Seplat shares hits N10,000 as Heirs Energies investment drives rally

Seplat Energy Plc has become the first company in the 65-year history of the Nigerian Exchange to close above N10,000 per share, following a rally linked to a strategic investment by Tony Elumelu’s Heirs Energies.

Seplat closed trading on April 14, 2026, at N10,450 per share, representing an 80 per cent gain since January and adding approximately N2.9tn in market capitalisation within four months, according to a statement on Wednesday.

The rally traces to a transaction in December 2025, when Heirs Energies acquired a 20.07 per cent stake in Seplat Energy for about $500m, becoming the company’s largest shareholder. Elumelu subsequently joined Seplat’s Board as a Non-Executive Director in January 2026.

The $500m investment is now valued at over $800m, representing a $300m paper gain in under 120 days. Market analysts have described the surge as the “Elumelu effect,” citing the investor’s track record in transforming companies such as United Bank for Africa and Transcorp.

Since Heirs Energies became the largest shareholder, Seplat’s share price has gained more than N4,600, making it the most valuable indigenous energy stock on the continent.

The rally has also been supported by Nigeria’s recent reclassification by FTSE Russell from “Unclassified” to Frontier Market status, effective September 2026. Analysts project the upgrade could drive between $840m and over $1bn in foreign portfolio inflows into Nigerian equities, with Seplat positioned as a major beneficiary.

The company’s strong 2025 financial performance has further underpinned the share price growth. Revenue rose by 144 per cent to $2.73bn, while profit before tax increased by 86.7 per cent to $497.8m. Adjusted EBITDA climbed 137 per cent to $1.28bn, and total dividend increased by 52 per cent to 25.0 cents per share.

Seplat’s production averaged 131,506 barrels of oil equivalent per day in 2025, up 148 per cent, reflecting the first full-year consolidation of offshore assets following its acquisition of Mobil Producing Nigeria Unlimited.

The company has issued a 2026 production guidance of 135–155 kboepd and plans to drill 17 new wells.

Following the record close, the NGX All-Share Index rose to an all-time high of 205,831.38 points, while the Oil & Gas Index gained 4.36 per cent, led by Seplat.

CardinalStone Research described Seplat as “the undisputed heavyweight driver of the session,” while Meristem Securities reinstated a Buy rating on the stock.