Fresh 6m Seplat Shares Raises Elumelu’s Stake to 21.07%

Heirs Energies Limited, a company controlled by Seplat Energy Plc Non-Executive Director, Tony Elumelu, has acquired an additional six million ordinary shares in the energy company, raising the combined shareholding of entities controlled by Elumelu to 21.07 per cent.

The notification was signed by Edith Onwuchekwa, Director, Legal and Company Secretary, on behalf of Seplat Energy Plc.

Following the latest transaction, Heirs Energies’ direct holding increased to 27,943,867 shares, while Heirs Energies and Heirs Holdings Limited now collectively hold 126.4 million Seplat shares out of the company’s 599,944,561 issued shares.

The combined holding represents a 21.07 per cent voting interest in Seplat Energy, up from 20.07 per cent previously.

The latest acquisition builds on the landmark transaction in December 2025, when Heirs Energies and Heirs Holdings acquired the entire 20.07 per cent stake held by French energy company Etablissements Maurel & Prom S.A., comprising 120.4 million shares.

The block transaction was valued at approximately $496 million to $500 million at 305 pence per share and was financed with support from African financial institutions, including the African Export-Import Bank (Afreximbank).

The acquisition made Elumelu Seplat Energy’s largest shareholder and was followed by his appointment as a Non-Executive Director of the company in January 2026. He is scheduled to assume the position of Chairman of the Board from January 1, 2027.

With the additional six million shares acquired in September 2026, the Heirs Group’s combined stake has risen by one percentage point, from 120.4 million shares representing 20.07 per cent to 126.4 million shares representing 21.07 per cent.

Seplat Energy disclosed the latest transaction in accordance with Rule 17.15(c) of the Nigerian Exchange Rulebook and Article 19(3) of the UK Market Abuse Regulation.