Tony Elumelu expands Seplat stake to 21.07%, now worth $1.5 billion

Nigerian billionaire Tony Elumelu has acquired an additional 6 million shares in Seplat Energy Plc through Heirs Energies Limited, taking the combined stake held by entities he controls to 21.07%.

This is according to a corporate disclosure published on the Nigerian Exchange website.

The additional purchase brings the combined shareholding of Heirs Energies Limited and Heirs Holdings Limited to 126.4 million shares.

Heirs entities increase Seplat shareholding

The disclosure stated that Heirs Energies Limited purchased the additional shares, increasing its holding in Seplat to 27,943,867 shares.

The transaction expands the combined shareholding of the two entities controlled by Elumelu, who is a non-executive director of the energy company.

• “The Company was notified of the purchase of 6,000,000 ordinary shares by Heirs Energies Ltd, a company controlled by Mr. Tony Elumelu, a Non-Executive Director of the Company.”
• “Following the above transaction, Heirs Energies Limited now holds 27,943,867 shares in the Company.”
• “As a result, the entities controlled by Mr. Tony Elumelu (Heirs Energies Limited and Heirs Holdings Limited) now hold a combined 126,400,000 shares, which equate to a voting interest of 21.07% based on the issued shares of 599,944,561.”

The additional purchase represents approximately 1% of Seplat’s issued shares, increasing the combined holding of the two Heirs entities from about 20.07% to 21.07% and strengthening Elumelu’s position as the company’s largest shareholder.

The 1% acquisition cost the billionaire about $70 million or N94 billion per Nairametrics estimates.

Seplat rally lifts stake valuation

Seplat Energy’s share price has risen sharply in recent months, increasing the market value of Elumelu’s investment in the company.

Based on the opening and closing prices supplied for September, the stock gained approximately 21.6% during the month.

• The stock opened September at N13,155 per share and closed at N16,000 per share, representing an increase of N2,845 over the month and extending its rally during the third quarter.
• Seplat is currently trading at its all-time high.
• At the stated closing price of N16,000 per share, the combined holding of 126.4 million shares controlled by Elumelu would have a market value of approximately N2.02 trillion.
• Elumelu Heirs Holdings initially acquired the stake previously held by French oil and gas company Maurel & Prom, establishing the Heirs entities’ substantial shareholding in Seplat before the latest purchase of an additional 6 million shares.

The latest acquisition therefore adds to an investment whose market value has benefited from the rise in Seplat’s share price, alongside the increase in the number of shares held.

Seplat prepares for Elumelu chairmanship

Elumelu is expected to assume the position of Seplat chairman in January 2027, following the company’s announcement of a planned leadership transition in June.

The changes cover both the chief executive and chairman positions, with Seplat seeking to maintain continuity in strategy, governance and execution as it prepares for its next phase of growth.

• Roger Brown retired as chief executive officer and a board director on July 31, 2026, after 13 years with the company, including the last six years as CEO.
• The board appointed Engr. Effiong Okon as chief executive officer and executive director with effect from August 1, 2026, succeeding Brown under the leadership transition.
• Chairman Senator Udoma Udo Udoma will retire on December 31, 2026, having overseen the successful integration of MPNU and the articulation of Seplat Energy’s 2030 strategic plan since becoming independent chairman in April 2024.

Elumelu’s expanding investment in Seplat adds to his vast business interests across banking, insurance, hospitality, real estate, power, and technology.

Seplat Energy states that its portfolio consists of 11 PMLs, 17 PPLs, and 5 OMLs in onshore and shallow water locations in the Niger Delta region of Nigeria. It operates the oil assets with partners including the Nigerian Government and other producers.