Seplat Energy appoints Elumelu as chairman, names new CEO

Nigerian business magnate Tony Elumelu will take the helm of oil driller Seplat Energy as its new chairman, the company announced Tuesday. Elumelu, already a familiar face in African business as the chair of United Bank of Africa and Transnational Corporation Plc, is set to assume his new role on January 1, 2027. He replaces Udoma Udo Udoma, who plans to retire at the end of 2026.

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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.

Elumelu's appointment follows his acquisition of a significant stake in Seplat Energy earlier this year. The board expressed confidence that his leadership will bolster the company's strategic direction and accelerate growth projects aligned with its 2030 plan. Elumelu, a seasoned figure with a proven track record in creating value across various companies, stated his honor in succeeding Udoma and his belief in the vital role of indigenous resources for Africa's economic development.

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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.

In parallel, Seplat Energy has appointed Effiong Okon as its new chief executive officer, effective August 1. Okon, who brings over 35 years of industry experience, including a substantial tenure at Royal Dutch Shell, will succeed Roger Brown. Brown is credited with leading the company through significant transformations, including key acquisitions and its dual-listing. Okon's immediate focus will be on executing the company's 2030 roadmap and developing long-term growth strategies.

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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