Seplat Energy Plc’s market capitalisation has climbed to $5.24 billion, pushing the value of the 20.07% stake held by Heirs Holdings above the $1 billion mark as the energy company’s share price continues to rally strongly in 2026.
Heirs Holdings, the investment vehicle of Nigerian billionaire Tony Elumelu, became Seplat’s largest shareholder in December 2025 after acquiring 120.4 million shares from French energy company Maurel & Prom for approximately $500 million.
Based on Seplat’s current share prices of N11,200.60 on the Nigerian Exchange (NGX) and £6.47 on the London Stock Exchange (LSE), the value of Heirs Holdings’ investment has more than doubled in less than eight months.
What the data is saying
Heirs Holdings acquired its 20.07% stake in Seplat for approximately $500 million in December 2025.
The investment has since appreciated significantly alongside Seplat’s strong share-price performance.
- Original investment: approximately $500 million
- Stake acquired: 20.07%
- Shares acquired: 120.4 million
- Current value: more than $1 billion
- Seplat market capitalisation: $5.24 billion
- Seplat year-to-date share-price gain: more than 90%
- 2025 year-end share price: N5,809
- Current NGX share price: N11,200.60
Seplat’s rally has been particularly notable on the NGX. The stock rose 6.2% during the first trading week of 2026 and continued gaining momentum in the months that followed.
By March, the share price had moved above N9,000, while in April it became the first stock listed on the Nigerian Exchange to trade above N10,000 per share.
Seplat closed at N10,450 on April 14, representing a year-to-date gain of almost 80% at the time. The stock has since moved above N11,000 and retained most of its gains.
What they are saying
The acquisition of the Seplat stake represented a major investment by Heirs Holdings in Nigeria’s energy sector and came shortly after Seplat completed its acquisition of Mobil Producing Nigeria Unlimited (MPNU), one of the largest transactions in the country’s oil and gas industry.
The market initially interpreted Heirs Holdings’ investment as a strong vote of confidence in Seplat’s enlarged asset base and long-term strategy.
The subsequent share-price performance has significantly strengthened that investment thesis, with the value of the 120.4 million shares acquired for approximately $500 million now exceeding $1 billion.
The appreciation means Heirs Holdings has effectively seen the market value of its Seplat investment more than double in less than eight months.
However, the performance extends beyond the increase in share price, as Seplat’s enlarged production and asset base following the MPNU acquisition has become an increasingly important part of the company’s growth story.
