Eno Bassey
New member
Seplat Energy, Nigeria's largest indigenous oil and gas company, has appointed its largest shareholder, Nigerian businessman and Chairman of UBA, Tony Elumelu, as its new chairman, replacing Udo Udoma who is stepping down.
I would like to digress.
Last year, on December 23, the nation, which was in the mood for Christmas, woke up to the news that Tony Elumelu had acquired a 20% stake in Seplat for $500 million.
The transaction was structured with an upfront payment of $248 million, with the balance due within 30 days and secured by an irrevocable letter of credit, plus a contingent consideration of up to $10 million tied to Seplat's share price performance over six months.
The deal was co-financed by two African multilateral institutions: Afreximbank and Africa Finance Corporation, and came on the heels of a separate $750 million financing facility Heirs Energies closed with Afreximbank to fund its existing operations and expansion plans.
With the acquisition complete, Heirs Energies — a subsidiary of Tony Elumelu's pan-African Heirs Holdings — replaced Maurel & Prom, a French company which had held the position since Seplat's founding in 2009.
Since Tony Elumelu bet on Seplat, it has been a profitable one, which has made him wealthier.
The value of the shares he owns bought for $500 million is no longer the same.
The share price is currently worth more than $1 billion after the share price of Nigeria's indigenous oil and gas company rallied to 10,000 naira for one share of Seplat.
But the investment has generated more returns than this.
On May 18, Elumelu collected nearly $10 million from Seplat's final and special dividend for the 2025 financial year.
He was paid another $10.84 million in dividends on June 5 last week which is the dividend from Seplat's Q1 2025 financial results, taking his total payout from Seplat this year alone to $20 million.
And this $500 million investment in Seplat was made just six months ago, but it has fetched $1 billion in paper valuation and then $20 million in Tony's bank account, showing that the bet on Seplat was a well-thought-out one, which is paying for itself in real-time.
His appointment as the next chairman of Seplat is consolidation of the business as the business pushes to new frontiers and new territories.
We hope to see the merger of Seplat and Heirs Energies, owned by Mr. Elumelu, in no distant time.
I hope my generation of business leaders are taking note from the father of Africapitalism how it is done.
Congratulations sir , Tony Elumelu
I would like to digress.
Last year, on December 23, the nation, which was in the mood for Christmas, woke up to the news that Tony Elumelu had acquired a 20% stake in Seplat for $500 million.
The transaction was structured with an upfront payment of $248 million, with the balance due within 30 days and secured by an irrevocable letter of credit, plus a contingent consideration of up to $10 million tied to Seplat's share price performance over six months.
The deal was co-financed by two African multilateral institutions: Afreximbank and Africa Finance Corporation, and came on the heels of a separate $750 million financing facility Heirs Energies closed with Afreximbank to fund its existing operations and expansion plans.
With the acquisition complete, Heirs Energies — a subsidiary of Tony Elumelu's pan-African Heirs Holdings — replaced Maurel & Prom, a French company which had held the position since Seplat's founding in 2009.
Since Tony Elumelu bet on Seplat, it has been a profitable one, which has made him wealthier.
The value of the shares he owns bought for $500 million is no longer the same.
The share price is currently worth more than $1 billion after the share price of Nigeria's indigenous oil and gas company rallied to 10,000 naira for one share of Seplat.
But the investment has generated more returns than this.
On May 18, Elumelu collected nearly $10 million from Seplat's final and special dividend for the 2025 financial year.
He was paid another $10.84 million in dividends on June 5 last week which is the dividend from Seplat's Q1 2025 financial results, taking his total payout from Seplat this year alone to $20 million.
And this $500 million investment in Seplat was made just six months ago, but it has fetched $1 billion in paper valuation and then $20 million in Tony's bank account, showing that the bet on Seplat was a well-thought-out one, which is paying for itself in real-time.
His appointment as the next chairman of Seplat is consolidation of the business as the business pushes to new frontiers and new territories.
We hope to see the merger of Seplat and Heirs Energies, owned by Mr. Elumelu, in no distant time.
I hope my generation of business leaders are taking note from the father of Africapitalism how it is done.
Congratulations sir , Tony Elumelu