Nigerian billionaire Tony Elumelu is on the brink of joining Africa’s elite billion-dollar stock club, with his stake in Seplat Energy now valued at $934 million after a blistering rally on the Nigerian Exchange.
The surge reflects deepening investor appetite for Nigerian oil and gas assets and growing confidence in indigenous energy players.
Elumelu, through Heirs Energies, holds a 20.07% stake in Seplat Energy. That holding has soared this year on the back of an 86% jump in Seplat’s share price, powered by stronger revenue, rising profit, and a sharp drop in net debt.
The rally has made Seplat the first company on the NGX to break the N10,000-per-share ceiling. Its market capitalisation now stands at $4.7 billion.
For investors, the question is no longer if but when Elumelu’s stake crosses the $1 billion mark, a milestone that would underscore the growing weight of local capital in Africa’s energy sector.
Seplat’s performance has been underpinned by improved production, cost discipline, and renewed optimism around Nigeria’s upstream oil reforms. Analysts say the company’s balance sheet strength and dividend outlook are keeping institutional buyers interested.
Elumelu’s Heirs Holdings has been steadily expanding its energy footprint, positioning Heirs Energies as a key indigenous operator in Nigeria’s post-IOC era.
