Tony Elumelu Raises Seplat Stake to 21.07%

Nigerian billionaire Tony Elumelu has expanded his stake in Seplat Energy Plc to 21.07% by acquiring an additional 6 million shares through Heirs Energies Limited. This acquisition brings the total shareholding of Heirs Energies Limited and Heirs Holdings Limited to 126.4 million shares.

The purchase increases Heirs Energies Limited's holding in Seplat to 27,943,867 shares, representing approximately 1% of Seplat’s issued shares and costing Elumelu about $70 million or N94 billion. The rise in Seplat’s share price has significantly boosted the market value of Elumelu’s investment, which has increased by approximately 21.6% during September.

Elumelu, who serves as a non-executive director of Seplat, is expected to become the chairman in January 2027, following a planned leadership transition. Seplat Energy operates oil assets in the Niger Delta region, partnering with the Nigerian Government and other producers.