Chairman of United Bank for Africa Tony Elumelu is set to join the board of Seplat Energy as a non-executive director following the acquisition of a major stake in the company by Heirs Energies.
Mr Elumelu will be presented for election at Seplat’s 13th annual general meeting scheduled for May 20.
Shareholders are expected to vote on his appointment during the virtual meeting.
His proposed appointment comes after Heirs Energies acquired a 20.07 percent stake in Seplat through a $500 million transaction, making the company the largest shareholder in the oil and gas firm.
According to the notice of the annual general meeting filed with the Nigerian Exchange, shareholders will also consider the company’s audited financial statements for the year ended December 31, 2025 and approve a final dividend for the period under review.
The meeting will also consider the re-election of independent non-executive directors Udo Udoma and Christopher Okeke.
Shareholders are also expected to vote on the appointment of Larry Ettah as an independent non-executive director.
In addition, shareholders will deliberate on the re-appointment of PricewaterhouseCoopers as external auditors and consider the company’s directors’ remuneration report.
Seplat said the annual general meeting would hold virtually in line with the provisions of the Business Facilitation (Miscellaneous Provisions) Act 2022, which allows public companies to hold general meetings electronically.
