How $500 million deal made Tony Elumelu one of the most powerful billionaires in Africa's energy sector

Multi-billionaire banker and investor Tony Elumelu is preparing for what could become one of the most influential 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.

• Tony Elumelu is expected to join Seplat Energy’s board following Heirs Eneries’ acquisition of a 20.07% stake in the oil company.
• The nearly $500 million transaction makes Heirs Energies Seplat’s single largest shareholder and signals growing African control of strategic energy assets.
• Shareholders will vote on Elumelu’s appointment during Seplat’s virtual AGM alongside key governance and dividend resolutions.
• The move is also fuelling discussions around succession planning and the future balance of power in Nigeria’s oil and gas sector.

The vote is scheduled for Wednesday, May 20, 2026, during Seplat’s 13th Annual General Meeting, where shareholders will decide whether Elumelu should formally join the dual-listed oil and gas company as a Non-Executive Director.

The anticipated appointment comes months after Heirs Energies, a subsidiary of Elumelu’s Heirs Holdings, acquired a 20.07% stake in Seplat from French energy giant Maurel & Prom in a transaction valued at roughly $496 million.

The deal instantly transformed Heirs Energies into Seplat’s single largest shareholder, marking one of the most significant ownership shifts in Nigeria’s indigenous oil industry in recent years.

For investors and industry watchers, the boardroom move signals far more than a routine corporate appointment. It reflects the growing influence of African-controlled capital on Nigeria’s strategic energy assets, even as international oil companies continue to reduce their exposure to onshore operations nationwide.

The $500 Million Oil Deal

The acquisition was executed at 305 pence per share, representing a premium above Seplat’s then-market valuation on the London Stock Exchange. The transaction involved the purchase of approximately 120.4 million shares and included a structured payment arrangement backed by an irrevocable letter of credit.

The deal was further supported by African multilateral finance institutions, including African Export-Import Bank and Africa Finance Corporation, underscoring growing continental backing for indigenous ownership in the energy sector.

The latest board development now places Elumelu at the centre of Seplat’s long-term strategic direction.

As a Non-Executive Director, his role is expected to focus on governance oversight, shareholder representation, and broader strategic guidance rather than day-to-day management.

The AGM will also consider several other major resolutions, including approval of Seplat’s audited 2025 financial statements, the declaration of a final dividend expected to be paid around May 29, and the reappointment of PricewaterhouseCoopers as external auditors.

Shareholders will additionally vote on the appointment of Larry Ettah as an Independent Non-Executive Director, while Senator Udoma Udo Udoma and Christopher Okeke are expected to seek re-election to the board.

Succession and Power Shift

Beyond the boardroom reshuffle, the AGM notice also revealed that several directors, including Udoma Udo Udoma and Ernest Ebi, have attained or exceeded the age of 70, a disclosure required under Nigeria’s Companies and Allied Matters Act.

The development is already fuelling conversations around succession planning and the future leadership structure of one of Nigeria’s most prominent indigenous energy companies.

Founded in 2009, Seplat has grown into one of Nigeria’s leading independent energy producers with listings on both the Nigerian Exchange and the London Stock Exchange.

Following the Heirs Energies transaction, other notable shareholders in Seplat include Petrolin Group, Sustainable Capital, Professional Support Limited, and Allan Gray Investment Management.

For many market observers, however, the bigger story lies in what Elumelu’s arrival could mean for the future balance of power in Nigeria’s oil and gas industry — especially as African investors increasingly move to take control of assets once dominated by foreign companies.