Nigeria’s leading indigenous energy company, Seplat Energy, has announced a major leadership transition, appointing renowned businessman and investor, Tony Elumelu, as its next Chairman while naming industry veteran, Engr. Effiong Okon, as its new Chief Executive Officer.
The appointments, disclosed in a notice filed with the Nigerian Exchange Limited (NGX), signal a significant shift in the company’s leadership structure as Seplat prepares for its next phase of growth and transformation in Nigeria’s evolving energy landscape.
Under the new arrangement, Elumelu will succeed the current Chairman, Senator Udoma Udo Udoma, in January 2027, while Okon will assume office as Chief Executive Officer on August 1, 2026.
The announcement marks one of the most significant boardroom developments in Nigeria’s energy sector this year, bringing together one of Africa’s most influential investors and a seasoned oil and gas executive with decades of industry experience.
Elumelu, Founder and Chairman of Heirs Holdings, is widely regarded as one of Africa’s foremost advocates of private-sector-led development. Through his investments spanning energy, banking, hospitality, healthcare, technology, insurance and real estate, he has built a reputation as one of the continent’s leading institution builders.
He is also the founder of Africapitalism, an economic philosophy that promotes long-term private sector investments as a catalyst for Africa’s economic transformation and sustainable development.
Beyond Heirs Holdings, Elumelu currently chairs the Transcorp Group, Nigeria’s largest quoted conglomerate, whose subsidiaries include Transcorp Power, a major electricity generation company in West Africa, and Transcorp Hotels Plc. He also serves as Chairman of the United Bank for Africa (UBA) Group, one of Africa’s leading financial services institutions with operations across the continent and beyond.
Industry observers view his appointment as a strategic move that could further strengthen Seplat’s corporate governance framework, deepen investor confidence and support the company’s ambitions of becoming a globally competitive energy enterprise.
Alongside Elumelu’s appointment, Seplat also unveiled Engr. Effiong Okon as its incoming Chief Executive Officer.
Okon brings more than 35 years of industry experience and is widely respected for his expertise in operations management, project execution and energy development.
His familiarity with the company is expected to ensure a seamless transition. Since joining Seplat in 2018, he has served in several strategic leadership positions, including Operations Director, New Energy Director and, most recently, Managing Director of the ANOH Gas Processing Company (AGPC).
One of the highlights of his tenure at AGPC was the successful execution of the ANOH Gas Project, which achieved first gas production in January 2026, a milestone widely regarded as a major boost for Nigeria’s gas development aspirations.
Seplat said the appointments reflect its commitment to continuity, strong governance and long-term value creation for shareholders and stakeholders.
The company noted that as it enters a new era of expansion, Elumelu’s extensive experience in corporate leadership, institution-building and strategic investment would provide valuable guidance, while Okon’s operational expertise would help drive execution across its growing portfolio.
The leadership changes come at a crucial period for Nigeria’s energy industry, which is undergoing significant reforms aimed at increasing production, attracting investment and expanding gas infrastructure.
For Seplat Energy, the transition represents more than a change of personnel; it signals the company’s determination to consolidate its position as one of Africa’s most resilient and competitive energy companies while pursuing sustainable growth in an increasingly dynamic global energy market.
