Elumelu formally joins Seplat board after $500m share deal

Shareholders of Seplat Energy Plc have formally confirmed the appointment of Tony Elumelu as a non-executive director at the company’s 13th Annual General Meeting (AGM), strengthening the billionaire investor’s influence in one of Nigeria’s largest indigenous energy firms.

The appointment was ratified on Wednesday during Seplat Energy’s virtual AGM following the recent acquisition of a 20.07 percent stake in the company by Heirs Holdings and Heirs Energies in a deal valued at nearly $500 million.

The transaction made Heirs Energies the single largest shareholder in Seplat Energy after acquiring the stake from French energy firm Etablissements Maurel & Prom SA (M&P).

Elumelu’s appointment to the board had initially been announced by the company in January following the completion of the share acquisition.

In a statement at the time, Seplat said: “The Board is pleased to announce the appointment of Mr. Tony O. Elumelu, CFR as a Non-Executive Director on the Board effective 22 January 2026.”

Speaking on the board changes, Seplat Chairman Udoma Udo Udoma said the company looked forward to leveraging Elumelu’s experience as the firm pursues long-term growth.

“We warmly welcome Mr. Elumelu to the Board and look forward to leveraging his wealth of experience and leadership as we continue to pursue sustainable growth and value creation for all stakeholders,” Udoma said.

The AGM also considered the company’s audited 2025 financial statements, dividend approval, re-election of directors and the reappointment of PricewaterhouseCoopers as external auditors.

Elumelu, chairman of Heirs Holdings, has built one of Africa’s most diversified business empires spanning banking, power, hospitality and energy. He chairs United Bank for Africa, Heirs Energies and Transcorp Group.

The Seplat board appointment marks a deeper expansion of Elumelu’s footprint in Nigeria’s oil and gas sector through Heirs Energies, which has aggressively expanded upstream operations in recent years.

Seplat Energy, dual-listed on the Nigerian Exchange and the London Stock Exchange, remains one of Nigeria’s leading independent energy companies with operations spanning oil and gas production, processing and domestic gas supply.

The company has increasingly positioned itself as a major player in Nigeria’s transition toward gas-driven industrial growth.