Tony Elumelu’s Heirs Energies raises Seplat stake to 21%

Heirs Energies Limited, an indigenous energy company headed by billionaire investor and Non-Executive Director, Tony Elumelu, has significantly increased its stake in Seplat Energy Plc by purchasing 6 million ordinary shares on the London Stock Exchange. This strategic move underscores the growing investor confidence in Nigeria's energy sector, specifically among domestic institutional investors expanding their presence in both Lagos and London-listed companies.

The company's new holding in Seplat now stands at 27,943,867 ordinary shares, which, when combined with the existing shares held by Heirs Holdings Limited, controlled by Elumelu, totals 126,400,000 ordinary shares. This brings Elumelu's combined voting interest to 21.07 percent of Seplat's 599,944,561 issued ordinary shares. Seplat Energy Plc, a prominent independent oil and gas producer in Nigeria, is undergoing a strategic expansion as local operators play an increasingly pivotal role in energy security and asset optimization, particularly amid portfolio realignments by international oil companies in the Niger Delta region.

The insider transaction details were officially disclosed by the Director of Legal and Company Secretary at Seplat Energy Plc, in compliance with international capital market regulations and the Exchange's Rulebook.