Elumelu-Linked Stake in Seplat Rises to 21.07% After £53.22m Share Purchase

Seplat Energy said it was notified of a purchase of six million ordinary shares by Heirs Energies Limited on September 30. The transaction was completed in London at £8.87 per share, for a total of £53.22 million, according to the regulatory notice.

Heirs Energies is controlled by Tony Elumelu, a non-executive director of Seplat. After the purchase, Heirs Energies holds 27,943,867 shares. Combined with Heirs Holdings, the entities controlled by Elumelu now hold 126.4 million Seplat shares, representing a 21.07 percent voting interest based on the company’s 599,944,561 issued shares.

The six million shares represent about one percent of Seplat’s issued share count. The filing records the buyer, transaction date, London venue, price and volume; it does not identify the seller in the notification. The 21.07 percent figure refers to the combined interest of Heirs Energies and Heirs Holdings, while Heirs Energies’ direct holding is 27,943,867 shares.