Seplat Energy Plc has announced the appointment of renowned entrepreneur and philanthropist Tony Elumelu as a Non-Executive Director on its Board, following his investment vehicle, Heirs Holdings, and its subsidiary, Heirs Energies Ltd, becoming the company’s largest shareholder with a 20.07 per cent equity stake.

In a notice filed on the Nigerian Exchange Limited on Thursday, it was partly stated that, “Following the Company’s prior announcement regarding the sale of Establishments Maurel et Prom SA’s (“M&P”) 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 acquisition, valued at $496 million, involved the purchase of 120.4 million shares from Etablissements Maurel & Prom S.A. The deal was finalised through a binding agreement signed on 30 December 2025, with an initial payment of $248 million and the balance payable within 30 days, secured by an irrevocable letter of credit.

Elumelu is globally recognised for his leadership in Africa’s business landscape and philanthropy, including the establishment of the Tony Elumelu Foundation, which empowers African entrepreneurs across all 54 countries. He also chairs several major companies, including United Bank for Africa Group, Heirs Energies, and Transcorp Group.

Commenting on the appointment, Seplat Energy Chairman Udoma Udoma said, “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. 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.”

The appointment coincides with the resignation of Olivier Langavant, who served as Non-Executive Director since January 2020, representing M&P. The Board thanked him for his exceptional service, stating that his strategic counsel had materially supported the company’s progress.

Seplat Energy’s Board and management believe that Elumelu’s appointment will reinforce the company’s strategic objectives, strengthen corporate governance, and support its continued growth and sustainability in the Nigerian and African energy markets.

The PUNCH reported that Elumelu, through his investment vehicle Heirs Holdings and its subsidiary, Heirs Energies Ltd, has become the largest shareholder in Seplat Energy Plc following the acquisition of a 20.07 per cent equity stake from Etablissements Maurel & Prom S.A. in a transaction valued at $496m. According to NGX, M&P said it entered into a binding agreement after market close on 30 December 2025, to sell its 120.4 million shares in Seplat to Heirs Energies. The shares were sold at a price of 305 pence per share, with an initial payment of $248m and the balance payable within 30 days, secured by an irrevocable letter of credit.