Elumelu’s Seplat investment doubles to over $1bn

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Tony Elumelu’s investment in Seplat Energy has more than doubled in value, with his Heirs Holdings stake now worth over $1bn.

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Heirs Holdings bought a 20.07 per cent stake in Seplat, representing about 120.4m shares, from French energy company Maurel & Prom in December 2025.

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The deal cost about $500m at the time.

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Since then, Seplat’s share price has risen strongly on both the Nigerian Exchange and the London Stock Exchange, pushing the value of Heirs Holdings’ stake above $1bn.

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Seplat’s shares ended at N11,200.60 on the NGX, compared with N5,809 at the end of 2025. The stock has therefore gained more than 90 per cent this year.

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The rise has also lifted Seplat’s total market value to about $5.24bn.

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The increase in Seplat’s share price has come as the company’s financial performance has strengthened.

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Seplat completed its acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil, significantly increasing its production and expanding its assets.

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In 2025, Seplat’s revenue jumped 144 per cent to $2.73bn.

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The company also generated $1.17bn in operating cash flow and reduced net debt to $673.3m.

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Its total dividend for 2025 increased by 52 per cent to 25 cents per share.

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The strong performance continued in the first half of 2026. Seplat recorded N2.50tn in revenue, while profit before tax increased 74 per cent to N790.4bn.

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Profit after tax also rose sharply to N225.5bn from N42.5bn in the same period a year earlier.

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The company reduced its interest-bearing debt from about N1.44tn at the end of 2025 to N1.11tn by June 2026, while cash rose to N598.3bn.

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Production increases

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Seplat’s production has also grown following the acquisition of MPNU. Average production increased to 139,509 barrels of oil equivalent per day in the first half of 2026 from 134,492 barrels per day a year earlier.

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Offshore assets now account for more than half of the company’s production, while natural gas liquids production more than doubled to 8,459 barrels per day.

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Elumelu joined Seplat’s board as a non-executive director in January 2026 and is expected to become chairman from 1 January 2027.

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For Heirs Holdings, analysts say, the rise in Seplat’s share price means its roughly $500m investment made less than eight months ago is now worth more than $1bn.

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