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 thanksgiving gathering was held at Ekeh’s residence and was organised by his wife and children, with opening prayer led by Reverend Father Francis Ike of the Church of Assumption, Falomo, Ikoyi. Obasanjo attended with his wife.

Speaking at the event, Obasanjo described Ekeh as “an achiever and a very kind man who deserves to be celebrated.” He said Ekeh was among those who took advantage of opportunities created during his administration between 1999 and 2007.

According to him, it is one thing to create opportunities and another to identify and use them. He said Ekeh was one of the people whose success made it possible for others to credit his government with encouraging investment and wealth creation.

Obasanjo said he was proud of Ekeh’s achievements and urged Nigerians to continue seeking opportunities despite economic challenges. He added jokingly that Ekeh would celebrate 80, 90 and 100 years, drawing laughter from guests.

Also present at the event was veteran journalist and Vanguard publisher Sam Amuka. Former Lagos State Governor Babatunde Raji Fashola attended with his wife.

Other dignitaries included former INEC Chairman Professor Maurice Iwu; Chairman of MTN, Dr. Ernest Ndukwe; Founder of Stanbic IBTC Bank, Mr. Atedo Peterside; Chairman of Fidelity Bank, Mrs. Amaka Onwughalu; Managing Director of Fidelity Bank, Dr. Nneka Onyeali-Ikpe; and Chairman of Seplat Energy, Mr. Udoma Udo-Udoma.

Secondary school classmates of Ekeh, including entertainer Charles Oputa, were also in attendance. Ekeh’s elder brother, HRM Eze George Ekeh, traditional ruler of Ishi Ubomiri Autonomous Community in Imo State, performed traditional rites welcoming him into the community’s elders’ circle.

In his remarks, Ekeh thanked Obasanjo for his support over the years and described him as a leader who created room for entrepreneurs to grow. He said he attributed his success to faith, discipline and trust.

Ekeh recalled starting his career as a mass servant and chorister. He said he chose early in life not to drink alcohol or smoke and has kept to that decision. He also spoke about starting his technology business with his school fees at a time when the sector was still developing in his home state.

He said trust and integrity had guided his business decisions and helped him build credibility with partners and institutions.

Ekeh also acknowledged the support of his wife, describing her as a key pillar in his personal and professional life.

This rate is based on the Central Bank of Nigeria’s (CBN) Nigerian Foreign Exchange Market (NFEM) as of November 12, 2025.

The corporate filing, signed by the company’s Chief Financial Officer, Eleanor Adaralegbe, and containing the Q3 2025 dividend exchange rate, was submitted to both the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE), where Seplat is dual-listed.

The announced Naira-to-Dollar rate applies to shareholders who will receive their dividend in Naira.

This is important given the company’s dual listing and the current volatility in Nigeria’s foreign exchange market, where the Naira has lost over 20% of its value against the dollar this year.

An interim dividend is a payment made by a company before its Annual General Meeting (AGM) and the release of its final financial statements. It is declared by the Board of Directors and paid from retained earnings, often alongside interim financial results.

The update follows the company’s October 30 dividend declaration, with payments expected in December 2025 and the corporate disclosure serves as an official communication channel for listed companies to inform shareholders of key developments, in line with the Securities and Exchange Commission (SEC) guidelines.

Shareholders are advised to watch for any further communication from the company regarding the dividend payment, if necessary.

Seplat is listed on the Premium Board of the Nigerian Exchange Group, with a market capitalization of ₦3.55 trillionand an outstanding share capital of 599.94 million shares. The company’s share price closed flat at ₦5,917.20, marking a 52-week high.

Seplat recently reported strong financial results for Q3 2025, with revenue rising by 213% year-on-year to reach ₦3.36 trillion.

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.

The visit, aimed at establishing a robust partnership, highlights Seplat’s commitment to equipping its workforce with cutting-edge technology solutions.

