Seplat Energy Plc has announced a major boardroom transition that will see billionaire investor Tony Elumelu assume the role of Chairman in January 2027, marking one of the most closely watched leadership changes in Nigeria’s listed energy sector.
The company disclosed the development in a notice filed on the Nigerian Exchange Limited (NGX), confirming that Elumelu will succeed incumbent Chairman Udoma Udo Udoma as the upstream energy company positions itself for its next phase of expansion and strategic repositioning.
In a parallel leadership move, Seplat also named Effiong Okon as its incoming chief executive officer, effective August 1, 2026, setting the stage for a phased transition at both board and executive management levels over the next 18 months.
The appointments, signed off by Company Secretary Edith Onwuchekwa, are part of what the company described as a structured leadership succession plan aligned with its long-term growth and transformation agenda.
Elumelu’s appointment brings one of Africa’s most influential business figures into the chairmanship of a major oil and gas producer at a time when Nigeria’s energy sector is navigating production constraints, capital reallocation pressures, and the global energy transition.
He is the founder and chairman of Heirs Holdings, a pan-African investment group with interests spanning energy, power, banking, insurance, technology, real estate, hospitality, and healthcare. He also serves as Chairman of Transcorp Group and United Bank for Africa (UBA) Group, giving him a broad footprint across Nigeria’s corporate and financial landscape.
His investment philosophy, widely known as Africapitalism, promotes long-term private sector-led investment as a driver of economic transformation across Africa.
The leadership change follows Heirs Energies’ acquisition of a 20.07 per cent stake in Seplat Energy through a landmark $500 million transaction, positioning the group as the company’s largest single shareholder and deepening its strategic influence within the organisation.
Seplat said Elumelu’s experience in corporate governance, institution building, and long-term value creation would strengthen its ambition to remain a resilient and globally competitive energy company.
Effiong Okon, the incoming CEO, brings more than 35 years of industry experience and a deep operational background within Seplat Energy, having held multiple senior roles since joining the company in 2018.
He previously served as operations director on the company’s board for four years before taking on the role of new energy director. Most recently, he was managing director of ANOH Gas Processing Company (AGPC), where he oversaw project execution culminating in first gas in January 2026.
His appointment follows the tenure of outgoing CEO Roger Brown, who assumed office in August 2020.
Seplat said Okon’s appointment reflects continuity in operational strategy, while also signalling a stronger focus on execution discipline as the company expands its gas infrastructure and upstream output.
According to the company, the dual leadership transition is expected to reinforce Seplat’s growth trajectory as it seeks to strengthen its position in Nigeria’s upstream oil and gas sector while expanding its footprint in gas processing and cleaner energy solutions.
