Tony Elumelu’s stake in Seplat Energy Plc has climbed to approximately N1.48 trillion ($1.28 billion), as the energy company’s share price continues to gain on the Nigerian Exchange (NGX). The latest valuation puts the billionaire businessman’s investment significantly above the value recorded at the end of June.
Elumelu’s interest, held indirectly through Heirs Energies Ltd and Heirs Holdings Ltd, covers about 120.4 million Seplat shares, representing a 20.07% stake in the company. At Seplat’s closing price of N12,320.60 on Tuesday, September 1, 2026, the holding is now worth about N1.484 trillion, compared with N1.37 trillion at the June 30 closing price of N11,363.90.
That means the value of Elumelu’s stake has increased by roughly N114 billion in just over two months. The sharp rise highlights the strong performance of Seplat shares, which have benefited from improved investor sentiment, stronger production and earnings. Elumelu’s holding also makes Heirs Group the company’s largest disclosed shareholder, ahead of Petrolin Group, Professional Support and Sustainable Capital.
Elumelu’s growing position in Seplat follows the landmark acquisition of Maurel & Prom’s 20.07% stake in December 2025. Heirs Energies agreed to acquire the 120.4 million shares for approximately $496 million, replacing the French oil and gas company as Seplat’s largest shareholder. Elumelu later joined Seplat’s board as a Non-Executive Director and is scheduled to become the company’s Chairman from January 1, 2027.
The investment has also generated substantial returns beyond the rise in share price. Seplat declared a N165.50 per-share interim dividend for H1 2026, which includes a core dividend and a special dividend. Based on his 120.4 million shares, Elumelu’s gross entitlement from the declaration is approximately N19.92 billion before withholding tax. With Seplat’s shares continuing to climb, investors will be watching closely to see whether the energy stock can extend its rally and push the value of Elumelu’s stake even higher.
source: nairametrics
