Seplat Energy has written its name into Nigerian capital market history, becoming the first company listed on the Nigerian Exchange to cross the N10,000 per share threshold.
The milestone came on the back of strong market momentum following FTSE Russell’s decision to reclassify Nigeria from unclassified to Frontier Market status. By the close of trading on April 14, Seplat’s share price had surged 9.42 percent to close at N10,450, up from N9,550 at the open.
The reclassification, announced on April 7, had already triggered a rally. Seplat’s stock moved from N9,099.90 to N9,550 in a single session following the announcement, and the momentum has only built since. Year to date in 2026, the stock has appreciated by nearly 80 percent, adding N4,641 per share since closing the prior year at N5,809.
Analysts at Cordros Research project that Nigeria’s return to Frontier Market status will attract between $840 million and $1.04 billion in market inflows, driven by benchmark-driven rebalancing and discretionary allocations from foreign investors. They note, however, that foreign capital rarely distributes evenly across a market. It tends to concentrate in stocks with strong liquidity, governance visibility, and execution capacity, names like Dangote Cement, GTCO, MTN Nigeria, Seplat itself, and Zenith Bank.
The Cordros team argued that the reclassification should enhance price discovery at the liquid, large-cap end of the market, with prices becoming more efficient around earnings quality, balance sheet strength, and dividend credibility. For investors, they said, this raises the premium on owning market leaders with clean earnings visibility and strong capital return trajectories.
Seplat’s stock performance reflects an underlying business that has undergone remarkable transformation. In 2025, the company posted a 148 percent increase in group production to 131,506 barrels of oil equivalent per day, while revenue surged 144 percent to $2.73 billion. Adjusted EBITDA rose 137 percent to $1.28 billion, and operating cash flow expanded 276 percent to $1.17 billion. Net debt fell 25 percent to $673 million, and the company paid a total dividend of 25 cents per share for the year, up 52 percent year on year.
Key operational milestones in 2025 included first gas at the ANOH plant, a near 49,000 boepd boost from the idle well restoration programme, and a 24 percent reduction in onshore emissions intensity. Looking ahead, Seplat has set production guidance of 135,000 to 155,000 boepd for 2026, underpinned by expanded drilling and continued gas growth projects.
