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.

Airtel Africa ended the trading week as the Nigerian Exchange’s (NGX) standout large-cap performer, climbing 10 per cent from ₦3,323.40 to ₦3,655.70 per share. For a company of its size and strategic weight, that kind of weekly gain is not routine. It is a signal.

But what made the movement more telling was its character. While several other gainers on the exchange rode waves of speculative trading and short-term positioning, Airtel Africa’s ascent was driven by something more durable, investor conviction in the company’s fundamentals, earnings profile, and long-term strategic direction.

That trust has been carefully built. Across its operational footprint spanning multiple African markets, Airtel Africa has consistently delivered on the metrics that institutional and retail investors alike watch most closely, revenue diversification, foreign currency-linked income streams, and disciplined execution in challenging macroeconomic environments.

In a period defined by selective capital deployment and cautious sector rotation, those qualities have become precious.

The company’s regional scale also works in its favour. With deep presence across East, Central, and West Africa, Airtel Africa is not merely a Nigerian stock, it is a continental asset trading on a domestic exchange.

Its exposure to markets with growing digital and financial services demand gives it a buffer that purely domestic operators cannot easily replicate.

Beyond the share price, the fundamentals telling the longer story are in Airtel Africa’s strategic investments: network expansion, mobile financial services, enterprise solutions, and digital infrastructure projects that position the company at the intersection of connectivity and economic inclusion.

These are not just growth levers, they are the building blocks of the digital Africa that policymakers, investors, and communities are all racing to construct.

Telecommunications, more than almost any other sector, has emerged as a non-negotiable infrastructure layer for Africa’s economic ambitions. Governments depend on it. Businesses run on it.

Millions of people, many of them entering the formal economy for the first time through mobile money, live their financial lives through it. Airtel Africa’s footprint places it squarely at the centre of that transformation.

For the NGX, the week’s performance offered a useful mirror. In an environment where investor selectivity is high and macro headwinds remain real, the stocks that attract genuine, sustained interest are those with credible stories and the execution record to back them up.

Airtel Africa, it appears, is still very much that stock.

The appointments bring in Sadiq Mohammed as an Independent Non-Executive Director, alongside Tunde Mabawonku and Rolake Akinkugbe-Filani as Non-Executive Directors. 

The changes take effect immediately and is part of its board-level governance structure.

Mohammed arrives with more than three decades of experience across financial markets, pensions, infrastructure, real estate and alternative investments. He founded Hexium Investments, an advisory and investment firm focused on financial services and real estate.

He also spent 28 years at ARM Group, where he held senior roles including Deputy Group Chief Executive and Managing Director of ARM Pension Managers. His work covered large-scale projects such as the Lekki Concession Company, Fara Park Estate, Beechwood Estate and Lakowe Lakes Golf and Country Estate.

He previously served on several boards across financial services and infrastructure. These include FMDQ Clear Limited and FMDQ Group. He currently sits on the boards of Meta Digital Services Nigeria Limited and DCSL Corporate Services Limited. He is also part of the ARM-Harith Infrastructure Fund Investment Committee.

Mohammed studied at Abubakar Tafawa Balewa University and also completed an Executive MBA, attending leadership programmes at Harvard Business School. He holds the Financial Risk Manager certification.

Tunde Mabawonku joins the board as a Non-Executive Director while serving as Executive Director at Wema Bank Plc, where he oversees finance, retail and digital business.

He brings more than 25 years of experience in banking and financial services. His background covers strategy, financial control, risk management, digital transformation and cost management.

He started his career at Chartered Bank and later worked at Prudent Bank. At Prudent Bank, he led performance management and cost control functions. He also held senior roles at Skye Bank, now Polaris Bank, covering financial control, human capital management and advisory functions.

Mabawonku holds a Master’s degree in Finance from London Business School and a degree in Economics from the University of Ibadan. He is a fellow of the Institute of Chartered Accountants of Nigeria and a member of several professional bodies.

Rolake Akinkugbe-Filani joins the board with nearly twenty years of experience across banking, energy, capital markets, development finance and risk advisory.

