Seplat Energy Becomes First NGX-Listed Firm to Cross N10,000 Per Share After Elumelu’s Heirs Holdings Acquisition

In the history of the Nigerian Exchange Limited (NGX), no listed company had ever crossed the N10,000 per share threshold. That changed on Tuesday.

Seplat Energy, a leading independent oil and gas company in Nigeria, shattered the record by climbing to a high of N10,450 per share , representing a 9.42 per cent increase from the previous day’s close. The rally pushed the company’s market capitalisation from N5.73 trillion on Monday to N6.27 trillion , according to NGX data.

For context, Seplat’s share price stood at N5,809 on December 31, 2025. The stock has now gained 79.89 per cent year-to-date , making it one of the best-performing equities on the Nigerian bourse in recent memory.

The catalyst for this historic rally is a major ownership shift involving one of Africa’s most prominent business figures. Tony Elumelu, through his firm Heirs Energies, acquired a 20.07 per cent equity stake in Seplat Energy from Maurel & Prom in a deal valued at approximately $496 million . The acquisition made Heirs Energies Seplat’s single largest shareholder.

Since the announcement of Elumelu’s acquisition, Seplat’s share price has surged nearly 80 per cent, adding billions of naira in market value and sending a powerful signal of investor confidence in the combined entity’s future.

In this Accra Street Journal editorial, we break down the deal, the factors driving the share price rally, what the combined production capacity looks like, and what this means for Nigeria’s energy sector and the NGX.

The Record-Breaking Share Price

Let us start with the numbers that made history.

The N10,450 per share price is not just a milestone for Seplat—it is a milestone for the NGX. No other listed company has ever achieved a three-comma, five-digit share price on the exchange. The previous high for a major listed stock was significantly lower.

The rally has been driven by a combination of factors: the Elumelu acquisition announcement, stronger trading volumes, renewed institutional demand, and broader positive sentiment toward the energy sector as global oil prices remain firm.

Earlier in the year, the stock had already jumped about 57 per cent to N9,099.90 amid stronger trading volumes and renewed institutional demand. The post-deal rally marks one of the most notable gains for an energy-linked stock on the NGX in recent years.

The Tony Elumelu Factor: Who Is He and Why Does His Stake Matter?

Tony Elumelu is one of Africa’s most influential business leaders. He is the Chairman of Heirs Holdings, a family-owned investment company with a portfolio spanning financial services, energy, power, real estate, hospitality, healthcare, and technology. He is also the Chairman of Transcorp Group and the founder of the Tony Elumelu Foundation, which supports entrepreneurship across Africa.

Elumelu is perhaps best known for his “Africapitalism” philosophy—the idea that the private sector must drive Africa’s development by investing in long-term, sustainable businesses that create economic and social value.

His entry into Seplat Energy through Heirs Energies is a natural extension of his energy strategy. Heirs Energies already operates a significant oil and gas business in Nigeria, with production capacity of approximately 70,000 barrels of oil equivalent per day (kboepd) .

By acquiring a 20.07 per cent stake in Seplat—making Heirs Energies the single largest shareholder—Elumelu is placing a major bet on the future of Nigerian energy. The combined production capacity of Seplat and Heirs Energies is substantial, and the synergies between the two companies could unlock significant value.

The Maurel & Prom Deal

The stake was acquired from Maurel & Prom , a French oil and gas company that had been a significant shareholder in Seplat. The deal value of approximately $496 million reflects the premium Elumelu was willing to pay to secure a controlling influence in one of Nigeria’s most important independent energy companies.

For Maurel & Prom, the sale represents an exit from a significant investment. For Elumelu, it represents an opportunity to consolidate his position in Nigeria’s upstream energy sector.

The Combined Production Capacity: A New Energy Powerhouse

One of the key drivers of investor enthusiasm is the combined production capacity of Seplat Energy and Heirs Energies.

Seplat Energy’s Production

Seplat Energy currently produces approximately 286,000 barrels of oil equivalent per day (kboepd) . The company operates primarily in Nigeria’s Niger Delta region and is dual-listed on the NGX and the London Stock Exchange (LSE).

Seplat’s portfolio includes:

• Oil and gas assets in the Niger Delta

• A growing gas business that supplies domestic power generation and industrial customers

• Interests in several joint ventures with the Nigerian National Petroleum Corporation (NNPC)

Heirs Energies’ Production

Heirs Energies contributes roughly 70 kboepd from its own operations. The company has been growing its production capacity steadily and has invested in infrastructure to support its upstream activities.

Combined Capacity

Together, Seplat and Heirs Energies now have a daily production capacity of approximately 356 kboepd , broken down as:

• 266,000 barrels of oil per day (kbopd)

• 490 million cubic feet of gas per day (mmcfd)

This combined capacity positions the Elumelu-backed entity as one of the largest independent oil and gas producers in sub-Saharan Africa. The scale matters because larger producers have more negotiating power with customers, better access to financing, and greater ability to invest in growth.

