Tony Elumelu’s investment in Seplat Energy Plc has more than doubled in market value in less than eight months, with the 20.07% stake held through his investment vehicles now worth about $1 billion.
The gain follows a sharp rise in Seplat’s share price since Heirs Energies Limited acquired the stake from French oil and gas company Maurel & Prom in December 2025.
Heirs Energies acquired 120.4 million Seplat shares, representing 20.07% of the company, for approximately $500 million. The transaction made the Elumelu-controlled company Seplat’s largest single shareholder.
The acquisition was made by Heirs Energies, with shares held across Heirs Energies Limited and Heirs Holdings Limited, rather than by Heirs Holdings alone.
At Seplat’s recent market prices, the 120.4 million shares are now worth around $1 billion, putting the market value of the stake at roughly twice the amount paid for it less than eight months ago.
Seplat Shares Surge More Than 90%
The dramatic increase in the value of the stake has been driven primarily by Seplat’s strong share-price performance in 2026.
Seplat ended 2025 at about N5,809 per share. The stock moved above N9,000 by March and became the first company listed on the Nigerian Exchange to trade above N10,000 per share in April.
It closed at N10,450 on April 14, having gained almost 80% since the beginning of the year. The stock subsequently moved above N11,000 and has retained most of its gains.
The rise has pushed Seplat’s market capitalisation to about $5.24 billion and transformed the value of Heirs’ investment.
The market rally has coincided with a fundamental expansion in Seplat’s business following its acquisition of Mobil Producing Nigeria Unlimited, now known as Seplat Energy’s MPNU business.
The $1.28 billion acquisition of ExxonMobil’s Nigerian shallow-water business significantly increased Seplat’s production base and expanded its exposure to offshore assets.
Elumelu’s Growing Seplat Influence
Elumelu joined Seplat’s board in January 2026 and has been elected to become chairman of the company effective January 1, 2027.
His appointment means that Seplat’s largest shareholder will also assume the chairmanship of the company, giving Elumelu a greater role in shaping its long-term strategy.
When Heirs Energies completed the purchase in December 2025, the transaction was a major bet on Seplat’s ability to integrate the MPNU assets and convert its enlarged production base into stronger cash flows and shareholder returns.
