The year 2025 came to an end with deals and acquisitions flying left, right and centre in both the power and oil and gas sectors.

We spotlight four deals that shaped conversations and are pointers to happenings in the sectors.

1. Otedola exits Geregu Power in $750 million deal

Femi Otedola concluded his 12-year investment journey with Geregu Power Plc as he fully exited his 77% stake in the company, in a $750 million deal, making a massive profit of $618 million.

MA’AM Energy Limited, an Abuja-based energy company, under the chairmanship of Senator Abdulaziz Yari, a former governor of Zamfara, acquired a 95% equity stake in Amperion Power Distribution Company Limited (Otedola’s holding company), effectively taking control of 77% of Geregu Power previously held indirectly by Otedola.

2. Heirs Energies acquires 20% state in Seplat Energy Plc

Another deal that hit the airwaves was Heirs Energies Limited’s acquisition of Maurel & Prom’s 20.07% stake in Seplat Energy Plc in a transaction worth $500 Million.

Before this acquisition, Heirs Energies operated OML 17 in the Niger Delta, producing over 50 thousand barrels of oil per day (50 kbopd) and 120 million cubic feet of gas per day (120 mmcfd), with a reserve. base of over 1.5 billion barrels of oil (MMBo) and 2.5 trillion cubic feet of gas (Tcf).

Commenting on the transaction, Tony Elumelu, Chairman of Heirs Energies, said, “This acquisition reflects our 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, industrialisation, and shared prosperity. 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.”

This landmark achievement was supported by two leading African financial institutions—Afreximbank and AFC—further demonstrating Africa’s capacity to finance its own deals.

Weeks after the deal, Elumelu was appointed as a non-executive director of Seplat Plc. The appointment, announced on Thursday in a filing with the Nigerian Exchange Limited (NGX), follows the resignation of Seplat’s former non-executive director, Olivier Cleret De Langavant, effective 22nd January 2026, after a six-year run of providing strategic technical counsel and invaluable insights that have materially supported the company’s progress.

3. Aradel acquires 40 per cent in ND Western Limited

Aradel Holdings Plc, through its wholly-owned subsidiary, Aradel Energy Limited, completed the acquisition of an additional equity interest in ND Western Limited (“NDW”) in a deal worth $200 million.

The transaction involved the acquisition of a 40% equity interest in NDW from Petrolin Trading Ltd., increasing its shareholding interest from 41.67% to 81.67%.

NDW holds a 45% participating interest in OML 34 (“OML 34”), a producing Oil Mining Lease located in the Western Niger Delta and owns 50% of the share capital of Renaissance Africa Energy Holding Company Ltd, the parent company of Renaissance Africa Energy Company Limited, which operates the Renaissance Joint Venture, formerly the Shell Petroleum Development Company JV.

Commenting on the transaction, Mr. Adegbite Falade, Chief Executive Officer of Aradel Holdings Plc, stated, “The completion of this acquisition represents a further step in the execution of our growth and consolidation strategy. Increasing our equity interest in ND Western reinforces Aradel’s position as a leading indigenous integrated energy company and enhances our ability to drive long-term value for shareholders through scale, operational efficiency, and portfolio optimisation.”

4. Transgrid Enerco acquires 60% of Eko DisCo

Transgrid Enerco Limited completed the acquisition of a 60 per cent controlling interest in Eko Electricity Distribution Company (Eko DisCo) in a transaction valued at about $200 million.

The transaction, which was initially expected to close by April 2025, was finalised on December 30, 2025, making it one of the largest privately negotiated takeovers in Nigeria’s electricity distribution sector since the 2013 privatisation. West Power & Gas Limited (WPG), the former core investor, had acquired the 60 per cent stake in Eko DisCo for about $135 million during the 2013 power sector privatisation exercise.

Transgrid Enerco is a strategic alliance between North South Power Company, Axxela Limited, and the Stanbic IBTC Infrastructure Fund.

Following the acquisition, the company appointed Wola Joseph-Condotti as the Chief Executive Officer of Eko Electricity Distribution Company (Eko Disco), effective January 13, 2026. She previously served as Group Managing Director/CEO of West Power & Gas Limited (WPG).