Ololade Adeyanju/
Nigerian businessman, Tony Elumelu’s investment exposure linked to Seplat Energy has risen sharply to close to the $1 billion mark, following a sustained rally in the company’s share price on the Nigerian Exchange (NGX), according to market tracking data and recent investor reports.
The appreciation reflects stronger sentiment towards Nigeria’s listed oil and gas companies, as well as growing investor confidence in indigenous energy operators amid ongoing reforms and production expansion in the sector.
Seplat Energy, a leading Nigerian energy firm dual-listed on the NGX and the London Stock Exchange, has seen significant gains in its share price in recent months, supported by improved earnings performance and a strengthening balance sheet.
The company has reported higher revenues, improved profitability, and a reduction in net debt in its most recent financial results, factors that have bolstered investor confidence.
Market activity has also been influenced by Seplat’s continued expansion following its acquisition of ExxonMobil’s Nigerian shallow-water assets, a transaction that significantly strengthened its upstream portfolio and production outlook.
Amid the rally, the stock has at various points traded above the N10,000 per share level on the Nigerian Exchange, underscoring heightened demand for the company’s shares among both domestic and international investors.
Elumelu’s exposure to Seplat is understood to be linked to his broader investment interests through Heirs Holdings and associated energy investments, which have positioned him as a key figure in Nigeria’s indigenous oil and gas sector.
Market estimates suggest the value of his stake has risen substantially in line with the company’s share performance, edging closer to the $1 billion valuation threshold.
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