Heirs Energies Increases Stake in Seplat Holding

Heirs Energies Limited, the indigenous energy company chaired by billionaire investor Tony Elumelu, has increased its stake in Seplat Energy Plc after acquiring six million additional shares on the London Stock Exchange.

The transaction strengthens Elumelu’s position in the Nigerian oil and gas company and highlights continued investment by indigenous firms in dual-listed energy companies.

According to a corporate disclosure filed with the Nigerian Exchange Limited and the London Stock Exchange, Heirs Energies acquired 6,000,000 ordinary shares in Seplat Energy on September 30, 2026.

The shares were purchased at £8.87 each, bringing Heirs Energies’ direct holding in Seplat Energy to 27,943,867 ordinary shares.

Elumelu’s combined Seplat holding

When Heirs Energies’ stake is combined with the existing holdings of Heirs Holdings Limited, another investment vehicle controlled by Elumelu, entities affiliated with the businessman now hold 126,400,000 Seplat shares.

The combined holding represents 21.07 per cent of Seplat Energy’s 599,944,561 issued ordinary shares.

The latest acquisition therefore further consolidates Elumelu’s position among the company’s major shareholders.

The transaction was disclosed as an insider dealing in accordance with applicable Nigerian and UK capital market regulations.

The Director of Legal and Company Secretary at Seplat Energy, Edith Onwuchekwa, said the notification was filed in line with the relevant disclosure requirements.

“This notification is made in accordance with Rule 17.15(c) Disclosure of Dealings in Issuers’ Shares, Rulebook of The Exchange, 2015 (Issuers’ Rule) and Article 19(3) of the UK Market Abuse Regulations,” she stated.

Indigenous investment in Nigeria’s energy sector

The latest share purchase comes as Nigerian energy companies continue to expand their participation in the sector and take larger positions in assets previously associated with international oil companies.

Seplat Energy is one of Nigeria’s leading independent oil and gas producers and is listed on both the Nigerian Exchange and the London Stock Exchange.

The company has been expanding its portfolio as international oil companies restructure their interests in Nigeria’s upstream sector.

Heirs Energies, meanwhile, has established itself as a major indigenous player in Nigeria’s energy industry under Elumelu’s leadership.

The latest transaction further increases the exposure of Elumelu-affiliated companies to Seplat Energy and reinforces their position as a significant shareholder in the dual-listed energy company.