A Bigger Seat: Elumelu's Firms Now Hold 21.07 Per Cent of Seplat
Key Highlights
- Heirs Energies bought 6 million Seplat shares in London on 30 September at £8.87, about £53.22 million.
- With Heirs Holdings, Tony Elumelu's firms now hold 126.4 million shares, 21.07 per cent of the vote, up from about 20.07 per cent.
- He is due to take the chair in January.
Tony Elumelu has added to the oil company he is about to chair.
Okay News citing Seplat's 30 September filing, said Heirs Energies bought 6 million shares in London that day at £8.87. That is £53.22 million before costs. Heirs Energies now holds 27,943,867 shares on its own. Together with Heirs Holdings, the two firms Elumelu controls hold 126.4 million shares, 21.07 per cent of Seplat's 599,944,561 shares in issue.
He already sits on the board as a non-executive director. Billionaires.Africa said he takes the chair on 1 January 2027, when Udoma Udo Udoma steps down.
One point more than he had
The combined holding was about 120.4 million shares, roughly 20.07 per cent, before this trade. The new line adds one percentage point. It is a top-up, not a new entry. The same account said an earlier Heirs buy of Maurel and Prom's block, 120.4 million shares, was struck at 305 pence, about $496 million. Monday's price, £8.87, is nearly three times that old pence figure.
A Kenyan reader does not pay this bill. The link is who owns the oil that eventually sets a pump price. Seplat produces in Nigeria. Elumelu is buying more of the producer just as the Lamu refinery build starts its own long job on this coast. One man is deepening a London-listed seat. The other project has not poured a barrel.
In Summary
- What did he buy?
- 6 million shares at £8.87 on 30 September, about £53.22 million.
- How much does he control now?
- 126.4 million shares through two firms, 21.07 per cent of the vote.