A major leadership change is on the horizon at Seplat Energy after the company announced that billionaire businessman Tony Elumelu will become its next chairman.
The move comes as Seplat Energy also unveiled a new chief executive officer, signaling a new chapter for one of Nigeria’s biggest indigenous oil and gas companies. Moreover, the dual leadership transition is expected to shape the company’s long-term growth plans and strengthen its position in the energy sector.
According to a regulatory filing released on Tuesday, Elumelu will officially assume the role of chairman on January 1, 2027. He will succeed Udoma Udo Udoma, who is set to retire on December 31, 2026.
The announcement has drawn attention across Nigeria’s business community. Furthermore, it comes only months after Elumelu joined the company’s board following the acquisition of a 20.1 percent stake through Heirs Energies in a deal valued at about $500 million.
Explaining the decision, 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.”
Elumelu, who chairs United Bank for Africa and Transnational Corporation Plc, is widely known for building businesses across banking, energy, technology, healthcare, hospitality, insurance, and real estate.
Reacting to his appointment, Elumelu said: “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.”
He added: “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 also announced the appointment of Effiong Okon as its new chief executive officer. His appointment will take effect on August 1, 2026.
Okon will replace Roger Brown, who is retiring after leading several landmark achievements at the company. During his tenure, major milestones were recorded, including the acquisition of Mobil Producing Nigeria Unlimited in 2024 and the takeover of Eland Oil and Gas in 2019.
Furthermore, Brown oversaw the company’s growth as a dual-listed energy firm operating in both Lagos and London.
Okon brings more than 35 years of experience in the global energy industry. Before joining Seplat Energy in 2018, he held several senior positions at Royal Dutch Shell across Africa, Europe, the United States, and the Middle East.
He later served as operations director, energy director, and managing director of ANOH Gas Processing Company.
Speaking on his new role, Okon said: “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.”
