Seplat Energy Plc says it is ready to move on from its challenges. Institutional investors commonly compare their own returns to the returns of a commonly followed index. Private companies may also have a strategic interest in the company. It seems that Private Companies own 33%, of the Seplat Petroleum Development stock. Sorry, your blog cannot share posts by email. It's hard to say for sure but this suggests they have entwined business interests. Join A Paid User Research SessionYoull receive a US$30 Amazon Gift card for 1 hour of your time while helping us build better investing tools for the individual investors like yourself. WebOver the last few years, Seplat Energy has successfully grown its business and created significant shareholder value despite the challenges confronting us in our operating environment. .uniq_1764707858073873 { This can indicate that the company has a certain degree of credibility in the investment community. Justice Yellin Bogoro of the Federal High Court had issued an interim order restraining Orjiako, and the two firms, as well as their proxies in Nigeria and any jurisdiction worldwide, from receiving and or transferring assets and accounts of Seplat Energy Plc. See what's happening in the market right now with MarketBeat's real-time news feed. Also submit photocopies of its CAC Forms CO2 and CO7. It operates a seven oil and gas WebCurrently, Roger Thompson Brown is Chief Executive Officer & Executive Director at Seplat Energy Plc. It was reported that by mid-morning on February 25 after Seplats announcement of the sale and purchase agreement with MPNU, Seplats share price rose from 93 pence to 105.5 pence ($1.24 to $1.41) on the London Stock Exchange. width: 100vw; }. WebCompany profile for SEPLAT Energy PLC including key executives, insider trading, ownership, revenue and average growth rates. By February 13, 2023, Seplat suspended the consultancy agreement with its former Chairman, ABC Orjiako through Amaze Limited. 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To see all exchange delays and terms of use please see Barchart's disclaimer. Seplat Energy Plc was incorporated in 2009 and is headquartered in Lagos, Nigeria. Institutions often own shares in In their own names, insiders own UK17m worth of stock in the UK584m company. In other words, these shareholders have a meaningful say in the decisions of the company. Our data indicates that hedge funds own 9.0% of Seplat Energy. Seplat Energy also announced that the Lagos Federal High Court has vacated the ex parte interim orders against Seplat, its Chief Executive Officer, and its Board Chairman. Our goal is to create a safe and engaging place for users to connect over interests and passions. This article examines the events that have caused internal crises and legal battles at Seplat, a Nigerian oil and gas company, and discusses the resulting effects on its operations and reputation. Seplat Petroleum Development is not owned by hedge funds. Includes shallow-water affiliate; ExxonMobil to retain deepwater assets. The official announcement can be viewed at this link. The company can be reached via phone at +234-1-2770400. Meanwhile, ABC Orjiako responded by denying any wrongdoing in the letter he initiated to the Federal Government to facilitate the consummation of the lingering $1.3 million MPNU deal, saying he acted within the scope of his mandate for the benefit of the company. All rights reserved. They are always enabled. Strengthened Liquidity: Seplat had USD220 million of unrestricted cash at 30 September 2021. With 14% and 9.0% of the shares outstanding respectively, Petrolin Group and Sustainable Capital Ltd are the second and third largest shareholders. Private companies may also have a strategic interest in the company. Seplat Energy (LON:SEPL) has a market capitalization of 620.22 million and generates 951.80 million in revenue each year. A look at the shareholders of Seplat Petroleum Development Company Plc ( LON:SEPL) can tell us which group is most powerful. Management ultimately answers to the board. The Securities and Exchange Commission, SECis a Government Agency Mandated to Regulate and Develop the Nigerian Capital Market, SEC Towers, Seplat Petroleum Development Company Plc, a leading Nigerian indigenous oil and gas company, has announced a new shareholder with over Seplat reveals new Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months. Transparency is how we protect the integrity of our work and keep empowering But he expressed confidence that the company would do better going forward for many reasons, one of which is Seplat being listed on the London Stock Exchange and its activities will be