“Elumelu Effect” propels Seplat to a historic milestone of N10,000, making first NGX stock to surpass benchmark

Seplat Energy Plc has achieved a historic milestone on the Nigerian Exchange(NGX), becoming the first company in its 65-year existence to close trading above N10,000 per share. This landmark achievement is largely credited to a strategic investment by Tony Elumelu’s Heirs Energies.

On April 14, 2026, Seplat’s stock soared to N10,450 per share, marking an extraordinary 80% growth since the start of the year. This upward trajectory has added roughly N2.9 trillion to the company’s market capitalization within just four months.

The foundation for this remarkable growth was laid in December 2025, when Heirs Energies, led by Elumelu, acquired a 20.07% stake in Seplat Energy for approximately $500 million, establishing itself as the company’s largest shareholder. Shortly afterward, Elumelu was appointed Non-Executive Director on Seplat’s Board in January 2026. In just 120 days, the value of this investment has surged to over $800 million, reflecting a $300 million gain.

The “Elumelu Effect” The stock’s rally has been described by analysts as the “Elumelu effect,” highlighting the billionaire’s proven ability to revitalize companies such as United Bank for Africa (UBA) and Transcorp. Since Heirs Energies’ stake acquisition, Seplat’s share price has risen by more than N4,600, positioning it as the most valuable indigenous energy stock in Africa.

The uptrend has also benefited from Nigeria’s reclassification by FTSE Russell from “Unclassified” to Frontier Market status. Effective September 2026, this upgrade is projected to attract $840 million to $1 billion in foreign portfolio inflows into Nigerian equities, with Seplat likely to be at the forefront of this growth. Financial Strength Driving Growth Seplat’s performance is underpinned by exceptional financial results from 2025.

Revenue skyrocketed by 144% to $2.73 billion, while profit before tax increased by 86.7% to $497.8 million. Adjusted EBITDA climbed 137% to $1.28 billion, and total dividends rose by 52% to 25.0 cents per share. Production also surged, averaging 131,506 boepd (barrels of oil equivalent per day) in 2025—a significant 148% increase due to the full-year consolidation of assets following its acquisition of Mobil Producing Nigeria Unlimited.

For 2026, the company has set production targets between 135–155 kboepd and plans to drill 17 new wells. Market Impact The record-breaking close propelled the NGX All-Share Index to a historic peak of 205,831.38 points, while the Oil & Gas Index rose by 4.36%, dominated by Seplat’s performance. Cardinal-Stone Research lauded Seplat as “the undisputed heavyweight driver of the session,” while Meristem Securities reaffirmed a Buy rating for the stock.

This milestone serves as a pivotal moment for Nigeria’s energy sector, showcasing how indigenous capital, strategically deployed, can unlock transformative value. Heirs Energies’ long-term commitment to building a leading African energy company has inspired strong market confidence and reshaped the industry’s outlook.