A renowned entrepreneur in Nigeria, Tony Elumelu, may be targeting $1 billion investment in the country's oil and gas sector.

Elumelu, through Heirs Energies, increased his share holding in Seplat Energy to $934 million. This reflected a 20.07 per cent stake in Seplat Energy.

Seplat Energy has experienced improvement of 86 per cent rise in share price at the Nigerian Stock Exchange.

Investors were said to be watching the share holding trend of Tony Elumelu if will hit $1 billion mark for domestic investors in the oil and gas sector in Africa.