The Seplat team, led by Iniabasi Ekpo, IT Site Lead, and Oyebola Chukwunyem, IT Customer Experience Lead, was warmly received by Kelechi Eze-Okonta, managing director of Zinox Technologies, and her team.

During the visit, the Seplat delegation toured Zinox’s state-of-the-art facility, gaining firsthand insight into the company’s innovative solutions and cutting-edge technology offerings.

At the heart of this visit is Seplat’s objective to provide its workforce with high-performance laptops, desktops, and other technological devices designed specifically for performance, security, and efficiency.

This initiative aligns with Seplat’s ongoing efforts to maintain operational excellence in Nigeria’s competitive energy sector.

For over two decades, Zinox Technologies has been at the forefront of Nigeria’s digital transformation. As an indigenous IT powerhouse, Zinox has consistently delivered cutting-edge technology solutions tailored to the unique needs of businesses, government agencies, and multinational corporations. Needless to say, it emerged as a natural choice for this collaboration.

Zinox’s reputation as a technology titan is well-established. It has successfully partnered with global energy giants, including Chevron, Shell, and NLNG.

These collaborations have empowered major energy corporations with secure, high-performance computing solutions, reinforcing Nigeria’s ability to compete in the global digital economy.

“We are excited about the partnership with Seplat Energy,” said Kelechi Eze-Okonta, managing director of Zinox Technologies. “This collaboration represents the coming together of two industry leaders committed to driving technological advancement in Nigeria. At Zinox, we understand the unique technological needs of the energy sector, and we are positioned to deliver solutions that will enhance Seplat’s operational capabilities.”

With Seplat’s investment in Zinox’s high-end computing solutions, the future of Nigeria’s technology independence looks even brighter. This partnership is a testament to the fact that world-class technology can also be built here in Nigeria.

As more corporations follow in Seplat’s footsteps, Nigeria is well on its way to becoming a self-reliant technology powerhouse, driven by indigenous innovation, cutting-edge solutions, and a commitment to excellence on a global scale.

The investments cut across oil and gas, clean energy initiatives, and infrastructural projects, according to key highlights released by the Presidential Media Centre.

Breakdown of Investments

The lion’s share of the total investment—$5.5 billion—was channelled into the oil and gas sector, showing sustained confidence in Nigeria’s hydrocarbon resources despite global energy transitions. 

Again, $400 million was allocated to the Presidential Metering Initiative, a programme designed to enhance electricity metering nationwide, tackling incessant billing inefficiencies and boosting consumer confidence.

The Clean Mobility and Cooking Program received $700 million in funding, showing the extent of focus on clean energy solutions, particularly in areas of transportation and cooking, where many Nigerians still rely on non-renewable energy sources.

Asset Acquisitions Drive Growth

A closer look at asset acquisitions revealed a dynamic year for companies in Nigeria’s energy sector:

Shell Petroleum Development Company divested assets worth $1.3 billion to the Renaissance Consortium, opening opportunities for indigenous players.

Seplat Energy made a big move, acquiring ExxonMobil’s upstream assets for $1.3 billion, strengthening its place in the energy space.

Chappal Energies recorded two major deals, acquiring assets worth $1.2 billion from TotalEnergies and $860 million from Equinor.

These transactions align with trends of international oil companies (IOCs) restructuring their portfolios to meet energy transition goals, while indigenous companies strengthen their footprint in the local market.

Advancing Solar Energy with the G5 Sahel Project

In enhancing renewable energy, Nigeria is a top participant in the G5 Sahel Desert to Power Project, the largest solar energy initiative in Africa.

The project, with a master plan cost of $10 billion, aims to generate 10 GW of solar power across 11 Sahel countries.

It is funded by the African Development Bank (AfDB) and the Green Climate Fund, backing the country’s commitment to renewable energy adoption and sustainability.

This initiative aims to largely boost electricity access in the Sahel region, combating energy poverty while reducing reliance on fossil fuels.

