Seplat Names Tony Elumelu Next Chairman, Appoints Effiong Okon as New CEO

Seplat Energy Plc has announced a major leadership transition that will see billionaire businessman and Chairman of Heirs Holdings, Mr Tony Elumelu, assume the role of Chairman of the Board from January 1, 2027, while veteran industry executive, Engr. Effiong Okon, takes over as Chief Executive Officer from August 1, 2026.

The appointments were disclosed in a corporate notice filed with the Nigerian Exchange Limited (NGX) on Tuesday and signed by the Company Secretary, Mrs Edith Onwuchekwa.

Under the transition plan, Elumelu will succeed the current Independent Chairman, Senator Udoma Udo Udoma, who is expected to complete his tenure at the end of 2026 after years of steering the board through a period of significant expansion and transformation.

The development comes months after Heirs Holdings and Heirs Energies acquired a 20.07 per cent stake in Seplat Energy previously held by French energy firm Maurel & Prom in a transaction estimated at approximately $500 million.

The acquisition significantly altered Seplat’s ownership structure and elevated Elumelu to the position of the company’s largest shareholder, reinforcing the growing trend of indigenous participation and ownership in Nigeria’s strategic energy assets.

Following the acquisition, Elumelu was appointed to Seplat’s Board as a Non-Executive Director in January 2026, a move widely interpreted as the beginning of a broader leadership role within the company.

His emergence as Chairman-designate places one of Africa’s most influential investors at the helm of one of Nigeria’s leading indigenous energy companies.

Elumelu is widely recognised for his role in transforming the banking, hospitality and energy sectors through investments spanning several African countries. He is the Chairman of the United Bank for Africa (UBA), founder of Heirs Holdings and a leading advocate of Africapitalism, a philosophy that promotes long-term private sector investment as a catalyst for economic development across Africa.

In a parallel leadership transition, Seplat announced the appointment of Engr. Effiong Okon as Chief Executive Officer with effect from August 1, 2026.

Okon will succeed Mr Roger Brown, who has led the company since August 2020 and oversaw key milestones, including strategic acquisitions, production expansion and efforts to strengthen Seplat’s position in Nigeria’s upstream energy sector.

Industry analysts say the combination of Elumelu’s boardroom influence and Okon’s technical expertise could provide fresh momentum for Seplat as the company seeks to consolidate its leadership position in Africa’s energy industry.

The appointments also come at a time when energy companies across the continent are navigating a rapidly changing landscape marked by evolving energy transition policies, investment opportunities and the need to balance traditional hydrocarbon operations with emerging energy solutions.

Seplat said the leadership changes form part of a carefully planned succession strategy designed to strengthen corporate governance, deepen shareholder value and position the company for sustainable long-term growth.

The transition is expected to usher in a new era for the energy giant as it pursues its ambitions of becoming a leading integrated energy company in Africa.