Seplat Energy names Elumelu as chairman and new CEO

Oil company Seplat Energy has named business leader Tony Elumelu as its new chairman. Elumelu is also the chairman of United Bank of Africa and the board of Transnational Corporation Plc.

He will start his role on 1 January 2027. He replaces Udoma Udo Udoma, who plans to retire on 31 December. Seplat Energy shared this information in a regulatory filing on Tuesday.

Tony Elumelu

The board believes this change will help the company achieve its 2030 plan and boost its growth projects, according to the document.

Elumelu joined Seplat Energy's board in January after buying a 20.1 percent stake from Maurel & Prom S.A through Heirs Energies for about $500 million.

Seplat Energy is listed in both Lagos and London. The company said Elumelu has decades of experience in creating value for both listed and unlisted firms.

Heirs Holdings, which Elumelu founded in 2010, invests in various sectors like banking, insurance, energy, technology, real estate, healthcare, and hospitality.

“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,” said Elumelu.

“I believe in the important role local resources have in changing Nigeria and Africa's economy. Seplat Energy’s focus on delivery and good governance matches my own values,” he added.

At the same time, Seplat Energy has announced that Effiong Okon will be the new CEO starting 1 August.

Okon will take over from Roger Brown, who has led the company through major changes. These include buying Mobil Producing Nigeria Unlimited in 2024 and Eland Oil and Gas in 2019, as well as the company's dual-listing in 2014.

Brown will retire from Seplat Energy on 31 July.

Okon has over 35 years of experience in the industry. He joined Seplat Energy in 2018 as the operations director and later became the energy director. Most recently, he was the managing director of ANOH Gas Processing Company.

Before joining Seplat, Okon worked at Royal Dutch Shell in Africa, the USA, Europe, and the Middle East. He was also the general manager of Shell’s Deepwater Production in Nigeria, managing offshore assets.

Okon studied at the University of Benin, IMD Business School in Switzerland, and Harvard Business School.

“I am delighted to take this role at such an important time. My immediate focus will be on ensuring the company follows the 2030 Roadmap and develops long-term plans to realize the potential in our portfolio,” he said.