Seplat Energy Plc has announced the appointment of renowned entrepreneur and philanthropist, Tony Elumelu, as a Non-Executive Director on its Board following the emergence of Heirs Holdings and its subsidiary, Heirs Energies Ltd, as the company’s largest shareholder.
In a notice filed with the Nigerian Exchange Limited on Thursday, Seplat disclosed that the appointment followed the acquisition of Etablissements Maurel & Prom S.A.’s (M&P) 20.07 per cent shareholding in the company by Heirs Holdings and Heirs Energies.
“Following the Company’s prior announcement regarding the sale of Etablissements Maurel et Prom SA’s 20.07 per cent shareholding in Seplat to a combination of Heirs Holdings Limited and Heirs Energies Limited, the Board of Seplat Energy today announces the resignation of Mr Olivier Cleret De Langavant as a Non-Executive Director effective 22 January 2026,” the notice stated.
The acquisition, valued at $496 million, involved the purchase of 120.4 million shares from M&P. The transaction was finalised through a binding agreement signed on December 30, 2025, after market close. An initial payment of $248 million was made, with the balance payable within 30 days and secured by an irrevocable letter of credit.
The shares were sold at a price of 305 pence per share, according to disclosures on the NGX.
Elumelu is widely recognised for his leadership across Africa’s business and investment landscape. He is the founder of Heirs Holdings, Chairman of Heirs Energies, United Bank for Africa Group, and Transcorp Group. He also established the Tony Elumelu Foundation, which supports and empowers entrepreneurs across all 54 African countries.
Commenting on the development, Chairman of Seplat Energy, Udoma Udoma, expressed appreciation to the outgoing board member and welcomed Elumelu to the company.
“On behalf of the Board and Management, I wish to express our profound appreciation to Langavant for his outstanding contribution to Seplat Energy over the past six years. His expertise and commitment have been instrumental in driving our strategic initiatives,” Udoma said.
“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,” he added.
Olivier Langavant had served as a Non-Executive Director on Seplat’s Board since January 2020, representing M&P. The Board noted that his strategic counsel and industry experience had played a significant role in the company’s progress during his tenure.
Seplat Energy said the appointment of Elumelu is expected to strengthen its corporate governance framework, reinforce its strategic objectives, and support the company’s continued growth and sustainability in Nigeria’s and Africa’s energy markets.
Through the transaction, Heirs Holdings and Heirs Energies Ltd have become the largest shareholders in Seplat Energy Plc, marking a significant shift in the company’s ownership structure and signalling increased indigenous participation in Nigeria’s energy sector.
