Shares of Seplat Energy Plc surged by more than 10% on the London Stock Exchange during mid-day trading on December 31, 2025, as investors reacted positively to news of a major change in the company’s ownership structure. The stock climbed to 284 pence, up sharply from its opening price of 266.5 pence, marking one of its strongest single-day moves of the year.
Trading activity also spiked significantly, with more than 138,000 shares exchanging hands by mid-session. This was a sharp contrast to the relatively subdued activity seen a day earlier, when about 36,000 shares were traded throughout the entire session. Market participants attributed the rally to renewed investor confidence following confirmation that Heirs Energies had acquired a substantial equity stake in Seplat.
Details of the acquisition
Market sources confirmed that Heirs Energies acquired a 20% stake in Seplat Energy for approximately $500 million, instantly becoming the company’s single largest shareholder. The transaction represents a significant vote of confidence in Seplat’s long-term prospects and its role within Nigeria’s evolving energy sector.
The stake was acquired from French oil and gas company Maurel & Prom, which sold its entire 20.07% holding in Seplat as part of the deal. In a disclosure dated December 31, 2025, Maurel & Prom revealed that it sold about 120.4 million Seplat shares at 305 pence per share. The sale price represented a premium to Seplat’s prevailing market price prior to the announcement, a factor widely seen as a key catalyst behind the strong positive market reaction.
Under the terms of the agreement, Heirs Energies will make an upfront payment of $248 million, with the outstanding balance payable within 30 days. The deferred portion is secured by an irrevocable letter of credit, providing additional comfort to the seller. There is also a provision for up to $10 million in contingent consideration, depending on Seplat’s share price performance over the next six months.
Market performance and price trajectory
From a technical and historical perspective, Seplat’s share price performance in 2025 has been marked by volatility but strong recovery. The stock began the year trading at around 199 pence and gained modestly in January before facing downward pressure in February and March, when it dipped to about 173 pence.
Momentum returned in the second quarter, with Seplat posting a robust gain of nearly 35% and closing the first half of the year at 234 pence. The rally has extended into the second half of the year, with the stock gaining more than 20% in H2 alone. As of the latest trading session, Seplat’s year-to-date gain stands at over 45%, reflecting improving sentiment around the company’s fundamentals and strategic direction.
Analysts tracking the stock note that maintaining levels above the 280-pence mark could signal further upside in the near term, particularly if follow-through buying continues into early 2026. Meanwhile, Seplat shares listed on the Nigerian Exchange (NGX) were yet to fully reflect the London market’s reaction at the time of reporting.
Strategic implications and stakeholder reactions
The acquisition has drawn attention across Nigeria’s energy and capital markets, as it underscores a broader trend of increasing participation by indigenous and Africa-focused investors in strategic energy assets. Heirs Energies, a subsidiary of Heirs Holdings, is known for long-term investments across power, energy, financial services, and infrastructure.
Commenting on the deal, Tony Elumelu, Chairman of Heirs Energies, described the transaction as a long-term investment in Nigeria’s and Africa’s energy future. He noted that the group sees Seplat as a platform for sustained growth, value creation, and expanded indigenous participation in the continent’s energy value chain.
On the seller’s side, Maurel & Prom’s Chief Executive Officer, Olivier de Langavant, highlighted the firm’s long-standing involvement in Seplat’s evolution, describing the divestment as the culmination of a successful partnership that helped transform Seplat into one of Nigeria’s leading independent energy companies.
Bigger picture
Beyond the immediate market reaction, the transaction marks a major shift in Seplat’s ownership structure and reflects deeper changes underway in Nigeria’s energy investment landscape. With a strong balance sheet, rising production ambitions, and a new anchor shareholder with a long-term outlook, Seplat appears well positioned to consolidate its role as one of Africa’s leading indigenous energy companies as the sector continues to evolve.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
