Tony Elumelu’s $500m investment in Seplat Energy Plc has risen in value to more than $1bn, following a sharp increase in the energy company’s share price.
Elumelu’s investment vehicle, Heirs Holdings, acquired a 20.07 per cent stake in Seplat, representing 120.4 million shares, from French energy company Maurel & Prom in December 2025.
The acquisition was completed for approximately $500m, making Heirs Holdings Seplat’s largest shareholder.
Since then, Seplat’s share price has recorded significant gains on the Nigerian Exchange and the London Stock Exchange. The company’s shares, which closed 2025 at N5,809, have risen by more than 90 per cent in 2026.
Seplat crossed the N10,000-per-share mark in April, becoming the first company listed on the Nigerian Exchange to reach that level. Its shares have since traded above N11,000.
The rise has substantially increased the market value of Heirs Holdings’ stake, taking it beyond $1bn in less than eight months.
The strong performance has been supported by improved financial results following Seplat’s acquisition of Mobil Producing Nigeria Unlimited, which significantly expanded the company’s production and asset base.
In 2025, Seplat’s revenue increased by 144 per cent to $2.73bn, while adjusted earnings before interest, taxes, depreciation and amortisation rose by 137 per cent to $1.28bn. Operating cash flow also increased to $1.17bn, while net debt fell by 25 per cent to $673.3m.
The company has maintained the positive momentum in 2026. Seplat recorded N2.50tn in revenue in the first half of the year, while profit before tax climbed 74 per cent to N790.4bn.
Profit after tax also increased significantly, rising from N42.5bn in the first half of 2025 to N225.5bn during the same period this year.
Seplat’s balance sheet has also strengthened, with interest-bearing borrowings declining from about N1.44tn at the end of 2025 to N1.11tn by June 2026. Cash holdings increased to N598.3bn.
Production has grown alongside the company’s expanded asset base. Average working-interest production reached 139,509 barrels of oil equivalent per day in the first half of 2026, compared with 134,492 boepd a year earlier.
Offshore assets accounted for more than half of production, while natural gas liquids output more than doubled to 8,459 barrels per day.
Elumelu’s involvement in Seplat is also set to deepen. He joined the company’s board in January 2026 and is expected to assume the position of chairman on January 1, 2027.
The appreciation in Seplat’s share price has therefore more than doubled the value of Heirs Holdings’ investment, while the company’s stronger earnings, production growth and improved financial position have provided support for its higher market valuation.