She is the founder and chief executive officer of EnergyInc Advisors, a firm focused on infrastructure financing, capital mobilisation and strategic advisory services. Her previous roles include senior positions at Zenith Bank Plc, Ecobank Group, FBNQuest Merchant Bank, Mixta Africa, Eurasia Group and Control Risks Group.

She has worked across transactions and advisory engagements involving energy and infrastructure projects across multiple markets. Her experience also covers investment oversight, capital raising and risk governance.

Akinkugbe-Filani holds a Global Executive MBA under the TRIUM programme involving New York University Stern School of Business, London School of Economics and HEC Paris. She also studied International Relations and Government at the London School of Economics. She is an honorary member of the Chartered Institute of Bankers of Nigeria.

The three new directors now join an expanded board structure at AIICO Insurance Plc. The board is chaired by Kundan Sainani, with Babatunde Fajemirokun serving as Managing Director and Chief Executive Officer.

The executive team also includes Adewale Kadri and Gbenga Ilori as Executive Directors. Other Non-Executive Directors include Ademola Adebise, Samaila Dalhat Zubairu, Folake Edun, Olalekan Akinyanmi and Raimund Snyders. Kemi Adewole serves as Independent Non-Executive Director.

The company noted that the board changes strengthen its governance framework and support long-term strategic direction.

In recent performance updates, AIICO Insurance has recorded year-to-date profits of over 21% on the Nigerian Exchange, with its share price at N4.60.

For the first quarter of 2026, the insurer posted a pre-tax profit of N5.8 billion. This compares with N5.1 billion in the same period last year.

Premium income rose to N55.4 billion from N46.9 billion. Claims also increased to N25.1 billion from N21.9 billion over the same period.

AIICO Insurance operates in a market affected by high premiums and higher claims costs, maintaining growth in earnings while expanding its governance structure through new board appointments.

In a corporate filing submitted to the Nigerian Exchange (NGX) on March 9, 2026, the Group disclosed that the Securities and Exchange Commission (SEC) approved the allotment of 23.18 billion ordinary shares to successful applicants.

The offer, which opened on October 2, 2025, and closed on November 6, 2025, initially sought to raise funds through the sale of 16 billion ordinary shares at N10 per share.

Final results, however, show that demand went beyond expectations, enabling the financial group to raise additional capital and strengthen its position as it works to retain its international banking licence.

Strong Investor Demand

Figures contained in the allotment schedule reveal strong participation from both retail and institutional investors.

A total of 25,855 applications were received for more than 24.08 billion shares, representing an oversubscription of about 50.5% above the 16 billion shares initially offered.

After a verification process by the Central Bank of Nigeria (CBN), 25,825 applications were confirmed as valid.

FCMB Group subsequently absorbed a large portion of the excess demand, resulting in the allotment of 23,182,887,000 ordinary shares.

Breakdown of the Allotment

The allotment structure was designed to maintain broad investor participation.

According to the document signed by Olufunmilayo Adedibu, company secretary of FCMB Group Plc, most successful applicants received full allocations.

• Full allotment: 25,820 applicants received 100% of the shares they applied for after meeting all regulatory requirements.
• Partial allotment: Applications covering about 24.1 million shares were only partially verified, leading to an allotment of 23.4 million units.
• Rejected applications: About 30 applications were disqualified due to incomplete Know Your Customer (KYC) documentation or failed payment verification.

Planned Use of the Capital

Group Chief Executive Officer Ladi Balogun had earlier outlined how the new capital would be deployed under the bank’s “FCMB 3.0” growth strategy.

The largest portion of the proceeds, about 85.49% or N133.87 billion, is earmarked for business expansion, particularly lending to small and medium-sized enterprises and retail customers.

Another 11.12% (N17.4 billion) will go into strengthening the Group’s technology infrastructure, including cybersecurity systems aimed at reducing digital fraud risks.

The remaining 3.39% (N5.3 billion) will be used for staff development, training and talent retention across the Group.

Meeting the Recapitalisation Threshold

In a follow-up notice to the market, FCMB Group also confirmed that it has crossed the N500 billion capital threshold required for banks with international licences.

