Tony Elumelu, a billionaire investor and prominent businessman, has been appointed as Seplat Energy's new chairman, effective January 2027.
As part of a larger leadership change intended to guide the energy company through its next stage of expansion, the corporation has appointed Engineer Effiong Okon as its new CEO, beginning August 1, 2026.
The appointments were revealed in a letter signed by Edith Onwuchekwa, the company secretary, and posted on the Nigerian Exchange Limited (NGX) on Tuesday. Elumelu was appointed to the board in the wake of Heirs Energies' historic $500 million purchase of a 20.07% part in Nigeria's leading domestic oil and gas company, becoming Heirs Energies the company's largest stakeholder.
Elumelu was appointed to the board in the wake of Heirs Energies' historic $500 million purchase of a 20.07% part in Nigeria's leading domestic oil and gas company, becoming Heirs Energies the company's largest stakeholder.
Elumelu will take over from Senator Udoma Udo Udoma, who presently serves as Seplat Energy's board chairman. As Seplat continues its journey of expansion and change, the firm noted that the change represents "a new chapter of leadership."
Elumelu's background in corporate governance, institution development, and value generation, according to Seplat, will help the company achieve its goal of becoming a robust and globally competitive energy corporation.
Heirs Holdings, a pan-African investment firm with holdings in energy, electricity, banking, insurance, technology, real estate, hotel, and healthcare, was founded by Elumelu, who also serves as its chairman.
In addition, he is credited with founding Africapitalism, an economic theory that promotes long-term private sector investments to propel economic growth throughout Africa.
In addition to Heirs Holdings, Elumelu is currently the chairman of Transcorp Group, one of the biggest listed conglomerates in Nigeria, which has investments in power and hospitality through subsidiaries including Transcorp Hotels Plc and Transcorp Power.
In addition, he is the Chairman of the United Bank for Africa (UBA) Group, one of the biggest financial services organizations in Africa.
The company’s incoming CEO, Engr. Effiong Okon, replaces Roger Brown, who assumed the role on 1 August 2020.
Since joining Seplat in 2018, Okon has held a number of leadership roles and has over 35 years of industry expertise.
Before taking on the role of New Energy Director, Okon first held the position of Operations Director on the Seplat board for four years. He most recently held the position of Managing Director at ANOH Gas Processing Company (AGPC).
The business claims that he was instrumental in completing the ANOH gas project, which produced its first gas in January 2026.
According to Seplat, Okon is well-positioned to manage the company as it grows its energy portfolio and looks for long-term growth possibilities because of his operational experience and business acumen.
Tony Elumelu’s Heirs Energies had acquired a 20% stake in Seplat Energy for $500 million, becoming the single largest shareholder in the company.
The transaction was structured with an upfront payment of $248 million, with the balance due within 30 days and secured by an irrevocable letter of credit, plus a contingent consideration of up to $10 million tied to Seplat’s share price performance over six months.
The deal was co-financed by two African multilateral institutions: Afreximbank and Africa Finance Corporation, and came on the heels of a separate $750 million financing facility.
Heirs Energies closed with Afreximbank to fund its existing operations and expansion plans
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