Seplat Energy Plc has announced sweeping leadership changes designed to chart a new course for Nigeria's biggest homegrown oil firm. Billionaire Tony Elumelu will chair the board while seasoned petroleum executive Effiong Okon takes the CEO position.
The reshuffle marks a critical moment for the energy company. It comes as Seplat pursues ambitious expansion under its Roadmap 2030 strategy, which targets increased output and deeper involvement in natural gas.
Okon assumes the chief executive role on August 1, 2026. He'll replace Roger Brown, who retires after 13 years with the company.
Elumelu takes over as chairman on January 1, 2027. His appointment reflects his growing sway at Seplat following a substantial investment.
Brown's tenure saw remarkable transformation. He joined Seplat in 2013 as chief financial officer and moved into the top job in 2020.
During his leadership, the company achieved dual listing in 2014. Major acquisitions followed, including Eland Oil & Gas in 2019 and Mobil Producing Nigeria Unlimited in 2024.
Brown's exit closes a significant chapter. Under his watch, Seplat emerged as one of Africa's foremost independent energy operators.
Okon brings over 35 years of industry experience to the role. He's been at Seplat since 2018.
His track record includes positions as operations director and new energy director. Most recently, he ran ANOH Gas Processing Company.
At AGPC, Okon oversaw a critical milestone. The facility achieved first gas production in January this year.
Before joining Seplat, Okon held senior posts at Royal Dutch Shell. He worked across Africa, Europe, the Middle East and North America.
His appointment positions him to steer Seplat's gas expansion plans. The company sees him as capable of driving growth across multiple energy sectors.
Senator Udoma Udo Udoma steps down as chairman on December 31, 2026. He joined the board in December 2023 and became independent chairman in April 2024.
Udoma led oversight of the MPNU integration effort. He also guided rollout of the Roadmap 2030 strategy.
Elumelu's ascent reflects Heirs Energies' deepening stake in Seplat. His firm acquired a 20.07 percent holding through a $500 million deal.
That investment made Heirs Energies Seplat's largest shareholder. It knocked out long-time backer Maurel & Prom from the top position.
Elumelu chairs Heirs Holdings, a sprawling investment vehicle. His portfolio spans energy, power, banking, insurance, healthcare, technology, hospitality and real estate.
He also leads United Bank for Africa and Transnational Corporation of Nigeria. Elumelu has gained recognition as a champion of African business development.
Seplat's share price stayed flat on June 9. Stock traded at N11,363 per share, according to Bloomberg data.
The leadership shift signals confidence in Seplat's trajectory. It underscores the company's readiness for its next chapter of growth.
