Multi-billionaire businessman and founder of United Bank for Africa, Tony Elumelu, is expected to be formally elected to the board of Seplat Energy Plc on Wednesday, May 20, 2026.
The election will take place during the company’s 13th Annual General Meeting, which will be held virtually.
According to the Notice of Annual General Meeting filed with the Nigerian Exchange Limited, Elumelu’s appointment as a Non-Executive Director is one of the major resolutions scheduled for consideration by shareholders.
His expected election follows the landmark acquisition of a 20.07 per cent stake in Seplat by Heirs Energies through a transaction valued at about $500 million.
The acquisition made Heirs Energies the single largest shareholder in Seplat, strengthening its influence in Nigeria’s indigenous oil and gas sector.
Shareholders at the AGM will also review the company’s audited financial statements for the year ended December 31, 2025, approve a final dividend and consider the re-appointment of PricewaterhouseCoopers as external auditors.
The meeting agenda also includes the appointment of Larry Ettah as an Independent Non-Executive Director and the re-election of Udoma Udo Udoma and Christopher J.N. Okeke as Independent Non-Executive Directors.
According to the company, shareholders will consider several resolutions, including the approval of the Directors’ Remuneration Report and a forward-looking remuneration policy.
Seplat stated that the virtual AGM aligns with the provisions of the Business Facilitation (Miscellaneous Provisions) Act 2022, which allows public companies in Nigeria to hold meetings electronically.
The proceedings will also be streamed live on the company’s YouTube channel.
Elumelu’s expected board appointment is widely viewed as the next phase of Heirs Energies’ growing involvement in Seplat’s strategic direction following the acquisition of French oil and gas company Maurel & Prom’s entire stake in the firm.
The deal involved the purchase of 120.4 million Seplat shares at 305 pence per share, representing a total transaction value of approximately $496 million.
The acquisition reflected a premium of about 10.9 per cent above Seplat’s previous trading price of 275 pence on the London Stock Exchange.
The transaction was structured with an upfront payment of $248 million, while the balance was secured through an irrevocable letter of credit. The agreement also included a contingent consideration of up to $10 million tied to Seplat’s future share performance.
The deal received financing support from African Export-Import Bank and Africa Finance Corporation.
Industry analysts believe Elumelu’s presence on the Seplat board could strengthen strategic oversight and deepen investor confidence as the company enters a new ownership phase.
