The Securities and Exchange Commission, Nigeria Public Statement On Recent Reports On Seplat Energy PLC 29/03/2023 The Commissions attention has been drawn to the recent reports in the media regarding Seplat Energy Plc (Seplat), a public company listed on the Nigerian Exchange Limited (NGX) and the London Stock With 47% stake, private companies possess the maximum shares in the company. .uniq_1764707858073873 { By February 13, 2023, Seplat suspended the consultancy agreement with its former Chairman, ABC Orjiako through Amaze Limited. 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 Private companies may also have a strategic interest in the company. Some U.K. companies can be purchased through major U.S. brokerages in the form of American Depository Receipts (ADRs), which are placeholder equities held in a trust by a bank that represent shares of a foreign stock.Compare Top Brokerages Here. Sources within the company mention that there are some aggrieved parties who may be working against the company to further their own agenda threatening to impact Seplats long-term success if they are not addressed. 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. Seplat is demanding the sum of $5 billion in damages. So they usually pay more attention to companies that are included in major indices. Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situation or needs. For us, this is a definitive measure of our success and reflects our strong 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. NNPCL requested a declaration that a dispute had arisen between itself and MPNU regarding the interpretation of pre-emption rights under their Joint Operating Agreement (JOA) and asked the court to order NNPC and MPNU to engage in arbitration as required by the JOA. 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. Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools: Seplat Energy Plc engages in the oil and gas exploration and production, and gas processing activities in Nigeria. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO. Ian Healy says England are at risk of overthinking the Ashes series if they push for shortened boundaries against Australia in a bid to suit the hosts' new-found attacking approach to Test cricket.A UK newspaper reported England officials had hoped to utilise smaller grounds this winter, with boundary ropes brought in well off the fence. Inside Seplat's turbulent Board Room: Legal Battles, accusations Many institutions measure their performance against an index that approximates the local market. Our data reflects individual insiders, capturing board members at the very least. Export data to Excel for your own analysis. Brisbane will be without veterans Dayne Zorko and Daniel Rich for their huge clash with Carlton, while Port Adelaide midfielder Xavier Duursma has been sidelined for up to 10 weeks with a knee injury.The Lions' big win over Fremantle came at a cost with Zorko straining his hamstring and Rich suffering a calf strain, with the pair sidelined for three weeks through injury. 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. 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. 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? 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 When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. What other stocks do shareholders of Seplat Energy own? With Fed Decision Looming, Economy and Markets Wait Google Stock Concerned About AI? 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. Read our dividend analysis for SEPL. According to the Bloomberg report cited, Seplat made payments to 18 companies associated with its founders, Austin Avuru and ABC Orjiako for services rendered. We aim to bring you long-term focused analysis driven by fundamental data. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. Read our dividend analysis for SEPL. But the new ownership structure provides a way to put the value that comes with responsible growth to work fighting the climate crisis. Governance structure | Our governance | Our company | Seplat Lagos State, Kano Nigeria: Seplat Shareholders Upbeat As Brown Resumes As CEO Seplat Petroleum Development Company Is this your company? Get in touch with us directly. In other words, the group stands to gain the most (or lose the most) from their investment into the company. It seems that Private Companies own 33%, of the Seplat Petroleum Development stock. Who We Are Port Harcourt Taking a look at our data on the ownership groups (below), it seems that institutional investors have bought into the company. Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. The deal would have seen a boost in Seplats production to 146,000 barrels of oil equivalent per day (boepd) and see its proven and probable liquids reserves jump from 241 million barrels to 650 million barrels. SEPLAT Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio. In other words, these shareholders have a meaningful say in the decisions of the company. Seplat Energy trades on the London Stock Exchange (LON) under the ticker symbol "SEPL.". Learn how it impacts everything we do. Case in point: We've spotted 6 warning signs for Seplat Petroleum Development you should be aware of. Director of External Affairs & Sustainability. Seplat Energy Plc engages in the oil and gas exploration and production, and gas processing activities in Nigeria. Concerned about the content? AFL chief executive-elect Andrew Dillon says he prefers the traditional AFL grand final time of 2.30pm ahead of twilight or night options. 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%. Seplat }. In their own names, insiders own UK17m worth of stock in the UK584m company. Plot 272, Samuel Adesujo Ademulegun Street, Central Business District , Abuja, FCT, Lagos Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. 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. