Tony Elumelu To Get Richer After Securing Another Mega Company in His Portfolio
- Tony Elumelu, through Heirs Holdings and Heirs Energies has become Seplat Energy’s largest shareholder
- He spent $496 million to acquire about 20.07% stake from Maurel & Prom an oil company
- The acquisition strengthens Elumelu’s energy portfolio and is set to boost his net worth
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Billionaire entrepreneur Tony Elumelu is set to further expand his wealth and influence after becoming the largest shareholder in Seplat Energy Plc through a $496 million acquisition.
Elumelu, via his investment vehicle Heirs Holdings and its subsidiary Heirs Energies Ltd, acquired a 20.07% equity stake in Seplat Energy from French oil firm Etablissements Maurel & Prom S.A. (M&P), according to a regulatory filing on the Nigerian Exchange shared on Wednesday, December 31
Source: UGC
Details of Elumelu, Seplat shares acquisition
The deal, completed after market close on December 30, 2025, saw M&P sell its full 120.4 million shareholding in Seplat at 305 pence per share.
An upfront payment of $248 million was made, with the remaining amount payable within 30 days and backed by an irrevocable letter of credit.
The deal also includes a contingent consideration of up to $10 million, subject to Seplat’s share price performance over the next six months.
The acquisition positions Heirs Energies as the single largest shareholder in Seplat, a leading Nigerian independent energy company listed on both the London Stock Exchange and the Nigerian Exchange, strengthening Elumelu’s footprint in the oil and gas sector.
M&P said in a statement:
“We are very pleased to transfer our stake to Heirs Energies, a subsidiary of the leading Pan-African investment company Heirs Holdings."
The company added that it was confident Seplat would continue to thrive with the support of a strong, long-term shareholder.
M&P, a founding shareholder of Seplat and its biggest investor since 2010, said the sale was timely after helping build the company into a leading force in Nigeria’s oil and gas sector, Punch reports.
Its chief executive, Olivier de Langavant, said the investment generated solid returns over 15 years, allowing the group to shift focus back to direct oil and gas assets.
Source: UGC
The future is bright for Tony Elumelu
The deal comes months after Heirs Holdings executed a $750 million financing arrangement with the African Export–Import Bank, underlining its capacity to pursue large-scale strategic acquisitions.
Following the announcement, Seplat’s shares rose 11% in London, while M&P shares gained 8% in Paris. Legal and financial advisers on the transaction included Herbert Smith Freehills, Kramer and Morgan Stanley.
There is a strong expectation that the acquisition is likely to further boost Elumelu’s net worth, which is anchored on major holdings across banking, power, energy and hospitality.
4 richest men in Nigeria's net worth
Earlier, Legit.ng reported that Nigeria’s richest men are kicking off 2026 better than 2025, led by industrialist Aliko Dangote, whose fortune more than doubled within a year.
According to Forbes billionaire rankings, Nigeria’s top four billionaires collectively control about $43 billion, up significantly from roughly $24.8 billion in January 2025.
Dangote remained Nigeria’s richest man, ranking 89th globally with an estimated net worth of $25.6 billion as at the start of January 2026.
Source: Legit.ng
