Seplat Energy Appoints Elumelu Chairman, Okon CEO to Steer Next Growth Phase

Peter Uzoho

Nigerian independent oil and gas company, Seplat Energy Plc, has announced the appointment of billionaire investor and business leader, Mr. Tony Elumelu, as the next chairman of the company, with effect from January 2027.

The company also named Mr. Effiong Okon as its new Chief Executive Officer, effective August 1, 2026, as part of a broader leadership transition aimed at steering the energy company through its next phase of growth.

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

Elumelu’s appointment into the board follows Heirs Energies’ landmark acquisition of a 20.07 per cent stake in Nigeria’s foremost indigenous oil and gas company, following the $500 million transaction that made Heirs Energies the single largest shareholder in the dual-listed energy company.

Elumelu will succeed Senator Udoma Udo Udoma, who currently chairs the board of Seplat Energy.

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

Seplat said Elumelu’s experience in corporate governance, institution building, and value creation would support the company’s ambition of becoming a resilient and globally competitive energy business.

Elumelu is the Founder and Chairman of Heirs Holdings, a pan-African investment company with interests spanning energy, power, banking, insurance, technology, real estate, hospitality, and healthcare.

He is also known as the founder of Africapitalism, an economic philosophy that advocates long-term private sector investments to drive economic development across Africa.

Beyond Heirs Holdings, Elumelu currently 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.

The company’s incoming Chief Executive Officer, Okon, replaces Roger Brown, who assumed the 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.

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

Most recently, he served as 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 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 Energy for $500 million, becoming the single largest shareholder in the company.

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 came on the heels of 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.