LAGOS, June 9 – Seplat Energy has announced the appointment of Nigerian billionaire investor and business leader Tony Elumelu as its next Chairman, effective January 2027, as part of a broader leadership transition at one of Africa’s largest indigenous energy companies.
The company also confirmed the appointment of Effiong Okon as Chief Executive Officer, effective August 1, 2026.
The appointments were disclosed in a regulatory filing submitted to the Nigerian Exchange Limited and signal a significant shift in the company’s leadership structure as it positions itself for its next phase of expansion.
Elumelu will succeed Udoma Udo Udoma, who currently serves as chairman of the board.
According to Seplat Energy, the transition marks the beginning of a new chapter aimed at strengthening the company’s long-term growth strategy and enhancing its position within Africa’s energy sector.
The appointment follows the acquisition by Heirs Energies of a 20.07% stake in Seplat Energy through a transaction valued at approximately $500 million.
The deal made Heirs Energies the largest shareholder in the dual-listed oil and gas company and significantly increased Tony Elumelu’s influence within the organization.
Seplat said Elumelu’s experience in institution building, corporate governance and value creation would support the company’s ambition of becoming a more resilient and globally competitive energy business.
Elumelu is the Founder and Chairman of Heirs Holdings, which maintains investments across sectors including energy, power, financial services, healthcare, hospitality, technology and real estate.
He is also widely recognized for promoting Africapitalism, a philosophy that advocates long-term private sector investment as a catalyst for Africa’s economic development.
Beyond Heirs Holdings, Elumelu currently chairs Transcorp Group and United Bank for Africa, two of Nigeria’s most prominent corporate institutions.
The acquisition of the Seplat stake was financed through a combination of equity and debt financing, including support from major African financial institutions.
The transaction was backed by African Export-Import Bank and Africa Finance Corporation, reflecting growing confidence in African-led investment initiatives within the energy sector.
Following the acquisition, Heirs Energies replaced Maurel & Prom as Seplat’s largest shareholder.
The leadership transition comes at a pivotal time for Seplat as the company seeks to expand production, strengthen operational performance and capitalize on opportunities emerging across Africa’s evolving energy landscape.
With a new chairman and chief executive set to take office, Seplat Energy is positioning itself for a new era of growth as it continues to play a leading role in Nigeria’s oil and gas industry.
