Elumelu to chair Seplat Energy as Okon emerges CEO

SEPLAT Energy has announced a major leadership transition, appointing billionaire businessman Tony Elumelu as chairman of the company effective January 2027, while Engr. Effiong Okon will assume the role of chief executive officer from August 1, 2026.

The appointments were disclosed in a notice submitted to the Nigerian Exchange Limited (NGX) on Tuesday. The statement was signed by Company Secretary, Ms Edith Onwuchekwa.

Elumelu’s emergence as incoming chairman follows Heirs Energies’ acquisition of a 20.07 percent stake in Seplat Energy through a $500 million transaction completed last year. The deal elevated Heirs Energies to the position of largest shareholder in the dual-listed indigenous energy company.

The transaction marked a major step in Heirs Energies’ strategy to deepen indigenous participation in Nigeria’s strategic energy assets and strengthen long-term energy security and development across Africa.

READ ALSO: How Elumelu’s Heirs Holdings borrowed N41.8bn from UBA at 15% – far lower than market interest rate

Elumelu will take over from current Chairman of Seplat Energy, Senator Udoma Udo Udoma. According to the company, the transition represents a new phase in Seplat’s growth and transformation agenda.

Seplat said Elumelu’s track record in institution building, corporate governance and long-term value creation aligns with its ambition of building a resilient and globally competitive energy company.

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

He is also widely known for promoting Africapitalism, an economic philosophy that advocates long-term private sector investments as a driver of Africa’s economic development.

Beyond Heirs Holdings, Elumelu chairs Transcorp Group, one of Nigeria’s largest listed conglomerates with investments in sectors including 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.

Meanwhile, Seplat confirmed that Engr. Effiong Okon will succeed Roger Brown, who has served as CEO since August 1, 2020.

Okon brings more than 35 years of experience in the oil and gas industry and has occupied several strategic positions within Seplat since joining the company in 2018.

He first served as operations director on Seplat’s board for 4 years before later becoming the company’s new energy director. Most recently, he held the position of managing director of ANOH Gas Processing Company (AGPC).

The company credited Okon with playing a significant role in the delivery of the ANOH gas project, which achieved first gas in January 2026.

Seplat said his deep operational expertise and strong understanding of the business place him in a strong position to lead the company as it expands its energy portfolio and pursues long-term growth opportunities.

In December 2025, Heirs Energies completed the acquisition of a 20 percent stake in Seplat Energy for $500 million, becoming the company’s largest shareholder.

The transaction involved an upfront payment of $248 million, while the balance was payable within 30 days and backed by an irrevocable letter of credit. The agreement also included a contingent consideration of up to $10 million linked to Seplat’s share price performance over a six-month period.

READ ALSO: Elumelu’s Heirs Holdings owed UBA N43.4bn by December 2023

The acquisition was financed with support from Afreximbank and Africa Finance Corporation. It followed a separate $750 million financing facility secured by Heirs Energies from Afreximbank to support its operations and expansion plans.

Following the completion of the transaction, Heirs Energies, a subsidiary of Heirs Holdings, replaced Maurel & Prom as Seplat’s largest shareholder, a position the firm had held since the company’s establishment in 2009.

Other notable shareholders in Seplat include Petrolin Group with 13.77 percent, Sustainable Capital with 9.77 percent, Professional Support with 8.5 percent, and Allan Gray Investment Management with 5.57 percent.