Babs Omotowa, an independent non-executive director of Seplat Energy, has purchased an additional 20,000 ordinary shares in the Nigerian oil and gas group, doubling his personal stake as the company navigates a volatile period in the global energy markets.
According to a regulatory filing on Thursday, the former Nigeria LNG chief executive acquired the shares in two tranches, 10,000 shares at £1.737 each on March 12 and another 10,000 at £1.8124 two days later. The average price per share for the total purchase was £1.7747.
Following the transaction, Omotowa now holds 40,000 shares in Seplat, representing a 0.0068% voting interest in the London and Lagos dual-listed company, which has 588.4 million shares in issue.
The deal was disclosed in line with Nigerian Exchange Rule 17.15(c) and Article 19 of the UK Market Abuse Regulation, which require prompt reporting of share dealings by persons discharging managerial responsibilities.
While modest in scale, the move signals a vote of confidence in Seplat’s strategy at a time when Nigerian upstream operators are contending with regulatory changes, shifting investor sentiment, and asset divestments by international oil companies.
Omotowa joined the Seplat board in 2020, bringing decades of experience in the energy sector, including senior roles at Shell and the helm of Nigeria LNG. His share acquisition comes amid heightened attention to governance and transparency in Nigeria’s energy sector, as domestic players assume greater responsibility for production and development.
Seplat Energy has recently been repositioning itself as a key player in the transition to cleaner fuels, even as it continues to pursue acquisitions and operational expansion in Nigeria’s onshore and shallow water oil and gas fields.
