The value of Tony O. Elumelu’s stake in Seplat Energy Plc has increased by approximately N311.5 billion in just over two weeks, following a sharp rise in the energy company’s share price on the Nigerian Exchange Limited (NGX).
Elumelu’s stake, held indirectly through Heirs Energies Ltd and Heirs Holdings Ltd, is now worth approximately N1.79 trillion, based on Seplat’s current share price of N14,907.80.
According to Seplat’s ownership disclosures, the billionaire who led the historic 2005 merger between Standard Trust Bank (STB) and UBA, holds 120.4 million Seplat shares, representing 20.07% of the company and making Heirs Group its largest disclosed shareholder.
Seplat’s latest share-price movement has further increased the value of an already substantial position held by Elumelu.
At Seplat’s September 1 closing price of N12,320.60, the same holding was worth approximately N1.48 trillion. The subsequent increase to N14,907.80 has therefore added about N311.5 billion to the market value of Elumelu’s stake.
This puts the increase in the market value of Elumelu’s stake at about N426.7 billion since the end of June, with approximately N311.5 billion of the gain occurring since September 1.
The latest increase adds to a much larger appreciation in the value of Elumelu’s Seplat investment since the beginning of the year.
The increase also comes on top of dividend income. Seplat declared a N165.50 per-share interim dividend for H1 2026, comprising a N68.96 core dividend and a N96.54 special dividend.
Based on his 120.4 million shares, Elumelu’s gross entitlement from the interim dividend is approximately N19.92 billion, before applicable withholding tax.
Elumelu’s position in Seplat dates to a landmark transaction completed at the end of 2025.
In June, Seplat announced that Elumelu would become Chairman of the company effective January 1, 2027, succeeding Senator Udoma Udo Udoma, while Engr. Effiong Okon was appointed as CEO.
The investment has since increased substantially in market value as Seplat’s share price has continued to climb.
The increase in Seplat’s market value comes against a backdrop of stronger earnings and a significantly larger production base.
Together, the earnings growth, higher production and dividend payments provide the financial backdrop to the sharp increase in Seplat’s share price.
For Elumelu, that performance has translated into a substantial increase in the market value of his 20.07% holding, taking the stake from about N1.37 trillion at the end of June to N1.79 trillion currently.
