₦500bn to Over $1bn: How Tony Elumelu’s Seplat Bet Exploded in Value

Tony Elumelu’s investment in Seplat Energy has more than doubled in value, with his Heirs Holdings stake now worth over $1 billion, up from roughly $500 million when it was acquired in December 2025.

Heirs Holdings bought a 20.07% stake, equivalent to about 120.4 million shares, from Maurel & Prom for approximately $500 million. Seplat’s NGX shares have since climbed from ₦5,809 at the end of 2025 to ₦11,200.60, pushing the company’s market value to about $5.24 billion.

The share-price surge has coincided with stronger operating performance. Seplat reported ₦2.50 trillion in H1 2026 revenue, while profit before tax jumped 74% to ₦790.4 billion and profit after tax reached ₦225.5 billion. Production also increased to 139,509 barrels of oil equivalent per day following the MPNU acquisition. Seplat's own investor site confirms its H1 2026 results were released on July 30.

Elumelu is also scheduled to become Seplat chairman in January 2027, adding another dimension to his growing involvement with the energy producer.