Tony Elumelu is set to become chairman of Seplat Energy Plc from January 2027, while the company has appointed veteran oil and gas executive Effiong Okon as its new chief executive officer, effective August 1, 2026.
The appointments, announced in a notice filed with the Nigerian Exchange Limited (NGX), mark a significant leadership transition at one of Nigeria’s largest indigenous energy companies following the recent acquisition of a strategic stake by Elumelu’s Heirs Energies.
Elumelu will succeed Udoma Udo Udoma, who currently chairs the Seplat board.
The company said the appointments represent a new phase in its growth strategy as it seeks to strengthen its position across oil, gas and new energy opportunities.
Elumelu’s elevation to the board comes months after Heirs Energies acquired a 20.07 percent stake in Seplat through a $500 million transaction, making it the company’s largest shareholder.
The acquisition displaced Maurel & Prom, which had maintained a significant position in Seplat since the company’s founding in 2009.
Seplat said Elumelu’s track record in institution building, corporate governance and long-term value creation would support its ambition of becoming a globally competitive energy company.
The businessman is the founder and chairman of Heirs Holdings, which has investments spanning energy, power, banking, insurance, healthcare, technology, hospitality and real estate across Africa.
He also chairs United Bank for Africa (UBA) and Transnational Corporation of Nigeria (Transcorp), with interests in power generation and hospitality.
Elumelu is widely known for promoting Africapitalism, an economic philosophy that advocates private-sector-led investment as a catalyst for Africa’s economic development.
Meanwhile, Okon will take over the chief executive role as Seplat positions itself for its next growth cycle.
With more than 35 years of industry experience, Okon has held several senior positions within the company since joining in 2018.
He initially served as operations director before becoming new energy director and later managing director of the ANOH Gas Processing Company (AGPC).
The company credited him with playing a pivotal role in delivering the ANOH gas project, which achieved first gas in January 2026 and is expected to significantly strengthen the domestic gas supply.
Seplat said Okon’s operational expertise, deep understanding of the business and experience across upstream and midstream operations position him to lead the company through its next phase of expansion.
The leadership changes come as Seplat continues to expand its gas business and consolidate its position following recent acquisitions and investments aimed at increasing production and supporting Nigeria’s energy security objectives.
The company’s major shareholders now include Heirs Energies with 20.07 percent, Petrolin Group with 13.77 percent, Sustainable Capital with 9.77 percent, Professional Support with 8.5 percent and Allan Gray Investment Management with 5.57 percent.
The transition is expected to further reshape Seplat’s strategic direction as Nigeria’s indigenous energy companies seek to play a larger role in the country’s oil and gas industry amid the ongoing shift toward gas-led industrialisation and energy security.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
