A Review of the Nigerian Energy Industry

Excitement as Seplat lists on London Stock Exchange

London-Stock-Exchange-2418 April 2014, Lagos – London Stock Exchange (LSE) Thursday listed the shares of Seplat Petroleum Development Company Plc on its Main Market. With the  LSE listing, the  dual listing of the company on the London bourse and  the Nigerian Stock Exchange (NSE) has therefore been completed.

Seplat, which is an independent oil and gas exploration/production firm, is the first to simultaneously dual list shares in London and Nigeria. Seplat raised $500 million (N82.5 billion)  through an initial public offering (IPO) giving it a market value of $1.9 billion, which also made it the  largest African float on LSE  this year.

To mark the listing, the Chairman of Seplat, Dr. A.B.C. Bryant Orjiako opened London trading.

Speaking at the occasion, Orjiako said the board and management of the company  were 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 leading Nigerian indigenous exploration and production (E&P) players. I believe our excellent production growth track record, strong cash flow and progressive dividend policy distinguish Seplat from many other E&P stocks,” he said.

Speaking in the same vein, Head of Primary Markets for Africa at LSE, Mr.  Ibukun Adebayo, said the Seplat’s dual listing in London and Lagos is an important development for the Nigerian corporate sector.

“It demonstrates how a Nigerian company can successfully raise both domestic and global equity capital to finance its growth through a single offer. It also shows how Nigerian companies can attract the world’s largest investors and international visibility without compromising their ability to develop a domestic shareholder base,” he said.

The LSE listing was witnessed by former Vice President of Nigeria, Dr. Alex Ekwueme; Group Managing Director of NNPC, Mr. Andrew Yakubu; former MD of Shell Development Company of Nigeria, Mr. Basil Omiyi; former Chairman of Federal Inland Revenue Services (FIRS), Mrs. Ifueko Omogui-Okauru, and acting Director-General of the National Pension Commission, Mrs. Chinelo Anohu-Amazu, among others.


– This Day

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