The Chairman of Heirs Group, Mr. Tony O. Elumelu's stake in Seplat Energy Plc, held indirectly through Heirs Energies Ltd and Heirs Holdings Ltd, is now worth approximately $1.28 billion. The post BREAKING: Tony Elumelu’s stake in Seplat now worth $1.28 billion appeared first on Nairametrics .
The Chairman of Heirs Group, Mr. Tony O. Elumelu’s stake in Seplat Energy Plc, held indirectly through Heirs Energies Ltd and Heirs Holdings Ltd, is now worth approximately $1.28 billion.
This latest valuation is based on Seplat’s Tuesday, September 1, 2026 closing share price of N12,320.60 per share, reflecting a further increase from the position disclosed in the company’s unaudited H1 2026 financial statements.
According to Seplat’s ownership disclosures, the billionaire founder of United Bank of Africa (UBA) holds 120.4 million shares, representing 20.07% of the company, making Heirs Group the single largest disclosed shareholder.
At Seplat’s Tuesday close of N12,320.60 per share, that stake is now valued at approximately N1.484 trillion (120,400,000 shares × N12,320.60), up from N1.37 trillion at the June 30, 2026 closing price of N11,363.90 used in the H1 filing, a gain of roughly N114 billion in market value in just over two months.
Seplat Energy’s four disclosed substantial shareholders held 288.56 million shares, representing approximately 48.10% of issued share capital as of June 30, 2026.
With the current closing price of N12,320.60 per share as of Tuesday, September 1, that stake is now valued at approximately N1.484 trillion (120,400,000 shares × N12,320.60),
The latest disclosures in Seplat’s H1,2026 financial statement show Elumelu’s holding now anchors a broader shift in Seplat’s ownership concentration.
Together, the four substantial shareholders control approximately 48.10% of Seplat, while the company’s free float stood at 37.0% as of June 30, 2026, compliant with NGX Premium Board requirements.
Elumelu’s position traces back to a landmark deal struck at the close of 2025.
On December 31, 2025, French oil and gas company Maurel & Prom entered a binding agreement to sell its entire 20.07% stake in Seplat Energy to Heirs Energies
for approximately $496 million, based on the sale of 120.4 million shares at 305 pence per share, a 10.9% premium to Seplat’s then-trading price.
The transaction, structured with an upfront payment of $248 million and the balance secured by an irrevocable letter of credit, replaced Maurel & Prom as Seplat’s core shareholder, a position the French firm had held since Seplat’s founding in 2009.
Following the acquisition, Elumelu was formally elected to Seplat’s board as a Non-Executive Director at the company’s 13th Annual General Meeting on May 20, 2026.
By August 20, 2026, Nairametrics reported that the stake had already crossed the $1 billion mark, more than doubling in value in under eight months as Seplat’s share price surged on the back of stronger production and earnings. Tuesday’s close pushes that valuation even further, underscoring the pace at which the original $500 million bet has appreciated.
The scale of Elumelu’s position is also reflected in Seplat’s shareholder returns. The company declared a N165.50 per-share interim dividend for H1 2026, comprising a N68.96 core dividend and a N96.54 special dividend, against H1 profit after tax of N225.5 billion.
Seplat’s share price has appreciated in value more than double the price TOE acquired.
In about two months, the price has risen from its June 30 level of N11,363.90 to N12,320.60 by Tuesday’s close, a gain of approximately 8.4% over roughly two months driven by strong investor sentiment.
