Seplat Energy Plc strengthened executive alignment as leadership increased their shareholdings through LTIP vesting.
Executive Share Vesting Update
First, CEO Roger Brown and CFO Eleanor Adaralegbe boosted their stakes after vesting 2.67 million shares.
Next, Seplat’s 2014 Long-Term Incentive Plan released awards covering 2021 to 2023 grants.
Then, the Nigerian Exchange received a filing confirming 2,671,668 vested shares exercised.
Subsequently, Company Secretary Edith Onwuchekwa signed and submitted the regulatory disclosure.
Seplat LTIP Ownership Increase
Afterwards, the company deducted statutory income tax, and executives retained 2,003,753 ordinary shares.
Importantly, Seplat described the transaction as routine LTIP vesting rather than market trading.
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Additionally, the plan granted shares at nil cost under the compensation structure.
Meanwhile, tax calculations used Seplat’s closing price on May 22, 2026.
In detail, Roger Brown exercised 2,193,586 shares and expanded his ownership position.
Similarly, Eleanor Adaralegbe exercised 478,082 shares under the LTIP framework.
Consequently, the company withheld 667,915 shares to settle tax obligations.
After that, Brown retained 1,645,190 shares and increased his total holding to 6,523,862 shares.
Likewise, Adaralegbe retained 358,563 shares and raised her stake to 1,018,254 shares.
Overall, combined executive ownership rose by more than two million shares.
Furthermore, Seplat confirmed minimum ownership thresholds under its remuneration policy.
The policy actively links executive pay to long-term shareholder value creation.
In turn, executives increased exposure without purchasing shares in the open market.
Strong NGX Market Performance
Meanwhile, Seplat advanced integration of Mobil Producing Nigeria Unlimited assets.
This integration strengthened upstream production capacity and improved long-term growth outlook.
Financially, Seplat reported Q1 2026 revenue of ₦1.16 trillion.
However, pre-tax profit declined to ₦229.1 billion from ₦314.6 billion year-on-year.
Conversely, profit after tax rose to ₦52.5 billion due to lower tax charges.
Finally, Seplat shares closed at ₦11,486.20 on 29 May 2026 trading session.
Overall, the stock gained 97.7% year-to-date on the Nigerian Exchange.
