NEWS
Tony Elumelu Moves Closer to USD Billionaire Status as Seplat Stake Soars to $1.28 Billion
Nigerian business mogul and investor Tony Elumelu is once again edging toward Africa’s exclusive billionaire club as the value of his indirect stake in Seplat Energy Plc climbs sharply to an estimated $1.28 billion.
Elumelu’s investment is held through Heirs Energies and Heirs Holdings, which acquired a 20.07 percent interest in Seplat, equivalent to approximately 120.4 million shares, for about $496 million in December 2025.
The investment has since recorded a substantial increase in value following the strong performance of Seplat’s shares on the Nigerian Exchange.
Seplat Energy’s shares closed at ₦12,320.60 on September 1, 2026. At that valuation, Elumelu’s 120.4 million shares would be worth roughly ₦1.48 trillion, translating to approximately $1.28 billion.
However, the figure requires an important clarification. The $1.28 billion represents the estimated market value of the Seplat shares linked to Elumelu’s holdings and should not be interpreted as his total personal net worth.
Nevertheless, the dramatic rise underscores the growing value of one of his most significant investments. Seplat has also strengthened its production performance following major developments across its Nigerian operations, further boosting investor confidence in the energy company.
Elumelu’s position within Seplat is also expected to become even more prominent. He has been elected as the company’s next chairman and is scheduled to assume the position on January 1, 2027, following the retirement of the current chairman, Senator Udoma Udo Udoma.
The development marks another significant chapter in Elumelu’s long-running business journey.
Elumelu has previously occupied a place among Africa’s billionaires. Forbes included him on its 2014 Africa’s 50 Richest list with an estimated fortune of $1 billion. His wealth later fell below the billionaire threshold as the value of his various assets changed.
More than a decade later, the renewed surge in the value of his Seplat investment is putting him firmly back within striking distance of billionaire status.
If the value of his other assets is also taken into account, the latest development could further strengthen his position among Nigeria’s most influential business figures and potentially pave the way for his return to Africa’s billionaire ranks.
The big question now is whether Tony Elumelu will officially reclaim billionaire status as the value of his businesses and investments continues to rise.