Another £53.2 million bet puts Heirs Energies deeper into one of Nigeria’s biggest independent energy companies
Tony Elumelu is putting more money behind Seplat Energy.
Heirs Energies Limited, a company controlled by the Nigerian businessman, has acquired another 6 million Seplat Energy shares at £8.87 per share, taking the value of the latest transaction to £53.22 million.
Following the purchase on September 30, the combined holdings of Heirs Energies and Heirs Holdings rose from 20.07% to 21.07%, giving entities controlled by Elumelu a total of 126.4 million Seplat shares. Seplat has 599,944,561 shares in issue.
This is not simply another share-market transaction.
It is another signal of how deeply Elumelu's Heirs Group is positioning itself inside Nigeria's energy industry.
From a 20% stake to more than one-fifth
The latest purchase builds on a much larger transaction completed less than a year ago.
In December 2025, Heirs Energies and Heirs Holdings acquired the entire 20.07% stake previously held by French energy company Maurel & Prom, representing approximately 120.4 million Seplat shares. Seplat's own financial reporting subsequently confirmed the acquisition.
At the time, the transaction represented one of the most significant changes in Seplat's shareholder structure.
Now the Heirs Group has gone back into the market and bought another 6 million shares.
The result is simple:
Heirs now controls more than one-fifth of Seplat's voting rights.
The direct Heirs Energies holding has risen to 27,943,867 shares, while the combined Heirs Energies and Heirs Holdings position stands at 126.4 million shares.
Why Seplat matters
Seplat is no longer simply an independent Nigerian oil producer.
The company's strategic importance increased substantially following its acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil, a transaction that significantly expanded Seplat's production base and Nigerian upstream portfolio.
The company's financial performance has also strengthened.
Seplat reported $2.73 billion in 2025 revenue, up 144% year-on-year, while operating cash flow reached $1.17 billion and net debt fell to $673.3 million, according to recent reporting on the company.
That makes the company an increasingly important piece of Nigeria's upstream energy landscape.
For Heirs, therefore, increasing its Seplat position is not simply about owning shares in a listed company.
It is an increasing exposure to Nigeria's oil and gas production economy.
The timing is also significant
Elumelu is currently a non-executive director of Seplat.
More importantly, he is scheduled to become Chairman of the Seplat Energy Board on January 1, 2027, replacing Udoma Udo Udoma, who is due to retire from the board at the end of 2026.
That means the latest acquisition comes as Elumelu's relationship with Seplat moves into a new phase.
His financial interest in the company is increasing at the same time that his formal governance role is about to become more prominent.
That combination will inevitably attract attention from investors and the Nigerian business community.
It also makes corporate governance and minority-shareholder protections particularly important subjects to watch.
The bigger Nigerian story
There is a much larger story underneath the numbers.
For years, some of Nigeria's most important oil assets were dominated by international oil majors.
That model is changing.
International companies are selling mature or non-core Nigerian assets, while indigenous Nigerian energy companies are becoming increasingly important participants in the ownership and operation of the country's hydrocarbon resources.
Seplat itself is an example of that transition.
Heirs Energy is another.
And Elumelu's increasing position in Seplat demonstrates how Nigerian capital is becoming more deeply involved in acquiring and controlling strategic energy assets.
This does not mean foreign investment is disappearing.
It means the ownership structure of Nigeria's energy industry is becoming more complicated — with Nigerian companies increasingly sitting alongside international investors and institutional shareholders.
£53 million is the immediate headline. The strategy is bigger.
The latest purchase cost £53.22 million.
But the more important number may be 21.07%.
A one-percentage-point increase might look small in isolation.
In a major listed company, however, moving from 20.07% to 21.07% represents another significant accumulation of economic exposure and voting rights.
It takes the Heirs Group's position to 126.4 million shares.
And it reinforces Elumelu's position as a major shareholder in one of Nigeria's most strategically important listed energy companies.
The purchase also sends a straightforward message to the market:
Heirs is still willing to put substantial capital behind Seplat.
Whether that ultimately translates into further acquisitions, increased influence over strategy, or simply a larger long-term investment position will depend on future corporate decisions.
But the direction of travel is clear.
The stake is going up.
From investor to major energy stakeholder
Elumelu's broader business interests already span banking, insurance, hospitality, philanthropy and energy.
His Heirs Energies business has also pursued a strategy of building a substantial indigenous energy company rather than remaining merely a financial investor.
The Seplat investment fits into that broader picture.
Nigeria is entering an important period for its energy industry.
Oil production, gas development, domestic refining, upstream investment and energy security are all becoming increasingly connected.
Who owns the assets matters.
Who operates them matters.
And increasingly, who has enough capital and influence to shape the future direction of those companies matters too.
The latest Seplat purchase therefore deserves to be viewed beyond the £53.22 million headline.
Tony Elumelu has just increased his position in one of Nigeria's most important energy companies from roughly one-fifth to more than one-fifth.
And with 21.07% now under the control of Heirs-related entities, the Nigerian businessman is becoming an even more significant shareholder in Seplat at precisely the moment his formal role at the company is about to become more influential.
The next question is not whether Heirs is interested in Seplat.
The money has already answered that.
The question is how far that interest ultimately goes.
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