Multi-billionaire businessman and Chairman of United Bank for Africa, Tony Elumelu, is expected to be formally elected to the board of Seplat Energy on Wednesday, May 20, 2026, as shareholders convene virtually for the company’s 13th Annual General Meeting (AGM).
This is according to the Notice of Annual General Meeting recently filed with the Nigerian Exchange (NGX), which listed Elumelu’s election as a Non-Executive Director among the major resolutions slated for consideration at the meeting scheduled for 11:00 a.m.
The anticipated appointment follows Heirs Energies’ acquisition of a 20.07 per cent stake in Seplat Energy through a $500 million transaction, making the company the single largest shareholder in Nigeria’s leading indigenous oil and gas firm.
Industry observers say Elumelu’s expected board appointment represents the next phase in Heirs Energies’ strategic investment in the dual-listed energy company.
Shareholders at the AGM are also expected to consider the company’s audited financial statements for the year ended December 31, 2025, declaration of a final dividend and the re-appointment of PricewaterhouseCoopers as external auditors.
The meeting will further deliberate on the re-election of incumbent Independent Non-Executive Directors, Udoma Udo Udoma and Christopher J. N. Okeke, alongside the appointment of Larry Ettah as an additional Independent Non-Executive Director.
Other agenda items include approval of the Directors’ Remuneration Report and the company’s forward-looking remuneration policy.
According to the AGM notice, shareholders will also vote on the proposed final dividend for the 2025 financial year, expected to be paid on or around May 29, 2026, to shareholders whose names appeared on the register as of May 15, 2026.
Seplat said the virtual AGM is being conducted in compliance with the Business Facilitation (Miscellaneous Provisions) Act 2022, which allows public companies in Nigeria to hold electronic meetings. The proceedings are also expected to be streamed live on the company’s YouTube channel.
Elumelu’s anticipated entry into the Seplat boardroom is expected to strengthen stakeholder representation and strategic oversight within the company, especially as it navigates a new ownership phase under heightened regulatory scrutiny from both the Nigerian Exchange Limited and the London Stock Exchange.
The AGM notice further disclosed that four directors — Koosum Kalyan, Udoma Udo Udoma, Christopher Okeke and Ernest Ebi — have attained or exceeded 70 years of age, in line with disclosure requirements under Section 278 of the Companies and Allied Matters Act (CAMA) 2020.
