For decades, Nigeria’s most valuable energy assets were largely controlled by international oil companies. That narrative is shifting—and Seplat Energy’s historic leap above N10,000 per share offers a striking illustration.

Seplat closed trading on April 14 at N10,450 per share, becoming the first company in the Nigerian Exchange’s 65-year history to cross that threshold. The 80 per cent surge since January has added N2.9 trillion in market value in just four months.

Behind the numbers lies a quieter but profound story: the growing weight of African capital in African energy.

Tony Elumelu, Nigerian billionaire and chairman of Transnational Corporation, at Transcorp Power listing ceremony on NGX.

A Bet That Paid Off

In December 2025, Tony Elumelu’s Heirs Energies acquired a 20.07 percent stake in Seplat for $500 million, becoming the company’s largest shareholder. Elumelu later joined the board as a Non-Executive Director. That stake is now worth over $800 million—a $300 million paper gain in under 120 days.

But the significance extends beyond returns. The transaction marked one of the largest locally-backed acquisitions in African oil and gas history, financed in part by African institutions (Afreximbank and AFC). It signaled a shift: indigenous firms are no longer just operators—they are becoming anchor shareholders.

Tony Elumelu, chairman of Transcorp Group, UBA and Heirs Holdings, looking into the distance with binoculars in a cinematic style.

What the Market Sees

Analysts have dubbed the broader rally the “Elumelu effect,” pointing to his track record at UBA and Transcorp. Yet the market’s enthusiasm is not just about one investor. It reflects a growing recognition that local ownership can align long-term strategy with continental priorities—energy security, industrialization, and value retention.

That narrative has been amplified by Nigeria’s recent FTSE Russell upgrade to Frontier Market status, expected to channel over $800 million in foreign inflows. Seplat, with its strong governance and now a prominent African shareholder, sits at the intersection of these trends.

Seplat Energy ANOH Gas Plant in OML 53 producing natural gas.

The Fundamentals Hold

None of this would matter without performance. Seplat’s 2025 results showed revenue of $2.73 billion (up 144 percent), profit before tax of $497.8 million, and production of 131,506 boepd—driven by the consolidation of Mobil’s offshore assets. The company has guided for 135–155 kboepd in 2026.

A Broader Lesson

The record-breaking rally is not just a market story. It is a signal that African capital, when deployed strategically, can drive value and reshape ownership of the continent’s strategic resources. For Elumelu’s Heirs Energies, the bet on Seplat was always long-term. The market’s response suggests that bet is being validated.