Heirs Energies, an indigenous integrated energy company, has acquired the entire 20.07 percent equity stake (120.4 million ordinary shares) previously held by Maurel & Prom S.A. in Seplat Energy Plc.

The deal was conducted at a price of GBP3.05 pence per share, valuing the transaction at approximately $500 million, according to a statement on Wednesday.

The transaction comes more than a week after Heirs Energies secured a loan of $750 million from Afreximbank.

“The acquisition represents a further milestone in Heirs Energies’ long-term strategy to strengthen indigenous participation in strategic assets and accelerate sustainable energy development and security for Nigeria and Africa,” the statement reads.

Commenting on the transaction, Tony Elumelu, chairman of Heirs Energies, said the deal also reflects the country’s strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources.

“It is a long-term investment in Nigeria’s and Africa’s energy future, and aligns with our mission to drive energy security, industrialization, and shared prosperity,” he said.

“Seplat Energy has built a resilient, well-governed platform with compelling long term prospects, and we are pleased to support its continued growth and value creation for all stakeholders.”

According to the statement, the transaction was backed by two major African financial institutions — Afreximbank and Africa Finance Corporation (AFC) — highlighting Africa’s growing ability to fund its own transactions.