Nigerian billionaire businessman Tony Elumelu is set to receive another $14.45 million from Seplat Energy this week, taking his total dividend income from the energy company to about $35.3 million in 2026.
Elumelu, who is the incoming chairman of Seplat Energy and also chairs Heirs Holdings and Transcorp Group, is due to receive the payment on Friday, August 28, following the energy company’s declaration of a second-quarter interim and special dividend.
The latest payout will further strengthen the returns from his 20.07 percent stake in Seplat Energy, acquired through Heirs Energies in December 2025.
Seplat Energy declared an interim dividend of $0.05 per share and a special dividend of $0.07 per share for the second quarter of 2026, bringing the total payout to $0.12 per share and the company-wide distribution to approximately $72 million.
Based on his stake, Elumelu is expected to receive $14.45 million from the August 28 distribution, subject to applicable withholding tax.
The payment comes less than three months after he received $10.8 million from Seplat Energy on June 19 and follows a $9.99 million final dividend paid to him on May 29.
Together, the three payments will lift Elumelu’s dividend earnings from Seplat Energy this year to approximately $35.3 million.
The growing income stream highlights the financial significance of the stake acquired by Heirs Energies and the increasing cash returns being generated from the investment.
Elumelu’s exposure to Seplat Energy increased significantly on December 31, 2025, when Heirs Energies acquired a 20.07 percent interest in the company from Maurel & Prom for $496 million.
The stake has since risen in value to more than $1 billion, while continuing to generate substantial dividend income for Elumelu.
The investment has therefore delivered both capital appreciation and recurring cash returns within less than a year of the acquisition, underscoring the growing importance of Seplat Energy within Elumelu’s energy portfolio.
The stake also places the businessman among the largest individual beneficiaries of Seplat Energy’s dividend distributions.
The latest dividend comes as Seplat Energy reports a sharp improvement in financial performance during the first half of 2026.
The dual-listed independent energy company recorded net income of $164 million in the six months to June, representing a 498 percent increase from $27.4 million recorded in the corresponding period of 2025.
Revenue climbed 30 percent to $1.82 billion from $1.4 billion, driven by higher production and improved pricing across its operations.
Gross profit increased 68 percent to $816 million from $484.6 million, while adjusted EBITDA rose 28 percent to $938.6 million from $735 million.
Seplat Energy said stronger production, favourable commodity prices and lower operating costs supported the significant improvement in profitability during the period.
The company realised an average oil price of $94.13 per barrel, $7.47 above the Brent benchmark, further supporting earnings growth during the period.
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