Tony Elumelu officially Chairman of Seplat Energy, names Effiong Okon CEO

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

A woman who orchestrated her own kidnapping was found in a Delta hotel with her lover.

 

Oluchi, a married woman who pretended to be abducted and sought N50 million from her family, was discovered in a hotel in Delta State.

Even as the kidnappers lowered the ransom to N20 million, the woman's children, including her daughter in Canada, begged the public to assist them in raising money.

They had reported to the police that their mother had been abducted in the Ikpoba Hill region of Edo State's Ikpoba-Okha Local Government Area.

However, the police inquiry took its crack team to Delta State, where they discovered the allegedly abducted woman in a motel with her lover.

Police linked the man's number to a hotel in Ubiaroko, Delta State, according to a source. Inside a motel, they encountered the man and the abducted woman. The husband was pleased when they called him.

 The cops told him the news when he was at the station. The wife pleaded with her husband to keep what really happened a secret from her kids. Anita, her Canadian daughter, said in an internet video that her mother's behavior had destroyed the family. She promised that the family will let the legal system handle things. "My mum has been released," she said.

"My mum has been released," she said. This kidnapping case involves my mother. My actions were solely motivated by my desire to save my mother. The family is stunned. This is incorrect. My family has been destroyed by this. There are some health problems with my dad. This is really regrettable. What went wrong?

According to her, “My mum has been released. My mum is involved in this kidnapping case. I only did what I did to save my mom. The family is in shock. This is not right. This has shattered my family. My dad has some health issues. This is so unfortunate. What did I do wrong?

“My reputation has been ruined. I am short of words. I am so mad. I have no hand in this. I never knew. I only wanted my mother back home. The law will take its course. I am sorry this is happening. I only did what any daughter would do. My family has been shattered.

We were called that my mum has been released. We didn’t pay the kidnappers. The money is intact. We are going to make a refund. We involved the Police from the beginning. We now know it was not a real kidnapping. They said my mom is involved. They are having a relationship. The guy was traced. They had agreed to take what we already raised to N20m.”

Anita's social organization, the Harmony Ladies organization, distanced itself from the fake kidnapping in a statement sent to journalists via its WhatsApp group.

It conveyed how deeply disappointed, shocked, and ashamed it was of Mrs. Oluchi's behavior.

"The club acted swiftly in good faith when news of her alleged abduction broke," the statement said. We immediately came together out of love, sisterhood, and a sense of civic duty.

"Our members carried the heavy burden of anxiety alongside her family during what we believed to be a life-threatening crisis, providing extensive emotional, logistical, and financial support."

“It is with a profound sense of betrayal that we have now discovered, through investigations, that the entire kidnapping incident was staged by Mrs. Oluchi herself.”

Edo Police spokesman, Eno Ikoedem, verified the event and said four persons have been arrested in connection with the incident. She said, “I can confirm the incident and also let you know that four people have also been arrested in connection with the incident.”

Read also Kidnapping and Unemployment: Nigeria’s Dangerous Economic Warning Signal