Billionaire businessman Tony Elumelu gained an estimated ₦684.59 billion in the third quarter of 2026 from the rise in the market value of his holdings in Seplat Energy, United Bank for Africa and Transnational Corporation Plc. A sharp rally in Seplat reshaped the value of his listed investment portfolio.

The combined value of the three holdings grew from ₦1.74 trillion at the end of June to approximately ₦2.43 trillion at the end of September, a quarter-on-quarter increase of 39.3 per cent.

The figures show how concentrated the quarter’s gains were.

Of the ₦684.59 billion increase, ₦654.20 billion, or about 95.6 per cent, came from Seplat Energy alone. UBA added ₦44.50 billion, while weaker trading in Transcorp cut the overall gain by ₦14.11 billion.

The calculations are based on approximately 120.4 million Seplat shares, 6.31 billion UBA shares and 3.14 billion Transcorp shares attributable to Elumelu, valued at their respective Q2 and Q3 closing prices.

No investment shaped Elumelu’s portfolio during the quarter as much as Seplat. The energy company’s shares rose 40.8 per cent, from ₦11,363.90 at the end of Q2 to ₦16,000.10 at the end of September.

That movement lifted the estimated value of Elumelu’s 120.4 million shares from ₦1.368 trillion to ₦2.022 trillion, a paper gain of ₦654.20 billion in three months.

The significance goes beyond the headline figure. At the end of Q2, Seplat made up roughly 79 per cent of the combined ₦1.74 trillion value of the three investments analysed. By September, it accounted for more than 83 per cent of the ₦2.43 trillion portfolio.

In other words, Q3 did not just make the portfolio more valuable; it made Elumelu’s exposure to Seplat far more consequential to its overall performance.

August offers a useful snapshot of how quickly that value was building. At a market price of ₦12,320.60, the 120.4 million Seplat shares were worth approximately ₦1.483 trillion. By the end of September, their value had risen by more than ₦539 billion from that August level.

UBA, the banking group most closely associated with Elumelu’s investment career, also strengthened during the quarter.

Its shares gained 18.4 per cent, from ₦38.40 to ₦45.45, raising the value of the approximately 6.312 billion shares attributable to Elumelu from ₦242.39 billion to ₦286.89 billion.

That produced an estimated ₦44.50 billion increase. The progression was not entirely linear. In August, UBA traded at ₦47.35, valuing the holding at approximately ₦298.88 billion. The September valuation was therefore below its August level, but remained substantially higher than where the investment started the quarter.

Transcorp’s share price fell 10.8 per cent, from ₦41.50 at the end of June to ₦37.00 at the end of September. On approximately 3.136 billion shares, this reduced the market value of Elumelu’s holding from ₦130.16 billion to ₦116.05 billion, a decline of ₦14.11 billion.

Again, the August data show the path between the two quarter-end points. At ₦36.75 per share, the holding was valued at ₦115.27 billion, before recovering marginally to ₦116.05 billion by September.

Elumelu deepens Seplat investment

Elumelu’s exposure to Seplat grew even larger at the end of the quarter, extending a bet that has become one of the most valuable positions in his listed investment portfolio.

On September 30, 2026, Heirs Energies Limited acquired an additional 6 million Seplat shares. This raised the combined holding of Heirs Energies and Heirs Holdings from 120.4 million shares, or 20.07 per cent, to 126.4 million shares, equivalent to a 21.07 per cent voting interest in the energy company.

Elumelu’s Seplat investment dates back to December 2025, when Heirs Holdings became the company’s largest shareholder after acquiring a 20.07 per cent interest, equivalent to 120.4 million shares, from French energy group Maurel & Prom for approximately $500 million.

By August, with Seplat trading at about ₦11,200.60 on the NGX and £6.47 in London, Nairametrics estimated that the stake had crossed the $1 billion mark, more than doubling the value of the original investment in less than eight months.