Nigerian businessman Tony Elumelu has increased his investment in Seplat Energy Plc after Heirs Energies Limited acquired an additional six million shares in the oil and gas company.
A corporate filing on the Nigerian Exchange showed that the latest transaction increased the combined holding of Heirs Energies and Heirs Holdings to 126.4 million Seplat shares, representing a 21.07 per cent voting interest in the company.
Heirs Energies, which is controlled by Elumelu, now holds 27,943,867 shares in Seplat following the latest purchase.
The acquisition adds about one percentage point to the stake previously held by the two Heirs entities, which stood at approximately 20.07 per cent.
Based on estimates in the report, the six million shares were acquired for about $70 million, equivalent to roughly N94 billion at the exchange rate used in the calculation.
Seplat shares boost value of investment
The increased stake comes as Seplat’s share price has recorded strong gains on the Nigerian Exchange.
The company’s shares rose from N13,155 at the beginning of September to N16,000 at the end of the month, representing a gain of about 21.6 per cent during the period.
At N16,000 per share, Elumelu’s combined 126.4 million shares would be worth approximately N2.02 trillion based on the prevailing market price.
The investment has its roots in Heirs Holdings’ earlier acquisition of a substantial interest in Seplat, following the purchase of the stake previously owned by French oil and gas company Maurel & Prom.
Elumelu set to become Seplat chairman
Elumelu is also scheduled to take over as chairman of Seplat Energy in January 2027 as part of a leadership transition announced by the company.
The transition has already seen Effiong Okon become chief executive officer and executive director from August 1, 2026, replacing Roger Brown, who retired from the company at the end of July.
The current chairman, Senator Udoma Udo Udoma, is expected to retire on December 31, 2026.
Seplat operates oil and gas assets in Nigeria’s Niger Delta, with interests spanning onshore and shallow-water fields.
The latest share acquisition further increases the exposure of Elumelu’s Heirs businesses to Nigeria’s oil and gas industry.
