Oil driller Seplat Energy has announced the appointment of Tony Elumelu, a prominent business tycoon and chairman of United Bank for Africa (UBA), as its new chairman. Mr. Elumelu also serves as the chairman of the board of directors of Transnational Corporation Plc. He will assume office on January 1, 2027, succeeding Udoma Udo Udoma, who has informed the board of his intention to retire on December 31, according to a regulatory filing by Seplat Energy on Tuesday.
The company stated, "The board believes this succession plan will support the company's strategic vision as it executes the delivery of its 2030 plan and strives to accelerate the growth projects in its portfolio." Mr. Elumelu joined the board of the oil and gas company in January after acquiring a 20.1 percent stake previously held by Maurel & Prom S.A. through Heirs Energies, in a transaction valued at approximately $500 million.
Seplat Energy, which is dual-listed in Lagos and London, noted that Mr. Elumelu has a multi-decade track record of value creation in both quoted and non-listed companies. Heirs Holdings, founded by Mr. Elumelu in 2010, is a diversified investment company with interests in banking, insurance, energy, technology, real estate, healthcare, and hospitality.
"I am honored to succeed Senator Udoma as chairman in January 2027 and to lead the board through Seplat Energy's next phase of growth," Mr. Elumelu 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."
Meanwhile, the company has also appointed a new CEO, Effiong Okon, effective from August 1. He will replace Roger Brown, who has led the company through significant transformation, including milestones such as the acquisition of Mobil Producing Nigeria Unlimited in 2024, the takeover of Eland Oil and Gas in 2019, and the dual-listing of the corporation in 2014. Mr. Brown will retire from Seplat Energy on July 31.
Mr. Okon brings more than 35 years of global industry expertise. He joined the company in 2018 as operations director, serving in that role for four years. He later became the energy director and, most recently, the managing director of ANOH Gas Processing Company. Before joining Seplat Energy, he had a distinguished career at Royal Dutch Shell, covering Africa, the USA, Europe, and the Middle East. Mr. Okon previously held the position of general manager of Shell's Deepwater Production (Nigeria), managing its offshore assets. He is an alumnus of the University of Benin, IMD Business School in Lausanne, Switzerland, and Harvard Business School.
"I am delighted to be taking on this appointment at an important juncture. My immediate focus will be on ensuring the company executes the 2030 Roadmap, alongside development of the long-term plan to ensure we deliver on the immense potential inherent in our portfolio," he said.
