Tony Elumelu’s stake in Seplat now worth $1.28 billion

By Kelechi Mgbodi 

The Chairman of Heirs Group, Mr. Tony O. Elumelu’s stake in Seplat Energy Plc, held indirectly through Heirs Energies Ltd and Heirs Holdings Ltd, is now worth approximately $1.28 billion.

This latest valuation is based on Seplat’s Tuesday, September 1, 2026 closing share price of N12,320.60 per share, reflecting a further increase from the position disclosed in the company’s unaudited H1 2026 financial statements.

According to Seplat’s ownership disclosures, the billionaire founder of United Bank of Africa (UBA) holds 120.4 million shares, representing 20.07% of the company, making Heirs Group the single largest disclosed shareholder.

At Seplat’s Tuesday close of N12,320.60 per share, that stake is now valued at approximately N1.484 trillion (120,400,000 shares × N12,320.60), up from N1.37 trillion at the June 30, 2026 closing price of N11,363.90 used in the H1 filing, a gain of roughly N114 billion in market value in just over two months.

What the data is saying:

Seplat Energy’s four disclosed substantial shareholders held 288.56 million shares, representing approximately 48.10% of issued share capital as of June 30, 2026.

• Heirs Group, comprising Heirs Energies and Heirs Holdings, is the largest disclosed shareholder with 120.40 million shares, equivalent to 20.07%.
• According to Seplat’s H1, 2026 financial statements, the Heirs Group entities are controlled by Tony O. Elumelu and members of his family.
• Tony Elumelu’s 120.40 million-share indirect holding was valued at approximately N1.37 trillion, based on Seplat’s N11,363.90 closing price as of June 30.

With the current closing price of N12,320.60 per share as of Tuesday, September 1, that stake is now valued at approximately N1.484 trillion (120,400,000 shares × N12,320.60),

• Petrolin Group held 81.02 million shares, representing 13.50%, while Professional Support owned 50.02 million shares, representing 8.34%.
• Sustainable Capital held 37.12 million shares, representing 6.19%, with Seplat describing the remaining shares as widely held.
• Directors collectively held 128.74 million shares, or 21.46%, on June 30, 2026, with Elumelu accounting for about 93.5% of directors’ disclosed holdings.

More insights: What the H1 2026 filing reveals

The latest disclosures in Seplat’s H1,2026 financial statement show Elumelu’s holding now anchors a broader shift in Seplat’s ownership concentration.

• Directors’ combined shareholding rose from just 6.28 million shares (1.05%) at December 31, 2025, to 128.74 million shares (21.46%) by June 30, 2026, an increase overwhelmingly attributable to Elumelu’s position rather than broad-based buying across the board.
• Beyond Heirs Group, three other shareholders hold stakes above 5%: Petrolin Group (13.50%), Professional Support (8.34%), and Sustainable Capital (6.19%).

Together, the four substantial shareholders control approximately 48.10% of Seplat, while the company’s free float stood at 37.0% as of June 30, 2026, compliant with NGX Premium Board requirements.

Get up to speed: How Elumelu became Seplat’s biggest shareholder

Elumelu’s position traces back to a landmark deal struck at the close of 2025.

• On December 31, 2025, French oil and gas company Maurel & Prom entered a binding agreement to sell its entire 20.07% stake in Seplat Energy to Heirs Energies for approximately $496 million, based on the sale of 120.4 million shares at 305 pence per share, a 10.9% premium to Seplat’s then-trading price.
• The transaction, structured with an upfront payment of $248 million and the balance secured by an irrevocable letter of credit, replaced Maurel & Prom as Seplat’s core shareholder, a position the French firm had held since Seplat’s founding in 2009.

Following the acquisition, Elumelu was formally elected to Seplat’s board as a Non-Executive Director at the company’s 13th Annual General Meeting on May 20, 2026.

• The board transition deepened further in June, when Seplat announced Elumelu would become Chairman effective January 1, 2027, succeeding Senator Udoma Udo Udoma, alongside the appointment of Engr. Effiong Okon as CEO.

By August 20, 2026, Nairametrics reported that the stake had already crossed the $1 billion mark, more than doubling in value in under eight months as Seplat’s share price surged on the back of stronger production and earnings. Tuesday’s close pushes that valuation even further, underscoring the pace at which the original $500 million bet has appreciated.

What you should know:

The scale of Elumelu’s position is also reflected in Seplat’s shareholder returns. The company declared a N165.50 per-share interim dividend for H1 2026, comprising a N68.96 core dividend and a N96.54 special dividend, against H1 profit after tax of N225.5 billion.

• At 120.4 million shares, Elumelu’s gross dividend entitlement from that single declaration adds up to approximately N19.92 billion, before applicable withholding tax.

Seplat’s share price has appreciated in value more than double the price TOE acquired.

In about two months, the price has risen from its June 30 level of N11,363.90 to N12,320.60 by Tuesday’s close, a gain of approximately 8.4% over roughly two months driven by strong investor sentiment.