Seplat Energy Directors Exercise LTIP Shares on NGX
Seplat Energy PLC has filed a notification of transactions by persons discharging managerial responsibilities, disclosing the exercise of vested Long Term Incentive Plan (LTIP) shares by its CEO and CFO on 22 May 2026. The filing details the number of shares exercised, shares withheld to meet Nigerian personal income tax obligations, and the resulting shareholdings of both executives.
Seplat Energy PLC disclosed on 29 May 2026 that Chief Executive Officer Roger Brown and Chief Financial Officer Eleanor Adaralegbe exercised rights on vested shares under the company's 2014 Long Term Incentive Plan (LTIP), with the transaction dated 22 May 2026.
Roger Brown exercised 2,193,586 shares drawn from the 2021 LTIP. Of these, 548,396 shares were withheld to settle his Nigerian personal income tax liability, leaving him with 1,645,190 shares retained. Following the transaction, Brown now holds a total of 6,523,862 ordinary shares in Seplat Energy.
Eleanor Adaralegbe exercised 478,082 shares from the 2021, 2022, and 2023 LTIP cycles. A total of 119,519 shares were withheld for her Nigerian personal income tax obligations, with 358,563 shares retained. She now holds 1,018,254 ordinary shares in the company.
The filing states that the tax liabilities are to be cash-settled with the relevant tax authority, valued at the NGX closing share price on 22 May 2026. Both transactions were conducted outside a trading venue and were approved by the Seplat Energy Board in accordance with the company's shareholder-approved remuneration policy.
