Seplat taps Okon as CEO, positions Elumelu to lead next growth phase

Seplat Energy Plc has unveiled a leadership transition that will place billionaire investor Tony Elumelu at the helm of its board and veteran oil executive Effiong Okon in the chief executive role, as Nigeria’s largest indigenous energy producer positions itself for its next phase of growth following a series of transformative acquisitions and an aggressive push into natural gas.

The succession plan, announced through a regulatory filing, comes as Seplat executes its Roadmap 2030 strategy aimed at expanding production, deepening its gas business and strengthening its position as one of Africa’s leading independent energy companies.

The changes also reflect the growing influence of Elumelu, whose Heirs Energies recently emerged as Seplat’s single largest shareholder through a $500 million investment.

The energy giant announced that veteran industry executive Effiong Okon will step into the role of Chief Executive Officer on August 1, 2026, while Elumelu will assume chairmanship of the board on January 1, 2027.

Seplat’s share price was unchanged at the close of trading on Tuesday, June 9, going for N11,363 per share according to data from Bloomberg.

Okon will succeed Roger Brown, who will retire as chief executive officer and board director on July 31, 2026, after 13 years with the company. Brown joined Seplat in 2013 as chief financial officer and later became CEO in 2020, overseeing a period of transformational growth that included the company’s dual listing in 2014 and major acquisitions such as Eland Oil & Gas in 2019 and Mobil Producing Nigeria Unlimited (MPNU) in 2024.

Under Brown’s leadership, Seplat evolved into one of Africa’s leading independent energy companies, delivering strong shareholder returns, expanding production capacity and establishing a pipeline of organic growth projects.

Okon, who brings more than 35 years of industry experience, has been with Seplat since 2018. He served as operations director, later became new energy director and most recently managed the ANOH Gas Processing Company (AGPC), where he successfully drove the project to first gas in January 2026.

Before joining Seplat, Okon built a distinguished global career at Royal Dutch Shell, holding leadership roles across Africa, Europe, the Middle East and the United States.

The company said his extensive operational expertise and deep understanding of the business position him to lead Seplat through its next phase of expansion, particularly as it strengthens its gas portfolio and pursues growth opportunities across the energy value chain.

The board also announced that its chairman, Senator Udoma Udo Udoma, will retire on December 31, 2026. Udoma joined Seplat’s board in December 2023 and became independent chairman in April 2024, helping oversee the integration of MPNU and the implementation of the company’s Roadmap 2030 strategy.

Elumelu’s appointment comes months after Heirs Energies, a subsidiary of Heirs Holdings, acquired a 20.07 percent stake in Seplat through a $500 million transaction, making it the company’s largest shareholder and displacing long-time investor Maurel & Prom.

Founder and chairman of Heirs Holdings, Elumelu oversees investments spanning energy, power, banking, insurance, healthcare, technology, hospitality and real estate. He also chairs United Bank for Africa (UBA) and Transnational Corporation of Nigeria (Transcorp), widely recognised for championing Africapitalism, a philosophy that promotes private-sector investment as a driver of Africa’s economic development.

Seplat said Elumelu’s experience in institution building, corporate governance and long-term value creation would support its ambition of becoming a globally competitive energy company.

The company added that the leadership transition is designed to ensure continuity as it executes its long-term strategy and consolidates its position following recent acquisitions and investments aimed at boosting production, supporting gas-led industrialisation and strengthening Nigeria’s energy security.

Commenting on his retirement, Brown said he was proud of Seplat’s achievements over the years.

“It has been the greatest pleasure to be part of Seplat Energy’s growth since joining in 2013 as CFO and having led the company as CEO since August 2020. I am immensely proud that we have built a company that has become synonymous with financial resilience, balanced capital allocation, strong corporate governance and shareholder reward,” he said.

Udoma praised Brown’s contribution to the company, describing the MPNU acquisition and the Roadmap 2030 strategy as defining achievements of his tenure.

He also welcomed Okon’s appointment, saying his operational experience would support Seplat’s ambitious growth aspirations.

Okon said his immediate focus would be on executing the company’s 2030 roadmap while developing a long-term strategy to unlock the full potential of its portfolio.

Elumelu, meanwhile, said he was honoured to lead the board through Seplat’s next phase of growth.

“I firmly believe in the critical role indigenous resources play in the economic transformation of Nigeria and Africa, and Seplat Energy’s culture of execution and governance aligns strongly with my own values,” he said.

Major shareholders in Seplat now include Heirs Energies (20.07 percent), Petrolin Group (13.77 percent), Sustainable Capital (9.77 percent), Professional Support (8.5 percent) and Allan Gray Investment Management (5.57 percent). Elumelu via Heirs Energy is the single largest shareholder of Nigerian origin in the company at the moment.

The leadership changes come at a pivotal time for Seplat as indigenous energy companies seek to play a larger role in Nigeria’s oil and gas industry amid the country’s push for greater energy security and gas-led industrialisation.