Exposure to Nigerian Banks Reduced: As a general policy, the company usually retains around 70% of its total cash in US dollars and around 70% of the US dollar cash is held offshore. By March 8, 2023, had his work permit, visa, and residence permit revoked by the Nigerian Ministry of Interior. OWNERSHIP With a 30% ownership, the general public, mostly comprising of individual investors, have some degree of sway over Seplat Energy. The Commissions attention has been drawn to the recent reports in the media regarding Seplat Energy Plc (Seplat), a public companylisted onthe Nigerian Exchange Limited (NGX)and the London Stock Exchange (LSE). Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. 337927). Alternatively, email editorial-team@simplywallst.com. Tesla Continues to Defy Expectations, Is it Buyable Again? Meanwhile, ABC Orjiako responded by denying any wrongdoing in the letter he initiated to the Federal Government to facilitate the consummation of the lingering $1.3 million MPNU deal, saying he acted within the scope of his mandate for the benefit of the company. At that time, the Chief Executive Officer, Gbenga Komolafe stated that based on the Petroleum Industry Act (PIA) of 2021, the NUPRC is the sole regulator in dealing with such matters in the Nigerian upstream sector. Meanwhile, On July 11, 2022, Seplat announced that the Nigerian National Petroleum Company Limited (NNPCL) had initiated legal action in the State High Court of the Federal Capital Territory in Abuja. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions. Shareholders were divided between looking for an exit strategy and staying on course until the company receives government approval for the MPNU acquisition. But just like anyone else, they could be wrong. With 14% and 9.0% of the shares outstanding respectively, Petrolin Group and Sustainable Capital Ltd are the second and third largest shareholders. This article examines the events that have caused internal crises and legal battles at Seplat, a Nigerian oil and gas company, and discusses the resulting effects on its operations and reputation. 27 Apr 2023 21:46:07 Shareholders of Seplat Petroleum Development Company Plc have expressed optimism that the new chief executive officer(CEO) of the company, Mr. Roger In other words, these shareholders have a meaningful say in the decisions of the company. The Australian Ballet will showcase two world premiere dance pieces as part of its 60th anniversary.The double bill Identity features Paragon by resident choreographer Alice Topp. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. Seplat: Roger Brown Overhauls the Leadership, Runs with Four View our latest analysis for Seplat Energy. Port Harcourt Delayed London Stock Exchange Metro Pacific Investments Corporation is currently the largest shareholder, with 21% of shares outstanding. Access advanced stock screeners, portfolio monitoring tools, proprietary research reports, and more. Seplat, a Nigerian oil and gas company listed on the Nigerian Exchange (NGX) and the London Stock Exchange, is facing internal crises and legal battles stemming from changes in managerial structure and the delayed acquisition of Mobil Producing Nigeria Unlimited assets. Our research also brought to light the fact that roughly 52% of the company is controlled by the top 4 shareholders suggesting that these owners wield significant influence on the business. In March 2023, the company decided to terminate the contract due to repeated corporate governance breaches of a material nature, such as unilaterally making significant commitments on behalf of Seplat and using the companys letterhead to communicate said commitments without prior approval by the Board. On looking further, we found that 56% of the shares are owned by the top 5 shareholders. This risk is higher in a company without a history of growth. (844) 978-6257. Read our dividend analysis for SEPL. The companys share price in the last year is down 7% and 19.1% respectively on the NGX and the London Stock Exchange respectively. In their own names, insiders own UK8.1m worth of stock in the UK297m company. View detailed SEPLAT.NG description & Major This article by Simply Wall St is general in nature. By August 8, 2022, President Buhari had given his approval for Seplat to acquire MPNUs assets, citing the numerous benefits to Nigerias economy. Researching institutional ownership is a good way to gauge and filter a stock's expected performance. However, on some occasions too much power is concentrated within this group. Transparency is our policy. Identify stocks that meet your criteria using seven unique stock screeners.
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