Seplat Energy Plc has confirmed that one of its founding investors, Etablissements Maurel & Prom S.A. (M&P), has fully divested its interest in the company, marking the end of a long-standing shareholder relationship.

According to a notice filed on the Nigerian Exchange Limited, M&P sold its entire holding of 120.4 million ordinary shares in Seplat Energy. The shares were acquired by Heirs Energies Limited and Heirs Holdings Limited, subsidiaries within the Heirs Group.

Heirs Energies purchased 86,639,377 shares, while Heirs Holdings acquired the remaining 33,760,623 shares. Following the transaction, the Heirs Group now jointly holds 20.07 per cent of Seplat Energy’s issued share capital, making it a significant shareholder in the company.

Seplat Energy acknowledged M&P’s role in its growth over the years, noting that the French energy firm was instrumental in supporting the company’s early development and transformation into a leading indigenous energy player. The company expressed gratitude for M&P’s contributions and wished the investor success in its future ventures.

Commenting on the development, Seplat Energy’s Chief Financial Officer, Eleanor Adaralegbe, said the company welcomed the Heirs Group as new shareholders and looked forward to working closely with them to advance its long-term strategy.

She added that the change in shareholding aligns with Seplat Energy’s ambition to strengthen its position as a major African energy company.

Details of the transaction have been officially submitted to the relevant regulatory authorities through the TR-1 Standard Form for the notification of major shareholdings.