Seplat Energy Plc has appointed Tony O. Elumelu as a Non-Executive Director, stepping in after Olivier Cleret De Langavant resigned from the Board.

The change follows the divestment of Etablissements Maurel et Prom SA’s (M&P) 20.07% stake in the company. The appointment, effective 22 January 2026, coincides with Mr. Langavant’s departure, the company confirmed in a statement signed by Company Secretary Edith Onwuchekwa.

A Visionary Entrepreneur Takes the Helm

Mr. Elumelu, widely recognised as a visionary entrepreneur and philanthropist, has spent decades building businesses across Africa in sectors crucial to the continent’s growth, including financial services, energy, power, oil and gas, agribusiness, real estate, and hospitality.

In 2010, he founded Heirs Holdings, a diversified African investment holding company, and in the same year established the Tony Elumelu Foundation (TEF), a pan-African, African-funded philanthropy dedicated to nurturing entrepreneurship.

He now chairs Heirs Holdings, United Bank for Africa (UBA) Group, and Transcorp Plc, Nigeria’s largest listed conglomerate.

Through these leadership roles, Mr. Elumelu has consistently driven growth, innovation, and strategic investments, demonstrating a hands-on approach that shapes companies and catalyses broader economic development.

 

From Humble Beginnings to Banking Pioneer

Elumelu began his career as a corps member at Union Bank in 1985 and subsequently worked as a copier salesman. He later joined Allstates Trust Bank, before taking over the struggling Crystal Bank (later Standard Trust Bank) in 1997 with a small group of investors.

Within a few years, he turned the bank profitable, and in 2005, he led one of sub-Saharan Africa’s largest banking mergers, combining Standard Trust Bank with United Bank for Africa (UBA).

Under his leadership, UBA expanded into a pan-African bank with subsidiaries in 20 African countries, as well as New York, London, Paris, and Dubai. He stepped down as Group Managing Director in 2010 but continues to chair UBA’s board, guiding its strategic direction across multiple continents.

Driving Pan-African Impact Through Africapitalism

As the author and leading proponent of “Africapitalism”, Elumelu advocates that the African private sector can drive sustainable social and economic transformation through strategic, long-term investments.

In line with this philosophy, he committed $100 million through TEF in 2015 to create 10,000 African entrepreneurs over ten years, providing training, mentorship, and funding to unlock new business potential across the continent.

Moreover, Mr. Elumelu’s influence spans global and national platforms. He serves on the UN Sustainable Energy for All Global Advisory Board, USAID’s Private Capital Group for Africa, and the Nigerian President’s Agricultural Transformation Implementation Council.

He also acts as vice-chair of the National Competitiveness Council of Nigeria and chairs the Federal Government’s ministerial committee to establish world-class hospitals and diagnostic centres nationwide.

Recognition and Awards

Over the years, Mr. Elumelu has earned multiple honours for his contributions to business, entrepreneurship, and philanthropy. He was named Member of the Federal Republic (MFR) in 2003, awarded Commander of the Order of the Niger (CON) in 2012, and Commander of the Order of the Federal Republic (CFR) in 2022.

Other recognitions include the African Business Icon Award (2013), the Leadership Award in Business and Philanthropy from the Africa-America Institute (2013), an honorary Doctor of Business degree from Bayero University Kano (2019), and Officer in the Order of Leopold from Belgium (2020). These awards underscore his longstanding influence on Africa’s economic landscape.

Strategic Board Appointment for Seplat Energy

Seplat Energy’s board expressed confidence in Mr. Elumelu’s appointment, noting that his extensive experience, visionary leadership, and entrepreneurial acumen will advance the company’s strategic objectives and strengthen its commitment to sustainable growth.

Chairman Udoma Udo Udoma paid tribute to Mr. Langavant for his six-year contribution to Seplat’s growth, stating:

“We appreciate Mr. Langavant’s strategic insights and dedication. We also warmly welcome Mr. Elumelu and look forward to leveraging his vast experience as we continue to deliver value for all stakeholders.”

The board’s statement highlighted that Mr. Elumelu’s appointment marks a new chapter for Seplat, one that aligns leadership experience with bold, forward-looking strategy.

Market Performance Context

Seplat Energy closed 2025 with a 1.94% share price gain, outperforming its peers even as the Oil and Gas Sector Index declined by 1.54%, while the Nigerian Exchange All-Share Index surged by over 50% during the same period.

In the first trading week of 2026, Seplat shares hit a 52-week high of N6,171, representing a 6.2% year-to-date gain, surpassing the company’s total return for 2025 in just days and signalling continued investor confidence in the company’s direction.