LAGOS, Nigeria — Seplat Energy has appointed billionaire investor Tony Elumelu as Chairman, effective January 2027, and named Engr. Effiong Okon as Chief Executive Officer, effective August 1, 2026, in a leadership transition aimed at strengthening the energy company’s growth trajectory.
Okay News reports that the appointments were disclosed in a notice filed on the Nigerian Exchange Limited (NGX) and signed by company secretary Edith Onwuchekwa.
Elumelu will succeed Senator Udoma Udo Udoma, who currently chairs Seplat Energy’s board. The appointments follow Heirs Energies’ landmark acquisition of a 20.07% stake in Seplat Energy for $500 million, making Heirs Energies the single largest shareholder in the dual-listed energy company.
Seplat Energy said Elumelu’s experience in corporate governance, institution building, and value creation would support the company’s ambition to become a resilient and globally competitive energy business.
Elumelu is the Founder and Chairman of Heirs Holdings, a pan-African investment company with interests spanning energy, power, banking, insurance, technology, real estate, hospitality, and healthcare. He chairs Transcorp Group, one of Nigeria’s largest listed conglomerates, with investments in power and hospitality through subsidiaries including Transcorp Power and Transcorp Hotels Plc. He also serves as Chairman of United Bank for Africa (UBA) Group, one of Africa’s largest financial services institutions.
Engr. Okon, the incoming CEO, replaces Roger Brown, who assumed the role on August 1, 2020. Okon has more than 35 years of industry experience and has held several leadership positions within Seplat Energy since joining in 2018.
Okon initially served on Seplat Energy’s board as Operations Director for four years before becoming New Energy Director. Most recently, he served as Managing Director of ANOH Gas Processing Company (AGPC), where he played a key role in delivering the ANOH gas project, which achieved first gas in January 2026.
Seplat Energy said Okon’s operational expertise and understanding of the business position him to lead the company as it expands its energy portfolio and pursues long-term growth opportunities.
The Heirs Energies acquisition 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 contingent consideration of up to $10 million tied to Seplat Energy’s share price performance over six months. The deal was co-financed by Afreximbank and Africa Finance Corporation.
Heirs Energies replaced Maurel & Prom, which had held the largest shareholding position since Seplat Energy’s founding in 2009. Other significant shareholders include Petrolin Group at 13.77%, Sustainable Capital at 9.77%, Professional Support at 8.5%, and Allan Gray Investment Management at 5.57%.
