Tony Elumelu Expands Seplat Energy Stake With £53.2m Share Purchase

Nigerian businessman Tony Elumelu has increased his group’s investment in Seplat Energy after Heirs Energies Limited acquired an additional six million shares in the London- and Nigerian-listed energy company for about £53.2 million.

The transaction was executed in London on September 30 at £8.87 per share, according to Seplat’s regulatory disclosure. Heirs Energies is controlled by Elumelu, who is also a non-executive director of Seplat.

Following the purchase, Heirs Energies’ direct holding rose to 27,943,867 shares. When combined with shares held by Heirs Holdings Limited, both companies controlled by Elumelu now hold about 126.4 million Seplat shares, representing a 21.07% voting interest based on Seplat’s 599,944,561 issued shares.

The latest acquisition represents roughly another 1% of Seplat and increases the group’s position from the approximately 20.07% stake it previously held. The transaction is therefore a significant increase in exposure, although the combined holding remains well below a majority stake.

The purchase builds on a much larger transaction completed in December 2025, when Heirs Energies and Heirs Holdings acquired 120.4 million Seplat shares from French oil and gas company Maurel & Prom. That transaction followed Maurel & Prom’s decision to exit its investment in Seplat.

The timing of the latest purchase is also notable because Elumelu is already positioned to take on a more prominent role at Seplat. The company announced in June that its current chairman, Udoma Udo Udoma, will retire at the end of December 2026, with Elumelu elected to succeed him from January 1, 2027. Elumelu joined Seplat’s board as a non-executive director in January.

For investors, the transaction provides another indication of Elumelu’s long-term commitment to Seplat and the wider Nigerian energy sector. His Heirs group has increasingly expanded its presence across the energy value chain, while Seplat remains one of Nigeria’s most prominent independent energy producers with listings in both Lagos and London.

The disclosure also illustrates the difference between ownership and control. A 21.07% voting interest gives the Elumelu-controlled entities substantial influence as a major shareholder, but it does not give them outright control of Seplat. The company remains owned by a broader shareholder base, with the additional shares simply increasing the proportion held by the Heirs group.

The transaction was disclosed under Nigerian and UK market rules governing dealings in shares by directors and persons closely associated with them. Seplat cited Rule 17.15(c) of the NGX Rulebook and Article 19(3) of the UK Market Abuse Regulation in its notification.

The latest purchase also comes at a time when Seplat is navigating an important period for Nigeria’s energy industry, including the development of domestic oil and gas assets and the company’s continuing efforts to strengthen production. Greater shareholder involvement from one of Nigeria’s major indigenous business groups could therefore become increasingly relevant as the company enters its next phase.

Elumelu’s expanding stake ultimately puts his forthcoming chairmanship in a broader context. He is not simply preparing to assume the boardroom leadership of Seplat; the companies he controls are simultaneously increasing their financial exposure to the business. As that relationship develops, shareholders and the wider Nigerian energy market will be watching how the combination of ownership, board leadership and long-term investment strategy shapes Seplat’s next chapter.