Tony Elumelu and Heirs Holdings stand to pocket $10.83 million in first-quarter (Q1) dividends from Seplat Energy Plc, riding a share-price rally that doubled their stake’s value to about $988 million in four months.
Seplat hiked its Q1 payout to 9 US cents per share—a 96% jump from a year earlier—split between a 5-cent base dividend and a 4-cent special, totaling $54 million overall. The oil producer’s put-option hedge captured full upside from Brent crude’s surge past $125 a barrel.
Elumelu acquired a 20.07% stake—120.4 million shares—on Dec. 31, 2025, from France’s Maurel & Prom at 305 pence ($5,809 per share), timing the purchase ahead of Mobil Producing Nigeria Unlimited asset integration. Shares hit ₦11,495 on April 30, lifting the holding from an initial $500 million to $988 million (N1.384 trillion).
Q1 2026 Dividend and Put-Option Alpha
Seplat Energy’s Q1 financial performance reflects robust cash generation and the strategic success of its crude hedging policy.
| Metric | Q1 2025 | Q1 2026 | Change |
| Dividend Per Share | 4.6 Cents | 9.0 Cents | +96.0% |
| Total Payout | 5 Cents | ~$54 Million | — |
| Elumelu’s Payout | — | $10.83 Million | — |
Source: MoneyCentral
Strategic Board Integration
Elumelu’s financial commitment has been paired with direct boardroom influence. In January 2026, he was appointed to the board of Seplat Energy as a Non-Executive Director.
The move highlights the “Elumelu Effect” on the market, bringing robust corporate governance to the company’s operations.
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