Seplat Energy Plc, one of Nigeria’s leading indigenous oil and gas companies, has announced a significant update to its shareholder structure following the acquisition of shares by the Chairman of its Board, Udo Udoma.
The company, in a disclosure on September 27, 2024, revealed that Tierce Investments Ltd, a company wholly owned by Udoma, had acquired 22,571 ordinary shares in Seplat Energy.
This acquisition represents Udo Udoma’s first stake in Seplat, as he previously held no shares in the company.
The 22,571 shares acquired by Udoma represent a 0.004% voting interest, based on the company’s total issued shares of 588,444,561.
Udo Udoma, a prominent figure in Nigerian business and politics, previously served as Nigeria’s Minister of Budget and National Planning. His entrance into Seplat’s shareholder list could be viewed as a positive signal to the market.
The company’s strategy to diversify into natural gas and renewable energy projects has been well received by investors, positioning Seplat for sustained growth amid the global shift towards cleaner energy sources.
As of June 30, 2024, Seplat’s largest shareholders included:
While Udoma’s holding of 22,571 shares is comparatively small, his entry into Seplat’s shareholder base as the Chairman of the Board sends a strong message to investors about his commitment to the company.
It also aligns his personal financial interest with Seplat’s long-term success, a move that may bolster investor confidence.
At N4,103 per share, Seplat Energy Plc remains one of the more highly valued stocks on the NGX, having gained a whopping 77% year to date.
Seplat’s diversified operations, including its natural gas business, have provided a buffer against the fluctuating prices in the crude oil market.
With Nigeria increasingly focusing on natural gas as a cleaner energy alternative, Seplat appears well-positioned to capitalize on this trend, further strengthening its market position.