Nigerian billionaire businessman and philanthropist Tony Elumelu is set for another major payout from his stake in Seplat Energy after the company approved fresh dividend payments tied to its stronger first-quarter earnings and ongoing shareholder return plan.

Seplat will pay shareholders an interim dividend of $0.05 per share and a special dividend of $0.04 per share for the period ended March 31, 2026, bringing the total payout to $0.09 per share before withholding tax. The payment is scheduled for June 5, 2026, according to filings.

Elumelu set for $10.84 million Seplat dividend payout

Elumelu, who indirectly owns a 20.07 percent stake in Seplat through Heirs Energies, is expected to receive about $10.84 million from the latest dividend distribution. His holdings amount to roughly 120.4 million shares in the energy company, making him Seplat’s largest shareholder through the investment vehicle linked to Heirs Holdings.

The planned dividend payout follows another dividend payment received earlier this month. On May 18, Elumelu collected nearly $10 million from Seplat’s final and special dividend for the 2025 financial year. That earlier distribution included a final dividend of $0.05 per share and a special dividend of $0.033 per share.

With the new payment due in June, the combined value of dividends paid to the Nigerian billionaire from his Seplat stake this year is expected to exceed $20.8 million. The steady stream of payouts reflects Seplat’s continued focus on rewarding shareholders while expanding its position in Nigeria’s oil and gas industry.

Seplat Energy workers at the Amukpe OML 38 oilfield in Nigeria.

Seplat targets at least $1 billion payout between 2026 and 2030

The dividend payments also reflect Seplat’s robust financial position as the company continues to expand operations across Nigeria’s oil and gas sector. Seplat, where Elumelu serves as a non-executive director, posted stronger first-quarter earnings for 2026 as higher gas output and improved pricing helped offset pressure on crude production volumes.

Profit for the three months climbed to $37.9 million, compared with $23.3 million in the same period a year earlier. Revenue rose 4 percent to $840.7 million from $809.3 million in the first quarter of 2025. Seplat said growth was supported by stronger natural gas liquids production and firmer realized prices. After adjustments linked to overlift positions and cargo timing differences, revenue came in at $748.7 million, slightly below the comparable period last year.

Seplat’s balance sheet also showed further improvement. Total assets increased to $6.16 billion from $6.08 billion at the end of 2025, while shareholders’ equity rose to $1.86 billion. Retained earnings climbed to $1.282 billion, reflecting continued cash generation. The energy giant has also outlined a five-year capital return plan aimed at distributing at least $1 billion to shareholders between 2026 and 2030, signaling confidence in its long-term operations.