Seplat Energy Plc has appointed Tony O. Elumelu as Non-Executive Director, effective January 22, 2026, following the resignation of Mr Olivier Cleret De Langavant.
This board change coincides with the completion of Etablissements Maurel et Prom SA’s (M&P) divestment of its entire 20.07% stake in Seplat, sold for approximately $496–500 million to entities controlled by Mr Elumelu.
Heirs Energies Limited acquired 86.6 million shares, while Heirs Holdings Limited purchased 33.8 million shares, resulting in these affiliated entities jointly holding over 20% of Seplat’s issued share capital.
The transaction, executed at 305 pence per share, marks a significant shift toward greater indigenous ownership in Nigeria’s upstream energy sector.
Strategic Realignment Through Ownership Consolidation
The divestment by M&P, a long-term founding investor, and the subsequent board appointment of Mr Elumelu reflect a deliberate transition in Seplat’s shareholder base.
As Chairman of Heirs Holdings, Heirs Energies, United Bank for Africa (UBA) Group, and Transcorp Group, Mr Elumelu brings extensive experience in finance, energy, and pan-African investments.
His leadership also extends to the Tony Elumelu Foundation, which has supported entrepreneurship across all 54 African countries.
This alignment positions Heirs as Seplat’s largest shareholder bloc, enhancing strategic oversight and long-term planning. The move supports Seplat’s emphasis on sustainable growth, operational efficiency, and value creation in Nigeria’s evolving energy landscape.
Udoma Udo Udoma, Chairman of Seplat Energy, stated, “We look forward to leveraging his wealth of experience and leadership as we continue to pursue sustainable growth and value creation for all stakeholders.”
Enhanced Governance and Indigenous Participation
Mr Elumelu’s non-executive role enables active contribution to board deliberations without day-to-day management responsibilities, focusing on strategic direction, risk oversight, and stakeholder alignment.
His appointment strengthens governance through deeper integration of indigenous perspectives, consistent with Nigeria’s policy objectives to increase local participation in the oil and gas sector.
Heirs Energies’ involvement in upstream operations, including assets such as OML 17, complements Seplat’s portfolio and reinforces a shared commitment to domestic energy security and sustainable development.
Positive Market Response and Performance Context
Seplat’s shares demonstrated resilience in 2025, closing the year with a 1.94% gain that outperformed the sector index.
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In early 2026, trading on the Nigerian Exchange, the stock reached a 52-week high of N6,171, reflecting positive sentiment toward the ownership transition and broader sector dynamics.
This performance aligns with Seplat’s focus on efficient production, asset optimization, and contributions to Nigeria’s energy transition goals.
Future Outlook
Tony Elumelu’s appointment as Non-Executive Director reshapes Seplat Energy’s ownership influence by consolidating significant strategic control under Heirs-affiliated entities.
The transaction and board change promote greater indigenous stewardship, enhanced governance, and alignment with sustainable growth objectives in Nigeria’s energy industry.
As of January 23, 2026, this development positions Seplat for continued value creation amid evolving market conditions. For the most current details, refer to official announcements from Seplat Energy and relevant regulatory filings.
Seplat Energy Plc Overview
Seplat Energy Plc is a leading Nigerian independent oil and gas company listed on both the Nigerian Exchange (NGX: SEPLAT) and the London Stock Exchange (LON: SEPL), where its Seplat Energy Plc share price reflects market trading in oil and gas equities.
The Seplat Energy Plc Annual report provides detailed financial, operational and governance disclosures and is available on the company’s investor relations site.
Originally incorporated as Seplat Petroleum Development Company, this business continues to operate its core upstream and gas assets and has expanded through acquisitions, including Mobil Producing Nigeria Unlimited via Seplat Energy Offshore Limited.
The company was co-founded by industry figures including Ambrosie Bryant Orjiako and Austin Avuru, with corporate leadership now under Seplat Energy CEO Roger Thompson Brown, who succeeded the founding management team and directs strategy and operations.
Major shareholders include institutional and strategic investors alongside the original founders’ stakes.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
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