Seplat Energy Plc has awarded over 2.3 million ordinary shares to its top executives under the 2025 Long-Term Incentive Plan (LTIP) and its 2024 Deferred Bonus scheme, underscoring the company’s commitment to performance-linked and shareholder-aligned executive remuneration.
The LTIP is a share-based compensation programme designed to incentivise and retain senior executives by rewarding them with company shares based on long-term performance metrics. At Seplat, LTIP awards are conditional on meeting ambitious Total Shareholder Return (TSR) targets and other corporate performance benchmarks over a three-year period. This structure ensures that executives are motivated to deliver sustained growth and value for shareholders.
Under the 2025 LTIP, announced on May 30, Chief Executive Officer Roger Brown was granted 1,039,838 shares. Chief Operating Officer Samson Ezugworie received 603,041 shares, while Chief Financial Officer Eleanor Adaralegbe was awarded 573,607 shares. The awards are calculated based on a multiple of each executive’s salary, using the five-day average share price of £2.0082 prior to the grant date, May 22, 2025.
In addition, under Seplat’s 2024 Deferred Bonus scheme, which forms part of the LTIP framework, a quarter of the executives’ annual bonus for the 2024 financial year has been deferred into shares. Brown was granted 176,233 shares, Ezugworie 79,847 shares, and Adaralegbe 84,677 shares. These shares will vest and be released by December 31, 2026, contingent on continued employment.
The company also confirmed that Brown and Adaralegbe exercised previously granted LTIP awards from 2020 and 2022. Brown exercised 579,251 shares, retaining 469,425 after settling statutory tax obligations. Adaralegbe exercised 263,849 shares, retaining 213,823.
Their total shareholdings now stand at 4.67 million shares for Brown and 659,691 for Adaralegbe—both exceeding Seplat’s minimum shareholding requirements for executives. The company’s Board noted that these holdings ensure executive interests remain closely aligned with long-term shareholder value.
All share transactions were executed in line with Seplat’s shareholder-approved 2014 LTIP and its Remuneration Policy. The Remuneration Committee retains discretion to adjust final vesting levels to ensure outcomes reflect true corporate performance.