Sustainable Capital Acquires 9.96% Stake in Seplat Energy, Strengthening Influence

Sustainable Capital Ltd, a Mauritius-based investment firm, has secured a 9.96% stake in Seplat Energy Plc, gaining voting rights in the Nigerian oil and gas company. The acquisition, finalized on January 28 and reported to the Nigeria Exchange Limited on January 29, marks a shift in Seplat’s shareholder structure. Sustainable Capital now holds significant influence over the company’s decision-making processes.

The firm acquired 58,580,800 voting rights through direct holdings in Seplat shares, rather than using financial instruments. This purchase follows an earlier holding of 8.93%, with the latest acquisition increasing its stake by 1.03%, making it one of Seplat’s key stakeholders.

Before this move, Sustainable Capital had been a significant player with its 8.93% stake, but the recent increase positions the firm more firmly in Seplat’s internal affairs. The acquisition is part of the firm’s strategy to solidify its role as a major shareholder in the company.

Seplat Energy, meanwhile, continues to expand its operations. Recently, the company completed the $1.28bn acquisition of Mobil Producing Nigeria from ExxonMobil, further strengthening its position in the energy market.

This acquisition by Sustainable Capital is a noteworthy development in the ongoing evolution of Seplat Energy’s shareholder dynamics and its broader corporate growth strategy.

Source: PUNCH