Seplat Energy Plc has strengthened its board with the appointment of prominent businessman and philanthropist Tony Elumelu as a Non-Executive Director, following a landmark equity acquisition that has positioned his investment interests as the company’s largest shareholder.
The energy firm disclosed the development in a notice filed with the Nigerian Exchange Limited on Thursday, confirming that Heirs Holdings Limited and its subsidiary, Heirs Energies Ltd, have acquired a combined 20.07 per cent stake in Seplat Energy.
The shareholding was purchased from Etablissements Maurel & Prom S.A. (M&P) in a transaction valued at $496 million.
As part of the changes resulting from the deal, Seplat also announced the resignation of Mr Olivier Cleret De Langavant as a Non-Executive Director, effective January 22, 2026. Langavant had represented M&P on the board since January 2020.
The acquisition involved the purchase of 120.4 million shares and was concluded through a binding agreement signed on December 30, 2025.
An initial payment of $248 million has already been made, with the outstanding balance scheduled to be settled within 30 days. The transaction is secured by an irrevocable letter of credit.
Tony Elumelu is widely regarded as one of Africa’s most influential business leaders, with interests spanning banking, energy, hospitality and power.
He is the founder of the Tony Elumelu Foundation, a leading philanthropy that supports entrepreneurship across all 54 African countries, and currently chairs United Bank for Africa Group, Heirs Energies and Transcorp Group.
Reacting to the board changes, Seplat Energy Chairman, Udoma Udoma, expressed appreciation for Langavant’s service while welcoming Elumelu to the company.
“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. His expertise and commitment have been instrumental in advancing our strategic priorities,” Udoma said.
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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 drive sustainable growth and long-term value for all stakeholders.”
The company also acknowledged Langavant’s role in supporting its progress during a period of strategic expansion, noting that his counsel had significantly contributed to the firm’s development.
Seplat’s Board and management believe Elumelu’s entry will further strengthen corporate governance, align with the company’s long-term strategic goals and enhance its position in the Nigerian and broader African energy markets.
The PUNCH had earlier reported that the shares were sold at 305 pence per share, with the transaction marking a major shift in Seplat Energy’s ownership structure and signalling increased indigenous participation in Nigeria’s energy sector.