Nigerian businessman and investor Tony Elumelu has increased his stake in Seplat Energy after Heirs Energies, a company he controls, acquired six million additional shares in the oil and gas producer.

The shares were purchased on the London Stock Exchange on September 30 at £8.87 each, bringing the value of the transaction to £53.22 million, equivalent to about $71 million based on the exchange rate around the time of the deal.

Following the latest acquisition, Heirs Energies and Heirs Holdings now collectively hold 126.4 million Seplat shares, representing a 21.07 per cent voting interest in the company.

The shares are held through Elumelu-controlled companies rather than directly in his personal name.

The transaction comes as Elumelu prepares to assume the chairmanship of Seplat Energy in January 2027.

He joined the company’s board in January 2026 and is expected to take over as chairman on January 1, 2027, following the planned retirement of the current chairman, Udoma Udo Udoma, at the end of December.

The latest purchase adds to an investment position built earlier this year, when companies controlled by Elumelu acquired a 20.07 per cent stake in Seplat from French oil company Maurel & Prom in a deal valued at about $496 million.

That earlier transaction gave Elumelu-controlled entities a significant position in the Nigerian energy company before his scheduled move into the chairman’s role. The new acquisition has now increased their reported voting interest by about one percentage point.

Seplat Energy is an independent energy company with operations in Nigeria’s oil and gas sector. It produces crude oil and natural gas and supplies gas to the domestic market, while its shares are traded in both London and Lagos.

The company has not disclosed the specific reason for the latest share purchase.

Elumelu previously said he was honoured to succeed Udoma as chairman and lead Seplat’s board into its next phase of growth.