Nigerian tycoon Tony Elumelu adds Seplat Energy chairmanship to expanding business portfolio

Nigerian business tycoon Tony Elumelu is set to become chairman of Seplat Energy in January 2027, adding one of West Africa’s largest independent oil and gas producers to a portfolio that already spans banking, power, hospitality, insurance and energy.

• Tony Elumelu will become chairman of Seplat Energy in January 2027, increasing his influence over one of West Africa's largest independent oil and gas producers.
• Heirs Energies, owned by Elumelu, acquired a 20.07% stake in Seplat, making it the largest single shareholder and leading to his board appointment.
• Seplat completed a significant $1.28 billion acquisition of ExxonMobil’s Nigerian shallow-water business, elevating its production scale and revenue.
• His appointment as chairman reflects the shift towards African-controlled capital in Nigeria’s energy sector as international oil companies reduce their local presence.

Seplat Energy has named Nigerian investor Tony Elumelu as its next chairman, deepening his influence over one of West Africa’s largest independent oil and gas producers following Heirs Energies’ acquisition of a 20.07% stake in the company.

Elumelu will assume the role in January 2027, succeeding Udoma Udo Udoma, the current chairman of Seplat’s board.

The company disclosed the appointment in a notice filed with the Nigerian Exchange Limited and signed by Company Secretary Edith Onwuchekwa.

Seplat described the transition as “a new chapter of leadership” as it advances its growth and transformation strategy.

From major shareholder to board chairman

Elumelu’s elevation follows Heirs Energies’ purchase of Maurel & Prom’s entire 20.07% stake in Seplat for about $496 million.

The transaction involved 120.4 million shares and made Heirs Energies the largest single shareholder in the oil and gas producer, which is listed in Lagos and London.

Business Insider Africa previously reported that the acquisition was positioning Elumelu for one of Nigeria’s most influential energy-sector boardroom moves.

Seplat subsequently appointed him as a non-executive director, effective January 22, 2026.

Shareholders later ratified his appointment at the company’s annual general meeting on May 20, 2026, with 99.96% of votes cast in favour.

His forthcoming chairmanship will further consolidate the influence created by Heirs Energies’ ownership position.

One of West Africa’s largest independent producers

Founded in 2009, Seplat produces crude oil and natural gas and operates upstream and gas-processing assets across Nigeria.

Its scale increased sharply after it completed the $1.28 billion acquisition of ExxonMobil’s Nigerian shallow-water business in December 2024.

In 2025, Seplat produced an average of 131,506 barrels of oil equivalent per day and generated $2.73 billion in revenue.

The company also reported about one billion barrels of oil equivalent in proven and probable reserves, placing it among West Africa’s largest independent oil and gas producers.

Seplat said Elumelu’s experience in corporate governance, institution building and value creation would support its goal of building a more resilient and globally competitive energy business.

Elumelu’s business interests and estimated wealth

Elumelu is the founder and chairman of Heirs Holdings, a pan-African investment company with interests in energy, power, banking, insurance, technology, hospitality and healthcare.

He also chairs United Bank for Africa and Transnational Corporation Plc, whose subsidiaries include Transcorp Power and Transcorp Hotels.

Estimates of his wealth vary. Forbes valued his fortune at $700 million in 2015, but his banking, energy and investment interests have expanded considerably since then.

Public estimates in 2025 placed his fortune at about $2.15 billion. The valuation accounted for liquidity, country risk and debt but did not fully include privately held assets such as stakes in producing oil fields, space-technology companies and real estate.

In January 2026, MoneyCentral estimated his net worth at $3.2 billion, partly based on its valuation of his interests in Heirs Energies, UBA, Transcorp and other businesses.

However, Elumelu has not appeared on the Bloomberg Billionaires Index, and no major global wealth tracker has published a recent verified estimate.

Available valuations nevertheless indicate that his fortune is substantially higher than the $700 million reported in 2015.

His expanding business portfolio, Africapitalism philosophy and strong social media presence have also increased his profile among Africa’s leading investors.

The appointment marks another step in the career of a businessman who began his working life selling photocopiers before moving into banking.

According to his official biography, Elumelu later joined Allstates Trust Bank, where he rose from an entry-level analyst to branch manager by age 26.