Tony Elumelu’s investment in Seplat Energy Plc has more than doubled in market value in less than a year, as stronger oil production, higher realised prices and a significant improvement in earnings have lifted the energy producer’s valuation.
Heirs Holdings, Elumelu’s investment company, acquired a 20.07 percent stake in Seplat for about $500 million in December 2025, purchasing 120.4 million shares from French energy company Maurel & Prom.
The stake is now worth more than $1 billion based on Seplat’s current market value, representing an unrealised gain of more than $500 million for Heirs Holdings.
The rapid appreciation has come as Seplat’s operating performance has strengthened following the integration of the Mobil Producing Nigeria Unlimited assets acquired from ExxonMobil.
Seplat reported N2.50 trillion in revenue for the first half of 2026, representing a 53 percent increase from the corresponding period of 2025.
Profit before tax rose 74 percent to N790.4 billion, while profit after tax increased more than fivefold to N225.5 billion, from N42.5 billion a year earlier.
The earnings improvement reflects a combination of higher production and stronger oil prices, providing the company with greater revenue generation and cash-flow capacity.
Average production increased to 139,509 barrels of oil equivalent per day (boepd) in H1 2026, compared with 134,492 boepd in the same period last year.
The increase followed the integration of the former Mobil Producing Nigeria assets, which significantly expanded Seplat’s operating base.
At the same time, the company benefited from stronger realised oil prices. Its average realised oil price climbed to $94.13 per barrel, from $72.58 a year earlier.
The combination meant Seplat generated more revenue from each barrel while also producing a larger volume…
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Read Full Article by Onome Amuge at businessamlive.com
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