Nigerian billionaire Tony Elumelu’s Seplat stake surges to $700 million, up $210 million

There are defining moments in the career of Tony Elumelu that speak to patience, timing and conviction. History will long recall how he championed United Bank for Africa and transformed it into a pan-African giant with $24 billion in assets as of Sept. 30, 2025. It will note how he continues to preside over a broad-based empire that includes Transcorp Group, Nigeria’s largest listed conglomerate, alongside Transcorp Hotel, Transcorp Power, Transafam Power and the family-owned investment group Heirs Holdings. Now, another chapter is unfolding in the energy market.

Tony Elumelu Seplat stake hits $700 million

On Dec. 31, 2025, Elumelu, through Heirs Energies, acquired a 20.07 percent stake in Seplat Energy Plc, becoming the top shareholder in the leading energy producer. The transaction involved 120.4 million shares held by Maurel & Prom. A binding agreement signed after market close on Dec. 30 priced the shares at £3.05 each, valuing the deal at $496 million, or between $494.5 million and $496 million depending on currency conversion. By any measure, it ranks among the largest locally driven acquisitions in Africa’s oil and gas industry in recent years.

Barely 55 days later, that $496 million investment is worth more than $700 million. As of Tuesday, Feb. 24, Seplat shares on the London Stock Exchange had climbed 42.3 percent from £3.05 ($4.1) to £4.34 ($5.85). The rally lifted the market value of Elumelu’s stake from £367.2 million ($496 million) to £522.5 million ($704.9 million), marking an increase of £155.3 million ($210.4 million) in just under two months. The gain of $210 million underscores how swiftly market confidence has followed his entry into the register.

Seplat shares rise on gas output; Elumelu holdings gain

Mirroring Elumelu, investors have steadily accumulated the stock on both the London and Nigerian exchanges since the deal was announced. The buying has coincided with expectations of full-year results ahead of forecasts and operational milestones that point to stronger cash flow. Seplat recently began delivering gas from its Assa North-Ohaji South project after securing regulatory approvals and completing an 11-kilometer export pipeline. This expands domestic gas supply at a time when Nigeria is working to boost power generation and industrial output.

The rise in Seplat has come alongside gains across Elumelu’s listed holdings. His 30.83 percent stake in Transcorp Group has increased by $27.2 million this year, from $98 million on Jan. 1 to $125.2 million. His 16.38 percent holding in United Bank for Africa has climbed by $56.7 million, from $192.7 million on Jan. 1 to $250 million as of the time of drafting, reflecting share price appreciation and the recent strengthening of the naira against the dollar.

Elumelu’s business empire grows; Redtech eyes $100 million Africa expansion

Beyond the public markets, activity within his private portfolio is also drawing attention. This month, Redtech Ltd., a Lagos-based financial technology company backed by Heirs Holdings, said it is preparing to raise up to $100 million over the next two years to fund expansion across Africa. The company reported that it processed N30 trillion ($22 billion) in transactions in 2025, more than double the previous year, underscoring its growing footprint in Nigeria’s payments market.

For Elumelu, the numbers tell a clear story. A $496 million acquisition on the final day of 2025 has grown to more than $700 million in 55 days, adding $210 million to his stake and reinforcing his standing among Africa’s richest individuals. In a market often shaped by global capital, this was a decisive move by a local investor—and, so far, the market has rewarded it.