Tony Elumelu’s Heirs Energies Nets N680 Billion in Five Months From Seplat Stake
By Aboki Forex —
Nigerian billionaire Tony Elumelu has made an estimated N680 billion in capital gains in just five months. His company, Heirs Energies Limited, acquired a 20.07 percent stake in Seplat Energy Plc for $496 million in December 2025. Since then, Seplat’s share price has surged, delivering extraordinary returns.
Heirs Energies became Seplat’s largest shareholder on December 31, 2025. It bought 120.4 million ordinary shares from French firm Maurel & Prom at 305 pence per share, roughly N6,000 each. The deal was one of the biggest in Nigeria’s energy sector involving local capital.
By June 3, 2026, Seplat’s share price had climbed to N11,486.20. That pushed the value of Heirs Energies’ holding far above the initial $496 million. BusinessDay reports that the gain now exceeds N680 billion.
Before the price rise, the 120.4 million shares were worth $496 million. That stake has since quadrupled in value. Elumelu’s company now holds the dominant position in the independent energy firm.
The transaction terms required an upfront payment of $248 million. The balance of $248 million was backed by an irrevocable letter of credit and payable within 30 days. There was also a possible additional $10 million tied to Seplat’s share price performance over six months.
Elumelu earlier said: “This transaction is a testament to our belief in the capacity of Africa to own and manage its strategic resources for sustainable economic development. Heirs Energies is committed to growing and transforming Nigeria’s and Africa’s energy sector for the long-term.”
The deal received support from the African Export-Import Bank and Africa Finance Corporation.
In a separate move, Elumelu and his wife, Vivian Awele Elumelu, recently bought additional shares in United Bank for Africa. They acquired 23,196,236 units worth N480.26 million, according to a Nigerian Exchange Limited disclosure.