Tony Elumelu’s investment in Seplat Energy Plc has increased significantly, with his indirect 20.07 per cent stake now valued at about N1.48 trillion, following a rise in the company’s share price.
The stake, held through Heirs Energies Limited and Heirs Holdings Limited, is equivalent to 120.4 million Seplat shares. At the company’s closing price of N12,320.60 on Tuesday, September 1, the holding was worth approximately N1.48 trillion, or about $1.28 billion.
The latest valuation represents an increase of roughly N114 billion from the N1.37 trillion value recorded at the end of June, when Seplat’s shares closed at N11,363.90.
Elumelu, the founder of United Bank for Africa and Chairman of Heirs Group, became Seplat’s largest disclosed shareholder after Heirs Energies acquired a 20.07 per cent interest previously owned by French energy company Maurel & Prom.
The acquisition, completed through a deal valued at about $496 million, marked a major expansion of Elumelu’s position in Nigeria’s oil and gas industry.
Seplat’s rising share price has since increased the market value of the investment substantially. The company’s shares have gained about 8.4 per cent from their June 30 closing level.
The company’s ownership structure shows that Heirs Group remains its biggest disclosed shareholder, followed by Petrolin Group with 13.50 per cent, Professional Support with 8.34 per cent and Sustainable Capital with 6.19 per cent.
Together, the four major disclosed shareholders account for about 48.1 per cent of Seplat’s issued shares.
Elumelu’s growing stake has also strengthened his influence within the company. He joined Seplat’s board as a non-executive director in May 2026, while the company has announced that he will become Chairman from January 2027.
The value of his Seplat holding has also been boosted by the company’s shareholder distributions. Seplat recently declared an interim dividend of N165.50 per share for the first half of 2026.
Based on his 120.4 million shares, Elumelu’s entitlement from the dividend amounts to about N19.92 billion before withholding tax.
Seplat has also set ambitious growth targets, including higher oil and gas production and increased returns to shareholders. The company’s stronger performance and positive investor sentiment have helped push its share price higher.
