After $500m deal, Elumelu appointed Seplat Energy chairman

Seplat Energy yesterday announced the appointment of billionaire investor and business leader Tony Elumelu as the next Chairman of the company, with effect from January 2027. The company also named Engr. Effiong Okon as its new Chief Executive Officer, effective August 1, 2026, as part of a broader leadership transition aimed at steering the energy […]

Seplat Energy yesterday announced the appointment of billionaire investor and business leader Tony Elumelu as the next Chairman of the company, with effect from January 2027.

The company also named Engr. Effiong Okon as its new Chief Executive Officer, effective August 1, 2026, as part of a broader leadership transition aimed at steering the energy company through its next phase of growth.

The appointments were disclosed in a notice filed on the Nigerian Exchange Limited (NGX) on Tuesday and signed by the company secretary, Edith Onwuchekwa.

Elumelu will succeed Senator Udoma Udo Udoma, who currently chairs the board of Seplat Energy.

The company said the transition signals “a new chapter of leadership” as Seplat continues its growth and transformation journey.

Seplat said Elumelu’s experience in corporate governance, institution building, and value creation would support the company’s ambition of becoming a resilient and globally competitive energy business.

Elumelu is the Founder and Chairman of Heirs Holdings, a pan-African investment company with interests spanning energy, power, banking, insurance, technology, real estate, hospitality, and healthcare.

He is also known as the founder of Africapitalism, an economic philosophy that advocates long-term private sector investments to drive economic development across Africa.

He also serves as Chairman of United Bank for Africa (UBA) Group, one of Africa’s largest financial services institutions.

Daily Trust reports that Elumelu’s appointment into the board follows Heirs Energies’ landmark acquisition of a 20.07% stake in Nigeria’s foremost indigenous oil and gas company, following the $500 million transaction that made Heirs Energies the single largest shareholder in the dual-listed energy company.

The deal instantly transformed Heirs Energies into Seplat’s single largest shareholder, marking one of the most significant ownership shifts in Nigeria’s indigenous oil industry in recent years.

The acquisition was executed at 305 pence per share, representing a premium above Seplat’s the-market valuation on the London Stock Exchange. The transaction involved the purchase of approximately 120.4 million shares and included a structured payment arrangement backed by an irrevocable letter of credit.

The deal was further supported by African multilateral finance institutions, including African Export-Import Bank and Africa Finance Corporation, underscoring growing continental backing for indigenous ownership in the energy sector.

At the company’s last Annual General Meeting in May, shareholders of Seplat Energy formally elected Elumelu, as the company’s Non-Executive Director.

Speaking with newsmen shortly after the AGM, Udoma noted that Elumelu’s entry showed the energy firm is succeeding.

He added that having Elumelu on Seplat’s board, with his broad experience and expertise, remains a plus for the company.

“You know you are successful when everybody wants to buy your shares. And so, it’s a sign of our success.

“And when Heirs and Tony bought into Seplat… in fact, when he bought, he said so. He said he’s buying because he likes the company. And so, he’s very welcome to the company.

“It’s good to have somebody with this broad experience and expertise on our board.

“So, it definitely is a plus for us to have Tony Elumelu on our board,” Udoma said.

The company’s incoming CEO, Engr. Effiong Okon, replaces Roger Brown, who assumed the role on 1 August 2020.

Okon has more than 35 years of industry experience and has held several leadership positions within Seplat since joining the company in 2018.

Okon initially served on Seplat’s board as Operations Director for four years before becoming New Energy Director. Most recently, he served as Managing Director of ANOH Gas Processing Company (AGPC).

According to the company, he played a key role in delivering the ANOH gas project, which achieved its first gas in January 2026.

Seplat said Okon’s operational expertise and understanding of the business position him to lead the company as it expands its energy portfolio and pursues long-term growth opportunities.