The market value of Tony Elumelu’s stake in Nigeria’s Seplat Energy Plc has risen above $1 billion, more than double the roughly $500 million that Heirs Holdings paid in December 2025.
Heirs Holdings acquired a 20.07 percent stake, or 120.4 million Seplat shares, from French energy company Maurel & Prom for about $500 million. The holding is now worth more than $1 billion based on Seplat’s current market value.
Financial and operating performance#
Seplat’s revenue reached N2.50 trillion (Nigeria’s naira) in the first half of 2026, up 53 percent from the same period a year earlier. Key figures include:
- Profit before tax: N790.4 billion, up 74 percent.
- Profit after tax: N225.5 billion, compared with N42.5 billion a year earlier.
- Average output: 139,509 barrels of oil equivalent per day (boepd), up from 134,492 boepd, following the integration of Mobil Producing Nigeria Unlimited assets acquired from ExxonMobil.
- Average realised oil price: $94.13 per barrel, up from $72.58 a year earlier.
Interest-bearing borrowings fell from about N1.44 trillion at the end of 2025 to N1.11 trillion by June 2026, while cash increased to N598.3 billion. The combination of stronger production, higher realised oil prices, increased profitability and lower debt has coincided with a sharp rise in Seplat’s share price.
Board role and unrealised gain#
Heirs Holdings owns 120.4 million Seplat shares, so changes in the company’s share price have a significant impact on the value of its holding. The gain remains unrealised because Heirs Holdings has not sold the stake.
Elumelu joined Seplat’s board as a non-executive director in January 2026 and is expected to become chairman from January 1, 2027.
As a result, the $500 million investment has more than doubled in value in less than a year, supported by stronger production, earnings and cash generation.
