Nigerian billionaire Tony Elumelu is set to take the helm at Seplat Energy, marking a significant shift in the leadership of Nigeria’s largest listed energy producer. The board of the company announced today that Elumelu, who joined the board in January 2026, will succeed Senator Udoma Udo Udoma as chairman on January 1, 2027.

Senator Udoma, who joined the board in December 2023 and became independent chairman in April 2024, plans to retire at the end of this year. His tenure saw the successful integration of Mobil Producing Nigeria Unlimited and the development of a strategic roadmap intended to guide the company through the year 2030.

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Tony Elumelu, the chairman of UBA Group, Heirs Holdings and Transcorp Group, has quickly established himself as a central figure in Seplat Energy’s future. His company, Heirs Energies Limited, Africa’s leading indigenous-owned integrated energy company, became the company’s largest shareholder on December 31, 2025, after acquiring a 20.07 percent stake from Maurel & Prom for $496 million. That holding is now valued at over $1 billion.

“I am honoured to succeed Senator Udoma as chairman in January 2027 and to lead the board through Seplat Energy’s next phase of growth,” Elumelu said in a statement. “I firmly believe in the critical role indigenous resources play in the economic transformation of Nigeria and Africa, and Seplat Energy’s culture aligns with my values.”

The leadership changes extend to the executive suite as well. Roger Brown, who has served as CEO since August 2020 and as CFO before that, will retire on July 31, 2026. Brown steered the company through a period of expansion, including the 2019 acquisition of Eland Oil and Gas and the 2024 purchase of MPNU.

The board has named Effiong Okon as the incoming chief executive officer, effective August 1, 2026. Okon, who has been with Seplat since 2018, previously served as the managing director of ANOH Gas Processing Company. He brings more than 35 years of industry experience, including a lengthy tenure at Royal Dutch Shell.

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Seplat Energy’s financial performance has bolstered investor confidence during this transition. In the first quarter of 2026, the company reported a profit of $37.9 million, up from $23.3 million in the same period a year earlier. This growth was fueled by firmer oil prices and improved operational efficiency across the firm’s diverse asset portfolio.

The company’s balance sheet also shows gains, with total assets increasing to $6.16 billion from $6.08 billion at the end of 2025. Shareholders’ equity rose to $1.86 billion, while retained earnings reached $1.282 billion. These results provide a solid foundation for the company’s five-year plan to distribute at least $1 billion to shareholders by 2030.

Senator Udoma praised the outgoing CEO for his contributions, noting that Brown’s leadership helped the company outperform the sector. As the board prepares for the transition, the focus remains on the execution of the 2030 strategic plan. Okon expressed his commitment to this goal as he prepares to take charge this August.

“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,” Okon said. With Elumelu assuming the chairmanship in January, the company looks to maintain its focus on operational excellence and governance.