The Nigerian oil and gas firm announced Tuesday that billionaire investor Tony Elumelu will become Chairman starting January 2027. He takes over from Senator Udoma Udo Udoma.
The move comes right after Heirs Energies, Elumelu’s company, bought a 20.07% stake in Seplat for $500 million. That deal made Heirs Energies Seplat’s largest shareholder.
Seplat also named Engr. Effiong Okon as Chief Executive Officer effective August 1, 2026. He replaces Roger Brown, who’s led the company since August 2020. Okon has been with Seplat since 2018, most recently as Managing Director of ANOH Gas Processing Company. He was key in delivering the ANOH project, which hit first gas in January 2026.
Seplat said Elumelu’s track record in governance and building institutions will help push its goal of becoming a tougher, more global energy player. Elumelu already chairs Heirs Holdings, Transcorp Group, and UBA Group.
The $500 million stake buy was split: $248 million upfront, balance within 30 days, plus up to $10 million based on share price. Afreximbank and Africa Finance Corporation helped finance it. The deal pushed out Maurel & Prom, which had been a major shareholder since Seplat started in 2009.
Other big shareholders now include Petrolin Group at 13.77% and Sustainable Capital at 9.77%.