Why the Market Is Celebrating: Investor Sentiment and Synergies

The nearly 80 per cent surge in Seplat’s share price since the Elumelu acquisition announcement reflects strong investor confidence in the deal’s strategic rationale. Several factors are driving this optimism.

1. Synergies Between Seplat and Heirs Energies

Seplat and Heirs Energies operate in the same region (the Niger Delta) and have complementary assets. By coordinating their operations, they can achieve cost savings, share infrastructure, and optimise production.

For example, if Seplat has excess gas processing capacity and Heirs Energies has gas that needs processing, the two can strike an arrangement that benefits both. Similarly, shared logistics—pipelines, trucks, storage facilities—can reduce unit costs.

2. Elumelu’s Track Record

Tony Elumelu has a proven track record of building successful businesses. He transformed a small, struggling bank into United Bank for Africa (UBA), one of Africa’s largest financial institutions. He has built Heirs Holdings into a diversified powerhouse. His involvement in Seplat signals to the market that he sees significant value in the company.

Investors are betting that Elumelu will bring the same strategic discipline, operational focus, and long-term vision to Seplat that he has brought to his other investments.

3. Strong Oil and Gas Fundamentals

Global oil prices have remained relatively firm, supported by ongoing supply constraints from OPEC+ and steady demand from Asia. Gas demand, particularly in Europe and Asia, is also strong as countries seek alternatives to Russian pipeline gas.

Seplat’s dual focus on oil and gas positions it to benefit from both markets. The company’s gas business is particularly strategic, as Nigeria seeks to increase domestic gas utilisation for power generation and industrial use.

4. Institutional Demand

The rally has been supported by renewed institutional demand. Pension funds, asset managers, and foreign portfolio investors have been accumulating Seplat shares, attracted by the company’s strong fundamentals and the Elumelu catalyst.

Institutional demand tends to be sticky. Once large investors build positions, they are less likely to sell on short-term volatility, providing support for the share price.

5. Dual-Listing Liquidity

Seplat’s dual listing on the NGX and the LSE provides liquidity and access to international capital. Investors can buy and sell shares on either exchange, and the arbitrage between the two markets tends to keep pricing efficient.

The London listing also gives Seplat visibility with international investors who might not otherwise consider Nigerian equities.

What This Means for the Nigerian Exchange (NGX)

Seplat’s record-breaking share price is a significant moment for the NGX.

A Signal of Maturity

Crossing N10,000 per share signals that the NGX can support high-priced, high-quality listings. It challenges the perception that Nigerian equities are cheap, illiquid, or speculative. A stock trading at five digits with a market cap over N6 trillion is a serious asset by any global standard.

Attracting Other High-Quality Listings

A rising tide lifts all boats. Seplat’s success could encourage other high-quality Nigerian companies to list on the NGX, or encourage existing listed companies to pursue strategies that drive share price appreciation.

It could also attract foreign investors who had previously overlooked the NGX. A market with a N10,000 stock is a market worth paying attention to.

Increased Investor Confidence

The rally reflects increased investor confidence in the NGX and in Nigerian equities more broadly. After years of macroeconomic challenges—currency volatility, inflation, policy uncertainty—the Seplat rally is a welcome bright spot.

What This Means for Nigeria’s Energy Sector

Seplat’s historic share price is not just a stock market story. It has real implications for Nigeria’s energy sector.

Consolidation in the Upstream Sector

The Elumelu acquisition is part of a broader trend of consolidation in Nigeria’s upstream oil and gas sector. International oil companies (IOCs) like Shell, ExxonMobil, and Eni have been selling onshore and shallow-water assets to indigenous companies like Seplat, Heirs Energies, and others.

This trend is driven by several factors:

• IOCs are shifting focus to deepwater and frontier basins

• Indigenous companies have lower cost structures and are willing to operate in more challenging environments

• The Nigerian government has been encouraging local participation in the energy sector

The Seplat-Heirs Energies combination accelerates this trend. The combined entity is larger, more efficient, and better capitalised than either company alone.

Gas as a Strategic Focus

Nigeria has some of the largest natural gas reserves in Africa, but the country has historically flared much of its associated gas because of a lack of processing and transportation infrastructure.

Seplat has been a leader in developing Nigeria’s gas sector, supplying gas to power plants and industrial customers. Heirs Energies has similar ambitions. Together, they have the scale to invest in gas processing plants, pipelines, and distribution networks.

This matters because gas is a cleaner-burning fuel than oil and can help Nigeria reduce its carbon emissions while meeting its energy needs. It also generates revenue from a resource that was previously wasted.

Energy Security

Nigeria faces persistent challenges in its power sector. Many power plants are idle because they lack gas. By increasing gas production and processing capacity, Seplat and Heirs Energies can contribute to improved power generation and energy security.

Risks and Challenges

While the Seplat rally is impressive, the company and its new largest shareholder face several risks and challenges.

