For the first time in the history of Nigeria’s stock market, a listed company’s share price has crossed the N6,000 mark. Seplat Energy reached the milestone on January 7, when its shares climbed to N6,171. The rally followed a 10 percent gain on the day. This came after the stock closed at N5,610 on January 6.
The latest surge marks a new record for Seplat. It surpasses the company’s previous all-time high of N5,917.20, which was recorded between October and November. Since Tony Elumelu’s Heirs Energies acquired a majority stake, Seplat has experienced heightened investor interest. Trading activity has picked up notably in recent sessions.
Nearly 1.23 million shares exchanged hands on December 31. Another 1.13 million shares were traded on January 2. On both days, volumes were almost ten times higher than Seplat’s three-month average trading volume. This reflects a sharp increase in liquidity and market participation.
For the dual-listed energy company, market dynamics have also undergone significant shifts. Seplat is now trading at a premium on the Nigerian Exchange (NGX) relative to its London Stock Exchange (LSE) listing. On the LSE, the stock was priced at £2.855, despite recording a modest 0.35 percent gain.
There has also been a noticeable shift in where most of the trading activity is taking place. The bulk of Seplat shares are now being traded on the NGX rather than in London. On December 31, the NGX recorded 1.22 million shares traded, while the LSE saw just over 138,000 shares. The following day, trading on the NGX exceeded 1.1 million shares, compared with about 490,000 shares on the LSE. On January 7, more than 566,000 shares were traded on the NGX, versus fewer than 94,000 shares on the LSE.
Read also: Elumelu’s Heirs Energies becomes Seplat’s largest shareholder in $500m deal
Seplat’s rally has come amid a broader bullish run among oil and gas stocks on the NGX. Aradel has gained 8.06 percent so far in 2026. Downstream player Eterna has risen by 20.7 percent within the same period. The positive momentum among Nigerian oil stocks contrasts with trends in global energy markets.
Globally, share prices of major oil companies have been mixed or under pressure. In 2026, Shell is down 3.65 percent. ExxonMobil has declined by 1.33 percent, while Chevron has posted a modest gain of 2.01 percent. Oil majors initially saw a brief rally following the capture of Venezuela’s former leader, Nicolás Maduro. However, that momentum quickly faded. In the days that followed, share prices weakened as global crude oil prices also began to fall.