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By Funsho Arogundade
In 2021, influential investor, Tony O. Elumelu announced his presence in Nigeria’s hydrocarbons ecosystem. He got his hands on 45 per cent of the OML 17 licence block in the Niger Delta. This block is located onshore, a few dozen kilometres north of Port-Harcourt, Rivers State with the total transaction amounted to $1.1billion. The question then was: will a new private oil giant emerge in Nigeria as Elumelu’s acquisition consists of the shares of Shell (30%), Total (10%) and ENI (5% via its subsidiary Nigerian Agip Oil Co.)?
Fast forward to late 2025: Elumelu created a sensational headline with a significant deal through his Heirs Holdings and its subsidiary Heirs Energies by quietly acquiring a 20.07 per cent stake in Seplat Energy Plc for $500 million. By year’s end, Elumelu had become Seplat’s largest shareholder as he pounced on the French firm Maurel & Prom’ 120.4 million ordinary shares and bought them at £3.05 per share valuing at $496 million. The transaction reportedly closed on December 30, after market hours. The Euronext Paris-listed firm had exited fully, ending a founding relationship with Seplat that dated back more than a decade.
Meanwhile, Seplat is no marginal asset. The company operates across the Niger Delta. It is listed in Nigeria and London Exchanges —its stock trading in London bourse rose by 10.72% on the news. It holds reserves of over one billion barrels of oil equivalent. As of October 2025, production stood at 135,600 barrels per day, with its market value sitting around N3.2 trillion.
With the singular deal, Heirs Energies completed its transition from an ambitious upstart to a dominant indigenous major. Elumelu said the deal, backed by both African Export-Import Bank and Africa Finance Corporation, reflects Heirs’ strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources.
Spotlight gathered that Elumelu already owns three oil companies —Heirs Energies, Transcorp Energy and Tenoil. This latest acquisition in Seplat, the single largest equity trade in Nigerian energy history, will bolster Elumelu’s energy ambitions. And as he rapidly expanded his oil and gas portfolio, some industry analysts have been hazarding guesses of what could have abetted Elumelu’s growing dominance in the Nigerian energy sector and his recognition as a major indigenous energy player in Africa.
From his days as a young banker, Elumelu has been able to legitimately inject himself into the top 0.001 per cent of the world. And he is fast becoming one of the continent’s few corporate statesmen. The billionaire magnate founded Heirs Holdings in 2010 to invest in strategic sectors in the continent’s biggest oil exporter. His foundation was built in banking and financial services, where governance, balance-sheet strength, and regulatory compliance define long-term survival. Conservatively, it’s right to say he has conquered banking. Now, the new ‘oil sheikh’ is fast establishing his dominance and as a key figure in the shark-infested oil sector traditionally dominated by international players.
