Nigerian billionaire Tony Elumelu has increased his stake in Seplat Energy Plc to 21.07% after acquiring an additional six million shares in the energy company through Heirs Energies Limited.
The transaction takes the combined shareholding of Heirs Energies and Heirs Holdings, both controlled by Elumelu, to 126.4 million shares out of Seplat’s 599.94 million issued shares.
The latest acquisition was disclosed in a corporate notification published on the Nigerian Exchange.
According to the disclosure, Heirs Energies purchased the additional six million ordinary shares, increasing its direct holding in Seplat to 27,943,867 shares.
Following the transaction, the combined interest of the two Heirs entities rose from about 20.07% to 21.07%, further increasing Elumelu’s ownership position in the company.
Seplat Stake Now Worth About N2.02tn
The value of Elumelu’s investment has risen alongside Seplat Energy’s share price.
Seplat shares opened September at N13,155 and closed the month at N16,000, representing a gain of about 21.6%.
At the N16,000 closing price, the 126.4 million shares controlled by Elumelu through Heirs Energies and Heirs Holdings were worth approximately N2.02tn based on their market value.
The six million additional shares acquired in the latest transaction therefore represent about 1% of Seplat’s issued shares.
The acquisition cost about $70 million, or approximately N94 billion, based on Nairametrics’ estimate.
The latest purchase builds on Elumelu’s earlier acquisition of a 20.07% stake in Seplat through Heirs Holdings from French oil and gas company Maurel & Prom.
Elumelu set to become Seplat chairman
The increased shareholding comes ahead of a planned leadership transition at Seplat Energy.
Elumelu is expected to become chairman of the company in January 2027, following the retirement of current chairman Senator Udoma Udo Udoma on December 31, 2026.
Udoma became Seplat’s independent chairman in April 2024 and oversaw the integration of Mobil Producing Nigeria Unlimited and the development of the company’s 2030 strategic plan.
Seplat also changed its executive leadership earlier this year. Roger Brown retired as chief executive officer and board director on July 31, 2026, after 13 years with the company, including six years as CEO.
Engineer Effiong Okon was subsequently appointed CEO and executive director with effect from August 1, 2026.
