A.B.C Orjiako, one of the billionaires in the oil and gas space, has sold a portion of his shares held in Seplat Petroleum Development Company (commonly known as Seplat). Orjiako is chairman of the upstream operator.
The company disclosed this today, in a notice released to both the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE)).
The move comes barely few months after Orjiako’s wife, bought 900,000 shares on the Nigerian Stock Exchange
Details of the transaction
The shares sold 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 ABC Orjiako and members of his family.
A total of 1.2 million shares were sold in tranches between the 30th of October to the 1st of November 2018, at an average cost of GBP 1.288. The transaction took place in London.
Seplat is currently trading at N560 on the Nigerian Stock Exchange and GBP 1.15 on the London Stock Exchange.
The firm recently obtained Presidential consent for the renewal of OMLs 4, 38 and 41 to a new expiry date of 21 October 2038.
Recent results
Results for the nine months ended September 30, 2018 show revenue jumped from ₦85.1 billion in 2017 to ₦173 billion in 2018.
Profit before tax stood at ₦65 billion in 2018 compared to a loss before tax of ₦650 million in 2017. Profit after tax stood at ₦27.9 billion in 2018 compared to a loss of ₦1.6 billion made in 2017.
Who is ABC Orjiako?
Dr. Ambrose Bryant Chukwueloka [ABC] Orjiako, was born on October 1, 1960. He obtained an M.B.B.Ch. degree in 1985 from the College of Medical Sciences, University of Calabar.
Orjiako trained as a General Surgeon at the Lagos University Teaching Hospital (LUTH), Lagos, and thereafter specialized in orthopedic and trauma surgery. He became a fellow of the West African College of Surgeons (WACS) in 1996.
He ventured into private business with interests in both the upstream and downstream sectors of the Oil Industry, Shipping, Banking Insurance, and Pharmaceuticals.
It could be a game changer for him.