Seplat Energy has announced a major leadership transition, naming billionaire businessman Tony Elumelu as the company’s next Chairman effective January 2027, while appointing Engr. Effiong Okon as Chief Executive Officer from August 1, 2026.
The appointments were disclosed in a notice filed with the Nigerian Exchange Limited (NGX) on Tuesday and signed by the company secretary, Edith Onwuchekwa.
Elumelu’s appointment follows Heirs Energies’ acquisition of a 20.07 percent stake in Seplat Energy through a $500 million transaction completed last year. The deal positioned Heirs Energies as the largest shareholder in the dual-listed indigenous energy company.
He will succeed Senator Udoma Udo Udoma as Chairman of the board, marking what Seplat described as a new phase in the company’s growth and transformation agenda.
According to Seplat, Elumelu’s extensive experience in corporate governance, institution building, and long-term value creation will strengthen 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 group with interests in energy, banking, insurance, technology, real estate, hospitality, healthcare, and power.
He is also widely known for promoting Africapitalism, an economic philosophy that advocates private-sector-led investments to drive Africa’s economic development.
Beyond Heirs Holdings, he currently chairs Transcorp Group and United Bank for Africa (UBA) Group, both of which rank among Nigeria’s leading corporate institutions.
Meanwhile, Seplat’s incoming CEO, Engr. Effiong Okon, will take over from Roger Brown, who has led the company since August 2020.
Okon brings more than 35 years of experience in the oil and gas industry and has held several strategic positions within Seplat since joining the company in 2018. He previously served as Operations Director before becoming New Energy Director.
Most recently, he was Managing Director of ANOH Gas Processing Company (AGPC), where he played a significant role in delivering the ANOH gas project, which achieved first gas in January 2026.
Seplat stated that Okon’s operational expertise and deep understanding of the business make him well-positioned to lead the company as it expands its energy portfolio and pursues long-term growth opportunities.
The leadership changes come months after Heirs Energies completed its landmark stake acquisition in Seplat Energy.
The transaction included an upfront payment of $248 million, with the balance secured through an irrevocable letter of credit and a contingent consideration tied to Seplat’s share price performance.
The acquisition was financed with support from Afreximbank and the Africa Finance Corporation and followed a separate $750 million financing facility secured by Heirs Energies to support expansion plans.
With the deal finalized, Heirs Energies replaced Maurel & Prom as Seplat’s largest shareholder. Other major shareholders in the company include Petrolin Group, Sustainable Capital, Professional Support, and Allan Gray Investment Management.
