Seplat Gains 15% after M&P Sells Interest to Heirs Energies
Seplat Energy Plc, Nigeria’s leading independent company, traded at its all-time high on the Nigerian Exchange (NGX) after gaining more than 15% in January 2026.
Its stock market price ticked higher less than three weeks after one of its founding investors sold its entire 120.4 million shares to Tony Elumelu-backed Heirs Energies Limited for $496 million.
As some value hunters tag along the new significant shareholder, the oil stock popped higher by 15.3% from the beginning of the year to N6,700, from N5,809 at the close of the trading session last year.
Latest stock market data showed that Seplat Energy Plc’s share price has been flattish after a few steps forward amidst shareholders’ composition adjustment.
The stock market value of the oil company’s 599.944 million outstanding shares printed at N4.019 trillion after the bargain hunting slowed.
Early in January, the management disclosed that one of Seplat Energy’s founding investors, Etablissements Maurel & Prom S.A., sold its 20.07% equity interest in Heirs Energies Ltd.
In a statement, Etablissements Maurel & Prom S.A.announces that on 30 December 2025, after market close it entered into a binding agreement in relation to the sale of its entire shareholding of 120.4 million shares, representing a 20.07% interest, in Seplat Energy Plc. to Heirs Energies Ltd.
The sale is at a price of 305 pence per share, corresponding to a total consideration of $496 million, with an initial payment of $248 million and the balance payable within 30 days, secured by an irrevocable letter of credit.
The deal includes an additional contingent consideration of $10 million that may become payable, subject to share price performance over the next six months.
M&P has been one of Seplat’s three founders and its largest shareholder since inception in 2010, and has supported the company throughout its development into a leading Nigerian energy player with a diversified portfolio across oil and gas, playing a key role in Nigeria’s energy security. Zenith Bank Climbs as Investors Price in Acquisition Taste
