Tony Elumelu's Seplat Stake Surpasses $1 Billion

Tony Elumelu's investment in Seplat, through Heirs Holdings, has seen his 20.07% stake rise to over $1 billion, having been acquired for approximately $500 million in December 2025. This acquisition made Heirs Holdings the largest shareholder in Seplat, involving about 120.4 million shares.

Seplat's share price increased from about N5,809 at the end of 2025 to above N11,000, marking a gain of over 90%. The company's strong performance is attributed to its acquisition of Mobil Producing Unlimited, which expanded its production capacity.

For 2025, Seplat reported a revenue increase of 144% to $2.73 billion, with adjusted EBITDA rising 137% to $1.28 billion. Operating cash flow surged 276% to $1.17 billion, and net debt decreased by 25% to $673.3 million.

Elumelu joined Seplat's board in January 2026 and is expected to become chairman on January 1, 2027. His investment has more than doubled in less than eight months.