With Seplat Chair Role, Elumelu Poised to Lead Four Trillion-Naira Firms
Tony Elumelu’s appointment as chairman of Seplat Energy effective January 2027 is set to deepen his influence across Nigeria’s corporate
Tony Elumelu’s appointment as chairman of Seplat Energy effective January 2027 is set to deepen his influence across Nigeria’s corporate landscape, potentially making him the country’s most prominent business leader associated with four listed companies valued at more than N1 trillion each.
The development expands Elumelu’s footprint beyond banking, power and hospitality into the energy sector, further distinguishing him from other Nigerian billionaires whose listed interests are largely concentrated within a single industry.
The board of Seplat Energy announced on Tuesday that it had elected the banker as the company’s next chairman, effective January 1, 2027.
He joined the Seplat board in January 2026 and is founder and chairman of Heirs Holdings, which owns a 20.07 percent stake in the energy company.
“Elumelu has a multi-decade track record of value creation in listed and non-listed entities. Mr. Elumelu is also a distinguished philanthropist, globally recognised as one of the leading voices on Africa’s transformation and governance agenda,” Seplat said in a statement.
The appointment broadens his’s presence across some of Nigeria’s most valuable listed companies.
United Bank for Africa, where he serves as group chairman, had a market capitalisation of N1.91 trillion as of June 9, 2026. Transcorp Power was valued at N1.84 trillion, while Transcorp Hotels stood at N2.29 trillion.
With Seplat Energy carrying a market capitalisation of about N6.82 trillion on the Nigerian Exchange Limited, Elumelu’s corporate footprint now spans four trillion-naira companies across banking, energy, power and hospitality. The expansion places him in a unique position among Nigeria’s billionaire business leaders.
Unlike Aliko Dangote and Abdul Samad Rabiu, whose listed wealth is concentrated largely in industrial businesses, Elumelu’s influence cuts across multiple sectors of the economy.
Dangote remains the country’s richest businessman, with Dangote Cement simulated ₦617.23 ▲0.64% valued at N19.9 trillion and Dangote Sugar recently rejoined the trillion-naira club.
Rabiu, founder of BUA Group, controls two of the NGX’s largest industrial companies. BUA Foods is valued at about N16.9 trillion, while BUA Cement commands a market capitalisation of N12.8 trillion.
