Seplat Chief Sells 3.5 million Units of Company’s Shares


Dr. ABC Orjiako, the Chairman of Seplat Petroleum Development Company

Seplat Petroleum Development Company Plc has disclosed that about 3.5 million units of ordinary shares indirectly held by the company Chairman, Dr. ABC Orjiako, has been sold.

Seplat made this disclosure in a notification to the Nigerian Stock Exchange (NSE), and the investing public on Monday.

The shares were sold at N114.5 per share which amounted to 3.5 million in volume. The sold shares were registered in the name of Vitol Energy Limited, held for the benefit of Shebah Petroleum Development Company Limited, which is an entity controlled by Dr. Orjiako and members of his family.

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Following the sale, Dr. Orjiako now holds a direct interest in 16,151,325 ordinary shares and indirect interest in 26,300,000 ordinary shares of Seplat, totalling 42,451,325 shares. This equates to a voting interest of 7.21% (based on Issued Share Capital of 588,444,561).

Prior to this development, Dr. Orjiakor had through his company, Shebah Petroleum Development Company Limited, sold off about 7,636,912 shares to an existing shareholder, Petrolin Trading Limited.

Shebah Limited is the investment vehicle used by Dr. Orjiako and his family for their holdings in Seplat Petroleum.

Samson Oyedeyi

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