According to Tribune reporting, a major shift in the ownership structure of Seplat Energy Plc has sparked a massive rally on the Nigerian Exchange (NGX). The acquisition of a significant stake by Heirs Energies Limited, backed by billionaire investor Tony Elumelu, led to a 57 percent surge in the company’s share price. This move added nearly N2 trillion to Seplat’s market capitalization, making it one of the most valuable energy firms listed in the country.
The exit of Maurel & Prom, which had been Seplat’s largest shareholder since 2010, marks the beginning of a new chapter for the indigenous oil and gas giant. Investors are betting that Elumelu’s track record in the power and banking sectors will unlock fresh value in Nigeria’s evolving energy landscape. The market sentiment remains overwhelmingly positive, with Seplat now positioned as a dominant player in the nation’s push for energy self-sufficiency.
Reporting from ThisDay validated the market reaction, noting that “the ‘Elumelu effect’ has once again proven to be a catalyst for investor confidence.” BusinessDay also covered the rally, quoting a market analyst who observed, “the entry of Heirs Energies signals a major consolidation of local content in the upstream sector.” Both outlets highlighted that this acquisition aligns with the broader trend of international oil companies divesting from onshore assets in favor of indigenous players.
Echotitbits take:
Tony Elumelu is consolidating his “Africapitalism” vision by becoming a kingpin in the oil and gas sector. This move isn’t just about Seplat; it’s about the entire energy value chain from extraction to power generation. Watch for Seplat to announce major new investments in gas-to-power projects as they leverage this new capital and leadership.
Source: Nigerian Tribune – https://tribuneonlineng.com/elumelu-backed-acquisition-sparks-n2trn-rally-in-seplat-lifts-market-sentiment/, February 23, 2026
Photo credit: Nigerian Tribune
