Tony Elumelu’s Seplat Energy Stake Rises ₦163bn in One Session to ₦1.8tn
By Aboki Forex —
Tony Elumelu’s indirect stake in Seplat Energy jumped by ₦163 billion in a single trading session after the oil and gas company’s share price closed 10% higher at ₦14,907.80 per share on Thursday, September 10, 2026.
The 120.4 million shares held through Heirs Holdings Limited and Heirs Energies Limited were worth about ₦1.80 trillion, or roughly $1.36 billion, at that close. The stake represents 20.07% of Seplat Energy and makes Elumelu the company’s largest disclosed shareholder.
Heirs Group stake climbs
The same block of shares was valued at ₦1.63 trillion on Wednesday and ₦1.48 trillion as recently as September 1. On June 30, the position was marked at ₦1.37 trillion. Since then, the holding has grown by about ₦427 billion.
The Heirs Group acquired the 120.4 million shares from French oil and gas firm Établissements Maurel et Prom on December 31, 2025, paying around $500 million for the block. Seplat’s 2025 financial statements name Elumelu as the ultimate beneficial owner of the Heirs Group.
Eight months after that purchase, the same shares are now marked at ₦1.80 trillion on the Nigerian Exchange.
Board role and chairmanship
After the acquisition, the Heirs Group sought board representation at Seplat and nominated Elumelu as its candidate. After the company’s Nomination and Governance Committee assessed his qualifications, he joined Seplat Energy’s board as a Non-Executive Director on January 22, 2026.
By June 2026, he had been elevated to chairman-designate. He is set to formally assume the chairmanship on January 1, 2027, making him the most prominent figure at the company.
His involvement spans ownership and governance. The Heirs Group holds the equity, while Elumelu serves as its nominee on the board.
Business context
Elumelu is the founder of United Bank for Africa (UBA) and a prominent figure in African business and philanthropy. His energy interests through Heirs Energies have grown considerably since the Seplat deal, which now stands as one of the most valuable disclosed shareholdings by a private Nigerian businessman in a listed company.
For Nigerian businesses, the deal underscores the growing weight of local private capital in the country’s listed energy sector.