Nigerian business tycoon Tony Elumelu has been appointed a non executive director of Seplat Energy Plc, following a $500 million divestment deal involving Heirs Holdings, his firm.
In a corporate announcement issued on Wednesday, Seplat said the board approved Elumelu’s appointment with effect from January 2026.
The decision followed the sale of a 20.07% shareholding previously held by Maurel et Prom to Elumelu’s Heirs Holdings.
The transaction paved the way for the new investor to take up board representation.
Seplat also announced the resignation of Olivier Cleret De Langavant as a non executive director, effective the same day. Langavant joined the board in January 2020 as a nominee of Maurel et Prom.
Why the board changed
Moreover, Seplat explained that the board changes are directly connected to the shift in ownership after the $500 million deal. The board representation was updated to reflect the interests of the new shareholders.
Langavant’s role on the board was tied to Maurel et Prom’s equity position in Seplat. Once the shareholding was transferred, his position subsequently came to an end.
On its part, the board welcomed Elumelu as the representative of the new investor group. Seplat indicated that the appointment follows standard corporate governance practice after major equity transactions.
Seplat chairman Udoma Udo Udoma said, “On behalf of the board and management, I wish to express our profound appreciation to Mr Langavant for his outstanding contribution to Seplat Energy over the past six years.”
He added, “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.”
Who Tony Elumelu is
Elumelu is the founder and chairman of Heirs Holdings, a diversified investment company with interests across energy, power, banking, insurance, technology, real estate, hospitality and healthcare.
He also chairs Heirs Energies Limited, which operates upstream oil and gas assets in Nigeria.
He serves as chairman of United Bank for Africa Group and Transcorp Group. Subsidiaries under Transcorp include Transcorp Power and Transcorp Hotels Plc.
He also serves on several global advisory bodies, including UNICEF’s Generation Unlimited Global Leadership Council and the International Monetary Fund Advisory Council on Entrepreneurship and Growth. Seplat noted that his background brings experience in investment management, corporate governance and long term business strategy.
Seplat Energy operates oil and gas assets in the Niger Delta and is listed in Nigeria and London. The company has focused on stabilising production, strengthening its balance sheet and expanding domestic gas supply.
In sum, the appointment reflects the new ownership structure following the $500 million transaction. The board changes take effect immediately.
