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Tony Elumelu’s Heirs Holdings stake in Seplat Energy has more than doubled in value to over $1bn, less than eight months after the investment was made.
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Heirs Holdings acquired a 20.07 percent stake in Seplat for about $500m in December 2025, buying approximately 120.4 million shares from Maurel & Prom.
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Seplat’s stronger earnings, higher production and the integration of its ExxonMobil acquisition have helped drive the company’s share price and market value higher.
August 21, (THEWILL) — Tony Elumelu’s investment in Seplat Energy Plc has more than doubled in value, with his Heirs Holdings stake now worth over $1 billion following a strong rally in the company’s shares.
Heirs Holdings acquired a 20.07 percent stake in Seplat, representing about 120.4 million shares, from French energy company Maurel & Prom in December 2025 for approximately $500 million.
Less than eight months later, the value of the holding has risen above $1 billion as Seplat’s share price climbed sharply on both the Nigerian Exchange (NGX) and the London Stock Exchange.
Seplat Shares Rally
Seplat shares closed at N11,200.60 on the NGX, compared with N5,809 at the end of 2025, representing a gain of more than 90 percent.
The rally has also lifted Seplat’s total market capitalisation to about $5.24 billion, strengthening the value of Heirs Holdings’ strategic investment.
The increase in the share price has coincided with a significant improvement in Seplat’s financial performance, following the company’s acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil.
The acquisition significantly expanded Seplat’s production base and asset portfolio, strengthening its position in Nigeria’s oil and gas industry.
In 2025, Seplat’s revenue increased by 144 per cent to $2.73 billion, while operating cash flow stood at $1.17 billion.
The company also reduced its net debt to $673.3 million and increased its total dividend for the year by 52 percent to 25 cents per share.
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Earnings and Production Strengthen
The strong performance continued into the first half of 2026, with Seplat recording N2.50 trillion in revenue.
Profit before tax rose by 74 percent to N790.4 billion, while profit after tax increased sharply to N225.5 billion from N42.5 billion in the corresponding period of 2025.
The company also strengthened its balance sheet during the period.
Interest-bearing debt declined from about N1.44 trillion at the end of 2025 to N1.11 trillion by June 2026, while cash increased to N598.3 billion.
Seplat’s production has also benefited from the integration of MPNU’s assets.
Average production rose to 139,509 barrels of oil equivalent per day in the first half of 2026, up from 134,492 barrels of oil equivalent per day in the same period a year earlier.
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.
Elumelu joined Seplat’s board as a non-executive director in January 2026 and is expected to become chairman of the company from January 1, 2027.
For Heirs Holdings, the sharp appreciation in Seplat’s shares means its approximately $500 million investment made in December 2025 has now more than doubled in market value.
The development underscores how improved corporate earnings, stronger production and investor expectations around Seplat’s expanded asset base have combined to significantly re-rate the company’s equity value.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
