Seplat Energy Executives Increase Stake in Company
In a notable demonstration of corporate alignment, Seplat Energy Plc’s management has solidified its financial commitment to the homegrown energy company. Following a recent vesting of shares under the company’s Long Term Incentive Plan (LTIP), CEO Roger Brown and CFO Eleanor Adalaregbe now collectively hold shares valued at ₦87 billion.
Executive Share Valuations Reveal Strong Growth
The valuation of Roger Brown’s shares in Seplat Energy has surged to an impressive ₦74.93 billion, while Eleanor Adalaregbe’s stake amounts to ₦11.7 billion. These valuations underscore both the company’s robust growth trajectory and the alignment of executive remuneration with long-term shareholder value creation.
Leadership Transition and Executives’ Backgrounds
Roger Brown stepped into the role of CEO on August 1, 2020, succeeding the company’s founding CEO, Austin Avre, after having served as CFO since July 2013. Meanwhile, Eleanor Adalaregbe officially became CFO on May 21, 2024, after holding various roles within the company, including Vice President of Finance and CFO-designate.
Incentive Plan Shares Granted to Executives
Seplat recently executed the Long Term Incentive Plan shares granted to its executives from the 2021, 2022, and 2023 cycles under the terms of its 2014 LTIP. This strategic move has propelled Roger Brown and Eleanor Adalaregbe to substantial shareholdings of 6,523,862 and 1,018,254 ordinary shares, respectively, fulfilling the minimum shareholding requirements set by the shareholder-approved remuneration policy.
Details of Share Transactions and Company Performance
The awarded LTIP shares were aligned with Seplat’s executive compensation policy. For Roger Brown, the vested shares amounted to 2,193,586 units, with 548,396 units traded to meet statutory obligations, leaving him with 1,645,190 units. Similarly, Adalaregbe’s vested shares totaled 478,082 units, with 119,519 units traded, resulting in her holding 358,563 units post-deductions. The Board emphasizes that such significant shareholding aligns the interests of the Executive Directors with those of other shareholders.
Seplat’s Stock Performance Surges
Recently, Seplat achieved a remarkable milestone by becoming the first Nigerian company to exceed ₦10,000 per share, with its stock trading at ₦11,486.2 as of June 1. This impressive rise from a 52-week low of ₦5,450 to a high of ₦11,600 reflects the company’s substantial capital increase in the Nigerian Exchange Limited, driven by strategic asset acquisitions such as Mobil Producing Nigeria Unlimited.
Dividends Announced Amid Continued Growth
Seplat Energy has also declared an interim dividend of $5 (5 cents) and a special dividend of $4 (4 cents) per share, contingent upon applicable withholding taxes. These dividends will be distributed to shareholders registered at the close of business on June 5, 2026, and are expected to be paid around June 19, 2026. The company’s extensive portfolio includes multiple production and processing facilities in the Niger Delta region, reinforcing its position as a prominent player in Nigeria’s energy sector.
