Africa could soon boast another billionaire as Tony Elumelu sees stake in major firm hit $1.28 billion

One of Nigeria’s top businessmen and investors, Tony Elumelu, could be on the verge of returning to Africa’s billionaire ranks after the value of his indirect stake in Seplat Energy Plc climbed to approximately $1.28 billion.

• Tony Elumelu's indirect stake in Seplat Energy Plc has reached an estimated value of $1.28 billion, putting him close to returning to Africa’s billionaire ranks.
• Elumelu holds his stake through Heirs Energies Ltd and Heirs Holdings Ltd, following their acquisition of a 20.07% share in Seplat for about $496 million.
• He is set to become Seplat's next chairman at the beginning of 2027, further deepening his influence over one of West Africa’s largest oil and gas companies.
• Elumelu was previously on Forbes Africa’s 50 Richest list in 2014 but dropped off due to a decline in asset values; the recent surge in Seplat could return him to billionaire status.

Elumelu, chairman of Heirs Group and founder and chairman of Heirs Holdings, owns the stake through Heirs Energies Ltd and Heirs Holdings Ltd.

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At Seplat’s closing share price of N12,320.60 on September 1, 2026, his 120.4 million shares were worth about N1.48 trillion, equivalent to roughly $1.28 billion, as reported by Nairametrics.

The calculation is based on the value of the shares alone and does not mean Elumelu’s total net worth is necessarily $1.28 billion.

His broader wealth includes interests across banking, energy, power, hospitality, real estate and other businesses.

Still, the rise in his Seplat holding puts him within striking distance of the threshold used to define a billionaire and could put the Nigerian mogul back among Africa’s dollar billionaires.

Tony Elumelu’s influence on Seplat

In June, it was reported that Seplat named the Nigerian investor as its next chairman, deepening his influence over one of West Africa’s largest independent oil and gas producers following Heirs Energies’ acquisition of a 20.07% stake in the company.

Mr. Elumelu is set to formally assume the position at the start of 2027.

His elevation follows Heirs Energies’ purchase of Maurel & Prom’s entire 20.07% stake in Seplat for about $496 million.

The transaction involved 120.4 million shares and made Heirs Energies the largest single shareholder in the oil and gas producer.

The acquisition was executed at 305 pence per share, representing a premium above Seplat’s then-market valuation on the London Stock Exchange

Shareholders later ratified his appointment at the company’s annual general meeting with 99.96% of votes cast in favour.

Founded in 2009, Seplat has grown into one of Nigeria’s leading independent energy producers with listings on both the Nigerian Exchange and the London Stock Exchange.

The company became the first listed firm on the Nigerian Exchange Limited (NGX) to surpass the N10,000 per share mark.

In April, the company’s shares climbed to a high of N10,450, pushing its market capitalisation from N5.73 trillion to N6.27 trillion, according to NGX data.

The stock gained 79.89% year-to-date, up from N5,809 at the end of 2025.

The rally was said to be fuelled by the major ownership shift involving Tony Elumelu.

Shares of Seplat Energy Plc surged sharply after Heirs Energies Limited acquired shares in the company, adding roughly $1.25 billion to the company's market value and energising sentiment on the Nigerian bourse.

Market data in February showed Seplat’s stock jumped 57 percent to about ₦9,099.90, equivalent to roughly $5.69 per share, amid stronger trading volumes and renewed institutional demand.

Since the deal was announced, the company’s share price has gained 56.65 percent, marking one of the most notable rallies for an energy-linked stock on the Nigerian Exchange in recent years.

Per its H1 unaudited result report, “Seplat Energy's production operations improved materially in 2Q 2026, bringing overall production into our guidance range.

The growth is driven by the return of Yoho (onstream 3Q 2026), increased contribution from new well stock (ongoing), ANOH ramp-up and the completion of Oso-BRT phase 1 (now 4Q 2026).”

Tony Elumelu: A billionaire before

Should Tony Elumelu be propelled into billionaire status, this would not be his first stint in the elusive club.

Forbes included him on its 2014 Africa’s 50 Richest list with an estimated fortune of $1 billion.

At the time, Forbes said Elumelu’s wealth was built largely around his controlling interest in Transcorp, the Nigerian conglomerate with interests spanning sectors including power, hospitality, energy and agriculture.

His fortune subsequently fell below the billion-dollar mark.

In 2015, Forbes estimated his net worth at about $700 million, citing a decline in the value of Transcorp, then his largest asset.

That made Elumelu an unusual figure among Africa’s wealthiest businessmen: a mogul who had already crossed the billion-dollar threshold but later dropped out as the value of his listed assets changed.

More than a decade later, the sharp rise in the value of his Seplat holding is giving him another route back.