Table of Contents
Nigerian businessman and one of Africa’s most influential business leaders, Tony Elumelu, has been appointed a non-executive director of Seplat Energy Plc, the country’s most valuable publicly listed energy company, deepening his involvement in Nigeria’s oil and gas industry at a time when ownership and control of major assets are steadily shifting to local investors.
Elumelu joins Seplat board; Langavant exits
Seplat, in its latest corporate announcement, said the appointment takes effect from Jan. 22, 2026. The company described Elumelu as “a distinguished African investor and philanthropist” and said his experience would strengthen board oversight as Seplat pursues growth while navigating Nigeria’s evolving energy market.
Udoma Udo Udoma, Seplat’s chairman, thanked outgoing director Olivier Cleret De Langavant for his service and welcomed Elumelu to the board. He said Langavant’s six-year tenure, which began in January 2020, was marked by steady guidance and technical insight, particularly during a period of change for the company. Langavant stepped down following the divestment of Etablissements Maurel et Prom SA’s stake in Seplat.
Building African wealth, championing enterprise and leadership
Tony Elumelu is the founder and chairman of Heirs Holdings, a privately owned investment group with interests spanning energy, power, banking, insurance, technology, real estate, hospitality and healthcare. He also chairs United Bank for Africa Plc, Transcorp Group and Heirs Energies. Transcorp’s listed arms include Transcorp Power Plc and Transcorp Hotels Plc.
Beyond business, Elumelu founded the TEF in 2010, which supports entrepreneurs across all 54 African countries. He has earned several international recognition including a spot on TIME magazine’s list of the world’s 100 most influential people in 2020 and Nigeria’s Commander of the Order of the Federal Republic award in 2022. He also leads key international advisory bodies, including UNICEF’s Generation Unlimited Global Leadership Council and the International Monetary Fund’s advisory council on entrepreneurship and growth.
African ownership reshapes energy leadership
Seplat operates mainly in Nigeria’s Niger Delta and is listed in Lagos and London. The company has a market value of more than $2.2 billion and reported 2P reserves of 1.043 billion barrels of oil equivalent as of Dec. 31, 2024. Average production stood at 135,600 barrels a day as of Oct. 31, 2025, underscoring its role in supplying energy to Africa’s largest economy as it balances oil output with gas development.
Elumelu’s board appointment comes shortly after Heirs Energies acquired a 20.07 percent stake in Seplat for nearly $500 million, one of the largest transactions led by a Nigerian-owned energy company in recent years. The 120.4 million shares were acquired from France’s Maurel & Prom under a binding agreement signed after market close on Dec. 30. The deal priced the shares at 3.05 pounds ($4.09) each, valuing the transaction at about $496 million.
Heirs Energies operates Oil Mining Lease 17 in the Niger Delta, producing more than 50,000 barrels of oil a day and about 120 million cubic feet of gas daily. The company supplies gas to Nigeria’s power sector, supporting more than 400 megawatts of electricity generation. In December 2025 it secured $750 million in financing from African Export-Import Bank, one of the largest funding packages arranged by a locally owned energy producer in Africa.
