Tony Elumelu’s Heirs Energies Buys $71 Million Seplat Stake to Lift Combined Holding to 21.07%
The £53.2 million transaction on the London Stock Exchange consolidates Elumelu's position as Seplat Energy’s largest single shareholder ahead of his transition to board chairman in 2027.
LAGOS — Nigerian billionaire investor Tony Elumelu has expanded his controlling position in independent energy producer Seplat Energy Plc, acquiring 6.0 million additional ordinary shares through Heirs Energies Ltd in a transaction valued at £53.2 million ($71 million).
The transaction, executed on the London Stock Exchange and disclosed through regulatory filings on the Nigerian Exchange (NGX), takes the total holding across Elumelu-controlled vehicles, comprising Heirs Energies and Heirs Holdings, from 120.4 million shares to 126.4 million shares. The block purchase lifts his combined voting interest in the dual-listed oil and gas producer from 20.07% to 21.07%.
Equity Consolidation Ahead of Board Leadership Transition
The share acquisition comes as Elumelu prepares to assume executive leadership of the energy major. Seplat Energy previously announced that Elumelu will succeed outgoing Chairman Senator Udoma Udo Udoma to lead the board of directors, effective January 1, 2027.
The step-up in equity ownership follows Heirs Energies’ initial entry into Seplat’s capital structure, when the firm acquired the entire 20.07% equity stake previously held by French energy company Maurel & Prom S.A. in a transaction valued at approximately $500 million. By expanding its voting block beyond 21%, Heirs Energies reinforces its strategic oversight of Seplat as the company scales its onshore and shallow-water production capacity in the Niger Delta.
Portfolio Valuation and Upstream Synergies
Following a sustained rally in Seplat’s stock price, which surged over 175% year-to-date on the NGX to trade at N16,000.10 ($12.03) per share, Elumelu’s aggregate 126.4 million-share stake holds a market value of N2.02 trillion($1.52 billion).
The capital deployment highlights growing consolidation among domestic energy conglomerates operating across Nigeria’s upstream sector. Heirs Energies independently operates Oil Mining Lease (OML) 17 with an output of 50,000 barrels of oil equivalent per day alongside 120 million standard cubic feet of natural gas. The deeper equity footprint in Seplat Energy aligns upstream oil and gas production with downstream power generation assets managed under Elumelu’s broader Heirs Holdings investment portfolio.
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