Nigeria-based British executive Roger Brown acquires additional stake worth $2.3 million in Seplat

Nigeria-based British executive Roger Brown has acquired an additional stake in Seplat Energy in a deal worth more than $2.3 million as he moves to boost his stake in Nigeria’s leading energy group.

A leading executive with extensive financial, accounting, and equity capital markets experience, Brown has acquired an additional 1,071,760 ordinary shares in Seplat Energy, according to Seplat’s recently published financial report.

With the purchase of the shares, his equity position in the leading energy company increased from 3,224,702 shares, or 0.55 percent, on Feb. 28, to 4,296,462 shares, or 0.73 percent, at the time of writing this report.

The news after Brown acquired an additional 384,117 ordinary shares in Seplat in 2021, less than a year after he became the group’s CEO.

Seplat did not report the acquisition as a share transaction executed by an insider in the company.

Ddata obtained by Billionaires.Africa revealed that the group’s share price increased from N800 to N1,430.5 between Feb. 28 and July 27, placing the value of the additional shares that Brown acquired at between $2.3 million and $3.7 million.

With the recent transaction, the market value of Brown’s shareholding in Seplat is now worth N6.15 billion ($14.77 million), making him one of the wealthiest investors on the Nigerian Exchange.

Brown, who has more than 25 years of experience in the financial sector, has played a key role in Seplat Energy’s recent growth since taking over as group CEO from Nigerian magnate Austin Avuru in August 2020.

As Seplat’s group CEO, he was instrumental in completing the group’s dual listing on the Nigerian and London stock exchanges, making the energy group the first Nigerian corporate to do so.

Under his leadership, the energy company recovered from an $85.3-million deficit in 2020 to a $117.1-million profit by the end of 2021.

Seplat’s profit increased by 41 percent in the first half of 2022, from $56.57 million to $79.8 million, driven by a 70.7-percent increase in revenue, from $308.8 million to $527 million.