After pocketing over $20 million, Tony Elumelu eyes another $14 million dividend from Seplat Energy

Nigerian billionaire Tony Elumelu, the incoming chairman of Seplat Energy and chairman of Heirs Holdings and Transcorp Group, is set to add another $14.45 million to his dividend income from the energy giant this week, extending his earnings from the group to $35.3 million this year.

The leading businessman and philanthropist received $10.8 million from his stake in Seplat Energy on June 19, taking his dividend earnings to $20.83 million. He is now due to receive another $14.45 million on Friday, Aug. 28, from the company’s second-quarter interim dividend.

Elumelu to receive $14.45 million dividend

Seplat Energy declared an interim dividend of $0.05 per share and a special dividend of $0.07 per share for the second quarter of 2026, taking the total dividend to $0.12 per share and the payout to $72 million. Elumelu is set to receive $14.45 million from the distribution, with the payment due to be made into bank accounts linked to him, subject to withholding tax.

The payment will add to the $10.8 million interim dividend he received on June 19 and the $9.99 million final dividend he received from Seplat Energy on May 29. Once the Aug. 28 payment is made, his dividend earnings from the company for the year will rise to $35.3 million.

The growing dividend income stems from a stake Elumelu built through Heirs Energies Limited, Africa’s leading indigenous-owned integrated energy company. On Dec. 31, 2025, Heirs Energies acquired a 20.07 percent stake in Seplat Energy from Maurel & Prom for $496 million. The stake is now worth more than $1 billion, giving Elumelu a significant share of Seplat Energy’s dividend distributions as the energy company reports stronger financial results.

Seplat Energy posts $164 million profit

Seplat Energy’s latest dividend comes after the dual-listed Nigerian independent energy company reported a sharp increase in earnings for the first six months of 2026. Net income rose to $164 million, up 498 percent from $27.4 million a year earlier. The company attributed the stronger result to higher production, favorable commodity prices and lower operating costs. 

Revenue rose 30 percent to $1.82 billion in the first six months of 2026 from $1.4 billion a year earlier, as higher output and improved pricing lifted sales across its operations. Gross profit increased 68 percent to $816 million from $484.6 million, while adjusted EBITDA rose 28 percent to $938.6 million from $735 million.

Seplat Energy said it realized an average oil price of $94.13 per barrel during the period, $7.47 per barrel above the Brent benchmark. The stronger realized price, alongside higher production and lower operating costs, helped lift the company’s earnings in the first half.

Elumelu’s Seplat stake drives dividend income

For Elumelu, the Aug. 28 payment will further increase the cash generated from his Seplat Energy holding less than a year after he acquired the 20.07 percent stake for $496 million. With another $14.45 million dividend due this week, the stake continues to provide a substantial stream of income for one of Nigeria’s best-known business executives.