Tony Elumelu Increases Seplat Energy Stake to 21.07%
Heirs Energies acquires 6 million additional Seplat shares, lifting the Heirs Group’s stake to 21.07% ahead of Elumelu’s appointment as chairman in January 2027.
LAGOS, Nigeria: Nigerian businessman and investor Tony Elumelu has increased his shareholding in Seplat Energy Plc, with his Heirs Group now controlling 21.07 per cent of the energy company.
Heirs Energies Limited, a company controlled by Elumelu, acquired 6 million additional Seplat shares in a transaction executed in London on September 30, 2026.
Seplat’s regulatory filing shows the shares were purchased at £8.87 per share, bringing the total transaction value to about £53.22 million, equivalent to about ₦94 billion based on reported exchange rates.
The latest acquisition takes Heirs Energies’ direct holding to 27,943,867 shares.
When combined with the shares held by Heirs Holdings Limited, entities controlled by Elumelu now hold 126.4 million Seplat shares, representing 21.07 per cent of the company’s voting rights. Seplat has 599,944,561 issued shares.
From 20.07% to 21.07%
The latest purchase adds one percentage point to the Heirs Group’s position.
In December 2025, Heirs Holdings and Heirs Energies acquired the 20.07 per cent stake previously held by French energy company Maurel & Prom, giving Elumelu a major position in Seplat.
The latest transaction brings the group’s holding from approximately 120.4 million shares to 126.4 million shares.
At Seplat’s September 30 closing price on the Nigerian Exchange, the combined holding was valued at approximately ₦2.02 trillion, or around $1.5 billion, according to market calculations.
Elumelu set to become Seplat Chairman
The increased stake comes ahead of another major development in Elumelu’s relationship with Seplat.
The company has already announced that Elumelu will become Chairman of the Seplat Energy Board from January 1, 2027.
He currently serves as a Non-Executive Director, having joined the company’s board in January 2026 following the Heirs Group’s acquisition of the Maurel & Prom stake.
The latest share purchase further increases the size of the Heirs Group’s investment in one of Nigeria’s largest publicly listed energy companies, as Seplat continues to expand its oil and gas operations and strengthen its position in the Nigerian energy market.
