Tony Elumelu's Seplat Stake Gains ₦163 Billion in a Single Day, Now Worth ₦1.8tn
- Tony Elumelu's indirect stake in Seplat Energy surged after the stock closed 10% higher, adding ₦163 billion in a single trading session
- Heirs Holdings and Heirs Energies hold 120.4 million Seplat shares worth ₦1.80 trillion, making Elumelu the company's largest shareholder
- The Heirs Group acquired the 20.07% stake from French firm Maurel & Prom on December 31, 2025, for about $500 million
PAY ATTENTION: Mark Legit.ng as a preferred source, and our content will appear higher in your Google feed!
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Tony Elumelu's combined stake in Seplat Energy, held through his Heirs Holdings Limited and Heirs Energies Limited, jumped to roughly $1.36 billion (₦1.80 trillion) on Thursday, September 10, 2026, after the oil and gas company's share price closed 10% higher at ₦14,907.80 per share.
The single-session gain added ₦163 billion to the value of the 120.4 million shares held by the Heirs Group, which represents a 20.07% interest in Seplat Energy.
Source: UGC
That same block of shares was valued at ₦1.63 trillion on Wednesday and ₦1.48 trillion as recently as September 1. Since June 30, when the position was marked at ₦1.37 trillion, the holding has grown by about ₦427 billion.
How Elumelu built his Seplat position
The Heirs Group acquired the 120.4 million shares from French oil and gas firm Établissements Maurel et Prom on December 31, 2025, paying around $500 million for the block.
Seplat's 2025 financial statements name Elumelu as the ultimate beneficial owner of the Heirs Group. Eight months after that purchase, the same shares are now marked at ₦1.80 trillion on the Nigerian Exchange.
Following the acquisition, the Heirs Group sought board representation at Seplat, nominating Elumelu as its candidate.
After the company's Nomination and Governance Committee assessed his qualifications, he joined Seplat Energy's board as a Non-Executive Director on January 22, 2026.
By June 2026, he had been elevated to chairman-designate and is set to formally assume the chairmanship on January 1, 2027, making him the most prominent figure at the company.
Seplat stake now Elumelu's most visible asset
The position has made Elumelu the largest disclosed shareholder in Seplat Energy. His involvement spans both ownership and governance: the Heirs Group holds the equity, while Elumelu serves as its nominee on the board.
Source: UGC
Elumelu is the founder of United Bank for Africa (UBA) and a prominent figure in African business and philanthropy.
His energy interests, channelled through Heirs Energies, have grown considerably since the Seplat deal, which now stands as one of the most valuable disclosed shareholdings by a private Nigerian businessman in a listed company.
Tony Elumelu, wife buy more UBA shares
Meanwhile, Legit.ng earlier reported that Tony Elumelu and his wife, Vivian Awele Elumelu, have purchased additional shares in the United Bank for Africa.
According to the latest corporate disclosure on the Nigerian Exchange Limited, the couple acquired 23,196,236 units of the shares in two separate transactions worth N480.26 million.
Source: Legit.ng
