Nigeria: Elumelu, Seplat, and the Price of Owning the Oil

[This Day] Some deals announce themselves by size alone. Others matter because of who is finally holding the pen. Late December delivered both. Barely two weeks after raising $750 million from Afreximbank, Heirs Energies quietly acquired a 20.07 per cent stake in Seplat Energy Plc for just under $500 million. By year’s end, Tony Elumelu had become Seplat’s largest shareholder.