Nigerian billionaire businessman Tony Elumelu has increased his stake in Seplat Energy Plc after Heirs Energies Ltd. acquired 6 million additional shares in the London- and Nigerian-listed oil and gas producer, strengthening the combined holding of entities controlled by Elumelu to 126.4 million shares.

Seplat Energy said in a Sept. 30 announcement that it had been notified of the purchase by Heirs Energies, which is controlled by Elumelu, a non-executive director of the company. The acquisition lifted Heirs Energies’ direct holding to 27,943,867 shares, giving the stake a market value of £209.6 million ($277.4 million).

$59.7 million share purchase

At Seplat Energy’s Wednesday closing price of £7.5 on the London Stock Exchange, the 6 million shares acquired by Heirs Energies were valued at £45 million ($59.7 million). The figure represents the market value of the shares at that closing price, not the actual amount paid by Heirs Energies for the acquisition.

Following the purchase, Heirs Energies and Heirs Holdings Ltd., both controlled by Elumelu, hold a combined 126.4 million Seplat Energy shares. That position represents a 21.07 percent voting interest based on the company’s 599,944,561 issued ordinary shares, according to the company’s announcement.

Elumelu’s position expands

The combined holding is valued at approximately £948 million, or $1.26 billion, using Seplat Energy’s £7.50 London closing price and the supplied exchange rate. Heirs Energies’ direct holding of 27,943,867 shares represents about 4.66 percent of Seplat Energy’s issued share capital and is worth approximately $278 million at that price.

The September purchase builds on Elumelu’s acquisition of a major Seplat Energy position at the end of 2025. Through Heirs Energies, he acquired 120.4 million ordinary shares, representing a 20.07 percent interest, in a transaction valued at nearly $500 million. The shares were previously held by French oil and gas producer Maurel & Prom.

Elumelu’s Seplat Energy rise to 126.4 million

The additional 6 million shares bring the combined interests controlled by Elumelu to 126.4 million shares, compared with the 120.4 million shares acquired through the December 2025 transaction. Seplat Energy operates primarily in Nigeria’s Niger Delta and maintains listings on both the Nigerian Exchange and London Stock Exchange.

Based on the stated £7.50 share price, Elumelu-controlled entities’ 126.4 million-share position is worth about £948 million, or $1.26 billion. That figure is a market valuation based on the supplied share price and exchange rate and should not be interpreted as the amount Elumelu paid to build the entire holding.

Leadership change underway

The enlarged stake comes as Seplat Energy moves through a leadership transition. Effiong Okon succeeded Roger Brown as chief executive officer on Aug. 1, 2026, while Elumelu is scheduled to become chairman on Jan. 1, 2027, succeeding Senator Udoma Udo Udoma, according to the information provided.

Elumelu’s growing ownership also gives him exposure to Seplat Energy’s dividend payments. In August, he received $14.45 million in interim dividends from the company, taking his total dividends from Seplat Energy this year to about $35.3 million, including $10.8 million received June 19 and $9.99 million paid May 29.