Meet Seplat’s new chairman Tony Elumelu: Net worth, businesses and philanthropic impact

• Seplat Energy appointed Tony Elumelu as chairman effective January 2027 after Heirs Energies became the company's largest shareholder through a $500 million acquisition.

• Elumelu leads several major businesses, including UBA, Heirs Holdings, Transcorp and Heirs Energies, with an estimated net worth of between $2.1 billion and $3.2 billion.

• Through the Tony Elumelu Foundation, he has committed over $100 million to support African entrepreneurs, funding more than 27,000 businesses across the continent.

Seplat Energy has announced the appointment of billionaire businessman Tony Elumelu as its next Chairman, marking a significant leadership shift at one of Nigeria's biggest indigenous energy companies.

The appointment will take effect from January 2027, according to a notice filed with the Nigerian Exchange Limited (NGX) on Tuesday and signed by the company's secretary, Edith Onwuchekwa.

The energy company also announced the appointment of Engr. Effiong Okon as its new Chief Executive Officer, effective August 1, 2026, as part of a broader succession plan aimed at strengthening its leadership team for the next phase of growth.

Elumelu's emergence as Chairman follows Heirs Energies' acquisition of a 20.07% stake in Seplat Energy in a transaction valued at $500 million. The deal made Heirs Energies the single largest shareholder in the dual-listed oil and gas company.

He will succeed Senator Udoma Udo Udoma, who currently chairs the Seplat board.

In announcing the appointment, Seplat described the transition as "a new chapter of leadership" as the company continues its transformation into a more resilient and globally competitive energy business.

Seplat said Elumelu brings decades of experience in corporate governance, institution building, strategic investments and value creation across multiple sectors of the African economy.

He is the Founder and Chairman of Heirs Holdings, a pan-African investment company with interests spanning energy, power, financial services, insurance, healthcare, technology, hospitality and real estate.

Elumelu is also widely known as the proponent of Africapitalism, an economic philosophy that advocates long-term investments by the private sector as a catalyst for Africa's economic development and social prosperity.

Beyond Heirs Holdings, he serves as Chairman of Transcorp Group, one of Nigeria's largest publicly listed conglomerates with interests in power generation, hospitality and energy.

He is also the Chairman of United Bank for Africa (UBA) Group, one of Africa's largest financial institutions with operations across 20 African countries as well as the United Kingdom, France, the United States and the United Arab Emirates.

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Tony Elumelu is one of Africa's most influential entrepreneurs, investors and philanthropists.

Over the years, he has built a vast business empire through Heirs Holdings, the family-owned investment company that controls interests across several key sectors of the economy.

Some of the major companies and institutions he currently chairs or has significant influence over include:

• United Bank for Africa (UBA)

• Heirs Holdings

• Transnational Corporation Plc (Transcorp)

• Heirs Energies

• United Capital Plc

• Seplat Energy Plc (incoming Chairman)

• Heirs Insurance Group

• Afriland Properties Plc

• Transcorp Power Plc

• Transcorp Hotels Plc

His business journey gained prominence after leading the transformation of Standard Trust Bank before overseeing its merger with UBA in 2005, creating one of Africa's largest banking groups.

Today, Elumelu's wealth is largely tied to his stakes in banking, energy, power generation, hospitality and investment businesses.

Recent estimates place Tony Elumelu's net worth between $2.1 billion and $3.2 billion, driven by the rising value of his holdings in UBA, Transcorp, Heirs Energies and other private investments.

Outside business, Elumelu is recognised globally for his philanthropic efforts through the Tony Elumelu Foundation (TEF).

The foundation has committed more than $100 million towards supporting entrepreneurship across Africa through funding, training, mentoring and networking opportunities.

Since launching its flagship entrepreneurship programme in 2015, the foundation has funded more than 27,000 African entrepreneurs across all 54 African countries, with each beneficiary receiving $5,000 in non-refundable seed capital to start or expand a business.

The organisation also operates TEFConnect, a digital platform that links millions of African entrepreneurs with mentors, investors, business training and growth opportunities.

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Heirs Energies became Seplat Energy's largest shareholder after completing the acquisition of a 20.07% stake from French energy company Maurel & Prom.

The $500 million deal included an upfront payment of $248 million, with the balance secured through an irrevocable letter of credit and additional contingent payments tied to Seplat's share performance.

The acquisition was backed by financing from Afreximbank and the Africa Finance Corporation (AFC), further strengthening Heirs Energies' position in Nigeria's oil and gas sector.

Apart from Heirs Energies' 20.07% stake, other significant shareholders in Seplat include Petrolin Group with 13.77%, Sustainable Capital with 9.77%, Professional Support Limited with 8.5%, and Allan Gray Investment Management with 5.57%.

With Tony Elumelu set to take over as Chairman in 2027 and Effiong Okon assuming the CEO role in August 2026, Seplat Energy is positioning itself for a new era of leadership as it expands its footprint across Nigeria's energy industry.