Nigerian billionaire Tony Elumelu has made an estimated N680 billion in capital gains within five months from a single investment. His company, Heirs Energies Limited, acquired a 20.07% stake in Seplat Energy Plc for $496 million in December 2025. Since then, Seplat Energy's share price has surged, resulting in extraordinary returns for Elumelu.
Details of the Investment
Heirs Energies purchased 120.4 million ordinary shares from the French firm Maurel & Prom at 305 pence per share, approximately N6,000 each. The transaction made Heirs Energies the largest shareholder in Seplat, one of Nigeria's leading independent energy companies.
Within five months, the value of the stake quadrupled. As of June 3, 2026, the shares were trading at N11,486.2 per share, translating into capital gains exceeding N680 billion for Heirs Energies.
Transaction Structure
The deal involved an upfront payment of $248 million, with the balance of $248 million payable within 30 days via an irrevocable letter of credit. An additional $10 million was contingent on Seplat's share price performance over six months. The transaction was supported by the African Export-Import Bank and Africa Finance Corporation.
Elumelu's Vision
Commenting on the acquisition, Tony Elumelu said: "This transaction is a testament to our belief in the capacity of Africa to own and manage its strategic resources for sustainable economic development. Heirs Energies is committed to growing and transforming Nigeria's and Africa's energy sector for the long-term."
Impact on the Energy Sector
This landmark deal is one of the largest in the Nigerian energy industry involving Nigerian capital. It underscores the growing role of local investors in the country's oil and gas sector. Seplat Energy Plc continues to be a key player in Nigeria's energy landscape.
Earlier, Legit.ng reported that Tony Elumelu and his wife, Vivian Awele Elumelu, purchased additional UBA shares worth over N480 million, reflecting their continued confidence in the banking sector.
