15 April 2014, Lagos – The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke and the Minister of Industry, Trade and Investment, Mr Olusegun Aganga Monday witnessed the listing of the first oil exploration and production firm, Seplat Petroleum Development Company Plc on the Nigerian Stock Exchange (NSE) in Lagos.
History was made as Seplat had a dual listing on the NSE and London Stock Exchange (LSE) following the successful completion of the company’s initial public offering to raise $500 million. A total of 543, 284,130 shares of Seplat were listed on the NSE at N576 per share. But high demand for shares lifted it to close at N604.80 per share.
In her remarks, Alison-Madueke said the listing of Seplat reflected the support the government is giving to indigenous operators in the oil and gas sector of the economy. According to her, more companies support would be given to stimulate indigenous participation in the oil and gas sector.
Also speaking, Aganga said the heavy subscription of Seplat IPO showed how the world believes in the Nigerian economy. He therefore advised other companies to emulate what the Seplat has done.
The Chairman of Seplat Dr. ABC Orjiako, said “We are delighted with the support shown and happy to welcome a range of blue chip investors to our share register. Despite a challenging market for oil and gas stocks, the response has been excellent and demonstrates strong demand in both London and at home for a leading Nigerian indigenous E&P player.”
Speaking in the same vein, the Chief Executive Officer of Seplat, Mr. Austin Avuru said “We are already a leading indigenous independent in our home market but the opportunities opening up in Nigeria for companies like ours are significant.”
In his address, the CEO of the NSE, Mr. Oscar Onyema, said with the listing of Seplat is a celebration of many milestones.
“Seplat becomes the first Nigerian company listed on the main market of the LSE and the first pure play upstream listing on the NSE. This is also the first IPO since the market crash of 2008. It exemplifies your leadership and commitment to support and promote Nigeria,” he said.