Seplat Energy Plc has announced the appointment of billionaire investor Tony Elumelu as Chairman of its Board, while seasoned industry executive Effiong Okon has been named the company’s new Chief Executive Officer, in a landmark leadership reshuffle designed to drive the next phase of growth for Nigeria’s leading independent energy company.
Seplat Energy said in a statement that Elumelu’s elevation to the chairmanship follows his recent entry onto the board as a non‑executive director after Heirs Holdings and its energy subsidiary, Heirs Energies, acquired a 20.07 percent equity stake previously held by French oil firm Maurel & Prom. The company described the move as a “natural progression” that leverages Elumelu’s extensive experience in energy, banking and infrastructure across Africa.
Elumelu, who currently chairs United Bank for Africa (UBA), Transcorp Group and Heirs Energies, is widely regarded as one of Africa’s most influential business leaders and a strong advocate of Africapitalism, the philosophy that the private sector must drive economic and social transformation on the continent. His presence at the helm of Seplat is expected to deepen synergies with his existing energy and power interests, while strengthening the company’s access to capital and strategic partnerships.
In the same announcement, Seplat confirmed Effiong Okon as its new Chief Executive Officer, highlighting his track record within the group and across the global oil and gas industry. Okon, a fellow of the Nigerian Society of Engineers, currently serves as Managing Director of ANOH Gas Processing Company Limited (AGPC), an incorporated joint venture between Seplat Energy and NNPC Limited, and previously held the role of Executive Director/Operations Director at Seplat.
Before joining Seplat in 2018, Okon built a long international career with Shell, where he served in senior technical and leadership positions including Vice President, Cost Leadership and Continuous Improvement, in the Netherlands. Within Seplat and AGPC, he has been closely associated with the company’s gas and “new energy” strategy, championing investments in gas processing and lower‑carbon solutions to support Nigeria’s power sector and energy transition.
According to the board, the leadership transition reflects Seplat’s ambition to consolidate its position as a leading indigenous energy company while accelerating its shift towards gas and cleaner energy. The statement noted that Elumelu’s strategic vision and network, combined with Okon’s operational expertise and gas-focused background, will “position Seplat to unlock new value for shareholders and the Nigerian economy.”
Shareholders had earlier confirmed Elumelu’s appointment as a non‑executive director at the company’s annual general meeting, signalling broad investor support for his growing role in Seplat’s governance. Market analysts expect that his promotion to Chairman, alongside Okon’s appointment as CEO, will be closely watched by both the Nigerian Exchange and international investors, given the potential impact on Seplat’s growth plans, deal pipeline and capital structure.
Industry observers also say the appointments could mark a new chapter in the relationship between indigenous producers and Nigeria’s broader energy reform agenda. With Elumelu’s pan‑African investment footprint and Okon’s deep operational experience in gas, Seplat is likely to double down on projects that expand domestic gas supply, support industrialisation and contribute to the country’s long‑term energy transition goals.
