Oil driller Seplat Energy has announced the appointment of business tycoon and chair of United Bank of Africa, Tony Elumelu, as its new chairman. Mr Elumelu is also the current chair of the board of directors of Transnational Corporation Plc.
He will take office on 1 January 2027, replacing Udoma Udo Udoma, who has informed the board of the company of his intention to retire on 31 December, Seplat Energy disclosed in a regulatory filing on Tuesday.
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“The board believes this succession plan will support the company’s strategic vision as it executes the delivery of its 2030 plan and strives to accelerate the growth projects in its portfolio,” the document stated.
Mr Elumelu joined the board of the oil & gas company this January after acquiring the 20.1 per cent stake previously held by Maurel & Prom S.A through Heirs Energies in a transaction valued in the neighbourhood of $500 million.
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Seplat Energy, which is dual-listed in Lagos and London, said he has a multi-decade track record of value creation in quoted companies and non-listed companies.
Heirs Holdings, which Mr Elumelu founded in 2010, is a diversified investment company with interests in sectors such as banking, insurance, energy, technology, real estate, healthcare and hospitality.
“I am honoured to succeed Senator Udoma as chairman in January 2027 and to lead the board through Seplat Energy’s next phase of growth,” Mr Elumelu said.
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“I firmly believe in the critical role indigenous resources play in the economic transformation of Nigeria and Africa, and Seplat Energy’s culture of execution and governance aligns strongly with my own values,” he added.
Meanwhile, the company has also named a new CEO in the person of Effiong Okon, effective from 1 August.
He will replace Roger Brown, who over the years has led the company through significant transformation, including milestones such as the acquisition of Mobil Producing Nigeria Unlimited in 2024, the takeover of Eland Oil and Gas in 2019 and the dual-listing of the corporation in 2014.
Mr Brown will exit Seplat Energy by way of retirement on 31 July.
Mr Okon has more than 35 years of global industry expertise. He joined the company in 2018 as operations director, spending four years in the role. He later became the energy director and, most recently, the managing director of ANOH Gas Processing Company.
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Before joining Seplat Energy, he had a distinguished career at Royal Dutch Shell covering Africa, the USA, Europe and the Middle East.
Mr Okon formerly held the position of the general manager of Shell’s Deepwater Production (Nigeria), managing its offshore assets (deepwater and shallow water).
He is an alumnus of the University of Benin, IMD Business School, Lausanne, Switzerland and Harvard Business School.
“I am delighted to be taking on this appointment at an important juncture. My immediate focus will be on ensuring the company executes the 2030 Roadmap, alongside development of the long-term plan to ensure we deliver on the immense potential inherent in our portfolio,” he said.
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