Seplat Energy Plc has made history on the Nigerian Exchange Limited, becoming the first listed company to cross the N10,000 per share milestone following a strong rally driven by investor optimism and Nigeria’s recent market reclassification by FTSE Russell.
The company’s share price surged by 9.42 per cent or N900 to close at N10,450 on April 14, extending a year-to-date gain of nearly 80 per cent and cementing its position as the most expensive stock on the exchange.
The rally gained momentum after the acquisition of a 20 per cent stake in Seplat by Tony Elumelu-linked Heirs Energies in a $500 million deal, which helped boost market confidence in the company’s long-term outlook.
The transaction, involving 120.4 million shares, was executed at a premium price and is widely seen as a catalyst that strengthened investor sentiment around the stock.
Further momentum followed FTSE Russell’s upgrade of Nigeria from “unclassified” to Frontier Market status, a development expected to attract between $840 million and $1.04 billion in foreign portfolio inflows into Nigerian equities.
Seplat Energy Plc has also benefited from strong operational and financial performance. The company reported a 144 per cent rise in revenue to $2.73 billion in 2025, supported by higher production volumes and contributions from offshore assets.
Profit before tax climbed 86.7 per cent to $497.8 million, while gross profit surged 156.4 per cent, reflecting improved efficiency and stronger cash flow generation. The company also reduced net debt by 25 per cent to $673.3 million and increased dividends by 52 per cent year-on-year to 25 cents per share.
Market data showed Seplat’s rally has also lifted broader indices, contributing to gains in the oil and gas sector index, which rose by 4.36 per cent, while the All-Share Index advanced to 205,831.38 points.
Analysts say the stock’s performance reflects both macroeconomic tailwinds and strong fundamentals, positioning it to benefit further from improved foreign participation in Nigeria’s capital market.
Looking ahead, Seplat has set a production guidance of 135,000 to 155,000 barrels of oil equivalent per day for 2026, supported by new drilling campaigns and gas development projects.
The company’s strong balance sheet, rising investor interest, and favourable market conditions suggest continued momentum as Nigeria’s equities market attracts renewed global attention.
