Shares of Seplat Energy Plc rallied strongly on the Nigerian Exchange after Heirs Energies Limited agreed to acquire a significant stake in the company, a move backed by billionaire investor Tony Elumelu.

The deal sparked a sharp market reaction, with Seplat’s stock jumping about 57% in recent trading sessions. The surge added an estimated $1.25 billion to the company’s market capitalisation, making it one of the most notable energy-sector rallies in Lagos in years.

Investor enthusiasm followed confirmation that French oil and gas firm Maurel & Prom will sell its entire 20.07% holding in Seplat equivalent to 120.4 million shares to Heirs Energies. The transaction, valued at $496 million and priced at 305 pence per share, marks Maurel & Prom’s exit as a founding shareholder after more than a decade.

Half of the purchase price has already been paid, while the outstanding balance is expected within 30 days and is secured by an irrevocable letter of credit. The acquisition reshapes Seplat’s shareholder structure and signals a growing role for locally backed capital in Nigeria’s energy industry.

Market analysts say the entry of Heirs Energies reinforces confidence in Seplat’s growth outlook, particularly as Nigeria’s oil and gas sector navigates currency adjustments and renewed investor interest. Recent naira recalibration has also improved the deal’s value appeal, further supporting the stock’s upward momentum.

By the close of trading, Seplat’s nearly 600 million outstanding shares valued the company at approximately ₦5.46 trillion, or about $3.4 billion, cementing its position among the most valuable energy stocks on the Nigerian Exchange.