Seplat Energy has announced a major leadership transition that further highlights the expanding corporate influence of Nigerian billionaire investor Tony Elumelu across key sectors of the economy.
In a notice filed on the Nigerian Exchange Limited (NGX) on Tuesday and signed by the company secretary, Edith Onwuchekwa, the energy firm confirmed that Elumelu will assume the role of Chairman effective January 2027.
The company also announced the appointment of Engr. Effiong Okon as its new Chief Executive Officer, effective August 1, 2026, as part of a broader succession plan aimed at strengthening its long-term growth strategy.
The development marks another significant expansion of Elumelu’s presence in Nigeria’s corporate landscape, where he already holds influential positions across banking, energy, and investment sectors.
Elumelu is the Founder and Chairman of Heirs Holdings, a pan-African investment company with interests spanning energy, power, banking, insurance, real estate, technology, and hospitality. He also chairs Transcorp Group and the United Bank for Africa (UBA), two of Nigeria’s most prominent listed conglomerates and financial institutions.
His latest role at Seplat Energy follows Heirs Energies’ acquisition of a 20.07% stake in the company in a $500 million transaction, a deal that positioned Heirs Energies as the single largest shareholder in the indigenous oil and gas firm.
Seplat Energy stated that Elumelu’s experience in corporate governance and value creation will support its next phase of growth and transformation into a globally competitive energy company.
The company also confirmed that the outgoing chairman, Senator Udoma Udo Udoma, will be succeeded as part of the leadership restructuring.
Meanwhile, the incoming CEO, Engr. Effiong Okon, brings over 35 years of industry experience, having previously served in several leadership roles within Seplat since 2018. He most recently oversaw operations at the ANOH Gas Processing Company, where he played a key role in achieving first gas production in January 2026.
Seplat noted that the leadership changes reflect a strategic effort to position the company for long-term expansion in Nigeria’s evolving energy sector.