Tony Elumelu’s stake in Seplat Energy Plc has continued to increase in value, reaching approximately N1.48 trillion, following another rise in the company’s share price.
The billionaire businessman, who is the Chairman of Heirs Group, holds his interest in Seplat indirectly through Heirs Energies Ltd and Heirs Holdings Ltd. His stake is currently valued at about $1.28 billion. The latest valuation is based on Seplat’s closing share price of N12,320.60 on Tuesday, September 1, 2026. Elumelu owns about 120.4 million Seplat shares, representing 20.07 percent of the company. This makes Heirs Group the largest disclosed shareholder in the energy company.
At the latest share price, the value of Elumelu’s holding stands at approximately N1.484 trillion. This represents an increase of about N114 billion from the N1.37 trillion valuation recorded at the end of June.Seplat’s share price closed at N11,363.90 on June 30, 2026. Since then, the stock has gained about 8.4 percent, supported by stronger investor interest, improved production and earnings. According to Seplat’s ownership disclosures, four major shareholders collectively control about 48.10 percent of the company.Heirs Group holds the largest portion at 20.07 percent, followed by Petrolin Group with 13.50 percent. Professional Support owns 8.34 percent, while Sustainable Capital holds 6.19 percent.Seplat’s directors also collectively held 128.74 million shares, representing 21.46 percent of the company as of June 30.
Elumelu accounts for approximately 93.5 percent of the directors’ disclosed holdings.Elumelu’s significant position in Seplat followed a major transaction completed earlier in the year. On December 31, 2025, French oil and gas company Maurel & Prom agreed to sell its entire 20.07 percent stake in Seplat to Heirs Energies for about $496 million. The transaction involved the purchase of 120.4 million shares at 305 pence per share. The deal included an upfront payment of $248 million, with the remaining amount secured through an irrevocable letter of credit. The acquisition effectively made Elumelu’s Heirs Group the largest shareholder in Seplat, replacing Maurel & Prom, which had maintained the position since Seplat was founded in 2009.Elumelu later joined Seplat’s board as a Non Executive Director following the company’s Annual General Meeting on May 20, 2026.
In June, Seplat announced that he would become Chairman of the company from January 1, 2027, succeeding Senator Udoma Udo Udoma.The sharp rise in Seplat’s share price has significantly increased the value of Elumelu’s original investment. By August 20, his stake had already crossed the $1 billion mark. The company has also announced strong returns for shareholders. Seplat declared an interim dividend of N165.50 per share for the first half of 2026.
With Elumelu holding 120.4 million shares, his entitlement from the dividend amounts to approximately N19.92 billion before withholding tax.The continued rise in Seplat’s share price means Elumelu’s investment has more than doubled in value within months, highlighting the significant gains that have followed his acquisition of the stake.
