Pecohub 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.
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.
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.
