Tony Elumelu’s Heirs Energies has acquired a 20% stake in Seplat Energy for USD500 million, becoming the single largest shareholder in the company.
This landmark achievement was supported by two leading African financial institutions—Afreximbank and Africa Finance Corporation—further demonstrating Africa’s capacity to finance its own deals.
It will be recalled that just last week, Heirs Energies closed a USD750 million financing deal with Afreximbank to fund its existing operations and expansion plans.
With this financial firepower, Heirs Energies is well-positioned to execute transactions of this scale.
Seplat Energy currently produces about 286 thousand barrels of oil equivalent per day (kboepd); and Heirs Energies produces about 70 kboepd.
In aggregate, the combined daily oil and gas production of both entities is about 356 kboepd, split into about 266 thousand barrels of oil per day (kbopd) and about 490 million cubic feet of gas per day (mmcfd).
With this landmark deal, Tony Elumelu has further consolidated his position in the energy sector. His power generation companies (Transcorp Power, in Delta State & TransAfam Power, in Rivers State) account for 17% of Nigeria’s electricity supply, while Abuja Electricity Distribution Company (AEDC) serves a 126,000 sq. km area spanning Abuja, Kogi, Nasarawa, and Niger States.
A leading Africapitalist, he has consistently championed the urgent need to bridge Africa’s energy poverty, and this acquisition further reinforces his belief that “No One But Us Will Fix Africa.”