Seplat Energy Plc has made history on the Nigerian Exchange Limited (NGX), becoming the first listed company to close above N10,000 per share.
The energy firm ended trading on April 14, 2026, at N10,450 per share, marking an extraordinary rally of about 80 per cent since the beginning of the year. The surge has added roughly N2.9 trillion to its market capitalisation within four months.
Market analysts attribute the milestone largely to the strategic investment by Tony Elumelu through his company, Heirs Energies.
In December 2025, Heirs Energies acquired a 20.07 per cent stake in Seplat for about $500 million, making it the company’s largest shareholder. Following the deal, Elumelu joined Seplat’s board as a non-executive director in January 2026.
The investment has already delivered significant returns, with its value rising to over $800 million in less than four months, reflecting a paper gain of about $300 million.
Analysts have since described the rally as the “Elumelu effect,” citing the investor’s history of driving growth in major African companies, including United Bank for Africa and Transnational Corporation of Nigeria.
Beyond the ownership change, Seplat’s performance has been supported by strong financial results. For 2025, the company reported a 144 per cent increase in revenue to $2.73 billion, while profit before tax rose by 86.7 per cent to $497.8 million. Adjusted EBITDA climbed 137 per cent to $1.28 billion, and dividends grew by 52 per cent.
Production also rose significantly, averaging over 131,000 barrels of oil equivalent per day, driven by the full integration of assets acquired from Mobil Producing Nigeria Unlimited.
The broader market has also benefited from the rally. The NGX All-Share Index reached a record high of over 205,000 points, while the Oil and Gas Index posted notable gains, led by Seplat’s performance.
Analysts say the development underscores the growing impact of indigenous investment in Nigeria’s energy sector, positioning Seplat as a leading player capable of attracting both local and international investor interest.
