Multi-billionaire founder and chairman of United Bank for Africa (UBA) Plc, Mr. Tony Elumelu, is expected to be formally elected to the board of Seplat Energy Plc on Wednesday, May 20, 2026, as shareholders gather virtually for the company’s 13th Annual General Meeting.
This is according to the energy company’s Notice of Annual General Meeting filed with the Nigerian Exchange (NGX) recently.
The election of Elumelu as a Non-Executive Director of Seplat is among the key resolutions to be considered at the virtual AGM scheduled for 11.00am.
This will crown Heirs Energies’ landmark acquisition of a 20.07% stake in Nigeria’s foremost indigenous oil and gas company, following the $500 million transaction that made Heirs Energies the single largest shareholder in the dual-listed energy company.
The AGM will also consider the audited financial statements for the year ended December 31, 2025, the declaration of a final dividend, and the re-appointment of PricewaterhouseCoopers as external auditors.
What Seplat is saying
The upcoming AGM puts Elumelu’s board membership to a shareholder vote alongside the re-election of two incumbent independent non-executive directors — Senator Udoma Udo Udoma and Mr. Christopher J.N. Okeke — and the appointment of Mr. Larry Ettah as an additional Independent Non-Executive Director.
According to the company, the key AGM agenda items include:
- Approval of the 2025 Audited Financial Statements and Directors’ Report
- Declaration of a final dividend for the year ended December 31, 2025, payable on or around May 29, 2026, to shareholders on the register as at May 15, 2026
- Formal election of Tony Elumelu as Non-Executive Director
- Appointment of Larry Ettah as Independent Non-Executive Director
- Re-election of Udoma Udo Udoma and Christopher J.N. Okeke as Independent Non-Executive Directors
- Re-appointment of PricewaterhouseCoopers as auditors
- Approval of the Directors’ Remuneration Report, including forward-looking Remuneration Policy
The scheduled virtual meeting is in line with Nigeria’s Business Facilitation (Miscellaneous Provisions) Act 2022, which permits public companies to hold meetings electronically. The proceedings will also be live-streamed on Seplat’s YouTube channel.
More insights
Elumelu’s expected election to the Seplat board represents the natural next step following Heirs Energies’ entry as the company’s dominant shareholder.
- As a Non-Executive Director, Elumelu’s role will be one of strategic oversight and stakeholder representation.
- This is consistent with the governance structure of a dual-listed company subject to both Nigerian Exchange Limited and London Stock Exchange regulatory scrutiny.
- The AGM notice indicated that four directors — Ms Koosum Kalyan, Mr. Udoma Udo Udoma, Mr. Christopher Okeke, and Mr. Ernest Ebi — have attained or exceeded 70 years of age.
- The directors’ age disclosure is required under Section 278 of the Companies and Allied Matters Act 2020 (CAMA).
This detail could bear on future board succession planning as Seplat transitions into a new ownership era.
What you should know
The boardroom development follows directly from Heirs Energies’ acquisition of French oil and gas company Maurel & Prom’s entire 20.07% stake in Seplat Energy.
- The deal, valued at $496 million based on the sale of 120.4 million shares at 305 pence per share, represents approximately 10.9% premium to Seplat’s then-trading price of 275 pence on the London Stock Exchange.
- The transaction was structured with an upfront payment of $248 million, with the balance due within 30 days and secured by an irrevocable letter of credit, plus a contingent consideration of up to $10 million tied to Seplat’s share price performance over six months.
- The deal was co-financed by two African multilateral institutions — Afreximbank and Africa Finance Corporation — and came on the heels of a separate $750 million financing facility Heirs Energies closed with Afreximbank to fund its existing operations and expansion plans.
- With the acquisition complete, Heirs Energies — a subsidiary of Tony Elumelu’s pan-African Heirs Holdings — became Seplat’s single largest shareholder with a 20.46% stake, replacing Maurel & Prom, which had held the position since Seplat’s founding in 2009.
Other significant shareholders include Petrolin Group at 13.77%, Sustainable Capital at 9.77%, Professional Support at 8.5%, and Allan Gray Investment Management at 5.57%.
