Seplat Energy Plc has announced the appointment of prominent Nigerian entrepreneur and philanthropist Tony Elumelu as a Non-Executive Director on its Board. This follows his investment firm, Heirs Holdings, and its subsidiary, Heirs Energies Ltd, becoming the company’s largest shareholder with a 20.07% equity stake. The development marks a significant milestone in Seplat’s corporate strategy and investor confidence.
The acquisition, valued at $496 million, involved the purchase of 120.4 million shares from Etablissements Maurel & Prom S.A. (M&P). According to the Nigerian Exchange Limited (NGX), the binding agreement for the transaction was signed on 30 December 2025, with an initial payment of $248 million and the balance due within 30 days, secured by an irrevocable letter of credit.
Elumelu is globally recognized for his leadership in Africa’s business ecosystem and his philanthropic initiatives. He is the founder of the Tony Elumelu Foundation, which empowers African entrepreneurs across all 54 countries, and chairs major companies including United Bank for Africa, Heirs Energies, and Transcorp Group. His appointment is expected to bring strategic insights and governance expertise to Seplat Energy.
Seplat Energy Chairman, Udoma Udoma, expressed gratitude to outgoing Non-Executive Director Olivier Langavant, who resigned on 22 January 2026 after serving since 2020. “His expertise and commitment have been instrumental in driving our strategic initiatives,” Udoma said, while warmly welcoming Elumelu to the Board to help advance sustainable growth and value creation.
The Board and management of Seplat Energy believe that Elumelu’s appointment will strengthen corporate governance, enhance strategic decision-making, and support the company’s growth in the Nigerian and African energy markets. Analysts say this move positions Seplat to attract more local and international investments while reinforcing confidence in the company’s long-term vision.
source: punch