Seplat Up 44% Since Elumelu’s Stake Purchase as Valuation Tops N5trn

Seplat Energy, one of the biggest Nigerian oil and gas independents, has risen 44.4 percent on the stock exchange since tycoon Tony Elumelu’s Heirs Energies bought a controlling stake in the company late December. 

The company’s market capitalisation jumped to N5.04 trillion on Friday from N3.49 trillion on 31 December, when Heirs Energies announced its acquisition of the 20.07% equity stake previously held by Maurel & Prom S.A. in Seplat for almost $496 million.

Its share price surged to N8,400 apiece from N5,809 at the end of last year, according to data from the Nigerian Exchange Limited.