Tony Elumelu’s Seplat Stake Adds N311.5 Billion in Two Weeks

Tony Elumelu’s indirect stake in Seplat Energy Plc has gained approximately N311.5 billion in market value in just over two weeks, following a sharp rise in the energy company’s share price on the Nigerian Exchange Limited.

The holding, owned through Heirs Energies Limited and Heirs Holdings Limited, is now valued at approximately N1.79 trillion based on Seplat’s N14,907.80 closing price on September 10, 2026.

Seplat’s ownership disclosures show that the Heirs Group holds 120.4 million shares, representing 20.07% of the company. The holding makes the group Seplat’s largest disclosed shareholder. (⁠Seplat Energy)

Seplat share price drives N311.5 billion increase

The latest increase reflects the rapid appreciation in Seplat’s share price during September.On September 1, Seplat shares closed at N12,320.60, putting the value of Elumelu’s 120.4 million shares at approximately N1.48 trillion.

By September 10, the share price had climbed to N14,907.80. At that price, the same holding was worth about N1.79 trillion.The move represents a 21% increase in the share price over the period, adding approximately N311.5 billion to the market value of Elumelu’s stake. (⁠Nairametrics)

The increase is even more significant when measured from June 30. Seplat shares closed at N11,363.90 at the end of the second quarter, putting the value of the holding at approximately N1.37 trillion.That means the market value of the stake has increased by roughly N427 billion since the end of June.

These figures represent changes in market value. They do not constitute realised investment gains unless the shares are sold.Elumelu’s Seplat investment has gained more than N1 trillion in 2026

The latest rally forms part of a much larger increase in the value of Elumelu’s Seplat investment this year.Seplat started 2026 at approximately N5,610 per share. At N14,907.80, the stock had gained about 165.8% since the beginning of the year.

For Elumelu’s 120.4 million shares, the difference between the beginning of year price and the September 10 closing price represents an increase of approximately N1.12 trillion in market value.The surge has significantly changed the valuation of the stake acquired by the Heirs Group less than a year ago.Dividend income adds another layer of value

The investment has also generated dividend income.Seplat declared an interim dividend of N165.50 per share for the first half of 2026. The dividend comprised a N68.96 core dividend and a N96.54 special dividend.

Based on 120.4 million shares, the gross dividend entitlement would be approximately N19.92 billion before applicable withholding tax.

The combination of share price appreciation and dividend income highlights the financial significance of the investment for the Heirs Group.How Tony Elumelu became a major Seplat shareholder

Elumelu’s Seplat position dates to a major transaction completed on December 31, 2025.On that date, French energy company Maurel & Prom agreed to sell its entire 20.07% stake in Seplat Energy to Heirs Energies and Heirs Holdings for approximately $496 million.

The transaction covered 120.4 million shares at 305 pence per share. Following completion, the Heirs Group became Seplat’s largest disclosed shareholder. Seplat’s 2025 annual report identifies Tony Elumelu as the ultimate beneficial owner of Heirs. (⁠Seplat Energy)

Elumelu subsequently joined Seplat’s board as a Non Executive Director. Seplat appointed him Chairman Designate, with his chairmanship scheduled to begin on January 1, 2027. Effiong Okon became Chief Executive Officer from August 1, 2026. (⁠Seplat Energy)

The leadership transition places Elumelu in a significant governance role as Seplat continues to expand its upstream and gas operations.Seplat’s stronger operating performance

The rise in Seplat’s share price has occurred alongside a significant expansion in the company’s operating scale.Seplat’s 2026 first half results showed strong financial and production performance, according to the figures provided by the company. The company reported N790.4 billion in profit before tax, compared with N454.1 billion in the corresponding period a year earlier.

Revenue reached N2.50 trillion, while average production stood at 139,509 barrels of oil equivalent per day.The company had also reported a strong first quarter, with profit after tax rising 48.3% year on year to N52.5 billion.

Seplat’s growth has been supported by the expansion of its production base following its acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil. In 2025, group production increased 148% to 131,506 barrels of oil equivalent per day, while revenue rose 144% to a record $2.73 billion.

The company continues to position itself as a Nigeria focused independent energy producer with upstream and midstream gas assets. (⁠Seplat Energy)

What the investment means for Elumelu

For Elumelu, the sharp appreciation in Seplat’s share price has materially increased the market value of one of his most significant energy investments.The 120.4 million share holding was valued at approximately N1.37 trillion at the end of June. By September 10, that value had risen to about N1.79 trillion.

The increase of roughly N427 billion in less than three months illustrates how movements in Nigeria’s equity market can rapidly change the paper value of large strategic holdings.

For African investors and business leaders, the development also highlights the growing role of indigenous capital in Nigeria’s energy sector, with local investment groups taking increasingly significant positions in major oil and gas assets.

As Elumelu prepares to assume the Seplat chairmanship in January 2027, the value of his indirect stake will continue to move with the company’s share price and its underlying business performance. (⁠Seplat Energy)