Tony Elumelu’s Seplat Energy Stake Surpasses $1 Billion After Doubling in Value

Nigerian businessman Tony Elumelu’s investment in Seplat Energy Plc has crossed the $1 billion mark, less than a year after his Heirs investment group acquired the stake for about $500 million.

The investment, representing a 20.07% stake in Seplat Energy, was acquired from French energy company Maurel & Prom in December 2025. The transaction involved approximately 120.4 million shares and made Elumelu’s Heirs the largest single shareholder in the energy company.

Since the acquisition, Seplat’s share price has climbed sharply on the Nigerian Exchange, significantly increasing the market value of Elumelu’s holding. Seplat shares closed at about ₦11,200.60, compared with roughly ₦5,809 at the end of 2025, representing a gain of more than 90% this year.

That rally has pushed the value of Elumelu’s 20.07% stake to more than $1 billion, effectively doubling the original investment in less than eight months. The gain is a market valuation rather than a realised profit, meaning the shares would need to be sold for the value to become an actual cash return.

Seplat’s stronger market performance has been supported by the company’s expanding operations and improved financial results, particularly following its acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil. The deal significantly increased Seplat’s production capacity and expanded its portfolio of oil and gas assets.

The company reported $2.73 billion in revenue for 2025, a 144% increase from the previous year. Operating cash flow also rose to $1.17 billion, while net debt declined to $673.3 million.

The momentum continued into the first half of 2026, with Seplat reporting ₦2.50 trillion in revenue and profit before tax of ₦790.4 billion, according to data reported by Punch. Profit after tax also rose significantly to ₦225.5 billion from ₦42.5 billion a year earlier.

Elumelu’s influence within Seplat has also grown alongside his investment. He joined the company’s board in January 2026 following the acquisition of the 20.07% stake.

The investment represents another major expansion of Elumelu’s presence in Nigeria’s energy industry. Through Heirs Energies, he already has significant interests in the country’s upstream oil and gas sector, while the Seplat investment gives him substantial exposure to one of Nigeria’s largest listed independent energy producers.

For Elumelu, the rapid increase in the value of the Seplat holding highlights how a strategic investment in Nigeria’s energy sector can generate substantial paper gains when accompanied by strong corporate performance and rising share prices.

With the stake now valued at more than $1 billion, the Seplat investment has become one of the most notable recent wins in Elumelu’s growing energy portfolio.