ABC Orjiako sells 3.5 million units of shares in Seplat

Seplat Petroleum Development Company Plc has disclosed that about 3.5 million units of ordinary shares indirectly held by the company Chairman, Dr. ABC Orjiako, has been sold.

Seplat made this disclosure in a notification to the Nigerian Stock Exchange (NSE), and the investing public on Monday.

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The details: The shares were sold at N114.5 price per share which amounted to 3.5 million in volume.

Nature of the transaction: The sold shares were registered in the name of Vitol Energy Limited, held for the benefit of Shebah Petroleum Development Company Limited, which is an entity controlled by Dr. Orjiako and members of his family.

Orjiako’s shares: Following the sale, Dr. Orjiako now holds a direct interest in
16,151,325 ordinary shares and indirect interest in 26,300,000 ordinary shares of Seplat, totalling 42,451,325 shares. This equates to a voting interest of 7.21% (based on Issued Share Capital of 588,444,561).

Prior to this development, Dr. Orjiakor had through his company, Shebah Petroleum Development Company Limited, sold off about 7,636,912 shares to an existing shareholder, Petrolin Trading Limited.

Note that Shebah Limited is the investment vehicle used by Dr. Orjiako and his family for their holdings in Seplat Petroleum.

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What you should know: Dr. Orjiako has various companies in the upstream, downstream and service sectors of the oil and gas industry.

His companies include Abbeycourt Trading Company Limited, Abbeycourt Energy Services Limited, Zebbra Energy Limited, and Shebah Exploration and Production Company Limited. He also has other business interests in construction, real estate development, pharmaceuticals and shipping.

In 2009, his company, Shebah Exploration Production Company co-founded SEPLAT with Platform Petroleum Limited. Since inception, Dr. Orjiakor has remained the Chairman spearheading new business development and providing leadership on strategy and stakeholder relationships.

Seplat Petroleum Development Company Plc traded N490 in the last trading session of the Nigerian Stock Exchange (NSE).