‘In Just 8 Months,’ Elumelu’s $500m Seplat Investment Doubles To Over $1bn

“Heirs Holdings acquired a 20.07 per cent shareholding in Seplat, representing roughly 120.4 million shares, from French energy giant Maurel & Prom;” NOP NIGERIA gives the buy-one get-two details of one of the fastest wealth wins in Nigeria’s corporate history

Tony Elumelu has just pulled off one of the fastest wealth wins in Nigerian corporate history. His investment firm, Heirs Holdings, bought into Seplat Energy for about $500 million in December 2025. Eight months later, that stake is worth more than $1 billion.

NOP NIGERIA reports that Heirs Holdings acquired a 20.07 per cent shareholding in Seplat, representing roughly 120.4 million shares, from French energy giant Maurel & Prom. At the time, the deal was valued at about $500 million and positioned Elumelu’s group as one of Seplat’s biggest shareholders.

Since then, Seplat’s share price has gone into overdrive on both the Nigerian Exchange and the London Stock Exchange. On the NGX, the stock closed at N11,200.60, up from N5,809 at the end of 2025. That is a gain of more than 90 per cent in 2026 alone.

The rally has lifted Seplat’s total market value to about $5.24 billion, making it one of Africa’s most valuable independent energy companies and cementing Heirs Holdings’ paper profit at over $1 billion.

The surge is not just market sentiment. It is backed by a fundamental transformation of Seplat’s business, triggered by its landmark acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil. The deal massively expanded Seplat’s production base and asset portfolio.

The numbers tell the story. In 2025, Seplat’s revenue jumped 144 per cent to $2.73 billion. The company generated $1.17 billion in operating cash flow and cut net debt to $673.3 million, giving it far more breathing room than in previous years.

Shareholders also felt the impact. Seplat increased its total dividend for 2025 by 52 per cent to 25 cents per share, rewarding investors who stuck with the company through its expansion phase.

Momentum carried into 2026. In the first half of the year, Seplat recorded N2.50 trillion in revenue. Profit before tax rose 74 per cent to N790.4 billion, while profit after tax surged to N225.5 billion from N42.5 billion in the same period a year earlier.

The balance sheet is getting stronger too. Interest-bearing debt fell from about N1.44 trillion at the end of 2025 to N1.11 trillion by June 2026. Cash on hand climbed to N598.3 billion, giving management flexibility to fund growth and returns.

Production is up as well. Average output rose to 139,509 barrels of oil equivalent per day in H1 2026, compared with 134,492 barrels per day a year earlier. The boost came directly from the integration of MPNU’s assets.

The mix is shifting in Seplat’s favor. Offshore assets now account for more than half of total production. Natural gas liquids output more than doubled to 8,459 barrels per day, aligning with Nigeria’s push to monetize gas.

For Elumelu, the timing looks impeccable. He joined Seplat’s board as a non-executive director in January 2026 and is slated to become chairman from January 1, 2027. That puts Heirs Holdings at the center of strategy as the company scales.

Analysts say the doubling of Heirs Holdings’ stake in under eight months validates Elumelu’s thesis on African energy: buy quality assets, improve governance, and capture value as Nigeria’s oil and gas sector consolidates.

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The deal also signals growing investor confidence in Seplat as a national champion. By absorbing ExxonMobil’s onshore and shallow water assets, Seplat has moved from a mid-cap player to a company producing at a scale comparable to international majors operating in Nigeria.

With a $1 billion stake, a board seat, and the chairmanship ahead, Elumelu’s influence at Seplat is set to grow. For Heirs Holdings, the $500 million bet has already paid off. For Nigeria’s energy sector, it is a signal that local capital can drive the next phase of growth, profits, and production.

NOP NIGERIA