Nigeria’s capital market has entered historic territory as Seplat Energy Plc becomes the first company in the 65-year history of the Nigerian Exchange (NGX) to close above ₦10,000 per share, marking a milestone that reflects renewed investor confidence in the strength of Nigeria’s indigenous energy sector.
At the close of trading on April 14, 2026, Seplat’s share price reached ₦10,450, capping an extraordinary rally that has seen the stock gain 80 per cent since January. In just four months, the company’s surge has added roughly ₦2.9 trillion to its market capitalisation, pushing Seplat into a league of its own among African energy companies.
In December 2025, Tony Elumelu’s Heirs Energies acquired a 20.07 per cent stake in Seplat Energy in a transaction valued at approximately $500 million, instantly becoming the company’s largest single shareholder. Shortly afterwards, in January 2026, Tony Elumelu joined Seplat’s board as a Non-Executive Director, a development that immediately drew heightened investor attention.
In less than 120 days, the value of that investment has climbed sharply, with the $500 million stake now worth more than $800 million, representing a paper gain of about $300 million. Market observers have widely described the surge as the “Elumelu effect,” pointing to the investor’s long-standing reputation for transforming African corporations, including United Bank for Africa (UBA) and Transcorp.
Since Heirs Energies emerged as the company’s largest shareholder, Seplat’s stock has gained over ₦4,600, elevating it to become the most valuable indigenous energy stock on the African continent. The rally has also been reinforced by broader developments in Nigeria’s financial markets. FTSE Russell recently reclassified Nigeria from “Unclassified” to Frontier Market status, a change scheduled to take effect in September 2026. Analysts believe the upgrade could trigger between $840 million and over $1 billion in foreign portfolio inflows into Nigerian equities, with Seplat widely expected to attract a significant portion of that investment.
Strong operational and financial results have further strengthened the market’s confidence. In 2025, Seplat reported revenue of $2.73 billion, representing a 144 per cent increase, while profit before tax rose by 86.7 per cent to $497.8 million. Adjusted EBITDA climbed by 137 per cent to $1.28 billion, and total dividend payouts increased by 52 per cent to 25.0 cents per share. Production performance also expanded significantly, with the company recording an average output of 131,506 barrels of oil equivalent per day (boepd) during the year, a 148 per cent rise driven largely by the first full-year consolidation of offshore assets following its acquisition of Mobil Producing Nigeria Unlimited.
Looking ahead, Seplat has issued 2026 production guidance of between 135,000 and 155,000 boepd and plans to drill 17 new wells as part of its growth strategy.
The company’s remarkable rally also lifted the broader market. The NGX All-Share Index climbed to a record 205,831.38 points, while the Oil & Gas Index rose by 4.36 per cent, with Seplat leading the gains. Reflecting the momentum, CardinalStone Research described the company as “the undisputed heavyweight driver of the session,” while Meristem Securities reinstated a Buy rating on the stock.
For Nigeria’s energy industry and capital market alike, Seplat’s breakthrough illustrates the transformative potential of indigenous investment, strategic leadership, and strong operational performance. With Heirs Energies signalling a long-term commitment to building an African energy champion, the market’s response has been swift and decisive, placing Seplat firmly at the centre of one of the most remarkable rallies the Nigerian Exchange has ever witnessed.
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