London Stock Exchange welcomes Seplat to the Main Market

London Stock Exchange welcomes Seplat to the Main Market



  • First Nigerian company to simultaneously dual list equity shares in London and Nigeria
  • IPO raises $500 million (82.5b Naira), valuing Seplat at about $1.9 billion
  • Seplat Chairman, Dr. A.B.C. Bryant Orjiako opens London trading

London Stock Exchange today welcomes Seplat Petroleum Development Company (Seplat), to the Main Market. The independent oil & gas exploration & production business is the first business to simultaneously dual list shares in London and Nigeria.

Seplat raised $500 million (82.5 billion Naira) at IPO giving it a market value of $1.9 billion, making it the largest African float on London Stock Exchange this year. To mark the occasion, Seplat Chairman, Dr. A.B.C. Bryant Orjiako opened London trading this morning.

Ibukun Adebayo, Head of Primary Markets for Africa at London Stock Exchange said:

“Seplat’s dual listing in London and Lagos is an important development for the Nigerian corporate sector. It demonstrates how a Nigerian company can successfully raise both domestic and global equity capital to finance its growth through a single offer. It also shows how Nigerian companies can attract the world’s largest investors and international visibility without compromising their ability to develop a domestic shareholder base.”

Dr. A.B.C. Bryant Orjiako, Chairman, Seplat said:

“We are delighted with the support shown and happy to welcome a range of blue chip investors to our share register.  Despite a challenging market for oil and gas stocks, the response has been excellent and demonstrates strong demand in both London and at home for leading Nigerian indigenous E&P players. I believe our excellent production growth track record, strong cash flow and progressive dividend policy distinguish SEPLAT from many other E&P stocks.”

There are nine Nigerian or Nigeria focussed companies quoted on London Stock Exchange including six oil & gas explorers and three major Nigerian banks. 115 Sub-Saharan Africa-focussed companies are quoted on London Stock Exchange markets, comprising:

  • 26 companies on the Main Market
  • 3 GDR listings on the Main Market
  • 2 GDR listings on the Professional Securities Market (PSM)
  • 84 companies quoted on AIM, the growth market


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Tom Gilbert

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Notes to editors:

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