The company also announced that Engr Effiong Okon will become Chief Executive Officer on August 1, 2026, succeeding Roger Brown, who has led the energy firm since August 2020.

The appointments were disclosed in a notice filed with the Nigerian Exchange Limited (NGX) on Tuesday and signed by the company secretary, Edith Onwuchekwa.

Elumelu’s elevation to Chairman comes months after his company, Heirs Energies, acquired a 20.07% stake in Seplat Energy in a $500 million deal.

The transaction made Heirs Energies the single largest shareholder in the dual-listed energy company and was one of the most significant indigenous investments in Nigeria’s oil and gas industry in recent years.

His appointment follows a series of board changes that began earlier this year. In January 2026, Seplat appointed Elumelu as a Non-Executive Director after the resignation of Olivier Cleret De Langavant, who represented Maurel & Prom.

The French company had previously held the 20.07 per cent stake before selling it to Heirs Holdings and Heirs Energies.

Tony Elumelu will succeed Senator Udoma Udo Udoma, who is currently the chairman of Seplat board. The company said the transition marks “a new chapter of leadership” for the company as it continues to pursue growth opportunities across its business.

The company said Elumelu’s experience in corporate governance, institution building and value creation will support its ambition of building a resilient and globally competitive energy business.

Elumelu is the founder and chairman of Heirs Holdings, a pan-African investment company with interests across energy, power, banking, insurance, technology, real estate, hospitality and healthcare.

He is also the founder of Africapitalism, an economic philosophy that promotes long-term private sector investment as a driver of economic development across Africa.

Beyond Heirs Holdings, he chairs Transcorp Group and serves as Chairman of United Bank for Africa (UBA) Group.

Following the acquisition, Heirs Energies became Seplat’s largest shareholder with 20.07%. Other major shareholders include Petrolin Group with 13.77%, Sustainable Capital with 9.77%, Professional Support with 8.5% and Allan Gray Investment Management with 5.57%.

The change has strengthened indigenous participation in a sector where international companies have reduced their exposure to upstream assets.

Attention will also turn to the company’s incoming CEO, Effiong Okon, who will take over leadership in August.

Okon brings more than 35 years of industry experience and has held several senior positions within Seplat since joining the company in 2018. He first served as Operations Director before becoming New Energy Director and most recently Managing Director of ANOH Gas Processing Company.

Seplat credited him with playing a key role in delivering the ANOH gas project, which achieved first gas in January 2026. The project is regarded as one of Nigeria’s major gas developments and is part of initiatives to increase domestic gas supply.

The company said Okon’s operational experience and deep knowledge of the business position him to lead Seplat through its next phase of expansion, particularly as it continues to grow its gas business and explore new energy opportunities.

The leadership changes come at a time when Nigeria’s energy sector is undergoing significant transformation. Oil producers are adapting to the global shift towards cleaner energy sources, while local operators are taking on larger roles following the divestment of several international oil companies.

The Petroleum Industry Act has also changed the operating environment, increasing pressure on indigenous companies to expand production, improve efficiency and attract investment.

Last year’s acquisition by Heirs Energies was backed by African financial institutions, including Afreximbank and Africa Finance Corporation. The transaction was structured with an upfront payment of $248 million, while the balance was secured through an irrevocable letter of credit.

A further contingent payment of up to $10 million was tied to Seplat’s share price performance.

The deal followed a separate $750 million financing facility secured by Heirs Energies from Afreximbank to support its operations and expansion plans.

The launch comes at a pivotal moment for Africa, a statement from the institution explained.

The continent’s digital economy is projected to contribute over $700 billion to GDP by 2050, driven by a fast-growing, digitally connected population and accelerating enterprise adoption of technology.

Yet despite this momentum, a persistent gap in long-term institutional capital continues to constrain the development and scaling of high-potential technology businesses across the continent.

Through this commitment, AFC would deploy catalytic capital in leading Africa-focused technology Funds and in particular African-owned fund managers.

In doing so, the AFC aims to address the underrepresentation of local capital in venture funding by catalysing greater participation from African institutional investors and deepening local ownership within the ecosystem.

Africa’s venture capital ecosystem has demonstrated real potential, the continent has produced nine unicorns, some of its leading fund managers have generated returns of up to 128 times the capital originally invested, and African start-ups raised US$3.8 billion in 2025 alone.

Yet local institutional capital remains significantly underrepresented across many fund cap tables, with the majority of venture funding continuing to flow from international sources. AFC’s commitment is designed to shift that dynamic.

