Tony Elumelu Targets Seplat Board Seat After Heirs Energies' $500 Million Stake Acquisition

• Tony Elumelu is set to join the board of Seplat Energy Plc as a Non-Executive Director after Heirs Energies acquired a 20% stake in the company
• Shareholders will vote on his appointment during Seplat’s virtual Annual General Meeting scheduled for May 20, 2026
• The investment is seen as a major step toward strengthening indigenous participation and long-term growth in Nigeria’s energy sector

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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.

Billionaire businessman Tony Elumelu is expected to join the board of Seplat Energy Plc following a major investment by Heirs Energies.

The move comes after Heirs Energies acquired a 20.07% stake in Seplat through a $500 million equity deal, making it the company’s largest shareholder.

Elumelu, who also chairs United Bank for Africa, will be proposed as a Non-Executive Director during Seplat’s 13th Annual General Meeting scheduled for May 20, 2026.

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According to The Sun, shareholders are expected to vote on his appointment during the virtual meeting.

Details of Elumelu, Seplat shares acquisition

The deal, completed after market close on December 30, 2025, saw M&P sell its full 120.4 million shareholding in Seplat at 305 pence per share.

An upfront payment of $248 million was made, with the remaining amount payable within 30 days and backed by an irrevocable letter of credit.

The deal also includes a contingent consideration of up to $10 million, subject to Seplat’s share price performance over the next six months.

The acquisition positions Heirs Energies as the single largest shareholder in Seplat, a leading Nigerian independent energy company listed on both the London Stock Exchange and the Nigerian Exchange, strengthening Elumelu’s footprint in the oil and gas sector.

Key decisions expected at Seplat AGM

Apart from Elumelu’s proposed appointment, shareholders will review several important matters during the AGM. These include approval of the company’s audited financial results for the financial year ending December 31, 2025, as well as the payment of a final dividend to shareholders later in May.

The company will also seek approval for the re-election of independent non-executive directors Udoma Udo Udoma and Christopher J.N. Okeke. In addition, Larry Ettah has been nominated for appointment as an Independent Non-Executive Director.

Shareholders are expected to vote on the reappointment of PricewaterhouseCoopers as the company’s external auditor and consider the directors’ remuneration report, including future compensation plans.

Elumelu's strategic impact on Nigeria’s energy sector

Industry observers see Elumelu’s planned entry into Seplat’s board as an important development for Nigeria’s oil and gas industry.

The investment by Heirs Energies is viewed as a sign of growing indigenous participation in the sector, while also strengthening Seplat’s ownership structure and corporate governance.

Seplat stated that the AGM will be held virtually in line with the provisions of the Business Facilitation (Miscellaneous Provisions) Act 2022, which permits public companies to conduct general meetings electronically.

The session is expected to be streamed live to allow wider participation from shareholders.

Elumelu commits N25bn to Lagos food security drive

Meanwhile, Legit.ng earlier reported that Elumelu pledged N25 billion to support the Produce for Lagos Program, an initiative designed to strengthen food security and stimulate economic development in the state.

The project, introduced in collaboration with strategic partners, aims to tackle unemployment, improve agricultural supply chains, and lower the cost of food items for residents.

With this investment, the program is expected to enhance Lagos’ food sustainability while driving broader economic growth.