scrutinized publicly, unlike on the Nigerian Exchange where companies may get away with unethical practices. The boardroom drama has led to an implosion that has seen mass retirement and resignations from key board members involved in the debacle. It generates hydrocarbon through seven oil and gas blocks in the Niger Delta region. You can see Seplat Energy's historic earnings and revenue below, but keep in mind there's always more to the story. Those businesses were connected to both Orjiako and Avurus family members. Off Adeola Odeku Street, Victoria Island This may not be consistent with full year annual report figures. How often does Seplat Energy pay dividends? Meanwhile, the case has been adjourned to May 16, 2023, to continue the hearing. With a 30% ownership, the general public, mostly comprising of individual investors, have some degree of sway over Seplat Energy. This size of ownership, while considerable, may not be enough to change company policy if the decision is not in sync with other large shareholders. Do Analysts' Price Targets Make Domino's Pizza Stock Look Tasty? Seplat is a small oil and gas 5b Isaiah Odolu Street, GRA phase 2 Seplat Energy Plc (ex Seplat Petroleum Development Company Plc) specializes in exploring and producing oil and natural gas. Lagos State, Kano This represents a yield of 2.36%. Seplat Energy Plc (ex Seplat Petroleum Development Company Plc) specializes in exploring and producing oil and natural gas. Net sales break down by family of products as follows: - natural gas (21.2%). At the end of 2020, the group operated 7 onshore blocks located in Nigeria. Alex de Minaur has been beaten by qualifier Aslan Karatsev in the Madrid Open.19 went down 6-3 4-6 6-4 to the Russian, who is ranked 101 places below him, but is a former top-20 player. Delayed London Stock Exchange With 47% stake, private companies possess the maximum shares in the company. In line with its core mandate of investor protection, the Commission has sought and obtained explanations from Seplat through its Board of Directors and from the NGX,the primary exchange on which it is listed. Stockholders of record on Wednesday, May 17th will be given a dividend of GBX 0.03 per share on Friday, June 16th. To understand the root cause of events at the publicly listed company, we reviewed a series of events that have led up to this point. Seplat Petroleum Development Company (SEPLAT) is a Nigerian independent oil and gas company listed on both the London and Nigerian Stock Exchanges with a strategic focus in the Niger Delta of Nigeria. 337927). Seplat, a Nigerian oil and gas company listed on the Nigerian Exchange (NGX) and the London Stock Exchange, is facing internal crises and legal battles stemming from changes in managerial structure and the delayed acquisition of Mobil Producing Nigeria Unlimited assets. childNetworkId = '21634543682', Is United Airlines Playing a Game of Limbo with Its Guidance? Gambling reform advocates have called on the federal government to create a special unit to address the harm being inflicted across the country.At a symposium in Adelaide on Monday, both the Public Health Association of Australia and the Alliance for Gambling Reform said the unit should sit within the Department of Health and Aged Care. Who are the major shareholders and have insiders been buying or selling? In other words, the group stands to gain the most (or lose the most) from their investment into the company. View detailed SEPLAT.NG description & With a market capitalization of UK297m, Seplat Petroleum Development is a small cap stock, so it might not be well known by many institutional investors. This employer has not claimed their Employer Profile and is missing out on connecting with our community. Rivers State. Donald Trump has requested a mistrial in a civil case where the writer E Jean Carroll is accusing him of rape and defamation, saying the judge made several "unfair and prejudicial" rulings against him.In an 18-page letter filed early Monday in Manhattan federal court, Trump's lawyer Joe Tacopina accused US District Judge Lewis Kaplan of being biased against the former US president, including in the jury's presence. