Tony Elumelu, chairman of Heirs Holdings, has increased his investment in Seplat Energy Plc by acquiring an additional six million shares valued at approximately £53.2 million. The purchase, executed through Heirs Energies Limited, a company he controls, raises the combined voting interest of his firms to 21.07% ahead of his scheduled appointment as Seplat chairman in January 2027.
Transaction details and regulatory disclosure
According to a notification filed with the Nigerian Exchange Limited (NGX), the shares were purchased in London on September 30, 2026, at £8.87 each. Seplat said the share purchase was disclosed in compliance with Nigerian and United Kingdom market requirements, citing Rule 17.15(c) of the NGX Rulebook 2015 and Article 19(3) of the UK market abuse regulations.
The notification sets out the transaction's date, location, price, and resulting holdings, providing investors with details of the change in ownership. This latest acquisition builds on an earlier investment by Heirs Energies and Heirs Holdings, which bought 120.4 million Seplat shares from Maurel & Prom in December 2025.
Combined Seplat stake reaches 21.07%
Following the transaction, Heirs Energies' direct holding in Seplat rose to 27,943,867 shares. The filing disclosed that Heirs Energies and Heirs Holdings, both controlled by Elumelu, now jointly hold approximately 126.4 million shares in the company. That combined investment represents a 21.07% voting interest, calculated against Seplat's 599,944,561 issued shares.
The distinction between the two figures is significant: the 27.94 million shares represent Heirs Energies' direct holding, while the larger figure captures the combined interests of both companies. With the latest purchase, the two companies have added six million shares to the block acquired from Maurel & Prom less than a year earlier. The disclosed voting interest reflects their combined shareholding; it does not amount to majority ownership of Seplat, although it gives the companies a substantial interest in shareholder decisions.
Elumelu prepares to take over as chairman
The investment comes as Seplat prepares for a previously announced transition at the top of its board. In June, the company said its current chairman, Udoma Udo Udoma, would retire on December 31, 2026. Elumelu was elected to succeed him, with his appointment taking effect on January 1, 2027.
Elumelu joined Seplat's board as a non-executive director in January 2026, following the December 2025 share acquisition by his companies. His latest investment therefore increases the combined shareholding of his companies before he assumes the chairmanship. The September transaction concerns the purchase of additional shares, while the leadership change follows the succession timetable announced earlier by Seplat.
Elumelu becomes dollar billionaire as Seplat stake soars
Legit.ng earlier reported that Tony Elumelu's investment in Seplat Energy has delivered a remarkable paper gain, with his 20.07% stake now worth more than $1 billion. The stake, held through Heirs Holdings, was acquired for approximately $500 million in December 2025, following the investment company's purchase of Maurel & Prom's holding in Seplat.
For shareholders, the immediate development is a larger combined interest held by Elumelu-controlled companies as Seplat approaches its planned board leadership transition. The company has not announced any further share purchases or changes to the succession timetable.
