Seplat Energy has announced the appointment of billionaire investor and business leader, Tony Elumelu, as its next Chairman, effective January 2027.
The company also named Engr. Effiong Okon as its new Chief Executive Officer, effective August 1, 2026, as part of a major leadership transition designed to guide the energy company through its next phase of growth.
The appointments were disclosed in a notice filed with the Nigerian Exchange Limited 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 described the transition as the beginning of “a new chapter of leadership” in its growth and transformation journey.
Elumelu’s appointment follows Heirs Energies’ landmark acquisition of a 20.07 percent stake in Seplat Energy through a $500 million transaction, making Heirs Energies the single largest shareholder in the dual-listed oil and gas company.
Seplat said Elumelu’s experience in corporate governance, institution building and value creation would support its 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 the founder of Africapitalism, an economic philosophy that promotes long-term private sector investment as a driver of economic 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 Group, one of Africa’s largest financial services institutions.
Seplat also announced that Engr. Effiong Okon will take over as Chief Executive Officer from Roger Brown, who assumed the role on August 1, 2020.
Okon has more than 35 years of experience in the energy industry and has held several leadership positions in 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. He most recently served as Managing Director of ANOH Gas Processing Company.
According to the company, Okon played a key role in delivering the ANOH gas project, which achieved first gas in January 2026.
Seplat said Okon’s operational expertise, industry experience 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, a subsidiary of Tony Elumelu’s pan-African Heirs Holdings, acquired a 20 percent stake in Seplat Energy for $500 million, replacing Maurel & Prom as 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. It also included contingent consideration of up to $10 million tied to Seplat’s share price performance over six months.
The deal was co-financed by Afreximbank and Africa Finance Corporation and followed a separate $750 million financing facility secured by Heirs Energies from Afreximbank to support its existing operations and expansion plans.
With the acquisition, Heirs Energies became the single largest shareholder in Seplat Energy, ahead of other major shareholders, including Petrolin Group, Sustainable Capital, Professional Support and Allan Gray Investment Management.
The post Tony Elumelu To Chair Seplat Energy From 2027 As Effiong Okon Takes Over As CEO After Heirs Energies’ $500m Stake Acquisition appeared first on TheNigeriaLawyer.
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