The stake held by the Chairman of Heirs Group, Mr. Tony O. Elumelu, in Seplat Energy Plc is now worth approximately $1.28 billion. The investment is held indirectly through Heirs Energies Ltd and Heirs Holdings Ltd. This updated valuation is calculated using Seplat’s Tuesday, September 1, 2026 closing share price of N12,320.60 per share and represents a further increase from the value reported in the company’s unaudited H1 2026 financial statements.
Seplat’s ownership disclosures show that the billionaire founder of United Bank of Africa (UBA) holds 120.4 million shares, equivalent to 20.07% of the company. This holding makes Heirs Group the single largest disclosed shareholder in Seplat Energy and gives the group a significant position in the company’s ownership structure.
Using Seplat’s Tuesday closing price of N12,320.60 per share, Heirs Group’s 120,400,000 shares are valued at approximately N1.484 trillion. The calculation is based on multiplying the total number of shares by the closing price: 120,400,000 shares × N12,320.60. This represents an increase from the approximately N1.37 trillion valuation recorded at the June 30, 2026 closing price of N11,363.90, which was used in Seplat’s H1 filing. In market-value terms, the holding has gained roughly N114 billion in just over two months.
What the data is saying:
Seplat Energy’s four disclosed substantial shareholders held a combined 288.56 million shares as of June 30, 2026. Together, these holdings represented approximately 48.10% of the company’s issued share capital, highlighting the concentration of ownership among its largest disclosed investors.
Heirs Group, comprising Heirs Energies and Heirs Holdings, was the largest disclosed shareholder, with 120.40 million shares, equivalent to 20.07% of Seplat Energy.
According to Seplat’s H1, 2026 financial statements, the Heirs Group entities are controlled by Tony O. Elumelu and members of his family.
Tony Elumelu’s indirect holding of 120.40 million Seplat shares was valued at approximately N1.37 trillion, using Seplat’s N11,363.90 closing price on June 30. At the current closing price of N12,320.60 per share as of Tuesday, September 1, the value of that stake has increased to approximately N1.484 trillion, calculated as 120,400,000 shares × N12,320.60.
Petrolin Group held 81.02 million shares, equivalent to 13.50%, while Professional Support owned 50.02 million shares, representing 8.34% of the company.
Sustainable Capital held 37.12 million shares, or 6.19%, while Seplat classified the remaining shares as widely held.
Directors collectively held 128.74 million shares, representing 21.46%, as of June 30, 2026. Elumelu accounted for approximately 93.5% of the directors’ disclosed holdings, underscoring the extent to which his position drove the overall figure.
More insights: What the H1 2026 filing reveals
The latest disclosures in Seplat’s H1,2026 financial statement indicate that Elumelu’s holding now forms the central component of a broader increase in the concentration of Seplat’s ownership.
Directors’ combined shareholding increased from just 6.28 million shares, or 1.05%, as of December 31, 2025, to 128.74 million shares, or 21.46%, by June 30, 2026. The increase was overwhelmingly attributable to Elumelu’s position, rather than to broad-based share purchases by directors collectively.
In addition to Heirs Group, three other shareholders each own more than 5% of Seplat: Petrolin Group, with a 13.50% interest; Professional Support, with 8.34%; and Sustainable Capital, with 6.19%.
Together, these four substantial shareholders account for approximately 48.10% of Seplat’s outstanding shares. The company’s free float, representing shares available for trading by the broader investing public, stood at 37.0% as of June 30, 2026, keeping Seplat in compliance with the NGX Premium Board’s free-float requirements.
Get up to speed: How Elumelu became Seplat’s biggest shareholder
Elumelu’s rise to Seplat’s largest-shareholder position stems from a landmark transaction completed at the end of 2025.
On December 31, 2025, French oil and gas company Maurel & Prom signed a binding agreement to sell its entire 20.07% holding in Seplat Energy to Heirs Energies for approximately $496 million. The agreed consideration was based on the sale of 120.4 million shares at 305 pence per share, representing a 10.9% premium to Seplat’s prevailing market price at the time.
The deal was financed through an upfront payment of $248 million, with the remaining balance supported by an irrevocable letter of credit.
Once completed, it transferred Seplat’s core-shareholder position from Maurel & Prom to Heirs Energies, ending the French company’s tenure as the leading shareholder, a role it had held since Seplat’s founding in 2009.
After the acquisition, Elumelu formally joined Seplat’s board when shareholders elected him as a Non-Executive Director at the company’s 13th Annual General Meeting on May 20, 2026.
The boardroom transition gained further momentum in June, when Seplat announced that Elumelu would assume the chairmanship effective January 1, 2027. He will succeed Senator Udoma Udo Udoma, while Engr. Effiong Okon was appointed to serve as CEO, marking a broader leadership reshuffle at the company.
By August 20, 2026, Nairametrics reported that the value of Elumelu’s stake had already exceeded $1 billion. That represented more than a doubling in value in less than eight months, driven by a sharp rise in Seplat’s share price as production levels and earnings strengthened. Tuesday’s closing price lifted the valuation even higher, highlighting how quickly the original $500 million investment has appreciated.
What you should know:
The size of Elumelu’s holding is further illustrated by the shareholder returns generated by Seplat. For H1 2026, the company declared an interim dividend of N165.50 per share, consisting of a N68.96 core dividend and a N96.54 special dividend. The distribution came against profit after tax of N225.5 billion for the period.
Based on Elumelu’s 120.4 million shares, the gross dividend payable from that single declaration amounts to approximately N19.92 billion, before applicable withholding tax. Seplat’s share price has more than doubled in value from the price at which TOE acquired its stake.
Over approximately two months, the share price increased from its June 30 level of N11,363.90 to N12,320.60 by Tuesday’s close. That represents a gain of approximately 8.4% in roughly two months, supported by strong investor sentiment and continued confidence in the company’s production and earnings outlook.
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