The value of Tony Elumelu’s investment in Seplat Energy has increased by about N680 billion following a strong rally in the company’s shares on the Nigerian Exchange (NGX).

The increase comes after Heirs Energies, part of Heirs Holdings, acquired a 20.07 per cent stake in Seplat Energy earlier this year, making the investment group the company’s largest shareholder.

Seplat’s stock has recorded significant gains in recent months as investors responded positively to the company’s financial performance, expanding asset base and growth prospects. The surge has lifted the market value of Heirs Energies’ holding, resulting in a substantial paper gain for Elumelu.

Analysts attribute the company’s strong market performance to increased production, strategic acquisitions and continued investments in gas development projects. These developments have strengthened investor confidence and supported the rise in Seplat’s valuation.

The growth in the value of the stake highlights the benefits of Heirs Energies’ investment in Seplat and underscores the growing influence of indigenous companies in Nigeria’s energy sector.

Industry observers say Seplat remains well-positioned to benefit from ongoing reforms and investment opportunities in the oil and gas industry, with the company continuing to attract interest from both local and international investors.