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Tony Elumelu Named Chairman of Seplat Energy as Board Announces Major Leadership Transition

Senator Udoma set to hand over in January 2027; Engr. Effiong Okon appointed new CEO effective August 2026

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23 hours ago

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Senator Udoma set to hand over in January 2027; Engr. Effiong Okon appointed new CEO effective August 2026

The Board of Directors of Seplat Energy Plc has announced the appointment of Tony Elumelu as the next Chairman of the company, marking a significant shift in leadership for one of Nigeria’s foremost energy firms. The decision was disclosed in Lagos on Tuesday, with Elumelu set to take over from outgoing Chairman, Senator Udoma Udo Udoma, effective January 2027.

According to a notice filed on the Nigerian Exchange Limited (NGX) and signed by company secretary Edith Onwuchekwa, the board also approved the appointment of Engr. Effiong Okon as Chief Executive Officer, with his tenure to commence on 1 August 2026. The statement noted that these appointments align with NGX listing requirements and form part of Seplat’s broader strategy for continued growth and transformation.

Tony Elumelu is widely recognised in Nigeria’s corporate sector, currently serving as Chairman of Transcorp Group and United Bank for Africa (UBA) Group. He is also founder of Heirs Holdings, a pan-African investment group with interests across energy, power, banking, insurance, real estate and healthcare. Elumelu is credited as the founder of Africapitalism – an economic philosophy promoting long-term investments to unlock Africa’s development potential.

Engr. Effiong Okon brings over 35 years’ global industry experience to his new role at Seplat. Since joining in 2018, he has served as Operations Director and New Energy Director before becoming Managing Director of ANOH Gas Processing Company (AGPC), where he oversaw the delivery of first gas in January 2026. His appointment signals continuity and operational strength for Seplat’s next phase.

Industry stakeholders say Elumelu’s depth in corporate governance and institution-building is expected to guide Seplat as it positions itself as a resilient and globally competitive energy institution. The board expressed confidence that this new leadership will drive value creation for shareholders and strengthen the company’s role within Nigeria’s oil and gas sector.

Source: https://www.pulse.ng/story/tony-elumelu-appointed-chairman-of-seplat-energy-2026061009535017763

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Nigeria News (Standard)

Mexico Defeats Nine-Man South Africa 1–0 as Jiménez Scores in FIFA World Cup Clash

South Africa reduced to nine players after two red cards; Mexico secures narrow win to advance in group stage

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7 minutes ago

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June 11, 2026

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South Africa reduced to nine players after two red cards; Mexico secures narrow win to advance in group stage

Mexico claimed a hard-fought 1–0 victory against South Africa in a dramatic FIFA World Cup match on Thursday, with striker Raúl Jiménez netting the decisive goal. The encounter, played at an international venue, saw the South African side finish with only nine players after two were sent off during the tense contest.

The match began with both teams searching for early opportunities, but momentum shifted after South Africa received their first red card midway through the first half. Despite being a man down, South Africa held firm until a second dismissal further weakened their defence. Mexico capitalised on their numerical advantage when Jiménez found the back of the net, putting his team ahead and ultimately sealing all three points.

This result has significant implications for both sides in the group standings. For Mexico, the win strengthens their bid to progress to the next round of the tournament, while South Africa now faces an uphill task to qualify after suffering defeat and losing key players to suspension. Nigerian football fans will be watching closely as these developments could shape potential opponents for the Super Eagles if they advance from their own group.

No official comments had been issued by either team’s coach as at press time. Football analysts have noted that discipline and player management will be crucial for teams hoping to go far in this year’s competition. Meanwhile, organisers are expected to review disciplinary actions following incidents of indiscipline on the pitch.

Both teams will return to action in their subsequent fixtures, with South Africa needing a win to revive their hopes and Mexico seeking another positive result to confirm qualification.

Source: https://www.premiumtimesng.com/news/top-news/887032-world-cup-nine-man-south-africa-crumble-as-jimenez-seals-mexico-victory.html

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Nigeria News (Standard)

CBN to Revise Guidelines for Financial Holding Companies in Abuja

Central Bank moves to update regulatory framework, aiming to strengthen oversight of Nigeria’s financial conglomerates

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22 minutes ago

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June 11, 2026

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Central Bank moves to update regulatory framework, aiming to strengthen oversight of Nigeria’s financial conglomerates

The Central Bank of Nigeria (CBN) has announced plans to review the rules governing financial holding companies, signalling a fresh move to strengthen oversight of the country’s financial sector. The development was made public in Abuja on Thursday, 11 June 2026, as part of ongoing efforts by the apex bank to align regulations with evolving industry realities.

According to the CBN, the review will focus on updating existing guidelines that oversee how financial holding companies operate within Nigeria’s banking ecosystem. These companies typically control multiple subsidiaries across banking, insurance, asset management and other financial services. The new rules are expected to address operational risks and ensure that holding structures do not undermine the stability of individual subsidiaries or the wider financial system.

The move comes amid growing concerns over compliance gaps and risk management practices among some holding companies. In recent years, stakeholders have called for clearer boundaries and stricter supervisory mechanisms to prevent abuses such as regulatory arbitrage or concentration of risk. The CBN’s planned revision is seen as an attempt to address these issues before they escalate.

While specific details of the proposed changes have not yet been disclosed, industry experts expect tighter reporting requirements and improved corporate governance standards. The apex bank said it will engage with relevant stakeholders—including commercial banks and non-bank subsidiaries—before finalising the revised framework.

The CBN is expected to release a draft guideline for public input in the coming weeks. Observers say the updated rules could have significant implications for conglomerates operating under holding structures, as well as for investors seeking clarity on sector stability.

Source: https://www.premiumtimesng.com/business/business-news/887029-cbn-to-revise-rules-governing-financial-holding-companies.html

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Nigeria News (Standard)

NCAA Launches Probe Into Asaba Aircraft Roadway Landing Incident

Aviation authority begins investigation after plane lands on public road in Delta State, raises safety concerns

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32 minutes ago

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June 11, 2026

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Aviation authority begins investigation after plane lands on public road in Delta State, raises safety concerns

The Nigerian Civil Aviation Authority (NCAA) has commenced an official investigation into the unusual landing of an aircraft on a public roadway in Asaba, Delta State, on Thursday. The incident, which occurred in the early hours of the day, has sparked concern among stakeholders about air safety protocols and enforcement in the country.

According to initial reports, the aircraft made an unscheduled landing on a major road within Asaba metropolis. Eyewitnesses described seeing the plane come to a halt amid surprised motorists and pedestrians, but there were no reported injuries or casualties as at press time. NCAA officials arrived at the scene shortly after to secure the area and begin preliminary inquiries.

This incident has drawn attention to Nigeria’s aviation safety standards, particularly regarding flight operations near populated urban areas. Airspace regulation is a recurring issue in Nigeria’s aviation sector, especially given previous incidents involving runway incursions and emergency landings. The NCAA’s response is being closely watched by both industry professionals and residents who expressed concern over possible lapses that could endanger lives.

An NCAA spokesperson confirmed that a comprehensive probe is underway to determine the circumstances leading to the event. “We are treating this as a serious safety matter and will examine all relevant factors before releasing our findings,” the spokesperson said in a written statement. No opposition or external aviation experts have issued formal comments as at Thursday evening.

The outcome of this investigation is expected to inform future policy measures aimed at preventing similar occurrences. The NCAA said its final report would be made public and promised that any parties found culpable would face appropriate sanctions under Nigerian civil aviation regulations.

Source: https://www.premiumtimesng.com/business/business-news/887026-air-safety-agency-begins-probe-of-asaba-roadway-landing.html

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