Nigerian billionaire Tony Elumelu’s Seplat stake climbs to $934 million, nears $1 billion

Nigerian billionaire Tony Elumelu is seeing the market value of his stake in Seplat Energy approach $1 billion, reflecting a rally in the company’s shares and investor interest in Nigeria’s listed oil and gas firms. His holding has climbed to N1.26 trillion ($934 million), strengthening his wealth and underscoring the expanding role of local capital in Nigeria’s energy sector.

Data compiled by Shore.Africa shows that Elumelu, through Heirs Energies, holds a 20.07 percent interest in Seplat Energy. The market value of that stake has climbed by N582.74 billion ($432.5 million) since the start of the year, increasing from N675.44 billion ($501.4 million) on Jan. 1 to N1.26 trillion ($934 million) at the time of writing. The gain reflects both rising share prices and stronger sentiment toward energy stocks on the Nigerian Exchange (NGX).

Seplat tops N10,000 milestone

Seplat’s share price on the Nigerian bourse has advanced more than 86 percent this year, moving from N5,610 ($4.2) per share on Jan. 1 to N10,450 ($7.75). The rally pushed Seplat past the N10,000 mark per share, making it the first Nigerian-listed stock to reach that level. The rally also lifted the company’s market capitalization to N6.27 trillion ($4.7 billion), further cementing its position among Nigeria’s most valuable publicly traded companies.

The surge also points to shifting ownership patterns in Nigeria’s oil industry. Investors have increasingly taken note of local companies acquiring assets previously held by international oil majors. Elumelu’s growing position in Seplat reflects that broader change, with indigenous firms playing a larger role in funding and managing energy operations.

In December 2025, Heirs Energies acquired the 20.07 percent stake in Seplat for $500 million, making Elumelu the company’s largest shareholder. He later joined the board as a non-executive director. In less than four months, that investment has gained more than $430 million on paper, drawing attention from investors and analysts alike.

Investor demand drives Elumelu’s stake surge

Analysts point to Elumelu’s track record at United Bank for Africa and Transcorp as factors supporting investor confidence. Some have described the rally as a reflection of confidence in experienced local leadership, while others cite improving fundamentals and stronger earnings.

Seplat Energy’s financial performance has reinforced that confidence. The company reported revenue of $2.73 billion for 2025, more than double the $1.12 billion recorded in 2024. Profit rose to $159.1 million from $140.5 million, while cash generated from operations reached $1.165 billion. Net debt declined to $673.3 million from $897.8 million.

The company’s improving balance sheet, combined with rising production and stronger investor demand, has helped drive the share price higher. With Elumelu’s stake now valued at $934 million, investors are watching closely as it moves toward the $1 billion mark—another sign of the growing influence of African investors in the continent’s energy sector.