Seplat Market Value Gains Lift Elumelu’s Stake to N1.48trn

The market value of Tony Elumelu’s indirect stake in Seplat Energy Plc has risen to N1.48 trillion, following an 8.4% appreciation in the company’s share price since the end of June 2026.

Elumelu’s interest, held through Heirs Energies Ltd and Heirs Holdings Ltd, comprises approximately 120.4 million Seplat shares, representing a 20.07% stake in the energy company.

Based on Seplat’s closing share price of N12,320.60 on September 1, 2026, the holding was valued at about N1.48 trillion.

This compares with an estimated N1.37 trillion at June 30, 2026, when Seplat’s shares closed at N11,363.90.

The movement represents an increase of approximately N114 billion in the value of Elumelu’s holding over the period.

Seplat Ownership Structure

Heirs Group remains one of Seplat’s largest disclosed shareholders, with its 120.40 million shares accounting for 20.07% of the company.

Petrolin Group holds 81.02 million shares, representing 13.50%, while Professional Support owns 50.02 million shares, equivalent to 8.34%.

Sustainable Capital holds a further 37.12 million shares, representing 6.19%.

Elumelu’s Seplat exposure followed Heirs Energies’ agreement in December 2025 to acquire the entire 20.07% stake previously held by French energy company Maurel & Prom.

Market Performance

The latest appreciation in Seplat’s share price has increased the naira value of the Heirs Group’s strategic holding, reinforcing the significance of equity-market movements to the valuation of major energy-sector investments.

The development also comes against the backdrop of increased investor attention to Seplat’s position in Nigeria’s upstream oil and gas industry, where the company has continued to expand its asset base and production capacity.

For Elumelu and the Heirs Group, the rise in Seplat’s market value translates into a substantial increase in the notional value of their strategic investment, although the gain remains subject to subsequent movements in the company’s share price.