Tony O. Elumelu’s investment in Seplat Energy Plc has risen sharply in market value, with his 20.07 per cent holding now worth approximately N1.79 trillion following a strong rally in the energy company’s shares on the Nigerian Exchange Limited (NGX).
The increase has added about N311.5 billion to the value of the billionaire businessman’s stake in just over two weeks, as Seplat’s share price climbed from N12,320.60 on September 1 to N14,907.80.
Elumelu’s interest in Seplat is held indirectly through Heirs Energies Ltd and Heirs Holdings Ltd. According to the company’s ownership disclosures, he holds approximately 120.4 million Seplat shares, making the Heirs Group the largest disclosed shareholder in the energy company.
At the current share price of N14,907.80, the 120.4 million shares are valued at about N1.79 trillion. At Seplat’s September 1 closing price, the same holding was worth approximately N1.48 trillion.
The latest appreciation represents a 21 per cent increase in Seplat’s share price over the period. Each share has gained N2,587.20, translating into the substantial increase in the market value of Elumelu’s position.
Stake gains N426.7bn since June
The latest rally forms part of a much larger increase in the value of Elumelu’s Seplat investment since the end of June.
As of June 30, 2026, the value of his 120.4 million shares, based on the company’s share price at the time, was approximately N1.37 trillion. By September 1, the value had risen to about N1.48 trillion before the latest surge pushed it to roughly N1.79 trillion.
Overall, the holding has therefore gained approximately N426.7 billion in market value since the end of June, with about N311.5 billion of that increase occurring from September 1.
Seplat’s ownership structure also shows the concentration of significant shareholdings in the company. As of June 30, its four disclosed substantial shareholders collectively held 288.56 million shares, equivalent to approximately 48.10 per cent of the company’s issued share capital.
Investment up 165.9% this year
The increase in the value of Elumelu’s holding becomes even more pronounced when measured against Seplat’s share price at the beginning of 2026.
Seplat began the year trading at approximately N5,610 per share. At N14,907.80 currently, the stock has appreciated by about 165.9 per cent year-to-date.
For Elumelu’s 120.4 million shares, the difference between the beginning-of-year price and the current market price represents an increase of approximately N1.12 trillion in the value of his holding.
The gains, however, remain largely unrealised because they represent changes in market value rather than cash proceeds from a sale of the shares.
The appreciation has also come alongside dividend income from the company.
Seplat declared an interim dividend of N165.50 per share for the first half of 2026. The payout comprised a N68.96 core dividend and a N96.54 special dividend.
Based on Elumelu’s 120.4 million shares, his gross entitlement from the interim dividend is approximately N19.92 billion, before applicable withholding tax.
How Elumelu acquired the stake
Elumelu’s significant position in Seplat dates to a landmark transaction completed at the end of 2025.
On December 31, 2025, French oil and gas company Maurel & Prom entered into a binding agreement to sell its entire 20.07 per cent stake in Seplat Energy to Heirs Energies for approximately $496 million.
The transaction covered 120.4 million shares at 305 pence per share, representing a 10.9 per cent premium to Seplat’s then-trading price.
The acquisition involved an upfront payment of $248 million, while the balance was secured by an irrevocable letter of credit.
Following completion of the transaction, Elumelu joined Seplat’s board as a Non-Executive Director at the company’s 13th Annual General Meeting in May 2026.
The company subsequently announced in June that Elumelu would become Chairman of Seplat Energy effective January 1, 2027. He is expected to succeed Senator Udoma Udo Udoma, while Engr. Effiong Okon was appointed Chief Executive Officer.
The investment has since increased substantially in market value as the company’s share price has continued to climb.
Earnings provide backdrop to share-price rally
The sharp rise in Seplat’s market value has occurred against a backdrop of stronger earnings and a significant expansion in the company’s production base.
For the first half of 2026, Seplat reported N790.4 billion in profit before tax, representing a 74.1 per cent increase from the N454.1 billion recorded in the corresponding period of the previous year.
Revenue for the period stood at N2.50 trillion, while average production increased to 139,509 barrels of oil equivalent per day.
The first-half performance followed a strong first quarter in which profit after tax increased by 48.3 per cent year-on-year to N52.5 billion.
Seplat’s operational scale has also expanded considerably. In 2025, group production increased by 148 per cent to 131,506 barrels of oil equivalent per day, while revenue rose 144 per cent to a record $2.73 billion.
The combination of higher production, increased revenue, stronger earnings and dividend payments has provided the financial backdrop for the company's significant appreciation on the NGX.
For Elumelu, the market response has translated into a substantial increase in the value of his Seplat investment.
From approximately N1.37 trillion at the end of June, the value of his 20.07 per cent holding has climbed to about N1.79 trillion at the current share price, underscoring the scale of the gains generated by the rally in Seplat shares.