Tony Elumelu expands business empire with Seplat Energy stake

Nigerian entrepreneur Tony Elumelu has expanded his business portfolio through a significant stake in Seplat Energy. Through Heirs Energies and Heirs Holdings, Elumelu holds a 20.07% interest in the energy company, a position valued at approximately $1.36 billion as of September 2026.

Elumelu’s career is marked by long-term investments and business transformations. He previously led the acquisition and stabilization of Crystal Bank, which later merged with United Bank for Africa (UBA) in 2005. He served as UBA’s Group Managing Director and CEO for thirteen years before returning as Chairman in 2014.

Beyond direct investments, Elumelu promotes ‘Africapitalism,’ an economic philosophy advocating for the African private sector to drive social and economic development. This philosophy is implemented through the Tony Elumelu Foundation (TEF), which provides training, mentorship, and seed capital to young African entrepreneurs. Since 2015, the TEF entrepreneurship programme has empowered more than 27,000 individuals.