Tony Elumelu’s stake in Seplat added N311.5 billion in two weeks, now worth N1.79 trillion

The value of Tony O. Elumelu’s stake in Seplat Energy Plc has increased by approximately N311.5 billion in just over two weeks, following a sharp rise in the energy company’s share price on the Nigerian Exchange Limited (NGX).

Elumelu’s stake, held indirectly through Heirs Energies Ltd and Heirs Holdings Ltd, is now worth approximately N1.79 trillion, based on Seplat’s current share price of N14,907.80.

According to Seplat’s ownership disclosures, the billionaire who led the historic 2005 merger between Standard Trust Bank (STB) and UBA, holds 120.4 million Seplat shares, representing 20.07% of the company and making Heirs Group its largest disclosed shareholder.

What the data is saying

Seplat’s latest share-price movement has further increased the value of an already substantial position held by Elumelu.

At Seplat’s September 1 closing price of N12,320.60, the same holding was worth approximately N1.48 trillion. The subsequent increase to N14,907.80 has therefore added about N311.5 billion to the market value of Elumelu’s stake.

• The increase represents a 21.0% appreciation in Seplat’s share price over the period, with each share gaining N2,587.20 in market value.
• As of June 30, 2026, the company’s four disclosed substantial shareholders held a combined 288.56 million shares, representing approximately 48.10% of its issued share capital.
• By September 1, the value had risen to about N1.48 trillion, before climbing further to approximately N1.79 trillion at the current price.

This puts the increase in the market value of Elumelu’s stake at about N426.7 billion since the end of June, with approximately N311.5 billion of the gain occurring since September 1.

More insights

The latest increase adds to a much larger appreciation in the value of Elumelu’s Seplat investment since the beginning of the year.

• Seplat started 2026 at approximately N5,610 per share and has since risen to N14,907.80, representing a 165.9% year-to-date increase.
• For Elumelu’s 120.4 million shares, the difference between the beginning-of-year price and the current price translates into an increase of approximately N1.12 trillion in market value.
• The September rally alone has therefore added a significant amount to the value of the holding, although these remain unrealised gains unless the shares are sold.

The increase also comes on top of dividend income. Seplat declared a N165.50 per-share interim dividend for H1 2026, comprising a N68.96 core dividend and a N96.54 special dividend.

Based on his 120.4 million shares, Elumelu’s gross entitlement from the interim dividend is approximately N19.92 billion, before applicable withholding tax.

How Elumelu became Seplat’s biggest shareholder

Elumelu’s position in Seplat dates to a landmark transaction completed at the end of 2025.

• On December 31, 2025, French oil and gas company Maurel & Prom entered a binding agreement to sell its entire 20.07% stake in Seplat Energy to Heirs Energies for approximately $496 million.
• The transaction covered 120.4 million shares at 305 pence per share, representing a 10.9% premium to Seplat’s then-trading price.
• The deal involved an upfront payment of $248 million, while the balance was secured by an irrevocable letter of credit.
• Following the acquisition, Elumelu was elected to Seplat’s board as a Non-Executive Director at the company’s 13th Annual General Meeting in May 2026.

In June, Seplat announced that Elumelu would become Chairman of the company effective January 1, 2027, succeeding Senator Udoma Udo Udoma, while Engr. Effiong Okon was appointed as CEO.

The investment has since increased substantially in market value as Seplat’s share price has continued to climb.

What you should know

The increase in Seplat’s market value comes against a backdrop of stronger earnings and a significantly larger production base.

• In the first half of 2026, Seplat reported N790.4 billion in profit before tax, up 74.1% from N454.1 billion a year earlier. The company also recorded N2.50 trillion in revenue and average production of 139,509 barrels of oil equivalent per day.
• The stronger first-half performance followed a profitable first quarter, when profit after tax rose 48.3% year on year to N52.5 billion.
• Seplat’s expansion in production has also changed the scale of its operations. 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.

Together, the earnings growth, higher production and dividend payments provide the financial backdrop to the sharp increase in Seplat’s share price.

For Elumelu, that performance has translated into a substantial increase in the market value of his 20.07% holding, taking the stake from about N1.37 trillion at the end of June to N1.79 trillion currently.