Tony Elumelu expands Seplat stake to 21.07%, now worth $1.5 billion

Nigerian tycoon Tony Elumelu has bolstered his stake in Seplat Energy Plc, expanding his ownership to 21.07%. This increase, announced on the Nigerian Exchange website, brings the total shareholding of entities Elumelu controls to 21.07%. The acquisition, executed through Heirs Energies Limited, adds a further 6 million shares to the combined holding, which previously stood at 126.4 million shares.

The transaction represents about 1% of Seplat’s issued shares, increasing the combined holding of the two Elumelu-controlled entities from approximately 20.07% to 21.07%. Elumelu, who serves as a non-executive director of the energy company, stands to gain approximately $70 million from the 1% acquisition, which has been fueled by Seplat's rising share price.

The investment's market value has significantly increased due to the recent surge in Seplat's share price. Elumelu, who is set to assume the role of Seplat chairman in January 2027, is also renowned for his diverse business portfolio, which spans banking, insurance, hospitality, real estate, power, and technology. Seplat Energy's portfolio comprises 11 PMLs, 17 PPLs, and 5 OMLs in onshore and shallow water locations in Nigeria's Niger Delta region, operated in partnership with the Nigerian Government and other producers.