By Ali Elias
LAGOS — Senior executives of Seplat Energy Plc have increased their ownership interests in the indigenous energy company after exercising more than 2.67 million vested shares under the firm’s Long-Term Incentive Plan (LTIP), a move that further aligns management interests with those of shareholders.
The company disclosed that its Chief Executive Officer, Roger Brown, and Chief Financial Officer, Eleanor Adaralegbe, exercised a combined 2,671,668 vested ordinary shares arising from incentive awards granted between 2021 and 2023 under Seplat’s 2014 Long-Term Incentive Plan.
According to a regulatory filing signed by Seplat’s Director, Legal and Company Secretary, Edith Onwuchekwa, the transaction was executed in accordance with the company’s remuneration framework and did not involve the purchase or sale of shares on the open market.
The disclosure showed that following statutory deductions to settle personal income tax obligations, the two executives retained a combined 2,003,753 ordinary shares.
Roger Brown exercised 2,193,586 vested shares and retained 1,645,190 shares after tax deductions, increasing his total direct holding in the company to 6,523,862 ordinary shares.
Similarly, Adaralegbe exercised 478,082 vested shares and retained 358,563 shares after statutory deductions, bringing her total shareholding to 1,018,254 ordinary shares.
In all, 667,915 shares were withheld to meet tax obligations, which were calculated using Seplat’s Nigerian Exchange closing share price as of May 22, 2026.
Seplat explained that the shares were exercised at nil consideration under the LTIP structure, emphasizing that the transaction represented the vesting of previously awarded incentive shares rather than fresh acquisitions in the market.
The company noted that the resulting shareholdings satisfy the minimum ownership requirements stipulated in its shareholder-approved remuneration policy.
The latest development significantly increases the direct equity exposure of the two executives and reinforces the company’s long-standing strategy of linking executive compensation to long-term value creation.
Market analysts generally view such arrangements as positive indicators because they encourage management to focus on sustainable growth and shareholder returns over extended periods.
By retaining most of the vested shares instead of immediately disposing of them, Brown and Adaralegbe have effectively increased their exposure to Seplat’s future performance and long-term prospects.
The transaction comes at a period of significant corporate expansion for the company following the successful integration of assets acquired through the Mobil Producing Nigeria Unlimited (MPNU) transaction, one of the largest acquisitions in Nigeria’s oil and gas industry in recent years.
Seplat has continued to position itself as one of Africa’s leading independent energy companies, with interests spanning oil, gas and power assets.
The company’s first-quarter 2026 financial performance reflected both the opportunities and challenges facing the energy sector. Seplat reported revenue of N1.16 trillion during the period, while profit before tax declined to N229.1 billion from N314.6 billion recorded in the corresponding quarter of 2025.
Despite the reduction in pre-tax earnings, profit after tax rose to N52.5 billion from N35.3 billion, aided largely by lower tax charges.
The executive shareholding increase also comes against the backdrop of a strong rally in Seplat’s stock on the Nigerian Exchange. The company’s shares closed at about N11,486.20 on May 29, representing a gain of nearly 98 per cent from the N5,809.00 opening price at the beginning of the year.
With a market capitalization of approximately N6.89 trillion, Seplat ranks among the most valuable listed companies on the Nigerian Exchange and remains a major player in Nigeria’s energy sector.
Industry observers say the decision by senior executives to retain a substantial portion of their vested shares sends a strong signal of confidence in the company’s future outlook, particularly as it continues to leverage its expanded asset base to drive production growth and shareholder value.