Tony Elumelu-linked Heirs Energies Limited has further expanded its investment in Seplat Energy Plc after acquiring six million additional shares in the company.
The latest purchase, valued at about £53.22m, was completed on September 30, 2026, at £8.87 for each share, according to regulatory filings made in Nigeria and the United Kingdom.
The deal takes the number of Seplat shares directly held by Heirs Energies to 27,943,867.
However, Elumelu’s interest in the oil and gas company extends beyond the Heirs Energies portfolio. Heirs Holdings Limited, another investment vehicle associated with the businessman, also owns shares in Seplat.
Combined, the two interests amount to 126,400,000 shares, giving entities linked to Elumelu control of a 21.07 per cent voting stake in Seplat Energy. The company has 599,944,561 issued ordinary shares.
The purchase was reported to the relevant capital market authorities as a transaction involving an associated party. Seplat Energy said the notification was filed under Rule 17.15(c) of the Exchange’s 2015 Issuers’ Rulebook and Article 19(3) of the UK Market Abuse Regulations.
The regulatory submission was authorised by Seplat Energy’s Director of Legal and Company Secretary, Edith Onwuchekwa.
Heirs Energies’ latest move comes as locally owned companies continue to deepen their presence in Nigeria’s petroleum industry. The shift has gathered momentum as several international oil producers reassess their Nigerian portfolios and dispose of selected upstream interests.
Seplat Energy has emerged as one of the country’s prominent independent energy producers, with indigenous participation increasingly shaping the ownership and management of strategic oil and gas assets.
