Seplat Energy Plc shares have surged to a record high of ₦14,907.80 on the Nigerian Exchange Limited (NGX), climbing by 10 per cent over a 10-day span from an earlier price of ₦13,552.60.
This latest rally extends an extraordinary upward trajectory that has more than doubled the company’s value this year, driven by a combination of booming financial performance and global energy market disruptions.
The recent upward surge coincides with heightened turmoil in international energy markets. Ongoing conflicts and security issues have severely constrained shipping through the Strait of Hormuz, a vital global oil-trading corridor. Data from Reuters indicates that commercial vessel transits through the strait plummeted to just three vessels on September 16, down from a 10-day average of 17.
These disruptions have kept crude oil prices elevated above $100 per barrel, bolstering investor confidence in upstream energy players. However, Seplat’s gains far outpace short-term market reactions; the stock has rocketed by 165.9 per cent year-to-date from its starting price of ₦5,610, and boasts a 177.1 per cent surge over the last 12 months.
While Seplat continues to break records, the broader energy board on the NGX reflects mixed performances:
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Oando Plc: Experienced recent volatility, dropping roughly 11.2 per cent from its September 2 peak to close at ₦34 on September 16.
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TotalEnergies and Conoil: Remained relatively stable, trading flat at ₦576 and ₦210 respectively through September.
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Eterna and Aradel Holdings: Both experienced notable fluctuations, with Aradel dipping 10 per cent on September 10 before recovering to ₦1,550 by mid-month.
Seplat’s stellar market run is firmly backed by impressive financial results. For the first half of 2026, the company posted a 74.1 per cent year-on-year increase in profit before tax, reaching ₦790.4 billion, while total revenue grew by 15.5 per cent to ₦2.50 trillion. Daily production also climbed to 139,509 barrels of oil equivalent per day, bolstered by strong offshore asset consolidations and expanded onshore gas output.
This sharp valuation spike has generated massive wealth for major stakeholders. Tony Elumelu’s indirect stake of 120.4 million shares, held via Heirs Energies Ltd and Heirs Holdings Ltd, saw its value jump from approximately ₦1.48 trillion at the start of September to ₦1.79 trillion at current prices. This translates to a staggering paper gain of roughly ₦311.5 billion in just over two weeks.
