The Debriefing, a publisher of deep-dive corporate profiles, says Nigerian oil companies acquired more than $15 billion worth of assets from international oil companies (IOCs) between 2010 and 2025 as the producers shifted capital from the onshore Niger Delta to deepwater operations.
According to a statement on Wednesday, the figures are contained in a report titled ‘Board Games: White Knights and Dark Strategies at Seplat Energy,’ by Obiora Onyeaso, managing director of Podhium, publisher of The Debriefing.
The publication said the report examines the transfer of onshore oil assets from international majors to indigenous operators, using Seplat Energy’s emergence as one of “Nigeria’s leading independent oil producers” as a case study.
“Between 2010 and 2025 the international majors moved their capital from the onshore Niger Delta to deepwater, and Nigerian companies took over the fields they left, paying more than fifteen billion dollars for them,” the statement reads.
“Seplat’s 2010 purchase from Shell was the first of these transactions and the model for those that followed, among them Wale Tinubu’s acquisition of ConocoPhillips’ Nigerian business for Oando and Benedict Peters’ purchase of OML 29 for Aiteo.”
The Debriefing added that the report traces Seplat’s journey from its founding in 2009 by Ambrosie Orjiako and Austin Avuru to its emergence as a leading indigenous oil producer.
According to the publication, it also examines the role of Maurel & Prom and its founder, Jean-François Hénin, whose early investment helped Seplat secure its first oil blocks.
M&P’s sale of its stake in December 2025, the Debriefing said, gave Elumelu the entry to become the company’s largest shareholder.
Beyond the asset transfers, the report examines the challenges founder-led companies face when ownership and control begin to change.
Debriefing said Seplat’s two founders built a national champion but subsequently “drifted apart over its future direction and their places in it”.
“Board Games examines how the company emerged unscathed despite internal disagreements on the board, and other external bumps along the way,” the statement added.
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The Debriefing said the report also examines corporate governance and shareholder disputes involving major Nigerian companies, including Oando, Pan Ocean, Nestoil, and Chappal Energies.
According to the publication, Seplat’s five-year plan targets production of 200,000 barrels of oil equivalent per day by 2030, about 50 percent above its current output, with Effiong Okon, the engineer who brought the ANOH gas plant to first gas in January, now serving as chief executive.
The report also examined the possibility of Seplat and oil mining lease (OML) 17, an oil block held by Elumelu’s Heirs Energies, eventually being combined.
