People · Tony Elumelu

His companies bought in at 305p a share. Wednesday's price was £8.87.

Tony Elumelu's Heirs Energies bought six million more Seplat Energy shares on Wednesday. It paid £8.87 each, about £53.2m, and the companies he controls now hold 21.07% of Seplat between them.

Six million shares. £8.87. London. 30 September.

Nine months earlier, his companies had paid 305p.

January 15, 2021. Heirs Holdings, with Transcorp, announced the unconditional acquisition of a 45% participating interest in the OML 17 oil licence from Shell, Total and Eni through TNOG Oil and Gas, a related company of Heirs and Transcorp. Shell's Nigerian arm said its 30% interest sold for $533m. Elumelu described the aim as "creating Africa's first integrated energy multinational."

December 30, 2025. Maurel & Prom signed a binding agreement after the London close to sell all 120.4 million of its Seplat shares, a 20.07% stake, to Heirs Energies. M&P had been one of Seplat's three founders and its largest shareholder since 2010. The price was 305p a share, $496m in total, with $248m paid upfront and the rest due within 30 days. A further $10m was payable if the share price rose over the next six months. M&P's chief executive said it was "the right time for M&P to monetise this position." Elumelu said the purchase reflected a "strong belief in Africa's ability to own, develop, and responsibly manage its strategic resources."

January 6, 2026. Seplat said it had been notified that the shares had changed hands. M&P no longer held any. Heirs Energies and Heirs Holdings now jointly held 20.07%.

January 22, 2026. Seplat appointed Elumelu a non-executive director. Its notice began by referring back to the sale. The same day, Olivier Cleret De Langavant resigned from the board. He had joined in January 2020 as M&P's nominee.

June 9, 2026. Seplat announced its board had elected Elumelu chairman from January 1, 2027. Udoma Udo Udoma retires on December 31. Chief executive Roger Brown retires on July 31, and Effiong Okon takes over on August 1. Elumelu said he was honoured to "assume the role of Chairman in January 2027."

September 24, 2026. Seplat closed at ₦16,000 on the Nigerian Exchange, a record. The stock is up 175.44% on the year, from ₦5,809.

September 30, 2026. Heirs Energies bought the six million shares. Its direct holding rose to 27,943,867. With Heirs Holdings, the entities Elumelu controls now hold 126.4 million of Seplat's 599,944,561 shares. Seplat disclosed the purchase under Nigerian Exchange rules and UK market abuse rules. The filing gave no reason.

Elumelu sits on Seplat's board today and takes the chair on January 1. His companies bought M&P's stake at 305p and added to it on Wednesday at £8.87. In three months he is due to chair a company in which entities he controls hold 21.07%.