Seplat Energy shares hit record N14,907 as oil market disruption boosts energy stocks

Seplat Energy Plc shares have climbed to a new record level on the Nigerian Exchange Limited (NGX), rising 10% in the last 10 days to N14,907.80 from N13,552.60.

The latest rally has pushed the energy company’s shares to their highest level recorded on the NGX, extending a sharp run that has seen the stock more than double in value this year.

NGX data shows Seplat closed at N14,907.80 on September 16, unchanged from the previous trading session, after gaining 10% on September 10.

The move comes against the backdrop of heightened disruption in global energy markets as the ongoing US-Iran conflict continues to affect shipping through the Strait of Hormuz, one of the world’s most important oil trading routes.

What the data is showing

Seplat’s recent performance has been defined by a series of sharp upward movements rather than a gradual increase.

• The stock closed at N12,320.60 on September 2 before rising 10% to N13,552.60 on September 3. It remained at that level through September 9 before another 10% increase took it to N14,907.80 on September 10. The stock has remained at that level since then.
• This means the stock has gained 10% in the last 10 trading days, despite recording no price movement between September 11 and September 16.
• The longer-term picture is even more pronounced.

On March 17, Seplat traded at about N9,099, meaning its current price represents an increase of approximately 63.9% from that level.

• At the beginning of the year, the stock was trading at N5,610. At N14,907.80, it has now gained 165.9% year to date.
• Over the last 12 months, the increase is even larger. From N5,379 to N14,907.80, Seplat has appreciated by approximately 177.1%.
• The rally has therefore extended well beyond the recent disruption in global oil markets, pointing to a broader re-rating of the company by investors.

Recent attacks and disruption around the Gulf have reduced vessel traffic through the strait and raised concerns about the movement of crude and other energy products. Reuters reported that only three commercial vessels transited the Strait of Hormuz on September 16, compared with 12 the previous day and a 10-day average of 17.

The disruption has also kept crude oil prices above $100 per barrel, although prices eased on September 17 as concerns over some supply disruptions moderated.

The story of other oil stocks on the NGX

Seplat’s performance stands out against a more mixed performance among other oil and gas companies listed on the NGX.

• Oando Plc, for instance, has experienced considerable volatility in recent weeks. The stock rose from N35.20 on August 17 to N38.30 on September 2 before falling to N34 on September 16. Based on those levels, the stock has lost about 11.2% from its September 2 peak. NGX data also shows it closed at N34 on September 16, down from N34.50 the previous day.
• TotalEnergies Marketing Nigeria Plc has been considerably less volatile. Its shares currently trade at N576 and have remained at that level through September, according to NGX data.
• Conoil Plc has similarly remained at N210 through September, although its current price is above its N169 52-week low.
• Eterna Plc has moved in the opposite direction over the past few trading sessions. Its shares fell from N36 on September 7 to N34.50 by September 8, representing a 4.17% decline, and have remained at N34.50 since then.
• Aradel Holdings Plc has also experienced significant volatility. The stock fell from N1,570 on September 9 to N1,413 on September 10, a 10.0% decline, before recovering to N1,550 on September 15 and September 16.

The divergent performances suggest that the broader strength in energy markets has not translated into a uniform rally across Nigerian oil and gas stocks.

Seplat’s financial performance provides another layer

The sustained demand for Seplat shares comes as the company reports stronger financial and operational performance.

• For the six months ended June 2026, Seplat’s profit before tax rose 74.1% year on year to N790.4 billion, from N454.1 billion a year earlier. Revenue also increased 15.5% to N2.50 trillion, while production rose to 139,509 barrels of oil equivalent per day.
• The company’s first-quarter results had already shown an improvement in bottom-line performance, with profit after tax rising to N52.5 billion from N35.4 billion, a 48.3% increase, despite lower revenue and profit before tax during the quarter.
• The improvement became more pronounced in the second quarter, when profit before tax reached N561.3 billion, helping drive the strong first-half result.

Seplat also entered 2026 from a significantly larger production base. In 2025, group production averaged 131,506 barrels of oil equivalent per day, up 148% from 2024, while annual revenue reached a record $2.73 billion. The production increase reflected the first full-year consolidation of its offshore assets, alongside stronger onshore production supported by the Sapele Gas Plant and new wells.

What you should know

Seplat’s sharp rise has not only increased the company’s market value but has also generated significant paper gains for its shareholders.

• For Tony Elumelu, whose 120.4 million Seplat shares are held indirectly through Heirs Energies Ltd and Heirs Holdings Ltd, the increase has been particularly significant. At Seplat’s September 1 closing price of N12,320.60, his stake was worth approximately N1.48 trillion.
• At the current price of N14,907.80, the same stake is now worth about N1.79 trillion, representing an increase of approximately N311.5 billion in just over two weeks. In dollar terms, the stake is now worth about $1.28 billion, based on the valuation disclosed from the latest share price.

The calculation illustrates how quickly movements in Seplat’s share price can translate into changes in shareholder wealth. The stock has gained 21% since September 1, adding roughly N2,587 to the value of every Seplat share held by investors.