Seplat Energy Names Elumelu Chairman and Okon CEO to Lead Next Growth Phase

Nigerian independent oil and gas company Seplat Energy Plc has announced that billionaire investor and business leader Mr. Tony Elumelu will become the company’s next chairman, effective January 2027.

In addition, Mr. Effiong Okon has been named the new Chief Executive Officer, taking office on 1 August 2026, as part of a broader leadership transition aimed at guiding Seplat through its next growth phase.

Seplat disclosed the appointments in a notice filed with the Nigerian Exchange Limited (NGX) yesterday and signed by its Company Secretary, Edith Onwuchekwa.

Elumelu’s appointment follows Heirs Energies’ landmark acquisition of a 20.07 per cent stake in Seplat, a $500 million transaction that made Heirs Energies the company’s largest shareholder.

He will succeed Senator Udoma Udo Udoma, who currently chairs Seplat’s board.

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

Seplat added that Elumelu’s experience in corporate governance, institution building, and value creation will support the company’s ambition to become a resilient and globally competitive energy business.

Elumelu is the founder and chairman of Heirs Holdings, a pan‑African investment company with interests in energy, power, banking, insurance, technology, real estate, hospitality, and healthcare.

He is also known for founding Africapitalism, an economic philosophy that promotes long‑term private sector investment to drive development across Africa.

Beyond Heirs Holdings, Elumelu chairs Transcorp Group, one of Nigeria’s largest listed conglomerates, with investments in power and hospitality through subsidiaries such as Transcorp Power and Transcorp Hotels Plc.

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

Okon replaces Roger Brown, who assumed the CEO 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.

He initially served on Seplat’s board as Operations Director for four years before becoming New Energy Director.

Most recently, he was 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 first gas in January 2026.

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

In December last year, Heirs Energies acquired a 20 per cent stake in Seplat for $500 million, becoming the company’s largest shareholder.

The transaction was structured with an upfront payment of $248 million, with the balance due within 30 days and secured by an irrevocable letter of credit, plus a contingent consideration of up to $10 million tied to Seplat’s share‑price performance over six months.

The deal was co‑financed by two African multilateral institutions: Afreximbank and Africa Finance Corporation (AFC) and followed a separate $750 million financing facility Heirs Energies closed with Afreximbank to fund its existing operations and expansion plans.

With the acquisition complete, Heirs Energies—a subsidiary of Elumelu’s pan‑African Heirs Holdings—replaced Maurel & Prom, which had held the position since Seplat’s founding in 2009.

Other significant shareholders include Petrolin Group at 13.77 per cent, Sustainable Capital at 9.77 per cent, Professional Support at 8.5 per cent, and Allan Gray Investment Management at 5.57 per cent.