Nigerian billionaire Tony Elumelu pockets $14.45 million from Seplat’s Q2 dividend payout

Nigerian billionaire Tony Elumelu has received $14.45 million in interim dividends from Seplat Energy, adding to the income he has earned from the 20.07 percent stake he acquired in the Nigerian energy producer through his company, Heirs Energies.

The payment follows Seplat’s second-quarter dividend declaration and comes as the dual-listed company reports a sharp increase in earnings for the first half of 2026. Elumelu, chairman of Heirs Holdings and Transcorp Group and incoming chairman of Seplat Energy, received the dividend through companies linked to his energy business.

20.07% Seplat stake delivers $14.45 million

Seplat paid an interim dividend of $0.05 per share and a special dividend of $0.07 per share for the second quarter, bringing the total distribution to $0.12 per share, or $72 million. The payment was made to shareholders on the company’s register as of Aug. 13 who had provided valid bank mandates for direct dividend payments.

Tony Elumelu’s $14.45 million payout reflects his 20.07 percent holding in Seplat Energy, which he owns through Heirs Energies. The stake was acquired from French oil and gas company Maurel & Prom on Dec. 31, 2025, for $496 million.

Elumelu’s Seplat dividends reach $35.3 million

The latest payment brings the dividends Elumelu has received from Seplat Energy so far this year to about $35.3 million. He received $10.8 million in interim dividends on June 19 and a further $9.99 million in final dividends on May 29.

The market value of Elumelu’s investment has also risen since the acquisition. His 20.07 percent stake in Seplat Energy is now worth more than $1 billion, based on the company’s current market value, giving him a substantial share of future dividend payments.

Seplat posts $164 million first-half profit

The dividend comes after Seplat reported a strong first half. Net income rose 498 percent to $164 million in the six months ended June, from $27.4 million a year earlier. The company said higher production, favorable commodity prices and lower operating costs helped lift earnings.

Revenue increased 30 percent to $1.82 billion from $1.4 billion, while gross profit rose 68 percent to $816 million from $484.6 million. Adjusted EBITDA increased 28 percent to $938.6 million from $735 million as higher production and improved pricing supported Seplat’s results.