President and CEO of AFC, Samaila Zubairu, said:

“Across the continent, young Africans are not waiting for the digital economy to arrive; they are seizing the moment, adopting technology, creating markets and solving real economic problems faster than infrastructure has kept pace.

“That is the investment signal. AFC’s $100 million Africa-focused Technology Fund will accelerate the convergence of growing demand, rapid technology adoption, youthful demographics and the enabling infrastructure we are building.

“Digital infrastructure is now as fundamental to Africa’s transformation as roads, rail, ports and power — enabling productivity, payments, logistics, services, data and cross-border trade, while creating jobs and industrial scale.”

As part of the initial deployment, AFC has made anchor commitments to Lightrock Africa Fund II and Future Africa Fund III, positioning the Corporation across the full innovation lifecycle – from early-stage venture capital through to growth-stage scaling.

These initial commitments represent the first tranche of a broader deployment, with AFC actively evaluating a pipeline of additional Africa-focused funds spanning a range of strategies and stages, with further commitments expected in the near term.

Pal Erik Sjatil, managing partner & CEO, Lightrock, said:

“We are delighted to welcome Africa Finance Corporation as an anchor investor in Lightrock Africa II, deepening a strong partnership shaped by our collaboration on high-impact investments across Africa, including Moniepoint, Lula, and M-KOPA.

“This commitment reflects a shared conviction in the opportunity to back high-growth, technology-enabled businesses with proven business models, strong fundamentals, and clear pathways to profitability.

“With aligned capital, a long-term perspective, and a shared focus on value creation, we are well positioned to support exceptional management teams and scale category-leading businesses that deliver attractive financial returns alongside measurable environmental and social outcomes.”

Future Africa is a venture capital firm that backs founders building technology-enabled solutions to Africa’s most pressing challenges, with a portfolio that includes some of the continent’s most celebrated technology companies.

AFC’s investment in Future Africa Fund III strengthens the pipeline of innovation at the early-stage end of the market, backing founders solving important problems spanning financial inclusion, digital infrastructure, consumer technology and education.

 Iyin Aboyeji, founding partner, Future Africa, said:

“Young Africans are not waiting for the digital economy to arrive; they are already among its most active participants globally. “What they need now are the skills, productive assets and infrastructure to build and scale within it. By investing in AI-native skills, financing productive tools such as phones and laptops, and expanding energy, connectivity and compute infrastructure, we can convert Africa’s greatest asset, its people, into critical participants in the new global economy.

“AFC’s $100 million commitment is the anchor this moment demands. As our first multilateral development bank partner, AFC is sending a clear signal that digital is as fundamental to Africa’s transformation as agriculture, manufacturing and physical infrastructure.

“We trust that other development finance institutions, insurers, reinsurers and pension funds will follow AFC’s lead.”

Overall, the commitment builds on AFC’s broader strategy to deploy capital across integrated infrastructure systems, where digital platforms increasingly complement physical infrastructure to unlock value across sectors.

By combining its balance sheet strength, structuring expertise, and pan-African network, AFC aims to establish itself as the leading institutional investor in Africa’s technology ecosystem, mobilising capital at scale while delivering sustainable, long-term development impact across the continent.

Located in the Alaro City corridor, Itana aims to become Africa’s first fully digital economic zone.

I believe this project brings one of the clearest windows into how Nigeria might re-imagine its economic model for the next decade. 

But for real, will it become a measurable impact? This piece examines how Itana works, why it’s important, what stands in its way, and what it means for investors, policymakers and Nigeria’s broader tech ecosystem.

Nigeria’s Tech & Investment Space

Nigeria is home to one of Africa’s largest technology markets. Its fintech sector in particular has produced global-recognised firms and attracts a disproportionate share of Africa-bound venture capital.

But the country still faces structural limitations including power outages, foreign-exchange instability, regulatory uncertainty and infrastructure gaps. 

In the free-zone space, Nigeria already has numerous industrial‐ or manufacturing-oriented zones under the Nigeria Export Processing Zones Authority (NEPZA) framework, more than 44 zones licensed under its regulations as of 2022. 

The typical free-zone model in Nigeria has been rooted in export manufacturing, not digital services. This leaves a gap, even with software, remote work, digital trade and services having the upper hand in the country, Nigeria still risks being left behind unless it adapts.

What Itana Is – Vision, Model, Mechanics

Itana has been built as the first digital free zone in Nigeria, and arguably in Africa. It uses Nigeria’s existing free-zone laws, rather than waiting for entirely new legislation, to launch a business jurisdiction tailored to digital, tech and services companies. 

