Tony Elumelu's investment in Seplat Energy has delivered a remarkable paper gain, with his 20.07 per cent stake now worth more than $1 billion. The stake, held through Heirs Holdings, was acquired for approximately $500 million in December 2025 after the investment company purchased Maurel & Prom’s holding in Seplat.
Stake Doubles in Eight Months
The deal involved about 120.4 million shares and made Heirs Holdings the largest shareholder in the Nigerian energy company. Since then, Seplat’s share price has surged, dramatically increasing the value of Elumelu’s investment. The stock ended 2025 at about N5,809 but climbed above N9,000 by March 2026. In April, Seplat became the first company listed on the Nigerian Exchange to cross N10,000 per share, closing at N10,450 on April 14. The shares have since traded above N11,000, representing a gain of more than 90 per cent from the end-2025 level.
Seplat’s Strong Results Fuel Investor Confidence
Seplat’s impressive stock-market performance has been backed by stronger operating and financial results, particularly following its acquisition of Mobil Producing Nigeria Unlimited. The acquisition significantly expanded Seplat’s production capacity and exposure to offshore oil and gas assets. For 2025, revenue jumped 144 per cent to $2.73 billion, while adjusted EBITDA increased 137 per cent to $1.28 billion. Operating cash flow also surged 276 per cent to $1.17 billion, while net debt fell 25 per cent to $673.3 million. The company subsequently increased its total 2025 dividend by 52 per cent to 25 cents per share, Daily Sun reported. Seplat also recorded N2.50 trillion in revenue, while profit before tax rose 74 per cent to N790.4 billion. Profit after tax climbed from N42.5 billion to N225.5 billion.
Production Expansion and Elumelu’s Growing Influence
According to a report by Punch, Seplat’s production has also expanded significantly. Average working-interest production reached 139,509 barrels of oil equivalent per day in the first half of 2026, compared with 134,492 barrels per day a year earlier. Elumelu’s influence at the company is expected to deepen. He joined Seplat’s board in January 2026 and is expected to become chairman from January 1, 2027. For now, the billionaire businessman’s Seplat investment represents a spectacular financial win, with the value of his stake more than doubling in less than eight months.
Elumelu Targets Seplat Board Seat
Legit.ng earlier reported that billionaire businessman Tony Elumelu is expected to join the board of Seplat Energy Plc following a major investment by Heirs Energies. The move comes after Heirs Energies acquired a 20.07% stake in Seplat through a $500 million equity deal, making it the company’s largest shareholder. Tony Elumelu, who also chairs United Bank for Africa, will be proposed as a Non-Executive Director during Seplat’s 13th Annual General Meeting scheduled for May 20, 2026.
