The company disclosed in a regulatory filing on Tuesday that Elumelu will assume the position of chairman on January 1, 2027, succeeding Senator Udoma Udo Udoma, who will retire from the board on December 31, 2026.

According to Seplat Energy, the succession plan is designed to support the company’s strategic vision and accelerate the delivery of its 2030 growth agenda.

Elumelu joined the Seplat board in January 2026 following Heirs Energies’ acquisition of a 20.1 per cent stake previously held by Maurel & Prom S.A. in a transaction valued at about $500 million.

The chairman of United Bank for Africa and Transnational Corporation Plc, Elumelu is widely recognised for his investments across banking, energy, technology, hospitality, healthcare and real estate through Heirs Holdings, the investment company he founded in 2010.

Commenting on his appointment, Elumelu said he was honoured to succeed Udoma and lead the board through the company’s next phase of growth.

“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 said.

The company also announced the appointment of Effiong Okon as chief executive officer, effective August 1, 2026, following the retirement of Roger Brown on July 31.

Brown is credited with overseeing key milestones in Seplat’s growth, including the acquisition of Mobil Producing Nigeria Unlimited in 2024, the takeover of Eland Oil & Gas in 2019 and the company’s dual listing in Lagos and London in 2014.

Okon brings more than 35 years of experience in the global energy industry. Since joining Seplat in 2018 as operations director, he has served in several leadership positions, including energy director and most recently managing director of ANOH Gas Processing Company.

Prior to joining Seplat, he spent several years with Royal Dutch Shell, where he held senior operational roles across Africa, Europe, the United States and the Middle East. He also served as general manager of Shell’s Deepwater Production Nigeria operations.

Okon is an alumnus of the University of Benin, IMD Business School in Switzerland and Harvard Business School.

Speaking on his appointment, he said his immediate priority would be to execute the company’s 2030 Roadmap while developing long-term plans to maximise the value of its asset portfolio.

“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.