Key features include:

• A 72,000 m² initial district in Alaro City, Lagos State’s Lekki Free Zone corridor, with mixed-use physical infrastructure: campus, co-living, outdoor work areas, biking trails, reliable power, fibre-optic internet, piped gas and clean water. 
• Incorporation and operations entirely digital: a business can be registered remotely (from Nairobi, London or Yaba) with a fee of $2,000 initial and $1,150 annual renewal, which covers business address, document handling and collaborative space access.
• Regulatory and operational incentives: tax advantages for eligible businesses, ability to operate in foreign currencies (USD, GBP, EUR, etc.), no expatriate quotas for work/residency in the zone, full foreign ownership permitted.
• Strong institutional backing: a partnership with the Africa Finance Corporation (AFC) that committed $100 million to phase one of the development. 
• Government engagement: in mid-2025, a memorandum of understanding (MOU) with the Federal Ministry of Industry, Trade & Investment pledged to support Itana’s mission to create 100,000 high-value jobs over five years.
  In short: Itana cannot just be described as a piece of land, but a package of infrastructure + regulation + ecosystem for digital/tech services. I view it as a kind of jurisdictional innovation experiment: can Nigeria create a “digital enclave” that is globally competitive?

Why It’s Important: Opportunity & Value Proposition

For global digital businesses, Itana provides a great value proposition: a gateway into Africa with streamlined incorporation, tax/operational incentives, and access to Nigeria’s large market (and by extension, continental reach). 

In other words, less friction to set up and scale from Nigeria. For Nigeria and Africa, Itana offers three major benefits:

• FDI attraction & talent retention – In offering a globally competitive jurisdiction, it may pull in foreign capital and keep diaspora talent or local entrepreneurs from exiting.
• Leap-frogging infrastructure/regulation – Rather than upgrading every regulatory detail nationwide, Nigeria can pilot a high-standards zone. If successful, the model may diffuse.
• Pan-African hub leverage – With the African Continental Free Trade Area (AfCFTA), and rising digital services export potential, Nigeria could become a base for cross-border digital services. Analysts note that the shift from manufacturing to services is already overdue in Africa. 

From a strategic viewpoint: if Nigeria wants to pivot from being resource- and manufacturing-centric to services/digital-first, this project is indispensable.

The Risks, Limitations & Questions

No innovation of this scale is free from challenge. I flag several key issues:

• Governance and institutional risk – Even if Itana has its own brand of regulatory ease, it still sits within the bigger Nigerian context: currency risk, political risk, legal enforcement uncertainties. For a global firm, the question is whether the zone’s insulation is real.
• Equity and local integration – Will Itana become an isolated “digital enclave” benefiting only a few, without broad spill-over into the local economy? Are local businesses, workers and talent benefiting? If not, the model may aggravate inequalities.
• Infrastructure delivery – Promises of 24/7 power, dual fibre-optics, piped gas hinge on execution. If the physical layer falters, then the “digital zone” becomes less credible.
• Scalability and replicability – Can the model scale beyond Lagos, and can the regulatory/incentive model survive as more firms come in? There is the risk of rent-seeking, of incentives being watered down, or of the zone attracting “low-value” service firms rather than high-impact innovators.
• External competition and global positioning – Other African countries may seek to offer similar zones. Nigeria must maintain its competitive edge on cost, regulation, talent and infrastructure. If not, Itana may lose out.
• Capital repatriation/FX risk – One of the underlying advantages promised is multi-currency operations and capital movement. But Nigeria’s foreign-exchange regime is still complex, which could undermine this promise.

Implications for Policy, Investors & Ecosystem

For Government and Regulators:

• Must treat Itana not just as a real-estate or tech project but as a regulatory laboratory: immigration, taxation, labour laws, data protection, foreign ownership must align and be stable.
• Should think about integration: how to ensure spill-overs into the wider Nigerian economy, and that the zone doesn’t remain an island.
• Must monitor and report key metrics: jobs created, foreign capital inflow, exports of digital services, and local talent retention.

For Investors & Startups:

• Should assess jurisdictional risk carefully: what is the legal anchor of Itana’s incentives? Are they protected?
• Look at ecosystem strength: beyond infrastructure, what is the talent pool, what are the anchor companies, what’s the exit environment?
• Be aware of cost-benefit: Are the incentives meaningful compared to operating locally or in other jurisdictions?

For the Tech & Talent Ecosystem:

• Nigerian startups should view Itana as potential infrastructure, but not accept it as a replacement for building local capacity and networks.
• Universities, incubators and talent pipelines must feed into this model; otherwise, the zone may import talent rather than develop it locally.
• Digital services export must be pushed: the opportunity is not just in doing business in Nigeria, but serving global clients from Nigeria/Africa.

