Seplat Energy Plc has become the first company in the 65-year history of the Nigerian Exchange (NGX) to close above N10,000 per share, in a performance driven by renewed investor confidence following Tony Elumelu’s strategic investment through Heirs Energies.

The stock closed trading on April 14, 2026, at N10,450 per share, representing a 80 per cent surge since January and adding about N2.9 trillion to the company’s market capitalisation within just four months.

The unprecedented rally is closely tied to a single transaction completed in December 2025, when Tony Elumelu’s Heirs Energies acquired a 20.07 per cent stake in Seplat Energy for about $500 million, emerging as the company’s single largest shareholder. Elumelu later joined Seplat’s board as a Non-Executive Director in January 2026.

That investment has already appreciated significantly, with the stake now valued at over $800 million, representing a paper gain of about $300 million in less than 120 days.

‘Elumelu effect’ triggers market re-rating attributing the sustained rally to what they describe as the “Elumelu effect”, citing the investor’s long-standing reputation for value creation and corporate turnaround, including at United Bank for Africa (UBA) and Transcorp.

Since Tony Elumelu’s Heirs Energies became the largest shareholder, Seplat’s share price has gained over N4,600, positioning it as the most valuable indigenous energy stock on the African continent.

The rally has also been supported by broader macroeconomic tailwinds, including Nigeria’s recent reclassification by FTSE Russell from “Unclassified” to Frontier Market status, effective September 2026.

It was estimated that the upgrade could trigger between $840 million and over $1 billion in foreign portfolio inflows into Nigerian equities, with Seplat seen as a key beneficiary.

Strong fundamentals underpin surge
The sharp appreciation in Seplat’s share price is anchored on robust financial performance in its 2025 results.

Revenue rose by 144 per cent to $2.73 billion, while profit before tax increased by 86.7 per cent to $497.8 million. Adjusted EBITDA climbed 137 per cent to $1.28 billion, with total dividend rising 52 per cent to 25.0 cents per share.

Production also saw a significant jump, averaging 131,506 barrels of oil equivalent per day (boepd) in 2025—an increase of 148 per cent—driven largely by the first full-year consolidation of offshore assets following the acquisition of Mobil Producing Nigeria Unlimited.

Looking ahead, the company has issued 2026 production guidance of 135–155 kboepd and plans to drill 17 new wells as it continues its expansion strategy.

The record-breaking performance on Seplat lifted broader market indicators, with the NGX All-Share Index hitting an all-time high of 205,831.38 points. The Oil and Gas Index also gained 4.36 per cent, led by strong buying interest in Seplat.

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