Business Reporter
Nigerian businessman and investor Tony Elumelu (pictured) is edging closer to rejoining Africa’s billionaire club after the value of his indirect stake in Seplat Energy Plc surged to an estimated US$1.28 billion.
The sharp increase in the value of the holding has been driven by a strong rally in Seplat’s share price, putting Elumelu within striking distance of the US$1 billion wealth threshold, according to Business Insider Africa.
Elumelu holds the Seplat investment through Heirs Energies Ltd and Heirs Holdings Ltd, which acquired a 20.07% stake in the Nigerian energy company from French oil and gas producer Maurel & Prom for approximately US$496 million.
The transaction involved 120.4 million Seplat shares and made Heirs Energies the company’s largest single shareholder.
At Seplat’s closing price of ₦12,320.60 on September 1, 2026, the 120.4 million shares were valued at about ₦1.48 trillion, equivalent to roughly US$1.28 billion.
The valuation, however, represents the estimated value of the shares and should not be interpreted as Elumelu’s total personal net worth. His wider business interests span energy, banking, power, hospitality, real estate and other sectors.
Seplat shares fuel wealth surge
The rise in Elumelu’s paper wealth comes amid a powerful rally in Seplat’s shares.
Seplat closed at about £7.33 per share on the London Stock Exchange on September 2, with the stock having gained more than 190% over the previous year.
Market data also showed Seplat’s London-listed market capitalisation at about US$5.91 billion on September 2, up from approximately US$4.91 billion in early August.
On the Nigerian Exchange, Seplat’s share price stood at ₦12,320.60 on September 3, giving the company a market capitalisation of about ₦7.39 trillion.
The company’s strong performance has significantly increased the value of Elumelu’s stake since Heirs Energies completed the acquisition.
Elumelu to take Seplat chairmanship
Elumelu’s growing financial exposure to Seplat will soon be accompanied by greater corporate influence.
Seplat has elected him as its next chairman, with the appointment scheduled to take effect on January 1, 2027, following the retirement of current chairman Senator Udoma Udo Udoma at the end of 2026.
Elumelu joined Seplat’s board in January 2026. His appointment as chairman was subsequently overwhelmingly approved by shareholders, with 99.96% of votes cast in favour.
The development gives the Nigerian investor a prominent role in one of West Africa’s major independent oil and gas producers at a time when the company is expanding production and integrating its assets.
Seplat said in its first-half 2026 unaudited results that production operations improved materially during the second quarter, with increased contributions expected from new wells, the ANOH gas project and other developments.
A return to the billionaire club
If Elumelu crosses the US$1 billion mark again, it would represent a return to territory he has occupied before.
Forbes included him on its 2014 Africa’s 50 Richest list with an estimated fortune of US$1 billion. Much of his wealth at the time was linked to his controlling interest in Transcorp, the Nigerian conglomerate with interests in power, hospitality, energy and agriculture.
His fortune subsequently fell below the billionaire threshold as the value of Transcorp and other assets declined. Forbes estimated his net worth at approximately US$700 million in 2015.
More than a decade later, the dramatic appreciation of his Seplat holding has created a new route back into Africa’s exclusive billionaire ranks.