Tony Elumelu Named Seplat Energy Chairman as CEO Transition Begins
By Aboki Forex —
Seplat Energy has appointed Tony Elumelu as its new chairman. The business tycoon and current chair of United Bank of Africa will take office on 1 January 2027. He replaces Senator Udoma Udo Udoma, who plans to retire on 31 December.
The company disclosed the move in a regulatory filing on Tuesday. The board believes the succession plan supports Seplat Energy’s strategic vision as it executes its 2030 plan and accelerates growth projects.
Elumelu joined the board in January after Heirs Energies acquired a 20.1 percent stake from Maurel & Prom S.A for about $500 million. He founded Heirs Holdings in 2010, a diversified investment company with interests in banking, insurance, energy, technology, real estate, healthcare and hospitality.
Seplat Energy is dual-listed in Lagos and London. The company said Elumelu has a multi-decade track record of value creation in quoted and non-listed companies.
“I am honoured to succeed Senator Udoma as chairman in January 2027 and to lead the board through Seplat Energy’s next phase of growth,” Elumelu said. “I firmly believe in the critical role indigenous resources play in the economic transformation of Nigeria and Africa, and Seplat Energy’s culture of execution and governance aligns strongly with my own values.”
In a separate move, the company named Effiong Okon as its new CEO, effective 1 August. He replaces Roger Brown, who is retiring on 31 July. Brown led Seplat through major milestones including the acquisition of Mobil Producing Nigeria Unlimited in 2024, the takeover of Eland Oil and Gas in 2019 and the dual-listing in 2014.
Okon has more than 35 years of global industry experience. He joined Seplat in 2018 as operations director, spent four years in that role, then became energy director and later managing director of ANOH Gas Processing Company. Before Seplat, he had a distinguished career at Royal Dutch Shell covering Africa, the USA, Europe and the Middle East. He was general manager of Shell’s Deepwater Production in Nigeria, managing offshore assets.
Okon is an alumnus of the University of Benin, IMD Business School in Lausanne, Switzerland and Harvard Business School.
“I am delighted to be taking on this appointment at an important juncture. My immediate focus will be on ensuring the company executes the 2030 Roadmap, alongside development of the long-term plan to ensure we deliver on the immense potential inherent in our portfolio,” Okon said.