Seplat Energy — Companies

Why it is on record

First Nigerian company dual-listed on the London and Nigerian exchanges (2014); completed the landmark acquisition of ExxonMobil's Nigerian shallow-water assets (2024) — the largest indigenous takeover of an international oil major's Nigerian portfolio.

Record held

LSE/NGX dual-listing first; largest indigenisation deal.

Founders

ABC Orjiako (Shebah Petroleum) and Austin Avuru (Platform Petroleum) — joint venture incorporated 2009.

Headquarters

16A Temple Road, Ikoyi, Lagos.

Lineage / corporate history

Seplat Petroleum Development Company Plc — incorporated 17 June 2009 by Shebah, Platform and Maurel & Prom as the vehicle for the Shell/Total/Agip OML 4, OML 38 and OML 41 divestment, completed July 2010. Dual-listed LSE main market and NGX, 9 April 2014. Acquired ExxonMobil's Mobil Producing Nigeria Unlimited (MPNU) — completed 12 December 2024 — and rebranded Seplat Energy.

Current leadership

Chairman: Basil Omiyi. CEO: Roger Brown.

Key dates

17 Jun 2009Incorporated as the vehicle for the Shell/Total/Agip Western Niger Delta divestment.
Jul 2010Completes acquisition of OMLs 4, 38 and 41 from Shell, Total and Agip for ~$340m.
9 Apr 2014First simultaneous dual listing on the LSE main market and the NGX by a Nigerian company.
12 Dec 2024Completes acquisition of ExxonMobil's MPNU shallow-water assets for $1.28bn — making Seplat the largest indigenous Nigerian operator by reserves.

Deep dive

Seplat Energy is the leading Nigerian-controlled independent upstream operator. Founded in 2009 as a joint venture of Shebah E&P (Ambrose Orjiako) and Platform Petroleum (Austin Avuru), the company acquired the OMLs 4, 38 and 41 from Shell, Total and Eni in 2010 — the first major divestment of onshore Niger Delta acreage to a Nigerian indigenous independent.

The April 2014 dual listing on the LSE Main Market and the NSE was the first dual listing of a Nigerian E&P. The protracted 2022–2024 acquisition of ExxonMobil's Mobil Producing Nigeria shallow-water assets — repeatedly blocked, approved, re-litigated and finally consented to under presidential directive in 2024 — was the largest single corporate transaction of the Tinubu transition and reshaped the Nigerian upstream ownership map.