The Chairman of Heirs Group, Mr Tony Elumelu, now has an estimated $1.28 billion stake in Seplat Energy Plc through his indirect holdings in Heirs Energies Ltd and Heirs Holdings Ltd.

The latest valuation is based on Seplat’s closing share price of N12,320.60 on Tuesday, September 1, 2026, representing a further increase from the stake value reported in the company’s unaudited first-half 2026 financial statements.

According to Seplat’s ownership disclosures, the billionaire founder of United Bank for Africa (UBA), Mr Tony O. Elumelu, holds 120.4 million shares in the energy company, representing a 20.07 per cent stake and making Heirs Group the largest disclosed shareholder.

Based on Seplat’s closing share price of N12,320.60 on Tuesday, September 1, 2026, the stake is now worth approximately N1.484 trillion. This compares with about N1.37 trillion at the June 30, 2026 closing price of N11,363.90 used in the company’s H1 filing, translating to a gain of roughly N114 billion in market value in just over two months.

Seplat Energy’s four disclosed substantial shareholders held a combined 288.56 million shares, representing approximately 48.10 per cent of the company’s issued share capital as of June 30, 2026.

Heirs Group, comprising Heirs Energies and Heirs Holdings, was the largest disclosed shareholder, with 120.40 million shares, equivalent to a 20.07 per cent stake.

According to Seplat Energy’s H1 2026 financial statements, the Heirs Group entities are controlled by Tony O. Elumelu and members of his family.

Elumelu’s 120.40 million-share indirect holding was valued at approximately N1.37 trillion based on Seplat’s closing share price of N11,363.90 on June 30, 2026.

The latest disclosures in Seplat Energy’s H1 2026 financial statements highlight a significant shift in the company’s ownership concentration, with Elumelu’s stake emerging as the key driver.

Directors’ combined shareholding increased from 6.28 million shares, representing 1.05 per cent of issued share capital, as of December 31, 2025, to 128.74 million shares, or 21.46 per cent, by June 30, 2026.

The sharp increase was largely driven by Elumelu’s position rather than broad-based share acquisitions by the company’s directors.