Nigeria’s leading indigenous energy company, Seplat Energy, has announced a major leadership transition that will see renowned entrepreneur and investor, Tony Elumelu, assume the position of Chairman of the Board from January 1, 2027.
The appointment follows the planned retirement of the current Chairman, Senator Udoma Udo Udoma, who will step down on December 31, 2026, after years of distinguished service to the company.
The announcement was contained in a regulatory filing released by Seplat Energy on Tuesday, where the company described the transition as a strategic step towards achieving its long-term growth objectives and delivering on its ambitious 2030 development roadmap.
Elumelu, Chairman of United Bank for Africa (UBA), Founder and Chairman of Heirs Holdings, and Chairman of Transnational Corporation Plc (Transcorp), joined Seplat Energy’s Board in January 2026 following Heirs Energies’ acquisition of a 20.1 per cent stake in the company previously held by Maurel & Prom S.A. The transaction was valued at approximately $500 million.
According to Seplat Energy, Elumelu brings decades of experience in corporate leadership, value creation, and strategic business transformation across multiple sectors, including energy, banking, insurance, technology, healthcare, real estate, and hospitality.
Speaking on his appointment, Elumelu expressed appreciation for the confidence reposed in him and pledged to provide visionary leadership as the company enters a new phase of growth.
“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,” he 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 parallel development, Seplat Energy also announced the appointment of Effiong Okon as its new Chief Executive Officer, effective August 1, 2026.
Okon will succeed Roger Brown, who is retiring after steering the company through some of the most significant milestones in its history, including the acquisition of Mobil Producing Nigeria Unlimited in 2024, the acquisition of Eland Oil & Gas in 2019, and the company’s dual listing on the Nigerian and London stock exchanges in 2014.
A seasoned energy executive with more than 35 years of industry experience, Okon joined Seplat Energy in 2018 as Operations Director. He subsequently served as Energy Director and most recently as Managing Director of ANOH Gas Processing Company.
Prior to joining Seplat, he enjoyed an extensive career with Royal Dutch Shell, where he held several senior leadership positions across Africa, Europe, the Middle East, and the United States. Among other responsibilities, he served as General Manager of Shell’s Deepwater Production Nigeria operations.
An alumnus of the University of Benin, IMD Business School in Lausanne, Switzerland, and Harvard Business School, Okon said he is prepared to lead Seplat Energy through its next growth phase.
“I am delighted to be taking on this appointment at an important juncture. My immediate focus will be on ensuring the successful execution of the company’s 2030 Roadmap while developing long-term strategies that will unlock the immense potential within our portfolio,” he stated.
The leadership changes come at a pivotal moment for Seplat Energy as it continues to strengthen its position as a leading player in Africa’s energy sector while pursuing ambitious growth and expansion targets.
