Tony Elumelu’s Seplat Power Play Pays Off Big — Stake Now Worth N1.79 TrillionWhen Tony Elumelu bet big on Nigerian energy, the world watched. Now, that bet is paying off in billions.In just over two weeks, the value of the Nigerian billionaire’s stake in Seplat Energy Plc has skyrocketed by N311.5 billion, pushing his total holding to an estimated N1.79 trillion, approx. $1.1 billion.According to filings on the Nigerian Exchange, Elumelu, who chairs Heirs Holdings and UBA, holds 120.4 million shares of Seplat through Heirs Energies Ltd and Heirs Holdings Ltd. That represents 20.07% of the company, making him its largest disclosed shareholder.
The Numbers Behind The SurgeSeplat’s stock has been on a tear. On September 1, the share price closed at N12,320.60. Today, it trades at N14,907.80, a jump of N2,587.20 per share, or 21% in just 14 days.For Elumelu, that means Sept 1 Value was about N1.48 trillion, Current Value is about N1.79 trillion, and Gain since June 30 is N426.7 billion.This is on top of a massive year-to-date run. Seplat started 2026 at N5,610 per share. At today’s price, it has gained 165.9%, translating to a N1.12 trillion paper gain for Elumelu since January.And he is also cashing in on dividends. Seplat declared a H1 2026 interim dividend of N165.50 per share. Elumelu’s entitlement is a whopping N19.92 billion.How He Became Seplat’s Biggest OwnerThis was no overnight move. On December 31, 2025, French oil giant Maurel & Prom agreed to sell its entire 20.07% stake in Seplat to Elumelu’s Heirs Energies for $496 million at 305 pence per share, a 10.9% premium at the time.The deal, which involved a $248 million upfront payment, was one of the boldest indigenous acquisitions in Nigeria’s energy history.Five months later, Elumelu was elected as Non-Executive Director at Seplat’s 13th AGM. In June 2026, the company announced he will become Chairman from January 1, 2027, taking over from Senator Udoma Udo Udoma.Why Seplat Is FlyingSeplat’s rally is backed by real performance.
The company reported H1 2026 Profit Before Tax of N790.4 billion, up 74.1% year-on-year, H1 2026 Revenue of N2.50 trillion, and Average Production of 139,509 barrels of oil equivalent per day.This follows a 148% production growth in 2025 and record revenue of $2.73 billion, positioning Seplat as one of Africa’s most formidable independent energy players.What This Means for AfroCaribbean BusinessFor AfroCaribbean entrepreneurs and investors watching Africa’s energy transition, Elumelu’s move is a masterclass in strategic ownership, buying African assets, scaling them with African capital, and creating wealth that stays on the continent.
