Seplat Energy Plc, Nigeria’s leading indigenous energy company, has seen its market capitalisation rise to $5.24 billion, pushing the value of the stake held by Heirs Holdings, the investment vehicle of Nigerian billionaire and Africapitalism advocate Tony Elumelu, above the $1 billion mark.

Heirs Holdings became Seplat Energy’s largest shareholder in December 2025 after acquiring a 20.07 per cent stake, equivalent to 120.4 million shares, from French energy company Maurel & Prom for approximately $500 million.

With Seplat Energy’s shares currently trading at N11,200.60 on the NGX and £6.47 on the LSE, Heirs Holdings’ 20.07 per cent stake is now valued at approximately $1 billion. This represents more than a doubling of the investment’s original value in less than eight months.

Heirs Holdings’ acquisition of the stake in December 2025 marked more than a simple change in Seplat’s ownership structure, signalling a significant development in the company’s shareholder landscape.

The $500 million investment represented a significant vote of confidence in Seplat Energy’s growth prospects, coming shortly after the company completed one of the largest deals in Nigeria’s energy sector—the acquisition of Mobil Producing Nigeria Unlimited.

Seplat’s share price gained 6.2 per cent within the first trading week of 2026, climbing to a new 52-week high.

The market appeared to interpret the Heirs Holdings transaction as a long-term vote of confidence in Seplat Energy’s strategy and expanded asset base. The key question, however, was whether the company’s fundamentals would ultimately justify the strong rally in its share price.

That question was quickly overshadowed by further gains as the rally gathered pace in the months that followed.

Seplat’s shares, which closed 2025 at N5,809, climbed above N9,000 by March 2026. In April, the stock became the first on the Nigerian Exchange to surpass N10,000 per share, closing at N10,450 on April 14 and recording a year-to-date gain of nearly 80 per cent.

The stock has since traded above N11,000 and retained most of its gains. From its N5,809 closing price at the end of 2025, Seplat’s shares have risen by about 93 per cent.

For Heirs Holdings, the surge in Seplat Energy’s share price has significantly increased the value of its investment. The 120.4 million shares acquired for approximately $500 million are now worth more than $1 billion, based on the market prices referenced by the company.