Comparative Models & Lessons from Abroad

Let’s briefly compare:

• Dubai Internet City (DIFC) – Offers streamlined regulation, physical infrastructure, regional hub status; success was aided by global connectivity and elite infrastructure.
• e‑Estonia – A micro-state digital-first model with e-residency, global incorporation, but benefiting from high institutional trust and digital culture.
• Delaware (USA) – Legal/regulatory jurisdiction favourable to incorporation, low tax burden, strong rule of law. 

The context matters hugely. Singapore, Dubai succeeded in part because they had stable institutions, strong enforcement, legal clarity. Nigeria doesn’t start from that level entirely, so the risk of “free zone in name only” is real. The success of Itana will depend heavily on execution, transparency, and legitimacy.

Roadmap & What to Watch

Key milestones and indicators:

• Completion of the physical campus: the 72,000 m² first district must be built and operational with promised infrastructure (power, connectivity) as of phase one. 
• Number of companies incorporated in Itana: especially foreign/foreign-founded service firms, and the volume of business they conduct from the zone. For example, “more than 70% of companies within Itana’s zone are diaspora-owned or foreign startups.” 
• Job creation outcome: the government-Itana MOU targets 100,000 high-value jobs over five years.
• Export of digital services: growth in services sold from Nigeria/Africa to global markets mediated via the zone.
• Spill-over metrics: talent retention, local start-ups using the infrastructure, integration with local industry, and whether tax incentives and regulatory clarity persist over time.
• Potential derailers: delayed infrastructure, policy reversals, changes in foreign-exchange regime, corruption or governance issues. 

If I were writing this article six months later, I’d look to these indicators to judge whether Itana is just a promising pilot or truly a transformational model for digital economies in Africa.

Itana has come at a sensitive moment for Nigeria and for Africa’s digital economy. It offers a path where regulatory limitations, infrastructure gaps and global competition are tackled through a purpose-built digital free zone. 

The opportunity is real, for foreign firms, for Nigerian talent, and for a continent seeking to leap ahead in services and tech rather than being stuck in resource-or manufacturing-led models.

But the goal will only be realised if execution matches ambition. I remain cautiously optimistic. If Itana successfully delivers on infrastructure, regulation, talent and integration, it could become a gateway for Africa’s sustainable digital growth. 

If it fails, it could become another isolated enclave, admired but limited in impact

An Africa Finance Corporation Member State, Egypt’s equity commitment and its imminent representation on the AFC Board of Directors enhances the Corporation’s pan-African spread of shareholders and diversified Board and management, which now includes governments, development finance institutions and institutional investors. 

In 2022 alone, AFC onboarded Sierra Leone, Democratic Republic of Congo, Cote d’Ivoire, South Africa’s Public Investment Corporation, and the pension funds of Mauritius and Seychelles as shareholders. Other sovereign shareholders include Ghana, Gabon, Togo and Guinea.

As the largest North African economy, Egypt’s investment leads the way for other countries and investors from the region to join AFC’s shareholders and use its platform to boost regional trade and co-investment opportunities.

Egypt’s Minister of Finance, H.E. Dr Mohamed Maait, said: “This equity investment is a testament to our confidence in AFC’s role as a trusted partner in delivering transformational impact in Egypt and overall in Africa. We look forward to boosting our partnership with the Corporation as we work together to develop the key infrastructure projects in the pipeline.”

A growing and diversified shareholder base alongside profitable returns and consistent dividends are behind AFC’s A3 investment-grade credit rating, which the Corporation leverages to fulfil its mandate to close Africa’s infrastructure and industrial financing gap. With a membership of 39 countries now and total investments of $11.5 billion over 16 years, the Corporation continues to deliver on its promise to support sustained robust growth and development in Africa.

AFC focuses on developing and financing sustainable investments in the core sectors of power, natural resources, heavy industry, transport and telecommunications, with a strategy of adding value to exports and creating jobs through the development of industrial ecosystems.

The Corporation is committed to making Africa pivotal in the global race to net zero by reducing global shipping through localised production—including in minerals critical to battery production—while preserving Africa’s carbon sinks through optimal utilization of transition fuels and simultaneously developing its formidable renewable energy resources.

AFC has already identified an immediate project pipeline worth over $1 billion in critical infrastructure across key sectors in Egypt, including renewable energy, natural gas, heavy industries, technology, telecoms, banking and finance. That is in addition to $265 million of existing investments by AFC in Egypt.

