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.

Speaking at Heirs Holdings’ 14th anniversary Media Parley held Wednesday in Lagos, Tony Elumelu, the group chairman, Heir Holdings, stated that, “in 2010, we set out with a bold vision to actively invest long term in Africa’s key strategic sectors to unlock Africa’s full potential.”

“Through the Group’s relentless dedication and resilience, it has demonstrated that an African institution can consistently generate long-term value, while leaving a legacy of success across Africa’s most vital sectors.”

He noted that “our journey has been defined by unwavering tenacity, enabling us to seize opportunities and uphold our vision and principles. Most importantly, our efforts have fostered significant social impact, improving the lives of millions and driving inclusion within communities. For us in our Group, it is about three vision, execution, enterprise and excellence.”

Dr. Owen Omogiafo, the group CEO of Transnational Corporation Plc, said that “Transcorp Group is one Heir Holdings’ subsidiaries and through our investment in power, we are driving the energy sector by recognising that power is critical to the economic transformation of not just Nigeria, but the entire world.”

She said that “as at today, we account for about 15 per cent of Nigeria’s power generation. With our investment in distribution, we actually cover a landscape of over 130,000 square kilometres. We have two power companies. Transcorp Power and Transafem Power which are direct investments; and we have an indirect investment in Abuja Electric Distribution.

“Our hospitality business is a leader in the hospitality sector of the country.”

Also, Peter Ashade, group CEO of United Capital, said that the Company has created value to its shareholders and also contributed to the growth of the financial ecosystem.

Also, Adesimbo Ukiri, the CEO of Avon HMO, stated “we are contributing to the growth of the Healthcare sector in the country with our HMO facilities. We have impacted about 500,000 Nigerians through the services we provide at the hospitals and also to the health plans that we provide.

We have health plans at the HMO that cater for all classes of people. We have paid hospital claims of over N38 billion.”

Omachi Chris-Asoluka, the CEO of the Tony Elumelu Foundation (TEF), added that “our philanthropy has invested $100 million into the lives of 20,000 young African entrepreneurs, who have created 400,000 jobs on the continent and created networks and opportunities for many more.”

The group stated that “most recently, our financial services Group received a major boost to our pan-African expansion strategy by securing a licence to operate as an Asset Manager with coverage in the West African Economic and Monetary Union (WAEMU) regional bloc covering the Republic of Benin, Burkina Faso, Côte D’Ivoire, Guinea-Bissau, Mali, Nger, Senegal and Togo.”

Heirs Holdings is a family-owned investment company with a deep commitment to invest in the Africa’s future.

Its diverse investment portfolio spans the power, energy, financial services, hospitality, real estate, technology, and healthcare sectors, with operations in 24 countries worldwide.