In a notice sent to the Nigerian Stock Exchange (NSE), Seplat Petroleum Development Plc informed the investing public of a share transaction involving its Managing Director/Chief Executive Officer, Augustine Ojunekwu Avuru.
Avuru sold a total of 112,378 ordinary shares valued at N80,882,941. The shares were sold at an average price of N719.74 within a space of one month from the 1st to 31st of May, 2018.
Another director in the firm, Macaulay Ofurhie (non-executive director) had a few weeks ago, sold 900,000 shares valued at N639 million.
Still the top gun
Avuru maintains his billionaire status as the shares sold are negligible. He has a total of 75,362,658 shares in the company. At today’s closing price of N651 per share, thus, amounting to a net worth of N49 billion.
He thus, retains his position as the richest oil and gas billionaire on the Nigerian Stock Exchange (NSE), despite shedding N500 million.
Avuru will receive 1.25 million ordinary shares which will vest on the 2nd Of May 2021, subject to him meeting set targets.
The shares are part of the company’s Long-Term Incentive Package for Executive Directors and other senior staff of the firm.
Ojunekwu Augustine Avuru holds a Geology degree from the University of Nigeria, Nsukka (1980), and a postgraduate diploma in Petroleum Engineering from the University of Ibadan, Ibadan (1992).
Avuru spent twelve years at NNPC beginning in 1980, where he held various positions including well site geologist, production seismologist, and reservoir engineer. In 1992, he joined Allied Energy Resources in Nigeria, where he worked for the next ten years as exploration manager and technical manager.
In 2002, Avuru established Platform Petroleum Limited and held the role of Managing Director until 2010, when Platform Petroleum Limited merged with A.B.C Orjiako’s Shebah Petroleum Development Company to become Seplat Petroleum Development Company Plc. Seplat Petroleum is listed in the Nigerian Stock Exchange.
He has served as Managing Director, Chief Executive Officer, and Executive Director of Seplat Petroleum Development Company Plc since May 1, 2010.
Results for the first quarter ended March, 2018, show revenue increased from N14.4 billion in 2017 to N55.2 billion in 2018. The company made a profit before tax of N17.9 billion in 2018 as against a loss before tax of N5.6 billion in 2017. Profit after tax stood at N6.2 billion in 2018 as against a loss of N5.8 billion in 2017.
Seplat shares closed at N651 in today’s trading session on the floor of the Nigerian Stock Exchange (NSE), up 0.03%. Year to date, the stock is up 3.96%.