Seplat Energy’s Strategic Pivot: Tony Elumelu’s Takeover, a Bold Gas Initiative, and Market Momentum

Seplat Energy plc, the London‑listed oil and gas explorer operating in Nigeria’s Niger Delta, has entered a decisive new chapter. Within a single week, the company saw a high‑profile board appointment, a substantial change in ownership structure, and the launch of an ambitious gas project that together signal a sharpened focus on growth and sustainability.

1. A New Strategic Voice at the Boardroom

On 23 January 2026, Seplat announced the appointment of Mr. Tony O. Elumelu as a non‑executive director, succeeding Mr. Olivier Cleret‑De Langavant who resigned following the divestment of Etablissements Maurel et Prom SA’s stake. Elumelu, the economist‑turned‑banker behind the Africapitalism movement, brings a portfolio that spans banking, insurance, real‑estate, and, crucially, petroleum. His entry is not merely symbolic; it injects a seasoned perspective on capital deployment and social impact into Seplat’s governance.

2. Shareholding Shift: From Maurel et Prom to Heirs Energies

Elumelu’s influence was cemented earlier, on 22 January 2026, when Heirs Energies—his holding company—acquired 20.07 % of Seplat’s equity from the French firm Maurel et Prom. The transaction, valued at £3.05 per share for 120.4 million ordinary shares, represented an outlay of $496 million. This move not only made Heirs the single largest shareholder but also underscored Elumelu’s confidence in Seplat’s trajectory.

The timing of this stake acquisition—coinciding with the board change—suggests a coordinated strategy to align ownership, governance, and long‑term vision. By consolidating influence, Elumelu is positioned to steer Seplat toward projects that promise both fiscal return and social benefit.

3. A Gas‑Powered Growth Engine

Simultaneously, Seplat launched the ANOH gas project in Nigeria, announced on 22 January 2026 by Rigzone and corroborated by Ecofin Agency and The Cable. This initiative marks a strategic pivot toward natural gas—a cleaner, high‑value commodity—aligning with global emissions targets while exploiting Nigeria’s abundant gas resources.

The ANOH project is part of a broader commitment to reduce the firm’s carbon footprint and to generate revenue streams less vulnerable to oil price volatility. By diversifying into gas, Seplat positions itself as a forward‑thinking upstream player capable of meeting both investor expectations and regulatory pressures.

4. Market Context: Prices, Volatility, and Valuation

  • Current Share Price (22 Jan 2026): £335
  • 52‑Week High (19 Jan 2026): £342.5
  • 52‑Week Low (6 Apr 2025): £152.8
  • Price‑to‑Earnings Ratio: 13.02

These figures reveal a firm trading near its all‑time high, yet still with a price‑to‑earnings ratio that signals moderate valuation relative to peers. The recent 20 % equity acquisition and the gas project launch suggest a bullish outlook: the company is not merely reacting to market swings but actively shaping its destiny.

5. The Imperative of Africapitalism in Nigeria’s Energy Landscape

Elumelu’s Africapitalism ethos—fusing financial growth with social progress—offers a compelling lens through which to view Seplat’s moves. By aligning its gas project with emissions reduction goals, Seplat demonstrates that profitability and planetary stewardship need not be mutually exclusive. Moreover, Elumelu’s track record across multiple sectors hints at a cross‑industry synergy: the company can tap into banking and insurance expertise to secure favorable financing, real‑estate partnerships for infrastructure, and philanthropy channels for community engagement.

6. Conclusion: A Calculated Leap Forward

Seplat Energy plc’s recent developments are far from incidental. The appointment of a high‑profile director, the decisive shareholding shift, and the launch of a major gas project collectively underscore a strategic recalibration toward growth, sustainability, and shareholder value. In an industry beleaguered by volatility and environmental scrutiny, Seplat’s bold moves, guided by Tony Elumelu’s Africapitalist vision, position it not merely to survive but to thrive in the coming decade.