Mr. Kazeem Abiodun Raimi, a Non-Executive Director of Seplat Energy has sold 16,139 ordinary shares worth N25 million registered in his name.
A cursory look at the transaction statement obtained from the Nigerian Exchange Limited (NGX) showed that Raimi sold off the 16,139 at a price of N1,570 per share, accounting for N25.338 million in value.
This is just as controversy has trailed the company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited.
What the company is saying
According to a statement signed by Mrs. Edith Onwuchekwa Director, Legal/Company Secretary, Seplat Energy Plc: “The Company was notified of the sale of 16,139 ordinary shares registered in the name of Mr. Kazeem Abiodun Raimi, a Non- Executive Director of the Company.
”Following this sale, Mr. Kazeem Abiodun Raimi holds nil ordinary shares in the Company.
“Notification and Public Disclosure of Transactions by Persons Discharging Managerial Responsibilities (PDMR) and Persons Closely Associated with them is made in accordance with Rule 12 of the Amendments to the Listing Rules of the Nigerian Exchange and Article 19 of the EU Market Abuse Regulations”.
Back story
- Seplat Energy has said it did not get any official notification from the Federal Government reversing its proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited.
- The company in a statement obtained from the Nigerian Exchange Limited (NGX) also stated that it is seeking clarification from the relevant authorities that the president had reversed his consent for the acquisition.
- On February 25, Seplat Energy Plc announced an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Delaware for $1.28 billion.
- It would be recalled that President Muhammadu Buhari recently gave approval to the acquisition of Exxon Mobil shares by Seplat Energy Offshore Limited.
- Seplat Energy Plc had earlier refuted news and social media reports alleging impropriety in the process of securing ministerial consent to the acquisition of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited.
- The statement signed by Emeka Onwuka, Chief Financial Officer, Seplat Energy Plc, and obtained from the NGX noted that such reports are wholly untrue.
- However, following disagreement by the Nigerian Upstream Petroleum Regulatory Commission headed by Chief Executive, NUPRC, Gbenga Komolafe, President Buhari rescinded his decision to approve the transaction.
What you should know
- Seplat Energy’s share price has remained static since the crisis commenced, the company closed its last trading day on Friday, August 12, 2022, at N 1,430.50 per share on the Nigerian Stock Exchange (NGX).
- The company began the year with a share price of N650.00 and has since gained 120% on that price valuation, ranking it fifth on the NGX in terms of year-to-date performance.
