How SEPLAT became first N10,000 stock

Seplat Energy Plc (SEPLAT) has made history on the Nigerian Exchange Limited (NGX), shattering the N10,000 per share ceiling to become the first company on the local bourse to enter five-figure territory. This milestone was reached on Tuesday, April 14, when the stock surged by 9.42 percent in a single trading session to close at N10,450, gaining N900 in a single day. The rise marks a staggering 79.9 percent increase in value since the beginning of the year, cementing Seplat’s position as the most expensive stock in the market, far ahead of traditional heavyweights like Airtel Africa and Nestle Nigeria.

The primary catalyst for this aggressive valuation is a transformative shift in Seplat’s balance sheet following the acquisition of Mobil Producing Nigeria Unlimited (MPNU), now rebranded as Seplat Energy Producing Nigeria Unlimited (SEPNU). The full integration of these offshore assets propelled the company’s 2025 revenue to $2.726 billion, a 144.2 percent jump from the previous year. Gross profit was up 156.4 percent, from $352.4 million in 2024 to $904.5 million in 2025.

This operational scale translated into a bottom-line explosion, with profit before tax climbing 86.7 percent to $497.8 million, as against the preceding year’s $266.7million.

The stock’s rally not only underscores investor confidence in Seplat’s operational efficiency but also signals a broader bullish appetite for indigenous energy firms capable of delivering dollar-denominated value in a volatile macroeconomic environment.

Much of Seplat Energy Plc’s recent stock momentum is attributed to business tycoon Tony Elumelu, whose Heirs Energies acquired a controlling 20.07 percent stake in the company in late 2025. Since the acquisition was finalised at a price of N5,809 per share, the stock has soared by nearly 80 percent – signalling that the market is pricing in the strategic influence of Elumelu’s leadership. Furthermore, external validation came on April 7 when FTSE Russell moved Nigeria back to Frontier Market status from “unclassified.” This reclassification has effectively given a green light to global passive funds to re-enter the Nigerian market, with Seplat standing out as a primary target for international capital seeking energy exposure.

This surge pushed Seplat’s market capitalisation to approximately N6.27 trillion, acting as the primary engine for the Nigerian stock market’s All Share Index, which reached a record high of 205,831.38 points on Tuesday. Additionally, market capitalisation increased to N132.492 trillion. The market’s positive return year-to-date increased 32.32 percent.

“The Oil & Gas (+4.36 percent) and Commodities (+2.65 percent) indices led the positive charge, both supported by gains in SEPLAT (+9.42 percent),” CardinalStone Research analysts said.

“SEPLAT was the undisputed heavyweight driver of the session, rocketing 9.42 percent to close at N10,450, buoyed by N2.28 billion in value traded,” Vetiva Research analysts also said in their April 14 post-trading commentary.

According to them, “with the earnings season firmly on the horizon, market participants are actively rotating capital and positioning themselves in fundamentally sound tickers. The aggressive accumulation in the Oil & Gas space suggests investors are pricing in robust quarterly performances.”

“Meanwhile, the mixed sentiments in the banking sector, where mid-tier gains offset heavy profit-taking in specific Tier-1 names, indicate a highly tactical approach by institutional portfolio managers.

“We expect this earnings-driven volatility and selective stock-picking to dictate market direction over the coming sessions,” Vetiva Research analysts added.