Tony Elumelu has increased his combined stake in Seplat Energy Plc to 21.07% after Heirs Energies Limited acquired an additional six million shares in the oil and gas company for £53.22 million, about ₦94 billion.
Seplat disclosed the transaction in a regulatory filing dated September 30, 2026, saying Heirs Energies, a company controlled by Elumelu, purchased the shares in London at £8.87 per share.
Following the acquisition, Heirs Energies’ direct holding in Seplat rose to 27,943,867 shares. Combined, Heirs Energies and Heirs Holdings Limited now hold 126.4 million shares, representing a 21.07% voting interest in Seplat based on its 599,944,561 issued shares.
The latest purchase adds to the 120.4 million Seplat shares held by Elumelu’s entities before the transaction. Seplat’s 2025 integrated report identified the Heirs Group as holding 20.07% of the company’s issued share capital as of February 25, 2026.
Elumelu’s increased stake comes ahead of a planned leadership change at Seplat. He joined the company’s board as a non-executive director in January 2026, while Seplat announced in June 2026 that he would succeed Udoma Udo Udoma as chairman from January 1, 2027. Udoma is scheduled to retire as chairman on December 31, 2026.
The Heirs Group initially acquired its 20.07% stake in Seplat from French energy company Maurel & Prom in December 2025, according to reports on the transaction.
Seplat said the latest transaction was disclosed in accordance with Rule 17.15(c) of the NGX Rulebook 2015 and Article 19(3) of the UK Market Abuse Regulations.
The additional acquisition takes Elumelu’s group further above the 20% ownership level as he prepares to assume the chairmanship of the dual-listed energy company in 2027.