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions. Export data to Excel for your own analysis. Owner Type Number of Shares Ownership Percentage; Individual Insiders: 17,039,930: 2.9%: Hedge Funds: 52,544,527: 9.0%: Please read our Financial Services Guide before deciding whether to obtain financial services from us. SEC TOWERS, Plot 272, Samuel Adesujo Ademulegun Street, Central Business District P.M.B:315, Garki, Abuja +234 (0) 94621100; +234 (0) 94621168 Email: [email protected]. In comparison, the second and third largest shareholders hold about 14% and 7.6% of the stock. Aston Villa CEO, Christian Purslow believes the Premier League should be investigating to determine the ownership structure of Newcastle United. On Tuesday, April 25, Seplat Energy Plc which is listed on both the Nigerian Exchange Limited and the London Stock Exchange, announced a Boardroom succession plan that will help the company move on from recent challenges and strengthen corporate governance. Overview 50 Reviews 1 Jobs 25 Salaries 9 Interviews 22 Benefits 4 Photos 17 Diversity Follow + Add a Salary What are your colleagues talking about? Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. The AFL admits its umpires erred in not awarding Nathan Murphy a free kick after he was clattered by Adelaide's Darcy Fogarty while failing to enforce the blood rule.Murphy was positioned under a high ball in the last quarter of the Magpies' thrilling win on Saturday when Fogarty crashed into him, front-on. The Ministry had said that Mr Brown was in possession of a Combined Expatriate Residence Permit and Aliens Card (CERPAC) that was not based on a validly issued Expatriate Quota approved by the Ministry of Interior resulting in the violation of relevant Immigration Laws and Regulations. Major Afolabi Folorunso, who was General Manager West, is now Managing Director Seplat West Ltd, with a portfolio that includes OMLs 4, 38 and 41, the acreages upon However, the Commission encourages the Board to continue effective dialogue with all stakeholders in dealing with the issues. The Group has a portfolio of high - potential assets focused on Africa and Latin America, consisting of both production assets and opportunities in the exploration or appraisal phase. In its 2023 first quarter results, it reported higher revenue of 36.9% to $331 million. click here to see if those insiders have been buying or selling. Significant control over Seplat Energy by private companies implies that the general public has more power to influence management and governance-related In September 2022, Bloomberg reported that Seplat Energy spent over $450 million on goods and services provided by companies linked to its two founders between 2010 and 2021. Supporting documents of capital market transactions that have been approved by SEC Nigeria, International Organisations of Securities Commissions, West Africa Securities Regulators Association, Description of Directorates and Departments, Organisations and Individuals Registered By SEC, Request for an intepretation of a law, rule, code or guideline, Code of Conduct for Shareholders Associations, Guidance on the implementation of sections 60-63 of ISA 2007, SEC Guidelines on Sustainable Financial Principles for the Capital Market, Administrative Proceedings Committee Matters, Check if a company or person is registered to do investment business in Nigeria, Check if you have some unclaimed dividends, Registration as a Capital Market Operator, Minimum capital requirements for Capital Market Operators, Specific Application Guidelines for Capital Market Operator Function, Nature of Application requirements, fees and implementation time-frame, Registration of Capital Market Securities/Products, Registration of IPOs (CIS, REIT, ETF), PE/VC, Infrastructure and Specialized Funds, Reporting Template On Sustainable Financial Principles For The Nigerian Capital Market, Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Returns, Current Value (Position) of Foreign Investment Managed on Behalf of Nigerian Residents (USD)), Foreign Transactions on Behalf of Nigerian Residents, Domestic Transactions on Behalf of Non-Resident Investors, Ownership Structure of Nigerian Companies, Requirements for Filing of Returns by Capital Market Operators, Regulatory Returns Filing Calendar For Public Companies, List of Registered Shareholders Associations, Weekly Net Asset Value Data for Collective Investment Schemes, Monthly Net Asset Value Data For Collective Investment Schemes, Monthly Net Asset Value(NAV) Of Exchange Traded Funds(ETFS), Quarterly Update on Private Equity and Infrastructure Funds, Nigerian Commodities Trading Ecosystem Bulletin, Notice of Acceptance of Applications for the Regulatory Incubation (RI) Program, Blacklisting Of Six (6) Unregulated Online Trading Platforms, The Supreme Court affirms the jurisdiction of the Investments and Securities Tribunal over capital market disputes, Investors Alert Blacklisting Of Five (5) Italian E-Commerce Websites, Public Statement On Recent Reports On Seplat Energy PLC, Notification for 2023 First CMC Webinar Meeting. The S&P; 500 and the Dow edged higher as JPMorgan shares rose after the lender said it will buy most of First Republic Bank's assets, while investors refrained from making big bets ahead of the Federal Reserve's policy decision this week.JPMorgan Chase & Co's shares rose 2. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. This risk is higher in a company without a history of growth. Exposure to Nigerian Banks Reduced: As a general policy, the company usually retains around 70% of its total cash in US dollars and around 70% of the US dollar cash is held offshore. [email protected] After ABC Orjiako stepped down as Board Chairman at Seplat, the company had a consultancy arrangement with him, which obliged him to provide defined assistance to certain external stakeholders. Despite these challenges, Seplat reported higher revenue and pre-tax profits in the first quarter of 2023, and has announced a Boardroom succession plan to strengthen corporate governance and retire some board members. Please log in to your account or sign up in order to add this asset to your watchlist. Sources within Seplat told Nairametrics that the series of controversies at Seplat began in February 2022, when the company struck a deal worth as much as $1.6 billion to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from US supermajor ExxonMobil. You can see Seplat Petroleum Development's historic earnings and revenue below, but keep in mind there's always more to the story. This may not be consistent with full year annual report figures. With a 30% ownership, the general public, mostly comprising of individual investors, have some degree of sway over Seplat Energy. 2023 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Copyright 2023 Surperformance. By March 8, 2023, had his work permit, visa, and residence permit revoked by the Nigerian Ministry of Interior. Strategic growth: Eland acquisition What is Seplat Energy's stock price today? SEPLAT was formed in June 2009 through the partnership of Shebah Petroleum Development Company Limited and Platform Petroleum Joint Ventures Limited to specifically pursue upstream oil and gas opportunities in Nigeria, and in particular divestment opportunities arising out of the incumbent Major IOC's portfolios. Sign-up to receive the latest news and ratings for Seplat Energy and its competitors with MarketBeat's FREE daily newsletter. } The same can be achieved by studying analyst sentiments. I find it very interesting to look at who exactly owns a company. In order to improve our community experience, we are temporarily suspending article commenting. The company was formerly known as Seplat Petroleum Development Company Plc and changed its name to Seplat Energy Plc in May 2021. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. NRL chief executive Andrew Abdo invoked his power for the match review committee to consider their charges before Josh Reynolds was cited for Sunday's outburst at officials.Reynolds has been hit with a grade-one contrary conduct charge after his halftime abuse of referee Grant Atkins in Canterbury's win over St George Illawarra. Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. this free report showing whether analysts are predicting a brighter future, New lower I bond rate comes with 'a pleasant surprise', Lordstown warns it may fail as investor Foxconn gets jumpy, Fed says new refinements of trading process are coming, Investors continue to think that the Fed will bail us out of every situation, strategist says, UPDATE 1-Fed says new refinements of trading process are coming. Significant control over Seplat Energy by private companies implies that the general public has more power to influence management and governance-related decisions, A total of 4 investors have a majority stake in the company with 52% ownership, Institutional ownership in Seplat Energy is 11%. Seplat Petroleum Development Company Is this your company? 3, Idejo Street, Opposite ICON House, Seplat has also faced corporate governance controversies, including payments to companies associated with its founders, and a lawsuit accusing former Chairman ABC Orjiako of acting unilaterally and demanding $5 billion in damages. As of March 2021, Seplats board led by Orjiako, announced that the company would eliminate all related-party transactions. Based on aggregate information from My MarketBeat watchlists, some companies that other Seplat Energy investors own include Alphabet (GOOG), Brookdale Senior Living (BKD), CenterPoint Energy (CNP), American Cannabis (AMMJ), Novus Therapeutics (NVUS), NextEra Energy (NEE), GSK (GSK), AFR.L (AFR), Cellectis (CLLS) and N Brown Group (BWNG). The definition of an insider can differ slightly between different countries, but members of the board of directors always count. The Australian Ballet will showcase two world premiere dance pieces as part of its 60th anniversary.The double bill Identity features Paragon by resident choreographer Alice Topp. What other stocks do shareholders of Seplat Energy own? African Alliance House (4th Floor), F1, Sani Abacha Way/Airport Road, Opposite KLM Airlines When such a trade goes wrong, multiple parties may compete to sell stock fast. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. To everyones dismay, President Buhari reversed his earlier approval by August 10, 2022, blaming his indecision on the lack of coordination among sector agencies. But the new ownership structure provides a way to put the value that comes with responsible growth to work fighting the climate crisis. It also benefited from a USD350 WebAs you can see in the diagram, the ownership structure in this company have institutional shareholders with 65.05% of the company ownership, retail shareholders at 13.17%, sovereign wealth funds at 10.47%, foundations (or founder) at 5.20% and others at 6.11%. A Brothers 4 Life member chose by himself to sell ice while the gang's founder worked with the drug dealer to sell shoes and tap fittings, a NSW jury has heard.Bassam Hamzy is on trial in the Downing Centre District Court over allegations he sold methylamphetamine while incarcerated, giving directions through his lawyer Martin Churchill to gang members outside. This shows at least some alignment. The ex-dividend date is Wednesday, May 17th. If you are like me, you may want to think about whether this company will grow or shrink. Taking a look at our data on the ownership groups (below), it seems that institutional investors have bought into the company. The Group also holds a 20.46% stake in Seplat, one of Nigerias main operators that is listed on the stock exchanges of London and Lagos.Maurel & Prom also has financial support from its majority shareholder, the Indonesian national oil company Pertamina. In January 2023, some former employees filed a petition against Seplats CEO, Roger Brown on the grounds of alleged intimidation, sacking of Nigerian staff, abuse of corporate governance, the relegation of host communities, relocation of Seplat technology office to Aberdeen, UK, bullying of Nigerian staff by foreign nationals, as well as spending of over $5 million dollars to shuttle between Lagos and his London home after allegedly fraudulently collecting a relocation allowance from the company. Sign up here. In the chart below, we zoom in on the different ownership groups of Seplat Energy. On November 17, 2021, Seplat announced that ABC Orjiako would step down from his position as Board Chairman in May 2022. More cases of child neglect in South Australia have emerged a week after an extremely rare string of manslaughter charges were laid.Two women have been bailed to appear in an Adelaide court in June over the alleged criminal neglect of three children. What Seplat is buying from Mobil. 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Transparency is our policy. In its February 25, 2022 acquisition note, Seplat highlighted MPNU assets as a 40% operating ownership of 300 producing wells in 4 oil mining leases (OMLs 67, 68, 70, 104) and associated infrastructure, with NNPC being the 60% partner, the Qua Iboe Terminal, a 51% interest in Bonny River Terminal and Natural Gas Liquids Recovery Plants at EAP and Oso, 409 MMBBL of 2P liquid reserves, and 211 Bscf of 2P gas reserves, with the undeveloped gas potential of 2,910 Bscf. Let's delve deeper into each type of owner, to discover more about Seplat Petroleum Development. This might be a strategic stake, so it's worth watching this space for changes in ownership. The plan involves the retirement of Mr Basil Omiyi as Board Chairman, as well as the retirement of Senior Independent Non-Executive Director (SINED), Dr Charles Okeahalam before the companys Annual General Meeting in May 2024. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO. It might be worth looking deeper into this. Luckily, you can check this free report showing analyst forecasts for its future. SEPLAT, as an indigenous exploration and production company in Nigeria is committed to the development of the capabilities of Nigerian companies in compliance with the provisos of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010 for Nigerian Cement Development. The Mareva injunction was issued because Zenith Bank Plc had taken Dr Orjiakor, Shebah Exploration and Production Company Limited, Shebah Petroleum Development Company Limited and six others before the Federal High Court, over an alleged debt of about $78,426,578.64.