Nigerian billionaire Tony Elumelu’s Seplat stake hits $1.2 billion

Eight months after Nigerian billionaire and business leader Tony O. Elumelu, CFR, acquired a significant stake in Seplat Energy Plc, the value of his investment in the Lagos- and London-listed independent energy producer has risen to about $1.2 billion.

Elumelu’s company, Heirs Energies, acquired a 20.07 percent stake in Seplat Energy for $496 million on Dec. 31, 2025. The investment, which involved the purchase of 120.4 million ordinary shares previously held by French oil and gas producer Maurel & Prom, has since gained substantially in value as Seplat’s shares have rallied in 2026.

Seplat shares surge 141% year-to-date

At the time of writing, Seplat Energy shares were trading at £7.34 ($9.90), on the London Stock Exchange, giving the company a market capitalization of approximately £4.4 billion ($5.93 billion). The share price has risen about 141 percent since the start of the year, lifting the market value of Elumelu’s holding through Heirs Energies to about £884 million ($1.2 billion).

The increase marks a gain of £516.6 million ($697 million), from the value of the stake at the time of the acquisition. For Elumelu, whose business interests span banking, energy, hospitality and other sectors, the investment has become one of the most valuable holdings in his portfolio.

Seplat first-half profit surges 498%

Seplat’s share-price rally has coincided with a sharp improvement in the company’s financial performance. The energy giant reported profit of $164 million for the first six months of 2026, compared with $27.4 million in the corresponding period of 2025, an increase of 498 percent.

The company said higher production, favorable commodity prices and lower operating costs contributed to the stronger result. Revenue rose 30 percent to $1.82 billion from $1.4 billion a year earlier, while gross profit increased 68 percent to $816 million from $484.6 million.

Adjusted EBITDA rose to $938.6 million from $735 million in the first half of the previous year. Seplat said it realized an average oil price of $94.13 per barrel during the period, about $7.47 above the Brent benchmark. Higher realized prices, increased production and lower costs combined to support earnings.

Seplat restructures leadership amid earnings surge

The improved results have also strengthened Seplat’s financial position as it moves through the second half of 2026. Higher earnings, increased production, lower debt and the expected completion of a major asset sale later this year have given the company a stronger footing than it had a year earlier.

The gains come during a period of change in Seplat’s ownership and management. Following Heirs Energies’ acquisition of the 20.07 percent stake, the company is also moving ahead with a leadership transition. Effiong Okon succeeded Roger Brown as CEO on Aug. 1, 2026. Elumelu is scheduled to become chairman on Jan. 1, 2027, succeeding Senator Udoma Udo Udoma.

Beyond the increase in the market value of his shares, Elumelu’s Seplat investment is also beginning to generate substantial dividend income. On Aug. 28, Seplat paid interim dividends that gave the Nigerian billionaire approximately $14.45 million from his 20.07 percent holding.

The dividend payment adds another source of return from an investment whose value has risen sharply since the acquisition. For Elumelu and Heirs Energies, the Seplat stake is now delivering both capital appreciation and recurring income, with the company’s improving financial results continuing to provide support for investor confidence.