Seplat kicks off capital market day in Lagos, London with name change

Seplat Petroleum Development Company was hosted by the Nigerian Exchange Group (NGX) to a digital closing gong ceremony as part of efforts to commemorate the first dual Capital Markets Day between Lagos and London and as part of unveiling its new name, Seplat Energy.

Roger Brown, chief executive officer of Seplat Petroleum, in his comments, said “This is indeed an exciting day for us and we are delighted to be speaking from the stage of the LSE. Given the delightful partnership we have with NGX beginning in the early days of getting ready for listing, and what was noteworthy was the way NGX linked up with LSE to permit the first-ever dual listed company with full fungibility of trading between Lagos and London. This collaboration has gone from strength to strength and it is therefore fitting that NGX opens this Capital Market Day. For us at Seplat, we see the critical need for energy transitions in Nigeria and we are here as the indigenous, independent energy firm with proud roots in Nigeria and the global reach that allows us to access the capital market to fund these transitions.”

Also speaking at the event Temi Popoola, chief executive officer, NGX, remarked: “We are delighted to host the management team of Seplat Energy, led by the chief executive officer, Roger Thompson Brown. Over the last decade, Seplat has established itself as a leading independent Nigerian energy company completing the first-ever dual listing on the Premium Board of NGX and Main Market of the London Stock Exchange (LSE), an arrangement facilitated by the capital markets agreement between NGX and LSE. In 2014, Seplat raised tier one capital via the Initial Public Offering of $535 million, ranking as the largest ever capital raise for a Nigerian company since 2008, and the second-largest ever for a Nigerian company. Certainly, NGX is proud to have been a trusted business partner to Seplat Energy over the years, and we assure its leadership of our support in achieving its strategic objectives.”

The Seplat Energy CEO sounded the closing gong to the applause of the NGX and other Seplat executives along with capital market stakeholders, officially kicking off its Capital Markets Day, after the remarks from Rasheed Yusuff, doyen of the capital market in Nigeria

The Federal Ministry of Petroleum Resources has enforced a reduction in the domestic base price of natural gas to power plant producers by 0.32 cents from the previous price of $2.50 cent to $2.18 cent per standard cubic feet (scuf ).

Timipre Sylva, minister of State for Petroleum Resources, made the disclosure during the opening of the 2021 Gas Sector Stakeholders’ Forum for optimisation of the 614-kilometre $2.6 billion Ajaokuta-Kaduna-Kano (AKK) gas pipeline in Kano State.

Harping on the inherent impact of the new price regime, Sylva explained that the decision followed a mutual negotiation between the government and the Nigeria Labour Congress (NLC). He further observed that the downward review in gas pricing to the energyproducing industry is expected to increase electricity supply and save the billions of naira lost by power firms.

The AKK project the minister said holds numerous opportunities for investors and proof that the President Muhammadu led administration is committed towards actualising its gas revolution agenda, especially in the northern part of the country.

He added that the establishment of the pipeline project is expected to supply over 2.2 billion cubic of natural gas, while over 3,600 megawatts of electricity would be generated in the franchise states.

The minister further disclosed that the move would equally resuscitate hundreds of moribund industries and manufacturing plants in Kano and Kaduna states.