Elumelu’s Seplat Board Appointment Awaits Shareholders Approval

Chairman of United Bank for Africa Plc, Tony Elumelu, is expected to be formally elected to the board of Seplat Energy Plc during the company’s 13th Annual General Meeting scheduled for Wednesday, May 20, 2026.

The proposed appointment was contained in the company’s Notice of Annual General Meeting recently filed with the Nigerian Exchange.

According to Seplat, shareholders will vote on Elumelu’s appointment as a Non-Executive Director during the virtual meeting scheduled for 11:00am.

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The development follows Heirs Energies’ acquisition of a 20.07 per cent stake in Seplat through a $500 million transaction that positioned the company as the largest shareholder in the dual-listed energy firm.

Seplat stated that the AGM would also consider the company’s audited financial statements for the year ended December 31, 2025, declaration of final dividend, re-election of existing directors, and re-appointment of external auditors.

The company disclosed that shareholders would vote on the re-election of Independent Non-Executive Directors, Udoma Udo Udoma and Christopher J.N. Okeke.

The AGM will also consider the appointment of Larry Ettah as an additional Independent Non-Executive Director.

According to the notice, shareholders will deliberate on the approval of the company’s 2025 audited financial statements and directors’ report.

The meeting will also consider the declaration of a final dividend for the 2025 financial year, payable on or around May 29, 2026, to shareholders on the register as of May 15, 2026.

Seplat further disclosed that shareholders would vote on the directors’ remuneration report, including the company’s forward-looking remuneration policy.

The company stated that the virtual AGM complies with the provisions of the Business Facilitation (Miscellaneous Provisions) Act 2022, which permits public companies in Nigeria to conduct meetings electronically.

Proceedings of the AGM will also be streamed live through the company’s YouTube channel.

The company noted that four directors, including Koosum Kalyan, Udoma Udo Udoma, Christopher Okeke, and Ernest Ebi, had attained or exceeded 70 years of age.

According to Seplat, the disclosure was made in line with Section 278 of the Companies and Allied Matters Act 2020.

The proposed appointment of Elumelu is expected to strengthen Heirs Energies’ strategic influence within Seplat following its emergence as the company’s largest shareholder.