Tony Elumelu has increased his investment in Seplat Energy Plc after acquiring an additional six million shares in the Nigerian energy company for £53.2 million.
The shares were purchased through Heirs Energies Limited, a company controlled by Elumelu, at £8.87 per share in a transaction carried out in London on September 30, 2026, according to a regulatory disclosure by Seplat.
The latest acquisition represents about 1% of Seplat’s issued shares and increases the combined stake held by Heirs Energies and Heirs Holdings Limited to 126.4 million shares.
The two companies, both controlled by Elumelu, now hold a combined 21.07% voting interest in Seplat, based on the company’s 599,944,561 issued shares. Heirs Energies’ direct holding has risen to 27,943,867 shares.
The transaction adds to a major investment Elumelu’s businesses made in Seplat last year.
In December 2025, Heirs Holdings acquired the 20.07% stake previously held by French energy company Maurel & Prom, involving approximately 120.4 million Seplat shares in a deal valued at about $500 million.
The latest purchase therefore takes the shareholding controlled by Elumelu beyond the 20% level established through that earlier transaction.
The timing of the acquisition also comes as Seplat prepares for a leadership transition.
Elumelu, who joined Seplat’s board as a non-executive director in January 2026, is expected to become chairman of the company from January 1, 2027. Current chairman Udoma Udo Udoma is scheduled to retire from the board on December 31, 2026.
The additional investment further connects Elumelu’s growing ownership interest with his forthcoming role in the leadership of one of Nigeria’s largest independent energy companies.
For DDM News, the transaction also highlights the increasing importance of Seplat within Elumelu’s wider energy portfolio.
Seplat has expanded significantly in recent years, including through its acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil. The transaction substantially increased the company’s production capacity and expanded its asset base in Nigeria.
The company has also reported strong financial growth. Seplat’s revenue rose to $2.73 billion in 2025, while operating cash flow reached $1.17 billion and net debt fell to $673.3 million, according to company figures reported by Business Post Nigeria.
Elumelu’s latest purchase comes as the Nigerian oil and gas industry continues to attract significant investment, particularly around assets capable of supporting both oil production and domestic gas supply.
Heirs Energies, which operates Oil Mining Lease 17 in the Niger Delta, has an established presence in Nigeria’s upstream energy sector. The company says the asset has reserves of more than 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
The additional Seplat shares also increase the financial exposure of Elumelu-controlled entities to the company’s future performance.
As Seplat moves into a new leadership phase, the company is expected to continue focusing on production growth, operational efficiency and the integration of its expanded asset portfolio.
For Elumelu, the latest acquisition takes his position in Seplat beyond the substantial stake accumulated through last year’s landmark purchase.
The £53.2 million transaction consequently represents more than an additional block of shares. It further increases the ownership interest of Elumelu-controlled entities in Seplat at a time when he is preparing to assume the company’s chairmanship.
With the latest purchase, his combined Seplat holding now stands at 21.07%, making the energy company an increasingly significant part of his broader business interests.
Source: Seplat Energy regulatory filing, September 30, 2026.
