Seplat Energy Names Tony Elumelu as Chairman, Effiong Okon as CEO

Seplat Energy has announced billionaire investor Tony Elumelu as its new Chairman, effective January 2027, while Engr. Effiong Okon will take over as Chief Executive Officer starting August 1, 2026. The appointments mark a major leadership transition aimed at guiding Nigeria’s leading indigenous oil and gas company through its next phase of growth.

The announcement was made through a notice filed on the Nigerian Exchange Limited (NGX) and signed by the company secretary, Edith Onwuchekwa.

Elumelu Steps In as Chairman

Elumelu’s appointment follows Heirs Energies’ $500 million acquisition of a 20.07% stake in Seplat, making the investment firm the largest shareholder in the dual-listed energy company. He succeeds Senator Udoma Udo Udoma, with Seplat describing the transition as “a new chapter of leadership” for its ongoing growth and transformation.

Seplat highlighted Elumelu’s extensive experience in corporate governance, institution building, and value creation, noting that his leadership will bolster 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 diversified interests in energy, power, banking, insurance, technology, real estate, hospitality, and healthcare. He is also the architect of Africapitalism, an economic philosophy that promotes long-term private-sector investment to drive sustainable development across Africa.

Beyond Heirs Holdings, Elumelu chairs Transcorp Group, which includes investments in power and hospitality, and United Bank for Africa (UBA) Group, one of Africa’s largest financial institutions.

Effiong Okon to Lead as CEO

Engr. Effiong Okon succeeds Roger Brown, who has held the role since August 2020. Okon brings over 35 years of experience in the oil and gas industry, with significant leadership experience within Seplat since joining in 2018.

He previously served as Operations Director, then New Energy Director, and most recently as Managing Director of ANOH Gas Processing Company (AGPC). Okon played a pivotal role in delivering the ANOH gas project, which achieved first gas in January 2026.

Seplat emphasised that Okon’s operational expertise and in-depth understanding of the business position him to expand the company’s energy portfolio and drive long-term growth.

Background on Heirs Energies’ Stake

Tony Elumelu’s Heirs Energies became Seplat’s largest shareholder following a $500 million acquisition in December last year. The deal included an upfront payment of $248 million, with the remainder secured by an irrevocable letter of credit, and a contingent consideration of up to $10 million tied to Seplat’s share price performance over six months.

The acquisition was co-financed by Afreximbank and the Africa Finance Corporation, complementing a separate $750 million financing facility Heirs Energies secured to support existing operations and expansion plans.

With this transaction, Heirs Energies replaced Maurel & Prom, a shareholder since Seplat’s founding in 2009. Other significant shareholders include Petrolin Group (13.77%), Sustainable Capital (9.77%), Professional Support (8.5%), and Allan Gray Investment Management (5.57%).

Implications

The appointments of Tony Elumelu and Effiong Okon signal a strategic shift in Seplat’s governance, combining financial muscle with operational expertise. Investors and industry watchers expect this leadership transition to accelerate growth, strengthen governance, and enhance Seplat’s position in Africa’s energy sector.