Tony Elumelu’s investment in Seplat Energy has more than doubled in value, with his Heirs Holdings stake now worth over $1bn.
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.
The deal cost about $500m at the time.
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.
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.
The rise has also lifted Seplat’s total market value to about $5.24bn.
The increase in Seplat’s share price has come as the company’s financial performance has strengthened.
Seplat completed its acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil, significantly increasing its production and expanding its assets.
In 2025, Seplat’s revenue jumped 144 per cent to $2.73bn.
The company also generated $1.17bn in operating cash flow and reduced net debt to $673.3m.
