Business
BREAKING: Heirs Energies Acquires 20.07% Stake in Seplat Energy from Maurel & Prom in $496-500 Million Deal
In a major shake-up in Nigeria’s oil and gas sector, Heirs Energies Limited, chaired by billionaire Tony Elumelu, has agreed to acquire the entire 20.07% equity stake in Seplat Energy Plc from French oil company Etablissements Maurel & Prom S.A.
The transaction involves the sale of 120.4 million ordinary shares at approximately £3.05 per share, valuing the deal at around $496 million to $500 million.
The binding agreement was signed on December 30, 2025, after market close, marking Maurel & Prom’s exit from its long-held position in Seplat, one of Nigeria’s leading independent energy producers listed on both the London Stock Exchange and the Nigerian Exchange.
Tony Elumelu, Chairman of Heirs Energies and its parent Heirs Holdings, described the acquisition as a “long-term investment in Nigeria’s and Africa’s energy future,” emphasizing its alignment with goals of energy security, industrialization, and shared prosperity.
Maurel & Prom CEO Olivier de Langavant stated that the sale allows the company to monetize its stake and redirect resources toward direct investments in oil and gas assets, while expressing confidence in Heirs Energies as a strong, long-term shareholder for Seplat.
Seplat Energy, a key player in Nigeria’s energy transition with significant oil and gas operations in the Niger Delta, recently bolstered its portfolio through acquisitions, including ExxonMobil’s shallow-water assets.
This deal further consolidates indigenous ownership in Nigeria’s upstream sector, following Heirs Energies’ own growth as a major gas supplier powering domestic electricity generation.
The transaction is subject to customary closing conditions and regulatory approvals.
Business
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.
Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.
The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.
Moniepoint is also the only African company represented on the inaugural list.
Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.
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Business
Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.
The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.
Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline and power plant, and a polypropylene packaging facility, in Ethiopia.
The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.
Developers say the infrastructure will strengthen energy security and improve supply chain resilience for the two countries, he said.
Abiy is on a visit to Djibouti and made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
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