Tony Elumelu's investment in Seplat Energy is paying off handsomely. Just five months after spending $500 million to become the oil company's biggest shareholder, his stake has soared in value.
Seplat's share price has climbed sharply on the Nigerian Exchange Limited. It now trades at N11,486.2, well above the N10,000 mark.
Strong quarterly results have fueled the rally. Asset expansion plans and investor confidence have also boosted the stock.
Elumelu's company, Heirs Energies Limited, purchased 86,639,377 shares in December 2025. His position is now worth billions of naira more than his original investment.
Energy analysts credit robust operational performance for the gains. Market watchers say strategic positioning has also attracted new buyers.
Investors are watching closely for the company's next moves. Industry sources believe more upside is possible in coming months.