Elumelu-Controlled Seplat Becomes First Listed Firm to Hit N10,000 Share Price
Seplat Energy, a major independent oil and gas company in Nigeria, has made history as the first listed firm on the Nigerian Exchange Limited (NGX) to reach the N10,000 share price milestone.
On Tuesday, the company’s shares surged to a high of N10,450 each, representing a 9.42% increase from the previous day’s close. Its market capitalisation leaped from N5.73 trillion on Monday to N6.27 trillion, according to data from the NGX.
The stock has soared nearly 80% since business tycoon Tony Elumelu acquired a controlling stake late last December. On December 31, Seplat’s share price stood at N5,809 when Elumelu’s Heirs Energies announced its nearly $496 million acquisition of the 20.07% equity stake previously held by Maurel & Prom S.A.
