Nigerian billionaire Tony Elumelu has been appointed as a non-executive director of Seplat Plc, weeks after his energy company, Heirs Energy, became the oil firm’s largest shareholder in a deal worth nearly $500 million.
The appointment, announced on Thursday in a filing with the Nigerian Exchange Limited (NGX), follows the resignation of Seplat’s former non-executive director, Olivier Cleret De Langavant, effective 22nd January 2026, after a six-year run of providing strategic technical counsel and invaluable insights that have materially supported the company’s progress.
Elumelu, the founder and chairman of Heirs Holdings, a diversified investment company with interests across strategic energy, power, banking, insurance, technology, real estate, hospitality, and healthcare, is expected to assume the position immediately.
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In his energy expansion drive, the business mogul, through his Heirs Energies Limited, acquired a 20 percent stake in Seplat Energy Plc for $496 million, making it the largest shareholder in one of Nigeria’s premier independent oil and gas producers.
The landmark acquisition, announced on December 31, 2025, sees Heirs Energies purchasing French firm Maurel & Prom’s entire 20.07 percent holding in Seplat, comprising 120.4 million ordinary shares valued at 305 pence each.
Following the acquisition, the company’s stock crossed an unprecedented threshold in the history of the country’s stock market, with its share price crossing the N6,000 mark. Seplat Energy reached the milestone on January 7, when its shares climbed to N6,171. The rally followed a 10 percent gain on the day. This came after the stock closed at N5,610 on January 6.
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“We are confident that Mr. Elumelu’s extensive experience and visionary leadership will significantly advance Seplat Energy’s strategic objectives and reinforce the company’s commitment to sustainable growth and long-term success,” the company said in a statement on NGX.
Udoma Udo Udoma, chairman of Seplat Energy, described Langavant’s contribution to Seplat Energy over the past six years as “outstanding,” saying his “expertise and commitment have been instrumental in driving our strategic initiatives.”
“We warmly welcome Mr. Elumelu to the Board and look forward to leveraging his wealth of experience and leadership as we continue to pursue sustainable growth and value creation for all stakeholders.”
Elumelu is a distinguished African investor and philanthropist, globally recognised as one of the most prominent voices on Africa’s transformation agenda. He also serves as chairman of United Bank for Africa (UBA) Group, Heirs Energies, Transcorp Group, whose subsidiaries include Transcorp Power, and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand.
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In 2010, he established The Tony Elumelu Foundation (TEF), the leading philanthropy dedicated to empowering African entrepreneurs across all 54 African countries. His global influence has been widely acknowledged, including recognition as one of TIME Magazine’s 100 Most Influential People in the World (2020) and the conferment of the Commander of the Order of the Federal Republic (2022). He also serves on several global boards, including UNICEF’s Generation Unlimited Global Leadership Council and the International Monetary Fund’s Advisory Council on Entrepreneurship and Growth.