…appoints Effiong Okon as new CEO
Seplat Energy has announced a leadership transition, appointing billionaire investor Tony Elumelu as its next Chairman and naming Engr. Effiong Okon as Chief Executive Officer.
According to a regulatory filing on the Nigerian Exchange Limited (NGX) signed by Company Secretary Edith Onwuchekwa, Okon will assume the CEO role on August 1, 2026, while Elumelu will officially take over as Chairman in January 2027. The strategic appointments are designed to guide the dual-listed energy firm through its upcoming corporate growth phase.
Elumelu’s transition to the board follows a landmark $500 million transaction in December 2025, in which his investment firm, Heirs Energies, acquired a 20.07% stake in Seplat. The acquisition established Heirs Energies as the company’s single largest shareholder, displacing Maurel & Prom, which had held a major stake since Seplat’s inception in 2009.
The transaction involved an initial payment of $248 million, with the remaining balance secured by an irrevocable letter of credit. It also included a performance-based contingent consideration of up to $10 million linked to Seplat’s stock performance over a six-month period. The deal was jointly financed by the Africa Finance Corporation (AFC) and Afreximbank, following a separate $750 million facility Heirs Energies secured to fund its broader expansion plans.
Elumelu will succeed the current Chairman, Senator Udoma Udo Udoma. Seplat expressed confidence that Elumelu’s extensive experience in corporate governance and institutional growth will bolster its vision of building a globally competitive energy enterprise.
Beyond this new role, Elumelu is the Founder and Chairman of Heirs Holdings, which manages a diverse portfolio across banking, healthcare, power, and real estate. He also chairs the United Bank for Africa (UBA) Group and Transcorp Group, and is the pioneer of Africapitalism, an economic philosophy championing private-sector-led development across the continent.
Engr. Effiong Okon will succeed outgoing CEO Roger Brown, who has led the company since August 2020. Okon brings over 35 years of industry experience to the role. Since joining Seplat in 2018, he has served as Operations Director, New Energy Director, and most recently, Managing Director of the ANOH Gas Processing Company (AGPC). Notably, Okon spearheaded the delivery of the ANOH gas project, which successfully achieved first gas in January 2026.