Tony Elumelu is expected to be elected to the board of Seplat Energy Plc as a Non-Executive Director at the company’s Annual General Meeting slated for May 20, 2026.
The move follows a major equity deal in which Heirs Energies Limited acquired a 20.07% stake previously held by Maurel & Prom in a transaction valued at about $500 million. The purchase raised Heirs Energies’ total holding to roughly 20.46%, making it the single largest shareholder in the dual-listed oil and gas firm.
Shareholders will vote on Elumelu’s appointment during the virtual meeting, which will also consider Seplat’s audited financial statements for the year ended December 31, 2025, the declaration of a final dividend, and the reappointment of PricewaterhouseCoopers as external auditors.
Also on the agenda are the re-election of independent directors Udoma Udo Udoma and Christopher J.N. Okeke, as well as the proposed appointment of Larry Ettah as an Independent Non-Executive Director.
Seplat’s notice to shareholders noted that some directors have reached the age threshold requiring disclosure under the Companies and Allied Matters Act, a factor that could influence future board succession planning as the company adjusts to its new ownership structure.
The share acquisition from Maurel & Prom involved the purchase of over 120 million shares at a premium to Seplat’s market price on the London exchange at the time. Half of the consideration was paid upfront, with the balance secured through an irrevocable letter of credit and an additional performance-linked component tied to share price movements over six months.
The deal received backing from African financial institutions including the African Export-Import Bank and the Africa Finance Corporation, which also recently supported Heirs Energies with a separate financing facility for expansion.
With the transaction completed, Heirs Energies displaced Maurel & Prom as Seplat’s largest shareholder, ahead of other notable investors such as Petrolin Group, Sustainable Capital, Professional Support, and Allan Gray Investment Management.
If approved by shareholders, Elumelu’s role on the board will focus on strategic oversight and representing shareholder interests in line with governance expectations for a company listed in both Nigeria and London.
