Prime Business Africa
Since Tony Elumelu, the chairman of United Bank for Africa (UBA), acquired 120,4 million shares in Seplat, the company’s shareholders have recorded a 15.33 percent increase in their investment value.
Elumelu had acquired the shares, which represent a 20.06 percent majority stake in Seplat, on December 31, 2025, through his investment vehicles, Heirs Energies Limited and Heirs Holdings Limited.
Join our WhatsApp ChannelHeirs Energies Limited accounts for 86,639,377 ordinary shares, and Heirs Holdings Limited hold 33,760,623, amounting to 120,400,000 ordinary shares of Seplat.
Prime Business Africa gathered that prior to Elumelu joining the company, Seplat’s shares had traded from N5,700 per share on January 2, 2025, to N5,809 on December 31, 2025, reflecting an increase of N109 in the share price.
While the share appreciated by 1.91 percent in 12 months, the value of the equity increased by 15.33 percent within one month of Elumelu’s acquisition, with the share price rising from N5,809 at the end of last year to N6,700 on January 14, 2026 — after which the share has been trading flat.
The share price soared by N891 within four weeks, indicating that Seplat recorded a surge in demand for its shares in the Nigerian Exchange (NGX), also known as the stock market, after Elumelu’s acquisition was announced.
Further analysis showed that the share price of Seplat hit an all-time high (ATH) of N6,700 on January 14, following the announcement.
Prime Business Africa gathered that Seplat’s shareholders recorded a combined gain of N534.55 billion from the surge in the share price, with Elumelu accounting for 20.06 percent of the gain.
During the four-week period, Elumelu gained N107.27 billion as his investment in Seplat increased from N699.40 billion on December 31, 2025, to N806.68 billion as of Friday, January 23, 2025.
Also, the value of Seplat increased from N3.48 trillion to N4.01 trillion during the period under review, according to Prime Business Africa’s analysis.
For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: [email protected] and [email protected]
Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
