.
.
Nigeria’s leading indigenous energy company, Seplat Energy, has announced a significant leadership transition that will see renowned entrepreneur and investor Tony Elumelu assume the position of Chairman, while seasoned energy executive Engr. Effiong Okon takes over as Chief Executive Officer.
The appointments were disclosed in a notice filed with the Nigerian Exchange Limited (NGX), marking a new phase in the company’s corporate evolution and long-term growth strategy.
According to the company, Elumelu will officially assume the role of Chairman in January 2027, succeeding Senator Udoma Udo Udoma, who currently chairs the board. Meanwhile, Okon is set to become Chief Executive Officer effective August 1, 2026, replacing Roger Brown, who has led the company since August 2020.
The appointment of Elumelu follows the landmark acquisition of a 20.07 percent stake in Seplat Energy by Heirs Energies, a subsidiary of Heirs Holdings. The $500 million transaction made Heirs Energies the single largest shareholder in the dual-listed energy company and further strengthened Elumelu’s influence within Nigeria’s energy sector.
Seplat Energy described Elumelu’s emergence as Chairman as a strategic move that reflects its ambition to build a more resilient and globally competitive energy enterprise. Widely regarded as one of Africa’s foremost business leaders, Elumelu is the Founder and Chairman of Heirs Holdings and Chairman of the United Bank for Africa (UBA) Group. He is also known for promoting Africapitalism, a philosophy that advocates long-term private sector investment as a driver of Africa’s economic development.
Industry observers see the development as another milestone in Elumelu’s expanding footprint across key sectors of the African economy, including energy, banking, power, hospitality, healthcare, technology, and real estate.
The incoming CEO, Engr. Effiong Okon, brings more than 35 years of experience in the oil and gas industry. Since joining Seplat in 2018, he has occupied several strategic positions, including Operations Director, New Energy Director, and most recently Managing Director of the ANOH Gas Processing Company (AGPC).
Okon is credited with playing a pivotal role in the successful delivery of the ANOH gas project, one of Nigeria’s most significant gas infrastructure projects, which achieved first gas production in January 2026. Seplat Energy said his extensive operational experience and deep understanding of the company’s business position him well to lead its next phase of growth and energy expansion.
The leadership changes come at a time when Seplat Energy is strengthening its position as a major player in Africa’s evolving energy landscape, with increasing focus on gas development, energy security, and sustainable growth opportunities.
Analysts believe the combination of Elumelu’s strategic leadership and Okon’s technical expertise could further enhance Seplat’s ambitions to consolidate its position as one of Africa’s most influential indigenous energy companies.
The transition is expected to signal a new chapter for Seplat Energy as it continues to pursue expansion opportunities and create long-term value for shareholders and stakeholders across the energy value chain.
(c) TECHREPORTERSNG
