• Seplat Energy has become the first NGX-listed company to exceed N10,000 per share
• The rally is linked to Heirs Energies’ 20.07% stake acquisition from Maurel & Prom
• Combined production from Seplat and Heirs Energies now stands at about 356,000 bpd

Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.

Seplat Energy has become the first listed company on the Nigerian Exchange Limited (NGX) to surpass the N10,000 per share threshold, following a sustained rally in its stock price, PUNCH reported.

Data from the NGX showed that the company’s shares rose to N10,450 on Tuesday, representing a 9.42% increase from the previous day’s close. This pushed its market capitalisation from N5.73 trillion to N6.27 trillion.

Strong year-to-date performance

The latest surge reflects a strong upward trend in Seplat’s stock, which has gained about 79.89% year-to-date. The share price had stood at N5,809 as of December 31, 2025.

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Earlier in the year, the stock had already climbed by roughly 57% to N9,099.90, supported by increased trading activity and renewed demand from institutional investors.

Ownership change drives rally

Market analysts have linked the rally to a major ownership change involving businessman Tony Elumelu.

His company, Heirs Energies, acquired a 20.07% stake in Seplat from Maurel & Prom in a deal valued at about $496 million.

The acquisition made Heirs Energies the largest single shareholder in Seplat, a development that has boosted investor sentiment and contributed to the stock’s upward movement.

Market impact and investor sentiment

Since the announcement of the deal, Seplat’s share price has risen by nearly 80%, significantly increasing the company’s market value.

The post-acquisition rally is considered one of the most notable gains recorded by an energy stock on the NGX in recent years.

Operations and production outlook

Seplat operates mainly in Nigeria’s Niger Delta and is dual-listed on both the NGX and the London Stock Exchange, Business Insider reported.

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The company currently produces about 286,000 barrels of oil equivalent per day, while Heirs Energies contributes approximately 70,000 barrels per day.

Combined, the two firms have a production capacity of about 356,000 barrels of oil equivalent per day, including roughly 266,000 barrels of crude oil and 490 million cubic feet of gas daily.

Tony Elumelu joins Seplat Energies board

Legit.ng earlier reported that Seplat Energy Plc appointed Tony Elumelu as a non-executive director on its board, following the acquisition of a significant equity stake in the company by his business interests.

Elumelu’s appointment follows the completion of a deal in which his Heirs Holdings Limited and Heirs Energies Limited acquired a combined 20.07 per cent equity stake in Seplat Energy.

The deal made the UBA CEO the majority shareholder of Seplat. The development marks a major shift in the ownership and governance structure of one of Nigeria’s leading indigenous energy companies.

Source: Legit.ng