Effective January 1, 2027, billionaire investor Tony Elumelu, who chairs United Bank for Africa (UBA), will assume the role of chairman at Seplat Energy. The announcement, made on Tuesday, is part of a carefully orchestrated succession plan designed to ensure governance continuity and sustained execution of the company’s ambitious Roadmap 2030 strategy.
Effiong Okon, a seasoned energy executive with over three decades of experience, is set to take over as chief executive officer from August 1, 2026. He will succeed Roger Brown, who will retire on July 31, 2026, after 13 years with the firm, including six as CEO. Brown’s tenure was marked by significant expansion, major acquisitions, and the consolidation of Seplat’s status as a leading independent energy company in Africa.
Elumelu’s appointment is expected to accelerate Seplat’s efforts to grow its upstream and gas operations while advancing Nigeria’s energy transition agenda. In his remarks, Elumelu expressed his honor in following Udoma and leading the company into its next growth phase, emphasizing the alignment of Seplat’s governance and execution culture with his own values. He also pledged to deliver increased value to shareholders and stakeholders.
This development follows Elumelu’s recent acquisition of a 20.07% stake in Seplat for $496 million, signaling his deep commitment to the company’s future.