Elumelu Adds £53.2m Seplat Shares Ahead of 2027 Chairmanship

Tony Elumelu’s Heirs Energies has bought six million shares in Seplat Energy Plc for about £53.2 million, lifting the combined stake held by his companies to 21.07%.

The purchase was disclosed in a filing with the Nigerian Exchange Limited (NGX). It comes ahead of Elumelu’s scheduled appointment as Seplat chairman on January 1, 2027.

Transaction details

The six million Seplat shares were bought in London on September 30, 2026, at £8.87 each. The transaction was executed through Heirs Energies Limited, a company controlled by Elumelu, who is chairman of Heirs Holdings.

After the purchase, Heirs Energies’ direct holding in Seplat rose to 27,943,867 shares. The filing said Heirs Energies and Heirs Holdings, both controlled by Elumelu, now jointly hold approximately 126.4 million shares.

That combined investment represents a 21.07% voting interest, calculated against Seplat’s 599,944,561 issued shares. The 27.94 million shares are Heirs Energies’ direct holding. The larger figure captures the combined interests of both companies.

The latest acquisition adds six million shares to the block bought from Maurel & Prom in December 2025. That earlier investment by Heirs Energies and Heirs Holdings covered 120.4 million Seplat shares.

Board transition

Seplat is preparing for a leadership change at the top of its board. In June, the company said current chairman Udoma Udo Udoma would retire on December 31, 2026. Elumelu was elected to succeed him, with the appointment taking effect on January 1, 2027.

Elumelu joined Seplat’s board as a non-executive director in January 2026, following the December 2025 share acquisition by his companies. The September transaction increases the combined shareholding of his companies before he assumes the chairmanship.

The September share purchase concerns additional shares. The leadership change follows the succession timetable announced earlier by Seplat.

Regulatory disclosure

Seplat said the share purchase was disclosed in compliance with Nigerian and United Kingdom market requirements. It cited Rule 17.15(c) of the NGX Rulebook 2015, which covers disclosure of dealings in an issuer’s shares, and Article 19(3) of the UK market abuse regulations.

The notification sets out the transaction’s date, location, price and resulting holdings, giving investors details of the change in ownership. The disclosed voting interest does not amount to majority ownership of Seplat, though it gives the companies a substantial interest in shareholder decisions.

His 20.07 per cent stake in Seplat Energy was earlier reported to have delivered a remarkable paper gain, with the holding now worth more than $1 billion. The stake, held through Heirs Holdings, was acquired for approximately $500 million in December 2025, following the purchase of Maurel & Prom’s holding in Seplat.

For shareholders, the immediate development is a larger combined interest held by Elumelu-controlled companies as Seplat approaches its planned board leadership transition.