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’s revenue rose from N268.6 billion in Q1 2024 to N1.2 trillion in Q1 2025. Profit also saw significant growth, rebounding from a loss of N2.9 billion in Q1 2024 to a profit of N35.4 billion.

Gross profit soared by 726%, reaching N535.4 billion, while profit before tax increased to N314.6 billion from N103.5 billion in 2024.

Seplat’s portfolio consists of eleven oil and gas blocks in onshore and shallow water locations, following the acquisition of Mobil Producing Nigeria Unlimited.

The strong performance was driven by enhanced results from its onshore assets, which saw a 14% increase compared to the same period in 2024.

Key factors contributing to this performance included the success of new wells from the 2024 drilling campaign and the start of gas production at the Sapele Integrated Gas Plant.

Roger Brown, Seplat Energy’s chief executive officer, commented on the performance:

“2025 has started positively for Seplat. As we deliver the business at a significantly enhanced scale, our focus is on the successful integration of the combined companies, and I am pleased to report that we are making good progress. It is clear that we can benefit greatly from the combined expertise of our onshore and offshore workforce.”

Following its strong Q1 2025 performance, Seplat Energy declared an interim dividend of 4.6 cents per ordinary share of 50 kobo each.

The dividend will be paid to shareholders listed in the Register of Members at the close of business on May 23, 2025.

The payment will be made in naira to shareholders holding their shares on the Nigerian Exchange Limited without a valid Nigerian Certificate for Capital Importation (CCI). Those with a valid CCI will receive payments in US dollars.

This brings his total holdings to 4,203,776 shares, a 0.7144% voting interest in the company.

The transaction, disclosed in a statement on the Nigerian Stock Exchange website and signed by the company’s secretary, Edith Onwuchekwa, confirms that the shares were acquired at £169.79 per share, amounting to approximately £8.49 million.

The company assured stakeholders that the purchase complies with regulatory requirements, noting Rule 17.15(c) of the Nigerian Exchange’s Issuers’ Rules and Article 19(3) of the UK Market Abuse Regulations.

This acquisition follows a strong 2024 financial performance, during which Seplat Energy reported ₦1.65 trillion in revenue, a 136.8% surge from the previous year’s ₦696.9 billion.

The company attributed this growth to its acquisition of Mobil Producing Unlimited from ExxonMobil, now rebranded as Seplat Energy Producing Nigeria Unlimited.

Seplat also announced a final dividend of 3.6 cents per share and a special dividend of 3.3 cents per ordinary share of 0.50 kobo each.