Oil Price Volatility

Oil prices are notoriously volatile. A sharp drop in global oil prices would reduce Seplat’s revenue and profitability, likely weighing on its share price. While the company benefits from gas revenues, oil remains a significant part of its production mix.

Operational Risks in the Niger Delta

The Niger Delta is a challenging operating environment. Security issues—including pipeline theft, sabotage, and community unrest—are persistent concerns. Companies operating in the region must invest heavily in security and community relations.

Regulatory and Fiscal Uncertainty

Nigeria’s oil and gas sector is subject to complex regulations and fiscal terms. Changes in tax laws, royalty rates, or production sharing agreements could affect Seplat’s profitability. The Petroleum Industry Act (PIA) of 2021 provided some clarity, but implementation remains a work in progress.

Currency Risk

Seplat earns revenue in US dollars (from oil and gas sales) but reports in naira for its NGX listing. The naira has been volatile, and a sharp depreciation could affect the company’s reported financial results and its share price.

Integration Risk

While Seplat and Heirs Energies are separate companies, the market is pricing in synergies based on Elumelu’s influence as the largest shareholder. If those synergies fail to materialise, investor sentiment could sour.

Conclusion: A Historic Moment for Seplat and the NGX

Seplat Energy’s achievement—becoming the first NGX-listed company to surpass N10,000 per share—is a historic moment for the Nigerian capital market. It demonstrates that Nigerian companies can create substantial value for shareholders and that the NGX can support high-priced, high-quality listings.

The catalyst for this achievement was Tony Elumelu’s acquisition of a 20.07 per cent stake through Heirs Energies. The nearly 80 per cent surge in Seplat’s share price since the announcement reflects strong investor confidence in Elumelu’s track record, the synergies between Seplat and Heirs Energies, and the underlying fundamentals of Nigeria’s energy sector.

The combined production capacity of approximately 356 kboepd—including 266,000 barrels of oil per day and 490 million cubic feet of gas per day—positions the Elumelu-backed entity as one of the largest independent oil and gas producers in sub-Saharan Africa.

Risks remain. Oil price volatility, operational challenges in the Niger Delta, regulatory uncertainty, currency risk, and integration risk could all affect Seplat’s future performance. But for now, the market is celebrating.

As Seplat’s share price crossed N10,000, it was not just a number. It was a signal that Nigerian energy companies can compete on the global stage, that the NGX can reward long-term investors, and that when a business leader of Tony Elumelu’s calibre makes a bet, the market pays attention.

Frequently Asked Questions (FAQs)

1. What is Seplat Energy, and what does it do?

Seplat Energy is a leading independent oil and gas company in Nigeria. The company operates primarily in the Niger Delta and is dual-listed on the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE). Seplat produces approximately 286,000 barrels of oil equivalent per day (kboepd) from its oil and gas assets. The company also has a growing gas business that supplies domestic power generation and industrial customers.

2. How much did Seplat’s share price reach, and what was its market capitalisation?

On Tuesday, Seplat’s share price climbed to N10,450 per share , a 9.42 per cent increase from the previous day’s close. This pushed the company’s market capitalisation from N5.73 trillion on Monday to N6.27 trillion . The stock has gained 79.89 per cent year-to-date, up from N5,809 at the end of 2025.

3. Who is Tony Elumelu, and what stake did he acquire in Seplat?

Tony Elumelu is a prominent Nigerian business leader and the Chairman of Heirs Holdings, a family-owned investment company. Through his firm Heirs Energies, Elumelu acquired a 20.07 per cent equity stake in Seplat Energy from Maurel & Prom in a deal valued at approximately $496 million . This made Heirs Energies Seplat’s single largest shareholder.

4. Why did Seplat’s share price surge after Elumelu’s acquisition?

Seplat’s share price surged nearly 80 per cent after the acquisition announcement due to several factors: anticipated synergies between Seplat and Heirs Energies, investor confidence in Tony Elumelu’s track record of building successful businesses, strong oil and gas market fundamentals, renewed institutional demand, and the liquidity benefits of Seplat’s dual listing on the NGX and LSE.

5. What is the combined production capacity of Seplat and Heirs Energies?

Seplat Energy currently produces approximately 286 kboepd, while Heirs Energies contributes roughly 70 kboepd. Together, the two firms have a daily production capacity of approximately 356 kboepd , including 266,000 barrels of oil per day (kbopd) and 490 million cubic feet of gas per day (mmcfd) .

6. What are the risks facing Seplat despite the share price rally?

Key risks include oil price volatility (a sharp drop in global oil prices would reduce revenue), operational risks in the Niger Delta (pipeline theft, sabotage, community unrest), regulatory and fiscal uncertainty (changes in tax laws or production sharing agreements), currency risk (volatility in the naira affecting reported results), and integration risk (if anticipated synergies with Heirs Energies fail to materialise).

Source: Accra Street Journal 

Last Updated on May 19, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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