Tony Elumelu’s investment in Seplat Energy has surged past the $1bn mark, more than doubling in value less than a year after his investment firm, Heirs Holdings, acquired a major stake in the energy company.
Heirs Holdings purchased a 20.07 per cent stake in Seplat, equivalent to about 120.4 million shares, from French energy company Maurel & Prom in December 2025. The transaction cost approximately $500m at the time. Since then, Seplat’s share price has climbed significantly on both the Nigerian Exchange and the London Stock Exchange, pushing the value of Elumelu’s stake beyond $1bn.
On the Nigerian Exchange, Seplat shares closed at N11,200.60, compared with N5,809 at the end of 2025, representing a gain of more than 90 per cent so far this year. The rally has also lifted Seplat’s total market capitalisation to about $5.24bn, reflecting growing investor confidence in the company’s performance and expansion.
Seplat’s stronger financial position has been supported by its acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil, which significantly expanded its production capacity and asset base. The company’s revenue jumped 144 per cent to $2.73bn in 2025, while operating cash flow reached $1.17bn and net debt fell to $673.3m. The momentum continued into the first half of 2026, with revenue reaching N2.50tn and profit before tax rising 74 per cent to N790.4bn.
The company’s production has also increased following the MPNU acquisition, with average output rising to 139,509 barrels of oil equivalent per day in the first half of 2026, from 134,492 barrels per day a year earlier. Offshore assets now contribute more than half of Seplat’s production, while natural gas liquids output more than doubled to 8,459 barrels per day. Elumelu joined Seplat’s board as a non-executive director in January 2026 and is expected to become chairman in January 2027, making the remarkable rise in his investment not only a major financial gain but also a significant development in Nigeria’s energy sector.
source: punch