“We welcome Egypt as a highly valued member of our core shareholders, helping us to maximise the impact of investments in systemic solutions within Egypt and across the continent,” AFC President & CEO Samaila Zubairu said.

“We look forward to expanding our collaboration to elevate Egypt’s economy through delivering resilient infrastructure, in line with our mandate of catalysing economic growth, value accretion, and industrial development for all African countries.”

DEG, a subsidiary of Germany’s state-owned KfW Group, has provided financing, advice and support to enterprises in developing and emerging-market countries since its inception in 1962. The transaction builds on a partnership with Africa Finance Corporation that began in 2012 and has resulted in several loans from DEG, including a recent $170 million 12-year loan in 2021.

Petra Kotte, Head of Banking and German Business, highlighted the strategic partnership with Africa Finance Corporation:

“DEG is very happy to have arranged this facility with our long-standing partner Proparco and thus cementing our excellent relationship with Africa’s leading infrastructure financier AFC. The facility contributes to closing Africa’s infrastructure gap, positively impacting on the livelihood of surrounding communities, and supporting AFC in their endeavour to reduce the continent’s footprint as part of their dedicated climate resilience strategy.”

Proparco, the private sector financing arm of Agence Française de Développement Group (AFD Group), has been promoting sustainable economic, social and environmental development by providing funding and support to businesses and financial institutions in Africa, Asia, Latin America and the Middle East for over 45 years. 

Its action focuses on key development sectors including infrastructure, mainly for renewable energies, as well as agribusiness, financial institutions, health and education. Proparco provided Africa Finance Corporation in 2021 with a $50m senior credit line in the $170 million syndicated loan led by DEG.

Emmanuelle RIEDEL DROUIN, Global Head – Lending Operations, said: “Proparco is very happy to be participating in this transaction arranged by DEG for the benefit of AFC, a key player in financing much-needed infrastructure in Africa, which remains one of the continent’s main challenges, notably in terms of access to clean energy and transport. AFC is also a member of the International Development Finance Club, chaired by AFD since 2017, and we commend its strong commitment to supporting climate resilient infrastructure and to accelerating the just transition in Africa, as evidenced during the COP27.”

The new credit facility supports the development and implementation of infrastructure projects that enhance the continent’s economic, environmental, or social impact under AFC’s Establishment Agreement and Charter.

“Our strategic partnership with DEG and Proparco mobilises urgently needed capital to rebuild Africa with more resilient and sustainable infrastructure across critical sectors,” said Banji Fehintola, Senior Director, Head of Treasury & Financial Institutions at AFC.

“As part of AFC’s strategy to catalyse infrastructure financing and impact development in Africa, the Corporation draws capital from a diverse range of international investors and lenders. We appreciate the confidence that DEG and Proparco continue to demonstrate in us as a strategic partner and infrastructure solutions provider.”

The transaction marks AFC’s second foray into the Japanese capital markets, following an inaugural Samurai loan facility in 2019, when the Corporation raised US$233 million and JPY1 billion.

The 3-year tenor facility is an important step as AFC builds a coalition of investors to diversify its funding sources, including more institutional capital from Asia and existing partners in Europe and North America. Japanese investors showed strong interest in the issuance with Mizuho Bank Ltd, MUFG Bank Ltd. (“MUFG”), Sumitomo Mitsui Banking Corporation (“SMBC”) acting as Mandated Lead Arrangers and Bookrunners. 

Other participating financial institutions include Bank of Yokohama, Norinchukin Bank, Shiga Bank and Gunma Bank. Proceeds from this facility will be used for general corporate purposes. 

Africa Finance Corporation has a strong record in the Asian capital markets, issuing a US$300 million loan facility through the Export-Import Bank of China in 2018 and a US$140 million Kimchi term loan facility in 2019. 

Asia is key to Africa’s next phase of growth and Japan, in particular, is an important player as the country has shifted the focus of its engagement with Africa in recent years from giving aid to increasing investment.  

The government of Japan, shifting its focus from aid to investment, recently pledged $30 billion over the next three years for the resilient and sustainable development of the African continent. The announcement was made during the recently concluded eighth Tokyo International Conference on African Development (TICAD), signalling a boom in Africa-Asia economic relations.

Banji Fehintola, Senior Director and Treasurer of AFC, said: “Asia is a very important region for us and the participation of Asian investors in our bond issuances has grown significantly over time. The success of this loan offering is testament to AFC’s ability to diversify its funding sources in mobilising global capital to build critical infrastructure in Africa and transform lives.”