Tony Elumelu, Chairman of Heirs Holdings, has increased his interest in Seplat Energy Plc after acquiring an additional six million shares worth about £53.2 million.
The shares were purchased by Heirs Energies Limited, a company controlled by Elumelu, at £8.87 each in a transaction conducted in London on September 30, 2026, according to a regulatory filing by Seplat.
The acquisition raised Heirs Energies’ direct holding in Seplat to 27,943,867 shares. Combined with Heirs Holdings’ stake, entities controlled by Elumelu now hold 126.4 million shares, representing a 21.07 percent voting interest in the energy company.
The latest purchase follows the acquisition of 120.4 million Seplat shares from Maurel & Prom by Heirs Energies and Heirs Holdings in December 2025. That deal gave the entities a 20.07 percent stake in the company.
The latest investment comes ahead of Elumelu’s planned appointment as Seplat chairman. The company announced in June that its current chairman, Udoma Udo Udoma, would retire on December 31, 2026, with Elumelu elected to succeed him from January 1, 2027.
Elumelu joined Seplat’s board as a non-executive director in January 2026.
Seplat said the transaction was disclosed in line with Rule 17.15(c) of the NGX Rulebook 2015 and Article 19(3) of the UK Market Abuse Regulations.
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