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Tony Elumelu gained an estimated N684.59 billion in the third quarter of 2026 from the appreciation in the market value of his holdings in Seplat Energy, United Bank for Africa (UBA) and Transnational Corporation Plc, as a sharp rally in Seplat reshaped the value of the Nigerian billionaire’s listed investment portfolio.
Nairametrics’ analysis shows that the combined value of the three holdings increased from N1.74 trillion at the end of June to approximately N2.43 trillion at the end of September, representing a quarter-on-quarter increase of 39.3%.
The numbers underline just how concentrated the quarter’s gains were.
Out of the N684.59 billion increase, N654.20 billion, or about 95.6%, came from Seplat Energy alone. UBA contributed another N44.50 billion, while weaker trading in Transcorp reduced the overall gain by N14.11 billion.
The calculations are based on approximately 120.4 million Seplat shares, 6.31 billion UBA shares and 3.14 billion Transcorp shares attributable to Elumelu, valued at their respective Q2 and Q3 closing prices.
Seplat drives Elumelu’s Q3 gains
No investment influenced Elumelu’s portfolio during the quarter as much as Seplat. The energy company’s shares climbed 40.8%, from N11,363.90 at the end of Q2 to N16,000.10 at the end of September.
- That movement increased the estimated value of Elumelu’s 120.4 million shares from N1.368 trillion to N2.022 trillion, creating a paper gain of N654.20 billion in three months.
- The scale is significant beyond the headline number. At the end of Q2, Seplat represented roughly 79% of the combined N1.74 trillion value of the three investments analysed. By September, it accounted for more than 83% of the N2.43 trillion portfolio.
In other words, Q3 did not merely make the portfolio more valuable; it made Elumelu’s exposure to Seplat considerably more consequential to its overall performance.
August provides a useful snapshot of how quickly that value was building. At a market price of N12,320.60, the 120.4 million Seplat shares were worth approximately N1.483 trillion. By the end of September, their value had risen by more than N539 billion from that August level.
UBA gains as Transcorp declines
UBA, the banking group most closely associated with Elumelu’s investment career, also strengthened during the quarter.
- Its shares advanced 18.4% from N38.40 to N45.45, lifting the value of approximately 6.312 billion shares attributable to Elumelu from N242.39 billion to N286.89 billion.
- That produced an estimated N44.50 billion increase. The progression was not entirely linear. In August, UBA traded at N47.35, valuing the holding at approximately N298.88 billion. The September valuation was therefore below its August level, but remained substantially ahead of where the investment started the quarter.
- Transcorp share price declined 10.8%, from N41.50 at the end of June to N37.00 at the end of September. On approximately 3.136 billion shares, that reduced the market value of Elumelu’s holding from N130.16 billion to N116.05 billion, a decline of N14.11 billion.
Again, the August data show the path between the two quarter-end points. At N36.75 per share, the holding was valued at N115.27 billion, before recovering marginally to N116.05 billion by September.
Elumelu deepens Seplat investment
Elumelu’s exposure to Seplat became even larger at the end of the quarter, extending a bet that has emerged as one of the most valuable positions in his listed investment portfolio.
- On September 30, 2026, Heirs Energies Limited acquired an additional 6 million Seplat shares, increasing the combined holding of Heirs Energies and Heirs Holdings from 120.4 million shares, or 20.07%, to 126.4 million shares, equivalent to a 21.07% voting interest in the energy company.
- Elumelu’s Seplat investment traces back to December 2025, when Heirs Holdings became the company’s largest shareholder after acquiring a 20.07% interest, equivalent to 120.4 million shares, from French energy group Maurel & Prom for approximately $500 million.
By August, with Seplat trading at about N11,200.60 on the NGX and £6.47 in London, Nairametrics estimated that the stake had crossed the $1 billion mark, more than doubling the value of the original investment in less than eight months.
