu’s footprint in Africa’s energy sector. His power generation companies, Transcorp Power in Delta State and TransAfam Power in Rivers State, contribute about 17% of Nigeria’s electricity supply, while the Abuja Electricity Distribution Company (AEDC) serves a 126,000 sq. km area covering Abuja, Kogi, Nasarawa, and Niger States.

A leading advocate of Africapitalism, Elumelu has consistently emphasized Africa’s need to address energy poverty, and this milestone acquisition reinforces his philosophy that “No One But Us Will Fix Africa.”

With this financial capability, Heirs Energies is well-positioned to pursue additional high-value transactions in the energy sector, consolidating its influence across oil, gas, and power generation.