Seplat Energy Plc has announced the appointment of billionaire businessman and investor, Tony O. Elumelu, as the incoming Chairman of the company’s Board of Directors, effective January 1, 2027.
The appointment will see Elumelu succeed Udoma Udo Udoma, who is scheduled to retire on December 31, 2026, after serving as the company’s Independent Chairman since April 2024.
The announcement marks a significant leadership transition for Seplat Energy, one of Nigeria’s leading indigenous energy companies listed on both the Nigerian Exchange Limited and the London Stock Exchange.
Elumelu, who joined Seplat’s board in January 2026, is the Founder and Chairman of Heirs Holdings, a major shareholder in Seplat Energy with a 20.07 per cent stake. Widely known for championing the concept of Africapitalism, he is regarded as one of Africa’s most influential business leaders and investors.
As part of the leadership changes, the company also announced the appointment of Effiong Okon as Chief Executive Officer and Executive Director.
Reacting to his election, Elumelu expressed appreciation to the board and pledged to steer the company through its next phase of growth.
He said he was honoured to succeed Udoma and lead the board at a critical period in the company’s development, adding that he remains a strong believer in the role indigenous energy companies can play in driving economic transformation across Nigeria and Africa.
Elumelu further noted that Seplat’s commitment to strong corporate governance and operational excellence aligns with his long-standing business values. He also commended the outgoing leadership for its stewardship and expressed confidence in Okon’s ability to lead the company into a new era of growth and value creation for shareholders.
The transition is expected to position Seplat Energy for continued expansion as it strengthens its footprint in Nigeria’s energy sector and pursues new growth opportunities in the years ahead.