Amanze Chinonye
Nigerian billionaire Tony Elumelu has increased his stake in Seplat Energy to 21.07% after Heirs Energies, a company he controls, bought six million additional shares in the Nigerian oil and gas producer for £53.22 million, or about ₦93.8 billion at the Sept. 30 exchange rate.
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Heirs Energies bought the shares at £8.87 each on Sept. 30, increasing its direct holding to 27,943,867 shares, according to a regulatory filing by Seplat.
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Together with Heirs Holdings, the entities controlled by Elumelu now hold 126.4 million Seplat shares, representing 21.07% of the company’s 599,944,561 issued shares, up from 120.4 million shares, or about 20.07%.
The purchase adds to the stake acquired from French oil producer Maurel & Prom. Heirs Energies and Heirs Holdings acquired 120.4 million shares, representing 20.07% of Seplat, for 305 pence per share in a transaction valued at $496 million. The deal was agreed in December 2025.
Elumelu joined Seplat’s board as a non-executive director in January and is due to become chairman on Jan. 1, 2027, succeeding Udoma Udo Udoma. Effiong Okon became chief executive officer on Aug. 1 as part of a broader leadership transition.
Seplat shares have risen sharply this year, closing at ₦16,000.10 on Sept. 30. The stock gained 40.8% in the third quarter and more than 175% since the start of the year. At the latest closing price, Elumelu-controlled entities’ combined holding was worth about ₦2.02 trillion, or $1.52 billion.
Seplat reported a 96% increase in first-half profit before tax to ₦790.4 billion, from ₦454.1 billion a year earlier. Revenue rose 15.5% to ₦2.50 trillion, while working-interest production increased 4% to 139,509 barrels of oil equivalent per day.
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Oil prices also climbed above $100 a barrel in September amid disruptions to energy supplies linked to the conflict around the Strait of Hormuz, supporting a broader rally in oil stocks.
Seplat operates onshore and shallow-water oil and gas assets in Nigeria’s Niger Delta and is listed on the Nigerian Exchange and London Stock Exchange. Its market capitalisation stood at about ₦9.6 trillion at the end of September.
The transaction confirms an increase in Elumelu-controlled ownership.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
