Nigerian billionaire Tony Elumelu’s Seplat stake tops $800 million as shares climb

Nigerian billionaire Tony Elumelu has seen the market value of his stake in Seplat Energy climb above $800 million, underscoring the strength of his latest energy investment and renewed investor appetite for oil and gas producers. The gain follows a deal completed at the end of 2025 that positioned him as the largest shareholder in the West African energy company.

Data tracked by Shore.Africa shows that Elumelu’s stake in Seplat Energy has increased by £231.8 million ($311 million) since Dec. 31, 2025. The value of his holdings rose from £367.22 million ($494.9 million) at the end of last year to roughly £599 million ($806 million) at the time of reporting, placing him within reach of the $1 billion mark.

Oil tensions lift Seplat shares, boost Elumelu stake

The increase traces back to a Dec. 31, 2025, deal in which Elumelu, through Heirs Energies, acquired a 20.07 percent stake in Seplat Energy Plc. The deal involved 120.4 million shares previously held by Maurel & Prom. A binding agreement signed after market close on Dec. 30 priced the shares at £3.05 each, valuing the acquisition at $496 million. The transaction ranks among the largest locally backed acquisitions in Africa’s oil and gas sector in recent years.

Since then, the value of the stake has risen. It crossed $500 million earlier this year, moved past $600 million on Feb. 9, and exceeded $700 million on Feb. 24. With Seplat Energy shares now up more than 67 percent on the London Stock Exchange, the company’s market capitalization has climbed to about £2.98 billion ($4.01 billion), lifting the value of Elumelu’s investment.

The rally comes as investors return to energy stocks amid rising global oil prices. Market sentiment strengthened after tensions in the Middle East escalated following military actions involving the United States, Israel and Iran. Concerns about supply disruptions intensified after Iran moved to block the Strait of Hormuz, a key shipping route that carries roughly 20 percent of global oil supply, or about 20 million barrels per day.

Seplat’s revenue, output, profit rise

Seplat’s share performance has also been supported by improved financial results. The Nigerian energy company reported revenue of $2.73 billion for 2025, more than double the $1.12 billion recorded a year earlier. The increase followed a full year of offshore production, with output averaging 131,506 barrels of oil equivalent per day, up from 52,947 boepd in 2024.

Profit rose to $159.1 million in 2025 from $140.5 million a year earlier, as higher operating and finance costs partly offset the increase in revenue. Cash generated from operations reached $1.165 billion, while net debt declined to $673.3 million from $897.8 million. Total assets stood at $6.08 billion at the end of 2025, down from $6.8 billion a year earlier. Shareholders’ equity edged up to $1.84 billion, while retained earnings increased to $1.25 billion.

Elumelu joins Seplat after 20.07 percent stake

Elumelu joined Seplat’s board as a non-executive director on Jan. 22, following the resignation of Maurel & Prom nominee Olivier Cleret de Langavant, who had served since 2020. His appointment came weeks after acquiring a 20.07 percent stake that made him the company’s largest shareholder. Stronger earnings, rising oil prices and sustained investor demand have since lifted Seplat’s valuation, boosting the value of his investment.