Seplat Energy Plc shares have climbed to a new record level on the Nigerian Exchange Limited (NGX), rising 10% in the last 10 days to N14,907.80 from N13,552.60.
The latest rally has pushed the energy company’s shares to their highest level recorded on the NGX, extending a sharp run that has seen the stock more than double in value this year.
NGX data shows Seplat closed at N14,907.80 on September 16, unchanged from the previous trading session, after gaining 10% on September 10.
The move comes against the backdrop of heightened disruption in global energy markets as the ongoing US-Iran conflict continues to affect shipping through the Strait of Hormuz, one of the world’s most important oil trading routes.
Seplat’s recent performance has been defined by a series of sharp upward movements rather than a gradual increase.
On March 17, Seplat traded at about N9,099, meaning its current price represents an increase of approximately 63.9% from that level.
Recent attacks and disruption around the Gulf have reduced vessel traffic through the strait and raised concerns about the movement of crude and other energy products. Reuters reported that only three commercial vessels transited the Strait of Hormuz on September 16, compared with 12 the previous day and a 10-day average of 17.
The disruption has also kept crude oil prices above $100 per barrel, although prices eased on September 17 as concerns over some supply disruptions moderated.
Seplat’s performance stands out against a more mixed performance among other oil and gas companies listed on the NGX.
The divergent performances suggest that the broader strength in energy markets has not translated into a uniform rally across Nigerian oil and gas stocks.
The sustained demand for Seplat shares comes as the company reports stronger financial and operational performance.
Seplat also entered 2026 from a significantly larger production base. In 2025, group production averaged 131,506 barrels of oil equivalent per day, up 148% from 2024, while annual revenue reached a record $2.73 billion. The production increase reflected the first full-year consolidation of its offshore assets, alongside stronger onshore production supported by the Sapele Gas Plant and new wells.
Seplat’s sharp rise has not only increased the company’s market value but has also generated significant paper gains for its shareholders.
The calculation illustrates how quickly movements in Seplat’s share price can translate into changes in shareholder wealth. The stock has gained 21% since September 1, adding roughly N2,587 to the value of every Seplat share held by investors.