Nigeria had a strong 2024 for investments, innovation, and infrastructure development with an inflow of $6.7 billion into its energy sector. Balancing its rich oil and gas resources with an expanding adoption of renewable energy is the goal for sustainable energy growth.

This growth in the energy sector is expected to bolster Nigeria’s economy, create jobs, and enhance energy accessibility for millions of citizens.

The All-Share Index rose by 572.57 per cent, representing a gain of 0.58 per cent, to close at 99,793.71 points. Similarly, the overall market capitalisation value gained N324 billion to close at N56.452 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Seplat Energy, TotalEnergies Marketing Nigeria, Julius Berger, Transcorp Hotel and Flour Mills of Nigeria.

In the week ahead, Futureview Financial Services said “we anticipate a mixed sentiment in the equities market, primarily due to the enduring allure of the fixed income market among investors.

“This interest is fueled by expectations of increased rates in the NTB auction and the impending release of the inflation rate. However, amidst these factors, there remains an opportunity for sustainable growth, particularly in fundamentally strong stocks that currently find themselves in the oversold region. We foresee a selective pursuit of bargains, particularly in dividend-paying stocks, driven by the nearing corporate qualification and payment.”

Market breadth also closed positive, as 30 stocks gained relative to 10 losers. Flour Mills recorded the highest price gain of 10 per cent to close at N41.80, per share.

TotalEnergies Marketing Nigeria followed with a gain of 9.98 per cent to close at N353.60, while Access Holdings up by 9.86 per cent to close at N18.95, per share.

Chams Holding Company appreciated by 9.74 per cent to close at N1.69, while Veritas Kapital Assurance gained 9.52 per cent to close at 69 kobo, per share.

On the other hand, eTranzact International led the losers’ chart by 9.90 per cent to close at N4.55, while DAAR Communications followed with a decline of 9.52 per cent to close at 57 kobo, per share.

Mr. Effiong Okon, the director of New Energy at Seplat Energy, said this whilst delivering a Keynote during the Gas Stakeholders Conversation panel session at the 2024 Nigeria International Energy Summit (NIES) held in Abuja.

“Increasing the supply of reliable, affordable, and sustainable energy is Nigeria’s greatest challenge; but gas is the logical transition fuel we need to realize this,” Okon said.

He linked gas development to power, Liquefied Natural Gas (LNG) export, Compressed Natural Gas (CNG) production, fertilizer production, Liquefied Petroleum Gas (LPG) production, and building materials production, among others.

He added:

“Today we have acute housing and infrastructure shortage, but no commercially viable substitute for the production of building materials e.g. cement, glass, steel; about 90,000 deaths per year due to biomass cooking; and rising population presents an urgent need to improve agricultural production. We can fund all of the above with gas. “We can also reduce reliance on petrol, increase and decarbonize domestic transport fuel if we leverage on gas. Of course, these would in turn strengthen our focus on sustainability.”

According to the IEA Global Energy Outlook 2022, natural gas production in Africa is expected to grow by 15 percent between 2020 and 2030, driven mainly by new projects in Egypt, Nigeria, and Mozambique.

Okon stressed that the Nigerian energy industry must focus on end-to-end solutions to unlock the full value of Nigeria’s gas, noting that exploration, production, gas processing, and delivery of gas to the last mile remain germane to maximizing the dividends of the resource.

For a sustainable gas development program in Nigeria, the Seplat New Energy Director emphasized the need for bankability and access to low-cost capital; use of technology, Internet of Things (IoT), and smart metering to reduce Aggregate Technical Commercial and Collection (ATC&C) losses; and technology-enabled revenue delivery opportunities to aid fund collection.

At the NIES 2024 Award Ceremony, Seplat Energy won the coveted award of the Gas Infrastructure Project of the Year. The award was received by Mr. Okon on behalf of the management and staff of the Company.