Africa’s Newest Dollar Billionaire, Tony Elumelu, Acquires Additional £53.2m Shares in Seplat
- Tony Elumelu’s Heirs Energies bought six million Seplat shares for about £53.2 million, increasing his company’s combined stake to 21.07%
- Elumelu is set to become Seplat chairman on January 1, 2027, succeeding Udoma Udo Udoma
- Seplat disclosed the September share purchase under Nigerian and UK market rules, detailing the transaction and resulting holdings
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Tony Elumelu, chairman of Heirs Holdings, has strengthened his investment in Seplat Energy Plc with the acquisition of an additional six million shares valued at approximately £53.2 million.
The purchase, executed through Heirs Energies Limited, a company he controls, expands his interests in the energy company ahead of his scheduled appointment as its chairman in January 2027.
Source: UGC
According to a notification filed with the Nigerian Exchange Limited (NGX), the shares were purchased in London on September 30, 2026, at £8.87 each.
The latest acquisition builds on an earlier investment by Heirs Energies and Heirs Holdings, which bought 120.4 million Seplat shares from Maurel & Prom in December 2025.
Combined Seplat stake reaches 21.07%
Following the transaction, Heirs Energies’ direct holding in Seplat rose to 27,943,867 shares.
The filing disclosed that Heirs Energies and Heirs Holdings, both controlled by Elumelu, now jointly hold approximately 126.4 million shares in the company.
That combined investment represents a 21.07% voting interest, calculated against Seplat’s 599,944,561 issued shares.
The distinction between the two figures is significant: the 27.94 million shares represent Heirs Energies’ direct holding, while the larger figure captures the combined interests of both companies.
With the latest purchase, the two companies have added six million shares to the block acquired from Maurel & Prom less than a year earlier.
The disclosed voting interest reflects their combined shareholding. It does not amount to majority ownership of Seplat, although it gives the companies a substantial interest in shareholder decisions.
Elumelu prepares to take over as chairman
The investment comes as Seplat prepares for a previously announced transition at the top of its board.
In June, the company said its current chairman, Udoma Udo Udoma, would retire on December 31, 2026. Elumelu was elected to succeed him, with his appointment taking effect on January 1, 2027.
Elumelu joined Seplat’s board as a non-executive director in January 2026, following the December 2025 share acquisition by his companies.
His latest investment therefore increases the combined shareholding of his companies before he assumes the chairmanship.
The September transaction concerns the purchase of additional shares, while the leadership change follows the succession timetable announced earlier by Seplat.
Seplat discloses transaction under market rules
Seplat said the share purchase was disclosed in compliance with Nigerian and United Kingdom market requirements.
The company cited Rule 17.15(c) of the NGX Rulebook 2015, which covers disclosure of dealings in an issuer’s shares, alongside Article 19(3) of the UK market abuse regulations.
Source: Facebook
The notification sets out the transaction’s date, location, price and resulting holdings, providing investors with details of the change in ownership.
For shareholders, the immediate development is a larger combined interest held by Elumelu-controlled companies as Seplat approaches its planned board leadership transition.
Elumelu becomes dollar billionaire as Seplat stake soars
Legit.ng earlier reported that Tony Elumelu’s investment in Seplat Energy has delivered a remarkable paper gain, with his 20.07 per cent stake now worth more than $1 billion.
The stake, held through Heirs Holdings, was acquired for approximately $500 million in December 2025, following the investment company's purchase of Maurel & Prom’s holding in Seplat.
Source: Legit.ng
