How Tony Elumelu Made Over N680bn From One Investment in 5 Months
- Nigerian billionaire Tony Elumelu has made an estimated N680 billion in capital gains within five months
- His company, Heirs Energies, acquired a 20.07% stake in Seplat Energy for $496 million in December
- Seplat Energy's share price has surged, helping Elumelu reap extraordinary rewards
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.
Nigerian investor Tony Elumelu has achieved an estimated return of over N680bn in five months, solely from the acquisition of a controlling stake in Seplat Energy Plc, one of Nigeria’s premier independent energy corporations.
The significant profit follows a landmark $496m investment by his company, Heirs Energies Limited, which became Seplat’s largest shareholder on December 31, 2025.
Source: Twitter
Under the transaction, Heirs Energies acquired all the 20.07% shares owned by the French firm, Maurel & Prom, 120.4 million ordinary shares each valued at 305 pence, which is around N6,000.
The transaction remains one of the biggest in the Nigerian energy industry involving Nigerian capital.
Elumelu makes more money
The acquisition made Heirs Energies the dominant shareholder in the energy firm, and in just five months, the value of its stake has since quadrupled, raking in millions in capital gains for the Nigerian billioniare.
Before the share price hike, its 120.4 million shares were worth $496 million. Just five months later, at N11,486.2 per share on June 3, 2026, these shares were worth a gain at an extraordinary level.
BusinessDay reports that the price jump translated into capital gains in excess of N680 billion for Heirs Energies Limited.
How Elumelu acquired Seplat shares
Heirs Energies acquired this stake at 305 pence per share from Maurel & Prom, which previously held the entire 20.07% of Seplat's total shares, taking over positions held by larger institutional investors like Petrolin Group (13.77 %), Sustainable Capital (9.7%), Professional Support (8.5%) and Allan Gray Investment Management (5.61 %).
The transaction terms initially stipulated an upfront payment of $248 million and a balance of $248 million, supported by an irrevocable letter of credit and payable within 30 days, plus a possible additional $10 million, subject to Seplat's share price performance over the following six months.
Source: UGC
According to Elumelu in his earlier comment:
“This transaction is a testament to our belief in the capacity of Africa to own and manage its strategic resources for sustainable economic development. Heirs Energies is committed to growing and transforming Nigeria’s and Africa’s energy sector for the long-term.”
The transaction received support from the African Export-Import Bank and Africa Finance Corporation.
Tony Elumelu, wife buy more UBA shares for over N480m
Earlier, Legit.ng reported that Tony Elumelu, the board chairman of the United Bank for Africa and his wife, Vivian Awele Elumelu, have purchased additional shares in the bank.
According to the latest corporate disclosure on Nigerian Exchange Limited, the couple acquired 23,196,236 units of the shares in two separate transactions worth N480.26 million.
Source: Legit.ng
