Tony Elumelu Named Chairman of Seplat Energy
Seplat Energy, a prominent oil drilling company, has announced the appointment of Tony Elumelu as its new chairman. Elumelu, who also serves as the chairman of the United Bank for Africa and heads Transnational Corporation Plc, will officially take the reins on January 1, 2027. This leadership transition follows Udoma Udoma’s decision to step down on December 31, as disclosed in a regulatory filing by Seplat Energy.
Strategic Succession Plan Reinforces Growth Vision
The board expressed confidence that this succession plan aligns with the company’s strategic vision, particularly as it strives to achieve its 2030 objectives and accelerate growth in its portfolio. Elumelu’s extensive experience in business is seen as a pivotal asset in navigating this transition.
Significant Stake Acquisition Bolsters Board Membership
Earlier in January, Elumelu joined Seplat Energy’s board after acquiring a 20.1% stake from Morrell & Prom SA through Herries Energies, marking a notable investment valued at $500 million. This acquisition underscores his commitment to the company and its future direction.
Seplat’s History of Value Creation
Seplat Energy, listed on both the Lagos and London stock exchanges, boasts decades of experience in providing value to public and private entities alike. The company’s robust track record suggests it is well-positioned for continued growth under Elumelu’s leadership.
Effiong Okon Steps in as New CEO
In a parallel development, Seplat has appointed Effiong Okon as its new CEO, effective August 1. Okon will succeed Roger Brown, who played a crucial role in the company’s evolution, including key milestones such as the acquisition of Mobil Producing Nigeria Unlimited in 2024 and the strategic dual listing in 2014. Brown is set to retire on July 31.
Leadership Experience of Incoming CEO
Effiong Okon brings over 35 years of global industry experience to his new role. Having joined Seplat in 2018 as Director of Operations, he subsequently served as Head of the Energy Department and most recently as Managing Director of ANOH Gas Processing Company. Prior to his tenure at Seplat, Okon had a distinguished career with Royal Dutch Shell, managing various offshore assets in Nigeria and other regions worldwide.
Ambitious Roadmap Ahead
Okon expressed enthusiasm for his new position at a pivotal moment for the company. His immediate focus will be to execute Seplat’s 2030 roadmap while developing a long-term strategy to unlock the significant potential of its existing portfolio. His commitment to fostering growth aligns well with the company’s evolving mission in the energy sector.
