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 company disclosed the development in a notification to shareholders, the investing public and the Nigerian Exchange Limited, signed by its Company Secretary, ALSEC Nominees Limited.

The notice revealed that Kostianis, the former PZ Cussons Nigeria CEO, stepped down from his position and resigned from the company’s board effective May 31, 2026, as he moves to a new role within the PZ Cussons Group.

“The Company hereby notifies NGX and the investing public that Mr Dimitrios Kostianis will step down from his role as Chief Executive Officer and resign from the Board of PZ Cussons Nigeria Plc with effect from 31st May 2026 in order to take on a new role within the PZ Cussons Group,” the notification stated.

“The Board expresses its sincere appreciation to Mr Kostianis for his service and contributions to the Company and wishes him continued success.”

His departure comes after a period of recovery for the consumer goods company. During his tenure, PZ Cussons Nigeria returned to profitability and restored a positive equity position after years of financial challenges.

For the half-year ended November 30, 2025, the company reported a pre-tax profit of N37.9 billion, an improvement from the N5.5 billion loss recorded in the corresponding period a year earlier. 

Second-quarter earnings of N16.3 billion supported the turnaround, while stronger revenue, foreign exchange profits, higher other income and lower interest costs also boosted performance.

PZ Cussons said Kostianis played an important role in that recovery, helping to stabilise the business and support its growth strategy during a difficult period for manufacturers operating in Nigeria’s high-inflation environment.

Taking over from him is Elueni, who currently serves as managing director of the company’s Consumer business. He joined PZ Cussons Nigeria in 2021 and brings more than two decades of experience in the consumer goods sector.

Before joining the company, he held senior leadership positions at SC Johnson and Procter & Gamble across Africa and the United States. 

His experience spans commercial operations, brand management and business leadership in both Nigerian and international markets.

Announcing the appointment, the board said, “The Board has approved the appointment of Mr Oghale Joseph Elueni to the Board of Directors as Managing Director/Chief Executive Officer of the Company with effect from 1st June 2026.”

“The Board is confident that his leadership capabilities, commercial experience, and deep understanding of the business will support the continued growth and strategic direction of the Company.”

The appointment places an executive with vast consumer goods experience to lead the company as it seeks to build on its recent financial recovery and strengthen its place in the competitive market.

The board also approved the appointment of Ebenezer Oludare Elusakin as executive director and chief financial officer, effective June 1, 2026.

Elusakin has served as Chief Financial Officer since November 2024 and has been involved in the company’s financial management and strategic planning. Before joining PZ Cussons Nigeria, he held finance leadership roles at Unilever, Diageo and Royal Philips.