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. Those businesses were connected to both Orjiako and Avurus family members. On looking further, we found that 56% of the shares are owned by the top 5 shareholders. max-width: 850px; Our research also brought to light the fact that roughly 52% of the company is controlled by the top 4 shareholders suggesting that these owners wield significant influence on the business. Following the request, the State High Court issued an ex-parte order of interim injunction, which prohibited the defendants from finalizing any divestment in MPNU, including the sale and purchase agreement (SPA) signed with Seplat Energy Offshore Limited, while the case was pending before the court. var size='300x250', Tesla Continues to Defy Expectations, Is it Buyable Again? What is Seplat Energy's stock price today? OWNERSHIP The company was formerly known as Seplat Petroleum Development Company Plc and changed its name to Seplat Energy Plc in May 2021. Seplat Energy's mailing address is 25A Lugard Avenue, Ikoyi, LAGOS, 101222, Nigeria. Seplat Energy Plc Insider Trading & Ownership Structure Secure and increase the performance of your investments with our team of experts at your side. WebSEPLAT Energy PLC (SEPL) institutional ownership structure shows current positions in the company by institutions and funds, as well as latest changes in position size. Do Analysts' Price Targets Make Domino's Pizza Stock Look Tasty? Seplat Petroleum Development Company - Wikipedia They are always enabled. It seems that Private Companies own 47%, of the Seplat Energy stock. 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. Shareholders of Seplat Petroleum Development Company Plc have expressed optimism that the new chief executive officer(CEO) of the company, Mr. Roger 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. The Securities and Exchange Commission, SECis a Government Agency Mandated to Regulate and Develop the Nigerian Capital Market, SEC Towers, We aim to bring you long-term focused analysis driven by fundamental data. But ultimately it is the future, not the past, that will determine how well the owners of this business will do. 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 official announcement can be viewed at this link. Duolingo Speaking Volumes: Forms Bullish Chart Ahead of Earnings, Caterpillar Being Weighed Down by Negative Investor Sentiment, Q1 2023: Seplat Energy post 69% increase in gross profit, Seplat Energy: Transforming Education In Nigeria Through Innovation, Get MarketBeat All Access Free for 30 Days, 2023Q1: Seplat Energys Revenue Up 36.9%, Offers $0.03 Dividend, Seplat Energy grows revenue by 36.9% amid crisis, Seplat Energy Plc (LON:SEPL) Declares Dividend of $0.03, Seplat Energy Chairman to Retire Before 2024 AGM, Seplat Energy chair to resign and firm eyes improved governance, Seplats director, Fabian Ajogwu, resigns, cites external interferences, Seplats notice of withdrawal on criminal charges fraudulent CSO, Nigeria: In New Twist, Govt Withdraws Immigration Case Against Seplat's CEO, Others, Nigerian Govt Withdraws Immigration Lawsuit, Says Seplat, Nigeria: Govt Withdraws Immigration Case Against Seplat CEO, Others, FG withdraws immigration case against Seplats CEO, Seplat Energy Says Nigerian Government Files Immigration Suit Against It, Seplat crisis not related to its economic activities SEC DG, Breach of Immigration Act: FG files criminal charges against Seplat, Roger Brown, Omiyi, others, Govt Drags Seplat's CEO, Others to Court Over Alleged Breach of Immigration Law, Seplat provides FG required documents in immigration suit, Our Sustainability Drive Aggressive, Unwavering Seplat COO, Seplat Energy Unveils Plans To Fight Poverty Through Youth Empowerment Capacity Development, Seplat Energy Restates Commitment To Youth Entrepreneurship Growth, Seplat Doles Out N16.5m Seed Money To 23 Budding SMEs, Seplat Energy lifts young entrepreneurs with grants, Seplats corporate governance issues: Matters arising, 25A Lugard Avenue, Ikoyi, LAGOS, 101222, Nigeria. All rights reserved. Seplat Researching institutional ownership is a good way to gauge and filter a stock's expected performance. c) Provide evidence of what 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. } Private companies may also have a strategic interest in the company. When such a trade goes wrong, multiple parties may compete to sell stock fast. 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. Shares of SEPL stock and other U.K. stocks can be purchased through online brokerage accounts that support trading on the London Stock Exchange (LSX). contact@marketbeat.com Seplats acquisition of Mobil Producing Nigeria Unlimited assets has been delayed due to legal battles, including a dispute with Nigerian National Petroleum Company Limited over pre-emption rights under their Joint Operating Agreement. Seplat Energy (LON:SEPL) has a market capitalization of 620.22 million and generates 951.80 million in revenue each year. We project Seplat to be broadly FCF-neutral in 2021-2025. On November 17, 2021, Seplat announced that ABC Orjiako would step down from his position as Board Chairman in May 2022. 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. Alternatively, email editorial-team@simplywallst.com. WebCurrently, Roger Thompson Brown is Chief Executive Officer & Executive Director at Seplat Energy Plc. Is the 149% Dividend for ZIM Integrated Shipping in Jeopardy? Meanwhile, the company will embark on a recruitment process to select a new Board Chairman and establish a new level of corporate governance as the company works to resolve all pending legal issues as well as its acquisition of MPNU assets. View the best growth stocks for 2023 here. A 30-year-old man is under police guard in hospital accused of stabbing a senior-constable who had been investigating reports of a disturbance.The incident unfolded on the street outside an address at Rothwell, north of Brisbane, just before 9. The NRL concedes officials missed a crucial knock-on call late in Canberra's golden-point win over the Dolphins.With scores locked at 30-30, Canberra's Hudson Young knocked the ball forward into the arm of Ray Stone, before the Raiders regained possession. 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. This risk is higher in a company without a history of growth. Maurel & Prom is an oil and gas exploration and production company listed on the regulated market of Euronext Paris.With a history of almost two centuries, Maurel & Prom has, both at its headquarters in Paris and in its subsidiaries, a solid technical expertise and a long operational experience, especially in Africa.