Nigerian oil and gas company Seplat Energy has announced the appointment of billionaire businessman Tony Elumelu as its incoming chairman, in a leadership transition that will see a new chief executive also take over later this year, the company said in a regulatory filing.
Elumelu, who currently chairs United Bank for Africa and Transnational Corporation Plc, will assume the role of chairman on January 1, 2027, succeeding Senator Udoma Udo Udoma, who is set to retire on December 31, 2026.
The company said the planned succession forms part of a long-term strategy to support its growth ambitions and execution of its 2030 roadmap.
“The board believes this succession plan will support the company’s strategic vision as it executes the delivery of its 2030 plan and strives to accelerate the growth projects in its portfolio,” Seplat said in its statement.
Elumelu, one of Africa’s most prominent investors, joined Seplat Energy’s board in January 2026 after Heirs Energies, part of his Heirs Holdings conglomerate, acquired a 20.1 percent stake previously held by French firm Maurel & Prom in a deal valued at around US$500 million.
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Heirs Holdings has investments across banking, insurance, energy, technology, real estate, healthcare and hospitality sectors.
In a statement following his appointment, Elumelu said he was “honoured” to succeed Udoma and lead the company through its next phase of expansion.
“I firmly believe in the critical role indigenous resources play in the economic transformation of Nigeria and Africa, and Seplat Energy’s culture of execution and governance aligns strongly with my own values,” he said.
Seplat Energy, which is dual-listed in Lagos and London, is one of Nigeria’s leading independent oil and gas producers and has expanded its portfolio in recent years through acquisitions and infrastructure investments.
The company also announced a parallel leadership transition at executive level, naming Effiong Okon as its new chief executive officer, effective August 1, 2026.
Okon will succeed Roger Brown, who is set to retire on July 31 after leading the company through a period of significant expansion and restructuring.
Under Brown’s leadership, Seplat completed major transactions including the acquisition of Mobil Producing Nigeria Unlimited in 2024, the takeover of Eland Oil and Gas in 2019, and its dual listing in Lagos and London in 2014.
Okon, a seasoned energy executive with more than 35 years of industry experience, currently serves as managing director of the ANOH Gas Processing Company, a joint venture involving Seplat.
He joined Seplat in 2018 as operations director and later held senior roles including energy director.
Before joining the company, he spent a long career at Shell, where he held senior operational roles across Africa, Europe, the United States and the Middle East, including general manager of Shell’s deepwater production operations in Nigeria.
Seplat said Okon’s appointment would support the execution of its long-term strategy and its 2030 development roadmap.
Okon said he was committed to advancing the company’s growth agenda and unlocking the potential of its portfolio.
“My immediate focus will be on ensuring the company executes the 2030 Roadmap, alongside development of the long-term plan to ensure we deliver on the immense potential inherent in our portfolio,” he said.
The leadership changes come as Nigeria’s energy sector continues to navigate production challenges, regulatory reforms and efforts to attract investment into domestic oil and gas assets.
Analysts say Seplat’s dual leadership transition reflects a broader trend among African energy firms seeking to strengthen governance structures while positioning for long-term expansion in a competitive global market.
