Home / Business / Officials commend Seplat as LSE hosts oil firm

Officials commend Seplat as LSE hosts oil firm

The Group Managing Director, Nigerian National Petroleum Corporation, Mr. Andrew Yakubu, has joined other officials to commend Seplat Petroleum Development Company following its dual listing on the London Stock Exchange and the Nigerian Stock Exchange.

A statement by the oil company said Yakubu gave the commendation on Thursday in London when the LSE hosted Seplat in recognition of its listing.

Yakubu was quoted as saying that the NNPC was anxious about granting operatorship to Seplat at inception and it had shown over time that it merited the support.

“(Today), Seplat is the only oil company, not indigenous company, the only oil company producing above its technically allowed capacity,” he said.

For his part, the Chief Executive Officer, London Stock Exchange Group, Mr. Xavier Rolet, presented the Chairman and CEO of Seplat, Dr. Ambrosie Orjiako, with a commemorative plaque after the ceremony.

The ceremony in London comes three days after the NSE hosted the firm in Lagos to conclude the listing.

Orjiako, who rang the opening bell at the LSE, was quoted as saying that the company was happy with the confidence both regulators reposed it.

He said, “We are delighted with the support shown and happy to welcome a range of blue chip investors to our share register.

 “Despite a challenging market for oil and gas stocks, the response has been excellent and demonstrates strong demand in both London and at home for a leading Nigerian indigenous E&P player with Nigerian investors making up 40 per cent of the total.”

Seplat Petroleum had listed on both exchanges on Monday following a successful Initial Public Offering, which saw it raise $500m (N82.5bn) to enhance its operations.

The company had set an offer price of N576 per ordinary share to be listed on the official trading list of the NSE and 210 pence per ordinary share for shares to be traded on the LSE’s main market.

A former Vice President, Dr. Alex Ekwueme, and his wife, Helen; and a former Managing Director, Shell, Mr. Basil Omiyi, were among those who attended the ceremony in London, according to the statement.

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