In the ending days of 2025, Heirs Holdings, the investment vehicle of Nigerian tycoon Tony Elumelu, captured a 20.07 per cent stake in Seplat Energy from France's Maurel & Prom for $496 million. Analysts say this is a move in simple portfolio expansion. They say it is a strategic ploy with layered motives. They say it has profound implications. The deal was announced just before New Year's Eve 2025 and makes Heirs Energies, Heirs' Holdings’ oil arm, Seplat's top shareholder, boosting its equity oil production to around 50,000 barrels per day.