Seplat Energy Plc Set to Formally Elect Tony Elumelu to Board at 13th AGM Following Landmark Stake Acquisition
Nigerian billionaire Tony O. Elumelu, CFR, is expected to be formally elected as a Non-Executive Director of Seplat Energy Plc today during the company’s 13th Annual General Meeting (AGM), held virtually under the theme “Delivering at Scale: Powering Nigeria’s Future.”
The anticipated confirmation follows Elumelu’s Heirs Energies Limited (together with Heirs Holdings Limited) acquiring a 20.07% equity stake in Seplat Energy in a landmark transaction valued at approximately $496–500 million late last year. The deal, completed in December 2025, saw Heirs purchase 120.4 million ordinary shares from France’s Etablissements Maurel & Prom S.A. (M&P) at 305 pence per share, establishing Heirs as the single largest shareholder in one of Nigeria’s leading independent energy companies.
Seplat Energy formally appointed Elumelu to the board effective January 22, 2026, with the resignation of M&P’s representative, Mr. Olivier Cleret de Langavant. Today’s AGM provides shareholders the opportunity to ratify this appointment alongside other governance and dividend resolutions.
The acquisition marks a significant milestone in the ongoing indigenisation of Nigeria’s oil and gas sector. Heirs Energies, chaired by Elumelu, paid a premium for the stake and financed the deal with support including facilities from institutions like Afreximbank. It positions Heirs ahead of other major shareholders such as Petrolin Group (approx. 13.77%), Sustainable Capital, and others.
Seplat Energy, listed on both the Nigerian Exchange (NGX) and London Stock Exchange, is a major upstream and midstream player with assets primarily in the Niger Delta. Its portfolio includes interests in multiple oil mining leases (notably OMLs 4, 38, 41, and others acquired through the transformational Mobil Producing Nigeria Unlimited deal in 2024), producing crude oil, natural gas, and NGLs. The company has a strong track record in maximising value from onshore and shallow-water assets while supplying processed gas to the domestic market.
The deal has already delivered substantial value. Seplat shares rallied sharply post-announcement—rising over 50% in the following months and briefly breaking the ₦10,000 barrier on the NGX—adding significant market value and boosting investor confidence in indigenous-led energy plays. Heirs’ stake has appreciated markedly, reflecting renewed optimism in Nigeria’s energy sector.
Tony Elumelu is the Founder and Chairman of Heirs Holdings, a diversified pan-African investment company with interests spanning energy, banking (United Bank for Africa), power (Transcorp Group), hospitality, healthcare, and more. Through Heirs Energies, he has aggressively expanded in upstream oil and gas, emphasising indigenous ownership, responsible resource management, and Africa’s energy transition.
Elumelu has described the Seplat investment as a vote of confidence in Africa’s capacity to own, develop, and manage its strategic resources sustainably. His entry into Seplat’s board is expected to bring deep entrepreneurial expertise, strategic vision, and strengthened stakeholder alignment to support long-term growth, value creation, and Nigeria’s energy security.
Seplat Chairman Udoma Udo Udoma previously welcomed the appointment, noting Elumelu’s extensive leadership experience. The move aligns with broader trends of consolidation and greater local control in Nigeria’s hydrocarbon industry as international players adjust portfolios.
As shareholders convene today, the formal election of Tony Elumelu underscores a new chapter for Seplat Energy—one defined by stronger indigenous leadership and ambitious scaling in Nigeria’s energy landscape.
