This billionaire just cashed a fat cheque

Oil and gas

In a release sent to the Nigerian Stock Exchange (NSE), Seplat petroleum Plc notified the exchange and the investing community that one of its non-executive directors had sold some of his shares.

Companies by law are expected to notify the exchange when directors trade in the shares of a company.

The director, Macaulay Agbada Ofurhie, sold 900,000 shares at N711 per share thus netting N639 million.  The shares were sold on Monday the 11th of June 2018.

His current holdings now stand at 4,001,611 shares.

Ofurhie is one of the billionaire investors in listed companies operating in the Nigerian oil and gas space.

Still a billionaire

Ofurhe remains a billionaire despite the sale. As at our cut off date of April 6, 2018, he was worth N3.2 billion. Using Friday’s closing share price of N754.90, Ofurhie is now worth N3.0 billion, down 6.25%.

The minute difference despite the volume of shares sold is largely due to the increase in Seplat’s share price. Seplat has gone up 13.5% from our April cut off date, buoyed by the rise in global crude oil prices.

Other billionaires on the Seplat board include chairman, A.B.C. Orjiako and Chief Executive Officer, Austin Avuru.

Recent share awards

Avuru and the Chief Financial Officer (CFO), Roger Brown were recently granted under the company’s Long Term Incentive Plan (LTIP), Avuru received 138,157 shares while Brown was awarded 55,673 shares.

The two staff alongside operations director, Effiong Okon will receive a total of 2.1 million shares in 2021, subject to meeting set targets.

Macaulay Agbada Ofurhie graduated with a B.Sc. Honours in Geology from the University of Ibadan in 1971.  Mr. Ofurhie spent 34 years at the Nigerian National Petroleum Corporation (NNPC).

During his active service, he was Managing Director of Nigerian Petroleum Development Company (NPDC) and Nigeria Gas Company (NGC) both subsidiaries of NNPC. Prior to his retirement, he was a director at the Department of Petroleum Resources (DPR).

He has been a Non-Executive Director of Seplat Petroleum Development Company Plc since December, 2009.

Seplat Petroleum Development Company Plc was incorporated on 17 June 2009 as a private limited liability company and commenced operations on 1 August 2010.

Seplat was re-registered as a public company on 3 October 2014. The Company is principally engaged in oil and gas exploration and production. Seplat is also listed on the London Stock Exchange (LSE).

Results for the first quarter ended March, 2018, show revenue increased from N14.4 billion in 2017 to N55.2 billion in 2018.  The firm made a profit before tax of N17.9 billion in 2018 as against a loss of N5.6 billion in 2017. Profit after tax stood at N6.2 billion as against a N5.8 billion loss made in the corresponding period of 2017.

Seplat shares closed at N754.90 on Thursday’s trading session, down 1.83%. Year-to-date the shares are up 20.55%.

The company recently issued a notice denying any breach of the local content laws with respect to the Assa North/Ohaji South (ANOH) project.

The release which was signed by the company’s secretary, Mirian Kene Kachikwu, stated that the ANOH project is still in development and has not yet achieved Final Investment Decision.

The firm was also in consultation with the Nigerian Content Development Management Board (NCDMB) and the contracting strategy for the AHON project has been approved by NCDMB.  (Nairametrics )

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