Shareholders of Seplat Energy Plc yesterday formally elected billionaire banker and entrepreneur, Tony O. Elumelu, as the company’s Non-Executive Director.

Elumelu’s election was part of the resolution reached on Wednesday at the company’s 13th Annual General Meeting.

The appointment came months after Heirs Energies, a subsidiary of Heirs Holdings, acquired a 20.07 per cent stake in Seplat from French energy giant Maurel & Prom in a transaction valued at roughly $496 million.

The deal instantly transformed Heirs Energies into Seplat’s single largest shareholder, marking one of the most significant ownership shifts in Nigeria’s indigenous oil industry in recent years.

The acquisition was executed at 305 pence per share, representing a premium above Seplat’s the-market valuation on the London Stock Exchange. The transaction involved the purchase of approximately 120.4 million shares and included a structured payment arrangement backed by an irrevocable letter of credit.

The deal was further supported by African multilateral finance institutions, including African Export-Import Bank and Africa Finance Corporation, underscoring growing continental backing for indigenous ownership in the energy sector.

The latest board development now places Elumelu at the centre of Seplat’s long-term strategic direction.

As a Non-Executive Director, his role is expected to focus on governance oversight, shareholder representation, and broader strategic guidance rather than day-to-day management.

Speaking with newsmen shortly after the AGM on Wednesday, the Board Chairman, Udoma Udo Udoma, noted that Elumelu’s entry showed the energy firm is succeeding.

He added that having Elumelu on Seplat’s board, with his broad experience and expertise, remains a plus for the company.

“You know you are successful when everybody wants to buy your shares. And so, it’s a sign of our success.

“And when Heirs and Tony bought into Seplat… in fact, when he bought, he said so. He said he’s buying because he likes the company. And so, he’s very welcome to the company.

“It’s good to have somebody with this broad experience and expertise on our board.

“So, it definitely is a plus for us to have Tony Elumelu on our board,” Udoma said.

The chairman disclosed that the company plans a massive increase in production, with a target of 500,000 barrels in terms of the overall joint venture production.

“One of which is a massive increase in production. We want to move to 200,000 barrels in terms of our own share, and 500,000 barrels in terms of the overall joint venture production. That’s an ambitious target.

“We believe we’re on track to achieve that. Importantly for our shareholders, we also believe that we’re on track to deliver value to them in terms of dividends. So, we have committed ourselves to delivering one billion U.S. dollars in dividends over the next four or five years,” he said.