Seplat Energy Plc, on Tuesday, made history as the first listed company on the Nigerian Exchange Limited (NGX) to cross the N10,000 per share price mark.
The stock price of Seplat Energy sustained positive momentum following FTSE Russell reclassification of Nigeria from unclassified to Frontier Market status in its interim review.
As at the close of trading activities on April 14, the stock price of Seplat Energy gained 9.42per cent or N900 per share to close at N10,450.00 per share, from N9,550.00 per share it opened for trading.
When Nigeria’s reclassification was announced April 7, the stock price of Seplat moved from N9,099.90 per share to N9, 550.00 per share April 8, 2026.
So far in 2026, the stock price of Seplat Energy had appreciated by 79.89 per cent or N4,641.00 per share growth in its Year-till-Date (YtD) from N5,809.00 per share it closed for trading in 2025.
A group of analysts at Cordros Research in a report stated that Nigeria’s return to Frontier Market status was expected to improve market flow dynamics, with inflows projected in the conservative range of $840.00 million to $1.04 billion (N1.15 trillion to N1.42 trillion), underpinned by benchmark-driven rebalancing and incremental discretionary allocations.
Cordros Research stated, “Price discovery should improve further in the market’s liquid leadership cohort: The second-order implication is on price discovery, particularly at the large-cap, liquid end of the market. Historically, foreign capital does not move evenly across the board.
“Rather, it tends to concentrate where liquidity, free float, governance visibility, and execution capacity are strongest. Specifically, the Nigerian constituents of the FTSE/JSE All Africa 40 Index comprised Dangote Cement Plc, GTCO Plc, MTN Nigeria Plc, Nestle Nigeria Plc, Seplat Energy Plc, and Zenith Bank Plc, with the MSCI Nigeria Index further incorporating Nigerian Breweries Plc and Stanbic.IBTC Holdings Plc.”
The report said, “As such, the primary beneficiaries are likely to remain the highly liquid names across the Banking, Industrial Goods, and select Consumer Goods and Oil & Gas counters.
“As foreign participation rises, we believe market efficiency should improve, with prices clearing more effectively around earnings quality, balance sheet strength, dividend credibility, and sector-specific policy leverage.
“Put differently, the reclassification should enhance the quality of pricing in the names that dominate benchmark attention. For investors, this raises the premium on owning liquid market leaders with clean earnings visibility, a credible capital return trajectory, and the capacity to withstand institutional positioning.
“Overall, we view Nigeria’s return to FTSE Frontier Market status as a meaningful positive for the equities market, serving as renewed external validation of the market’s improving accessibility.”
The company delivered transformational growth in 2025, with group production rising 148 per cent to 131,506 boepd and revenue surging 144 per cent to $2.73 billion, reflecting the first full-year consolidation of offshore assets and strong onshore performance driven by the completion of the Sapele Gas Plant and new well activity.
Financial performance strengthened significantly, as adjusted EBITDA rose 137 per cent to $1.28 billion, operating profit increased to $675.2 million, and operating cash flow expanded 276 per cent to $1.17 billion.
Net debt fell 25per cent to $673.3 million, supporting a total FY 2025 dividend of 25.0 cents per share, up 52 per cent year on year.
Seplat achieved critical operational milestones—including first gas at the ANOH plant, a 48.6 kboepd boost from the idle well restoration programme, and completion of the EAP Inlet Gas Exchanger—while reducing onshore emissions intensity by 24 per cent and progressing its flaring elimination agenda.
Production guidance for 2026 is set at 135–155 kboepd, supported by expanded drilling, gas growth projects, and a strengthened balance sheet.
Kayode Tokede
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