Tony Elumelu Nears Return to Africa’s Billionaire Club as Seplat Stake Hits $1.28 Billion

Nigerian businessman and investor Tony Elumelu could be set for a return to Africa’s billionaire club after the value of his indirect stake in Seplat Energy Plc climbed to an estimated $1.28 billion.

According to _Business Insider Africa_ and Nairametrics, Elumelu’s interest is held through Heirs Energies and *Heirs Holdings. The two firms acquired a 20.07% stake in Seplat about 120.4 million shares for approximately $496 million in December 2025.

Seplat’s shares closed at *₦12,320.60* on September 1, 2026. At that price, the 120.4 million shares are valued at about *₦1.48 trillion*, or roughly *$1.28 billion*.

An important distinction, however: the $1.28 billion reflects the current market value of Elumelu’s Seplat holdings. It does not mean his total personal net worth is exactly $1.28 billion.

The surge has still significantly boosted the value of his investment. Seplat has also reported stronger production following major developments in its Nigerian operations.

Elumelu’s influence at the company is set to grow further. He was elected to become Seplat’s next *Chairman effective January 1, 2027*, following the retirement of current Chairman, *Senator Udoma Udo Udoma*.

This would not be Elumelu’s first time crossing the billion-dollar mark. _Forbes_ listed him on its 2014 “Africa’s 50 Richest” list with an estimated fortune of *$1 billion*, before the value of his assets later declined.

More than a decade on, one of his biggest investments is once again pushing him toward billionaire territory.

*What do you think? Could Tony Elumelu officially return to Africa’s billionaire club soon?*