Elumelu’s $500m Seplat stake doubles to over $1bn in 8 months

By Uche Usim
Tony Elumelu’s investment in Seplat Energy Plc has more than doubled in value, with his $500 million 20.07 per cent stake now worth over $1 billion.
The stake, held through his investment vehicle, Heirs Holdings, was bought for about $500 million in December 2025, making Heirs Holdings the largest shareholder in the Nigerian oil and gas company.
Seplat’s rising share price has driven the sharp increase in the value of the investment. The company’s shares were trading at about N11,200.60 on the Nigerian Exchange (NGX) and £6.47 on the London Stock Exchange, putting the value of Elumelu’s 120.4 million shares at more than $1 billion.
This means the investment has gai...