Seplat Energy Plc has announced that its Chief Executive Officer, Roger Brown, and Chief Financial Officer, Eleanor Adaralegbe, have increased their ownership interests in the company following the exercise of 2.67 million vested shares under Seplat’s 2014 Long-Term Incentive Plan (LTIP).
Other News
The disclosure, signed by Director, Legal/Company Secretary, Edith Onwuchekwa, which was filed to the Nigerian Exchange (NGX) showed that the executives exercised a combined 2,671,668 vested shares arising from LTIP awards granted between 2021 and 2023.
Following statutory deductions to settle personal income tax obligations, the two executives retained 2,003,753 ordinary shares, strengthening management’s direct alignment with shareholder interests.
What Seplat is saying
The company described the transaction as a routine exercise of vested LTIP awards and not an open market purchase or disposal of shares.
- CEO Roger Brown exercised 2,193,586 vested shares.
- CFO Eleanor Adaralegbe exercised 478,082 vested shares.
- A total of 667,915 shares were withheld to meet statutory tax obligations.
- The shares were exercised at nil consideration under the LTIP structure.
- Tax obligations were calculated using Seplat’s NGX closing share price as of May 22, 2026.
The transaction was executed outside a trading venue and approved in accordance with the company’s remuneration framework.
According to Seplat, the resulting shareholdings satisfy the minimum ownership requirements contained in its shareholder-approved remuneration policy.
More insights:
The LTIP exercise significantly increased the executives’ direct equity exposure to the company without requiring cash purchases in the market.
- Roger Brown retained 1,645,190 shares after tax deductions, bringing his total holding to 6,523,862 ordinary shares.
- Eleanor Adaralegbe retained 358,563 shares after deductions, increasing her total holding to 1,018,254 ordinary shares.
- Combined executive ownership rose by more than 2 million shares following the vesting exercise.
- The transaction reflects Seplat’s strategy of linking executive compensation to long-term shareholder value creation.
- By retaining most of the vested shares rather than disposing of them, both executives continue to maintain substantial exposure to the company’s future performance.
The company noted that the increased shareholding helps ensure management remains closely aligned with shareholders as Seplat continues to execute its growth strategy across its upstream oil and gas portfolio.
Get up to speed:
Seplat Energy delivered a mixed financial performance in the first quarter of 2026 after posting a strong full-year 2025 result.
- The company reported Q1 2026 revenue of N1.16 trillion, while pre-tax profit declined to N229.1 billion from N314.6 billion in the corresponding period of 2025.
- Despite the decline in pre-tax earnings, profit after tax rose to N52.5 billion from N35.3 billion, supported by lower tax charges.
The company also completed the integration of major assets acquired through the Mobil Producing Nigeria Unlimited transaction, strengthening its production base and long-term growth outlook.
What you should know
The LTIP transaction was disclosed pursuant to Article 19(3) of the EU Market Abuse Regulation and forms part of Seplat’s executive remuneration framework.
On Friday, May 29, Seplat Energy shares closed at approximately N11,486.20 per share on the Nigerian Exchange.
The stock began the year with a share price of N5,809.00 and has since gained 97.7% on that price valuation, ranking it 34th on the NGX in terms of year-to-date performance. It is currently the seventh most valuable stock on the NGX with a market capitalization of N6.89 trillion, which is about 4.29% of the equity market value.
