Elumelu-backed Seplat Becomes First NGX-listed Firm to Cross N10,000 per Share

Seplat Energy, a leading independent oil and gas company in Nigeria, has become the first listed firm on the Nigerian Exchange Limited (NGX) to surpass the N10,000 per share mark.

Seplat Energy, a leading independent oil and gas company in Nigeria, has become the first listed firm on the Nigerian Exchange Limited (NGX) to surpass the N10,000 per share mark.

On Tuesday, the company’s shares climbed to a high of N10,450, representing a 9.42% increase from the previous day’s close. This pushed its market capitalisation from N5.73 trillion on Monday to N6.27 trillion, according to NGX data. The stock has gained 79.89% year-to-date, up from N5,809 at the end of 2025.

The rally has been fuelled by a major ownership shift involving business tycoon Tony Elumelu. His firm, Heirs Energies, acquired a 20.07% equity stake in Seplat Energy from Maurel & Prom in a deal valued at about $496 million, making it the company’s single largest shareholder.

Stock surge

Seplat’s share price stood at N5,809 on December 31, around the time the deal was announced. Since Elumelu’s acquisition, the stock has surged nearly 80%, adding to the company’s market value and boosting investor sentiment on the Nigerian bourse.

Earlier in the year, the stock had already jumped about 57% to N9,099.90 amid stronger trading volumes and renewed institutional demand. Overall, the post-deal rally marks one of the most notable gains for an energy-linked stock on the NGX in recent years.

Seplat Energy operates primarily in Nigeria’s Niger Delta and is dual-listed on the NGX and the London Stock Exchange. The company currently produces about 286,000 barrels of oil equivalent per day (kboepd), while Heirs Energies contributes roughly 70 kboepd.

Combined, the two firms now have a daily production capacity of approximately 356 kboepd, including 266,000 barrels of oil per day (kbopd) and 490 million cubic feet of gas per day (mmcfd).