Seplat Energy Crosses N10,000 Per Share, First on NGX

Seplat Energy Plc (SEPLAT) became the first company listed on the Nigerian Exchange Limited (NGX) to reach a share price above N10,000, closing at N10,450 on Tuesday, April 14.

The stock rose N900, or 9.42 per cent, in a single session. Year-to-date, it has gained 79.9 per cent. This performance follows FTSE Russell’s decision on April 7 to reclassify Nigeria as a Frontier Market effective September 2026, paving the way for increased investment from global passive funds.

Seplat now holds the title of the NGX’s most expensive stock, surpassing Nestle Nigeria and Airtel Africa. Its rally reflects strong investor confidence in the company’s operations and the appeal of indigenous energy firms amid economic volatility.

Key drivers include Seplat’s 2025 acquisition of Mobil Producing Nigeria Unlimited (now Seplat Energy Producing Nigeria Unlimited). In results released on the NGX and London Stock Exchange for the year ended December 2025:

Profit before tax rose 86.7 per cent to $497.8 million (2024: $266.7 million).
Gross profit increased 156.4 per cent to $904.5 million (2024: $352.4 million).
Revenue grew 144.2 per cent to $2.726 billion (2024: $1.116 billion), boosted by offshore assets.

Additional momentum came from Heirs Energies’ acquisition of a 20.07 per cent controlling stake in late 2025 at N5,809 per share, after which the stock has risen nearly 80 per cent. Seplat’s market capitalisation now stands at about N6.27 trillion.

The surge contributed to a 0.70 per cent rise in the NGX All-Share Index (ASI), which hit a record 205,831.38 points, with market capitalisation reaching N132.492 trillion. Year-to-date returns are up 32.32 per cent.

The Oil & Gas index (+4.36 per cent) and Commodities index (+2.65 per cent) led gains, driven by Seplat. CardinalStone Research noted Seplat’s role as the session’s top performer, while Vetiva Research highlighted N2.28 billion in trading value.

Analysts at Vetiva expect earnings season to fuel volatility, with investors rotating into strong performers in oil & gas amid tactical positioning in banking stocks.