Tony Elumelu’s investment in Seplat Energy Plc has delivered a major gain, with the value of his Heirs Holdings stake now estimated at more than $1 billion.
Heirs Holdings acquired a 20.07 per cent interest in Seplat, representing about 120.4 million shares, from French energy company Maurel & Prom in December 2025. The transaction was valued at roughly $500 million at the time.
Less than a year later, the investment has more than doubled in value following a strong rise in Seplat’s share price on both the Nigerian Exchange (NGX) and the London Stock Exchange.
On the NGX, Seplat shares closed at N11,200.60, compared with N5,809 at the end of 2025. This represents a gain of more than 90 per cent since the beginning of the year and has pushed the company’s overall market value to about $5.24 billion.
The rise in Seplat’s stock has been supported by significant improvements in the company’s business performance.
A major development was Seplat’s completion of the acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil. The transaction expanded the company’s production capacity and significantly increased its oil and gas assets.
The impact was reflected in Seplat’s 2025 financial results. Revenue rose by 144 per cent to $2.73 billion, while operating cash flow reached $1.17 billion. The company also reduced its net debt to $673.3 million.
Seplat rewarded shareholders with a stronger dividend during the year, increasing its total dividend by 52 per cent to 25 cents per share.
The company maintained its strong performance into the first half of 2026. Revenue reached N2.50 trillion, while profit before tax increased by 74 per cent to N790.4 billion.
Profit after tax also recorded a significant improvement, rising to N225.5 billion from N42.5 billion during the same period in 2025.
Seplat’s financial position also strengthened. Interest-bearing debt declined from about N1.44 trillion at the end of 2025 to N1.11 trillion by June 2026, while cash holdings increased to N598.3 billion.
Production has also improved following the ExxonMobil asset acquisition. Seplat’s average production climbed to 139,509 barrels of oil equivalent per day in the first half of 2026, up from 134,492 barrels per day a year earlier.
Offshore operations now contribute more than half of the company’s production, while natural gas liquids production more than doubled to 8,459 barrels per day.
Elumelu’s relationship with Seplat has also deepened. He joined the company’s board as a non-executive director in January 2026 and is expected to become chairman from January 1, 2027.
For Heirs Holdings, the sharp increase in Seplat’s share price represents a significant investment gain. A stake purchased for about $500 million in December 2025 is now worth more than $1 billion, highlighting the rapid rise in the value of one of Nigeria’s major energy companies.
