Tony Elumelu, a billionaire banker and investor, is preparing for what may become one of the most significant boardroom moves in Nigeria’s energy sector this year as shareholders of Seplat Energy vote on his appointment to the company’s board following a nearly $500 million acquisition deal.
Seplat launched in 2009 and has grown into one of Nigeria’s leading independent energy producers, with listings on both the Nigerian Exchange and the London Stock Exchange.
Shareholders will vote on Wednesday, May 20, 2026, during Seplat’s 13th Annual General Meeting to decide whether Elumelu should formally join the dual-listed oil and gas company as a Non-Executive Director. 
The expected appointment comes months after Heirs Energies, a subsidiary of Heirs Holdings, acquired a 20.07 percent stake in Seplat from French energy company Maurel & Prom for about $496 million.
The deal immediately positioned Heirs Energies as Seplat’s largest shareholder and marked one of the biggest ownership shifts in Nigeria’s indigenous oil industry in recent years.
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The parties executed the acquisition at 305 pence per share, a price that exceeded Seplat’s market value on the London Stock Exchange at the time. The transaction covered the purchase of about 120.4 million shares and included a structured payment plan backed by an irrevocable letter of credit.
African multilateral financial institutions, including African Export-Import Bank and Africa Finance Corporation, supported the acquisition and underlined Africa’s growing push for indigenous ownership in the energy sector.
The latest board development now places Elumelu at the center of Seplat’s long-term strategic direction.
As a Non-Executive Director, Elumelu will oversee corporate governance, represent shareholders’ interests, and provide strategic guidance instead of handling daily operations.
During the AGM, shareholders will also vote on key resolutions, including the approval of Seplat’s audited 2025 financial statements and the declaration of a final dividend expected around May 29.
The development has already stirred conversations about succession planning and the future leadership structure of one of Nigeria’s most prominent indigenous energy companies.
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