Africa could soon boast another billionaire as one of Nigeria’s top investors sees his stake in major firm hit $1.28 billion

One of Nigeria’s top businessmen and investors, Tony Elumelu, could be on the verge of returning to Africa’s billionaire ranks after the value of his indirect stake in Seplat Energy Plc climbed to approximately $1.28 billion.

Elumelu, chairman of Heirs Group and founder and chairman of Heirs Holdings, owns the stake through Heirs Energies Ltd and Heirs Holdings Ltd.

At Seplat’s closing share price of N12,320.60 on September 1, 2026, his 120.4 million shares were worth about N1.48 trillion, equivalent to roughly $1.28 billion, as reported by Nairametrics.

The calculation is based on the value of the shares alone and does not mean Elumelu’s total net worth is necessarily $1.28 billion.

His broader wealth includes interests across banking, energy, power, hospitality, real estate and other businesses.