Seplat Re-Rating Fuels Elumelu's Billion-Dollar Holding

Tony Elumelu's investment in Seplat Energy Plc has seen its value more than double to over $1 billion in less than a year, driven by stronger oil production and higher realised prices.

The Heirs Holdings stake, acquired for approximately $500 million in December 2025, now represents an unrealised gain of more than $500 million, according to the company's latest financials.

Seplat reported a 53 percent increase in revenue to N2.50 trillion for the first half of 2026, with profit before tax rising 74 percent to N790.4 billion and profit after tax increasing over fivefold to N225.5 billion.

The improved earnings reflect higher production volumes, which increased to 139,509 barrels of oil equivalent per day (boepd), as well as stronger realised oil prices, averaging $94.13 per barrel.