Elumelu’s Seplat stake surges N311.5bn in two weeks, hits N1.79trn value
Tony O. Elumelu’s stake in Seplat Energy Plc has jumped by roughly N311.5 billion in just over two weeks, pushing the value of his 20.07% holding to about N1.79 trillion at the current share price of N14,907.80. The holding, controlled through Heirs Energies Ltd and Heirs Holdings Ltd, comprises 120.4 million shares. On September 1, when Seplat traded at N12,320.60, the same stake was worth N1.48 trillion; the rise to N14,907.80 reflects a 21.0% share‑price gain in that period. Since the end of June 2026, Elumelu’s Seplat stake has risen from roughly N1.37 trillion to N1.79 trillion, an overall increase of N426.7 billion, with the bulk of that gain occurring after September 1. Year‑to‑date, Seplat’s share price has climbed from about N5,610 at the start of 2026 to N14,907.80—a 165.9% rise that adds roughly N1.12 trillion to the market value of his holding. In addition, Seplat declared an interim dividend of N165.50 per share (N68.96 core + N96.54 special), giving Elumelu a gross entitlement of approximately N19.92 billion before tax. The stake originated from a December 2025 purchase of Maurel & Prom’s 20.07% share for about $496 million; Elumelu joined the board in May 2026 and is slated to become Chairman on January 1 2027. Seplat’s first‑half 2026 results show profit before tax of N790.4 billion (up 74.1%), revenue of N2.50 trillion and average output of 139,509 barrels of oil equivalent per day, underpinning the share‑price rally. While these gains remain unrealised unless the shares are sold, the surge highlights the energy sector’s strength and the scale of returns available to major Nigerian investors.