Billionaire Tony Elumelu Becomes Seplat’s Biggest Shareholder as French Firm Exits
Heirs Energies, an indigenous integrated energy company owned by billionaire Tony Elumelu, has become the biggest shareholder in Seplat Energy following its acquisition of the entire 20.07% equity stake previously held by French oil operator Maurel & Prom S.A (M&P).
The sale was completed for a total price of $496 million, including an initial payment of $248 million, with the remaining balance payable within 30 days and secured by an irrevocable letter of credit, according to MarketScreener.
M&P is one of the three founders of Seplat and has been its largest shareholder since its creation in 2010. The Nigerian energy independent was listed on the Nigerian and London stock exchanges in 2014 in a historic feat.
“We believe that now is the right time for M&P to monetize this stake and focus its resources on direct investments in oil and gas assets,” said CEO Olivier de Langavant.
Tony Elumelu, chairman of Heirs Energies, said in a statement that the acquisition, financed by Afreximbank and Africa Finance Corporation, “reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources”.
