Tony Elumelu set to become part of Seplat board after his Heirs Energy acquired $500 million stake .

 

Tony Elumelu is expected to join the board of Seplat Energy Plc as a Non-Executive Director, after Heirs Energies acquired a 20% share in the firm. Shareholders will vote on his appointment during Seplat's virtual Annual General Meeting on May 20, 2026. 

The investment is viewed as a significant step toward increasing indigenous participation and long-term growth in Nigeria's energy sector. 

Tony Elumelu, a billionaire businessman, is likely to join the board of Seplat Energy Plc following a significant investment by Heirs Energies. 

Elumelu, who also chairs the United Bank for Africa, will be proposed as a Non-Executive Director at Seplat's 13th Annual General Meeting, which is slated for May 20, 2026.

According to The Sun, shareholders are likely to vote on his hiring at the virtual meeting.

Details of Elumelu and Seplat's acquisition The transaction, which was concluded after market close on December 30, 2025, saw M&P sell its whole 120.4 million ownership in Seplat for 305 pence per share. 

An advance payment of $248 million was made, with the balance due within 30 days and secured by an irrevocable letter of credit. The agreement also includes a potential compensation of up to $10 million based on Seplat's share price performance over the next six months.

Expanding Elumelu's presence in the oil and gas sector. Key decisions are expected during the Seplat AGM. Aside from Elumelu's planned nomination, shareholders will discuss numerous critical issues at the AGM. 

These include the approval of the company's audited financial records for the fiscal year ending December 31, 2025 and the distribution of a final dividend to shareholders later in May.

Shareholders are anticipated to vote on PricewaterhouseCoopers' reappointment as the company's external auditor, as well as the directors' remuneration report, which includes future compensation projections. Elumelu's strategic influence on Nigeria's energy sector Industry observers regard 

Elumelu's proposed appointment to Seplat's board as a significant development for Nigeria's oil and gas industry. Heirs Energies' investment is considered as an indication of increasing indigenous engagement in the sector, as well as a strengthening of Seplat's ownership and corporate governance.

Seplat announced that the AGM will be held virtually in accordance with the Business Facilitation (Miscellaneous Provisions) Act 2022, which allows public firms to hold general meetings electronically. The discussion will most likely be aired live to allow shareholders to participate more fully.