Nigerian investor Tony Elumelu has increased his interest in Seplat Energy, buying another six million shares through a company he controls months before he is due to become chairman of the oil and gas producer.
Heirs Energies purchased the shares in London on September 30 at £8.87 each, putting the value of the new transaction at £53.22 million, approximately $71 million. The purchase takes the combined holding of Elumelu-controlled Heirs Energies and Heirs Holdings to 126.4 million shares, representing 21.07% of Seplat’s voting rights.
The Growing Stake
The shares are held through those companies, rather than all being registered in Elumelu’s personal name. Elumelu joined Seplat’s board in January and is scheduled to become its chairman on January 1, 2027.
This is an addition to an established position. Earlier in 2026, Elumelu-controlled companies acquired a 20.07% interest in Seplat from French oil company Maurel & Prom in a transaction valued at approximately $496 million. The latest six-million-share purchase lifts their reported voting interest by about one percentage point.
The Succession
Seplat announced its leadership succession in June. Current chairman Udoma Udo Udoma intends to retire at the end of December, with Elumelu taking over the following day.
At the time, Elumelu said: “I am honoured to succeed Senator Udoma as Chairman in January 2027 and to lead the Board through Seplat Energy’s next phase of growth.”
Why It Matters
Seplat is a major name in African energy. It produces oil and gas in Nigeria, supplies gas to the domestic market, and has shares traded in both London and Lagos. The new acquisition links a prominent African investor’s growing stake to the future leadership of a major Nigerian producer.
A larger holding and an incoming chairmanship can suggest a stronger commitment to the business, though Seplat has not stated why the additional shares were bought.
The Bottom Line
Tony Elumelu has increased his stake in Seplat Energy by $71 million, buying six million additional shares through Heirs Energies. Elumelu-controlled companies now hold 21.07% of Seplat’s voting rights. The purchase comes months before Elumelu becomes chairman on January 1, 2027. It follows an earlier $496 million acquisition of a 20.07% stake from Maurel & Prom.
My Opinion
Tony Elumelu is not just buying shares. He is buying influence. And he is doing it right before he takes the chair.
There is nothing illegal about increasing your stake in a company you are about to lead. In fact, it can be read as a vote of confidence — a signal that you believe in the business and are willing to put your money where your chairmanship is. Elumelu has spent decades building businesses in Nigeria and across Africa. He knows Seplat. He knows the energy sector. If anyone has earned the right to lead it, he has.
But the optics matter. Buying $71 million in shares months before becoming chairman raises a simple question: is this an investment, or is this positioning? When you control 21% of the voting rights and you are about to run the board, the line between ownership and control gets blurry. Shareholders should ask whether the incoming chairman’s interests are aligned with theirs, or whether they are being asked to trust a man who has already bought his seat at the head of the table.
Elumelu will likely be a strong chairman. Seplat will likely benefit from his leadership. But in corporate governance, perception is reality. And right now, the perception is that Tony Elumelu is consolidating power before he even sits down.
