Tony Elumelu’s strategic acquisition has propelled Seplat Energy Plc into the record books, making it the first company to close above N10,000 per share in the Nigerian Exchange (NGX)’s 65-year history.
The stock closed at N10,450 on April 14, 2026, recording an 80 per cent surge since January and adding approximately N2.9 trillion to its market capitalisation in just four months. Analysts attribute the phenomenal rally largely to the “Elumelu effect.”
In December 2025, Elumelu’s Heirs Energies acquired a 20.07 per cent stake in Seplat for about $500 million, emerging as the company’s largest shareholder.
Elumelu later joined the board as Non-Executive Director in January 2026. The investment has since grown significantly, with the stake now valued at over $800 million delivering a paper profit of roughly $300 million in under 120 days.
Elumelu’s reputation for value creation and successful turnarounds, as seen at United Bank for Africa and Transcorp, has restored strong investor confidence. Since the transaction, Seplat’s share price has climbed more than N4,600, positioning the company as Africa’s most valuable indigenous energy firm.
Seplat’s impressive 2025 performance provided solid backing for the rally.
Revenue jumped 144 per cent to $2.73 billion, profit before tax rose 86.7 per cent to $497.8 million, and production averaged 131,506 boepd.
The company expects 135–155 kboepd in 2026.
The positive momentum was further supported by Nigeria’s forthcoming FTSE Russell upgrade to Frontier Market status in September 2026. Seplat’s record run helped lift the NGX All-Share Index to an all-time high of 205,831.38 points
