Elumelu's Seplat Stake Surges to $1.28 Billion

Tony Elumelu, Chairman of Heirs Group, has seen his indirect stake in Seplat Energy Plc increase to approximately $1.28 billion, valued at N1.48 trillion, due to an 8.4% rise in share price. This stake, comprising 120.4 million shares, represents a 20.07% ownership in Seplat.

As of September 1, 2026, the shares closed at N12,320.60, up from N11,363.90 on June 30, 2026, marking an increase of about N114 billion in value. Elumelu's position in Seplat began with a binding agreement on December 31, 2025, to acquire the 20.07% stake from Maurel & Prom.

He was elected as a Non-Executive Director at Seplat's 13th Annual General Meeting on May 20, 2026, and is set to become Chairman on January 1, 2027, succeeding Senator Udoma Udo Udoma. The rise in Seplat's share price has also enhanced Elumelu's potential dividend income, with Seplat declaring a N165.50 per-share interim dividend for the first half of 2026.