Seplat Energy Plc has announced that its Chief Executive Officer, Roger Brown, and Chief Financial Officer, Eleanor Adaralegbe, have increased their ownership in the company after receiving vested shares under the firm’s Long-Term Incentive Plan (LTIP).
According to a disclosure filed with the Nigerian Exchange (NGX), the two executives exercised a combined total of 2.67 million vested shares that were awarded to them between 2021 and 2023 under Seplat’s employee incentive scheme. The transaction was part of the company’s established remuneration structure and was not related to any purchase or sale of shares on the open market.
Following the exercise of these shares, a portion was deducted to cover personal income tax obligations as required by law. After the deductions, the executives retained a total of 2 million ordinary shares, further increasing their direct ownership in the company.
The breakdown of the share allocation shows that Roger Brown exercised 2.19 million vested shares, while Eleanor Adaralegbe exercised 478,082 shares. Out of the total shares exercised, 667,915 shares were withheld to settle tax obligations. The tax calculation was based on Seplat’s closing share price on the NGX as of May 22, 2026.
The company emphasized that the exercise of these shares was conducted at no cost to the executives, in line with the LTIP structure. It also noted that the transaction took place outside a trading venue and followed all approved corporate governance and compensation guidelines.
As a result of the exercise, Roger Brown retained 1.65 million shares after tax deductions, increasing his total ownership in the company to 6.52 million ordinary shares. Similarly, Eleanor Adaralegbe retained 358,563 shares, bringing her total holding to over one million shares.
The increase in executive ownership is viewed as a positive signal because it aligns the interests of management more closely with those of shareholders. By holding a larger stake in the company, executives become more directly connected to the company’s long-term performance and value creation.
Seplat explained that the LTIP is designed to reward executives based on long-term business success while encouraging them to remain invested in the company’s future growth. The company added that retaining most of the vested shares demonstrates management’s confidence in Seplat’s prospects and strategic direction.
The development comes as Seplat continues to expand its operations and strengthen its position in Nigeria’s oil and gas sector. The company recently completed the integration of key assets acquired through the Mobil Producing Nigeria Unlimited transaction, a move expected to boost production capacity and support long-term growth.
Financially, Seplat recorded mixed results in the first quarter of 2026. Revenue rose to N1.16 trillion, while pre-tax profit declined to N229.1 billion from N314.6 billion recorded during the same period in 2025. However, profit after tax increased to N52.5 billion from N35.3 billion, largely due to lower tax expenses.
The company’s shares have also delivered strong returns this year. As of late May 2026, Seplat’s stock price had risen by nearly 98 percent compared to its opening price at the beginning of the year. With a market value of about N6.89 trillion, the company remains one of the most valuable stocks listed on the Nigerian Exchange and continues to attract investor interest.
