At a Glance
- Elumelu joins Seplat board after 20.07 percent stake deal, eyes future chairmanship
- Heirs Holdings-led deal ends Maurel et Prom influence on Nigeria’s leading indigenous energy firm.
- Appointment strengthens Seplat governance amid gas expansion and Nigeria’s energy transition strategy.
Nigerian billionaire Tony O. Elumelu has joined the board of Seplat Energy Plc as a non-executive director, following the acquisition of a 20.07 percent stake valued at nearly $500 million, positioning him for a future chairmanship of Nigeria’s leading indigenous energy producer.
Ownership shift ends Maurel et Prom
Elumelu’s appointment takes effect from Jan. 22, 2026, following the resignation of Olivier Cleret de Langavant, who had served on Seplat’s board since 2020 as a nominee of French energy group Maurel et Prom. Langavant stepped down after Maurel et Prom sold its 20.07 percent stake in Seplat to a consortium led by Heirs Holdings and Heirs Energies, both controlled by Elumelu.
The boardroom change marks a pivotal moment for Seplat, signaling a deeper consolidation of influence by one of Africa’s most powerful investors.
Elumelu deepens influence across energy
With Heirs-backed entities now among the company’s largest shareholders, Elumelu’s entry into the board is viewed by market watchers as a strategic step toward eventually taking the chairman’s seat.
Elumelu is the founder and chairman of Heirs Holdings, a diversified investment group with interests spanning energy, power, banking, insurance, technology, hospitality, and healthcare.
He also chairs United Bank for Africa (UBA) Group, Transcorp Group, Heirs Energies and Transcorp Hotels, positioning him at the center of some of Nigeria’s most critical economic sectors.
Strategic boost for Seplat governance
Beyond corporate leadership, Elumelu is one of Africa’s most influential global voices. Through the Tony Elumelu Foundation, he has committed $100 million to empower African entrepreneurs across all 54 countries on the continent. His influence has earned him a place on TIME Magazine’s list of the 100 Most Influential People and appointments to global bodies including UNICEF’s Generation Unlimited and the IMF’s Advisory Council on Entrepreneurship and Growth.
For Seplat, a Nigerian independent oil and gas giant, Elumelu’s arrival strengthens its governance bench at a time when the company is expanding gas production, deepening its role in Nigeria’s energy transition, and positioning itself for long-term growth.
For Elumelu, it marks another decisive step in extending his footprint across Africa’s strategic energy landscape, this time with the chairman’s gavel firmly within reach.
