Nigeria's leading indigenous energy company, Seplat Energy Plc has announced that Chief Executive Officer Roger Brown and Chief Financial Officer Eleanor Adaralegbe have exercised vested shares under the company’s 2014 Long Term Incentive Plan (LTIP), significantly increasing their personal holdings after settling tax obligations.
Roger Brown, who joined Seplat as Chief Financial Officer in 2013 and was appointed Chief Executive Officer on 1 August 2020, exercised 2,193,586 LTIP shares from the 2021 award. At the closing price of 560 GBX (£5.60) per share on 29 May 2026, the gross value of the shares exercised was approximately £12.28 million. Of these, 548,396 shares were withheld to cover Nigerian personal income tax liabilities, equivalent to around £3.07 million, leaving him with 1,645,190 shares retained worth approximately £9.21 million.
Eleanor Adaralegbe, who joined Seplat in February 2015 and was appointed to the Board as an Executive Director on 1 May 2024 and as Chief Financial Officer on 21 May 2024, exercised 478,082 shares from the 2021, 2022 and 2023 LTIP awards. The gross value amounted to approximately £2.68 million. A total of 119,519 shares were withheld for taxes, valued at around £0.67 million, resulting in 358,563 shares retained worth approximately £2.01 million.
Following the transactions, Roger Brown now holds a total of 6,523,862 ordinary shares in Seplat Energy, valued at approximately £36.53 million. Eleanor Adaralegbe holds 1,018,254 shares, valued at approximately £5.70 million. Both holdings comfortably satisfy the minimum shareholding requirements mandated by the company’s shareholder approved remuneration policy.
Seplat said the increased share ownership further aligns the executives’ interests with those of shareholders. The exercises were completed on 30 May 2026, with the tax liabilities cash-settled based on the NGX closing price on 22 May.
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