The successful capital raise is expected to strengthen the bank’s capital adequacy and improve its ability to compete with larger Tier-1 banks, particularly as opportunities expand under the African Continental Free Trade Area (AfCFTA).

Share Credit and Refunds

The Group said successful applicants should expect their accounts at the Central Securities Clearing System (CSCS) to be credited on or before Monday, March 23, 2026.

For applicants whose subscriptions were unsuccessful or partially refunded, CardinalStone Registrars will begin processing refunds, including accrued interest where applicable, starting from Friday, March 13, 2026.

With the recapitalisation exercise completed, attention in the market is expected to shift to FCMB Group’s first-quarter 2026 financial results to assess how quickly the additional capital supports growth and lending activities.

The offer for this month includes a 2-Year FGN Savings Bond that matures on December 10, 2027, priced at 12.84% per annum, and a 3-Year Savings Bond maturing on December 10, 2028, with a coupon rate of 13.84%.

Subscription opened on December 1 and will close on December 5, while settlement is scheduled for December 10. Interest payments will be made quarterly, on March 10, June 10, September 10 and December 10 each year.

The bonds are sold at N1,000 per unit, with a minimum purchase of N5,000 and additional subscriptions in multiples of N1,000, up to a maximum of N50 million.

According to the DMO, the instruments qualify as approved securities under the Trustee Investment Act and are recognised as government securities under CITA and PITA, which allows pension funds and other qualifying investors to enjoy tax benefits.

They are also listed on the Nigerian Exchange and the FMDQ Securities Exchange, and count as liquid assets for banks when calculating liquidity ratios. As with all FGN securities, the bonds are backed by the full faith and credit of the Federal Government.

Investors can subscribe through commercial banks, including Access Bank, Zenith Bank, Fidelity Bank, UBA, GTBank, First Bank and others.

The president said his administration will support businesses in the financial technology sector that provide payment infrastructure services for Nigerians and Africans.

Flutterwave, a leading Fintech company founded by young Nigerians and headquartered in Lagos, operates in the U.S., Canada, Nigeria, Kenya, Uganda, Ghana, South Africa, and 29 other African countries.

Olugbenga Agboola, the CEO; Adeleke Adekoya, a co-founder; Oluwabankole Falade and Mitesh Popat, represented Flutterwave at the meeting. Ms Oluseun Olufemi-White represented Alami Capital as its CEO.

Mr Wale Edun, minister of Finance and Coordinating Minister of the Economy led the delegation to meet President Tinubu.

Dr. Armstrong Ume Takang, the managing director and chief executive of the Ministry of Finance Incorporated (MOFI), and Dr. Inuwa Kashifu Abdullahi, the director general/ chief executive officer of the National Information Technology Development Agency (NITDA), also attended.

President Tinubu said Nigeria is genuinely open to business, and as President, he is determined to remove all obstacles to allow companies to thrive.

He commended Flutterwave’s commitment to building capacity in the digital economy sector, especially as it is being made possible by energetic, young Nigerians. He said he is honoured to be the President of a country with such a youthful and resourceful population.

He said the leadership Flutterwave provides in the digital world is what Nigeria needs today to grow its economy and make life easier for most of its population.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said Flutterwave has made significant progress since its establishment 10 years ago. It has created jobs and helped diversify the economy by providing innovative digital platforms and payment services in Nigeria and across Africa.

The CEO of Flutterwave, Agboola, said the company has made it easy for Nigerians to pay for some global services with Naira and provided payment platforms for Nigerians in the diaspora who are willing to send money to families and relatives in the country.

He said Flutterwave, valued at over $3 billion, is a Nigerian export and brand employing over 1,000 Nigerians.

He said the company seeks to be listed on the Nigerian Exchange and solicited the President’s support.

The Managing Director and Chief Executive of MOFI, Dr.  Armstrong Ume Takang, said that as Africa’s biggest economy, Nigeria must demonstrate its economic prowess by strategically positioning products and services by Nigerian companies, such as Flutterwave, in the homes of all Africans.

He said Flutterwave spends millions of dollars monthly on hosting services, but that money goes to other countries.

He suggested supporting Galaxy Backbone’s hosting services to enable it to handle companies like Flutterwave.