Seplat Energy Plc has reached a new milestone on the Nigerian Exchange Limited (NGX), with its share price climbing to a record N16,000 as sustained investor demand continues to drive one of the market’s strongest rallies in 2026.
The energy company’s shares gained N1,092.20, representing a 7.33 per cent increase, during Wednesday’s trading session to close at N16,000, according to NGX data.
The latest advance has lifted Seplat’s stock by 175.44 per cent since the beginning of the year, when it traded at N5,809 per share.
The rally has also taken the company’s market capitalisation to approximately N9.599 trillion, reinforcing Seplat’s position as one of the most valuable companies listed on the Nigerian equities market.
Stock gains accelerate
Seplat’s latest performance represents a sharp acceleration in a rally that has gathered momentum throughout 2026.
On September 17, Nairametrics reported that the company’s shares had risen by about 10 per cent in 10 days, moving from N13,552.60 to N14,907.80.
The stock has since advanced by another N1,092.20 to reach the latest record of N16,000.
On a 12-month basis, Seplat’s shares have gained 197.44 per cent, reflecting the extent of the investor interest surrounding the company.
The latest price movement also places Seplat among the stocks that have delivered substantial gains on the NGX this year, as investors continue to respond to the company’s financial performance, production growth and exposure to the oil and gas sector.
Seplat drives oil and gas index higher
Seplat’s strong performance also provided a major boost to the NGX Oil/Gas Index, which rose by 3.95 per cent, or 237.6 points, to close at 6,252.0.
Trading across other oil and gas counters was mixed.
Conoil closed unchanged, while Aradel also finished the session without a price movement. TotalEnergies similarly remained flat.
Eterna Plc, however, gained 1.3 per cent to close at N39.00, while Oando declined by 0.97 per cent.
The sharp rise in Seplat therefore accounted for a significant portion of the positive movement recorded across the sector during the session.
Oil prices provide additional support
The rally in Seplat shares comes at a time when international crude oil prices have also moved higher amid renewed geopolitical concerns and uncertainty over the security of major energy and shipping routes.
Earlier reports indicated that oil prices rose after Iran warned that the ongoing conflict could expand into the Indian Ocean if the United States or Israel launches another attack.
Checks by Nairametrics at the time showed Brent crude rising by more than 3 per cent to above $106 per barrel, while West Texas Intermediate traded close to $94 per barrel.
Higher crude prices can have a direct bearing on the outlook for upstream oil producers, particularly companies with growing production volumes and exposure to international oil prices.
Strong first-half performance
Beyond movements in the international oil market, Seplat’s share-price rally has coincided with a significant improvement in its financial and operational performance.
For the six months ended June 2026, the company reported profit before tax of N790.4 billion, representing a 74.1 per cent increase from N454.1 billion recorded in the corresponding period of 2025.
Revenue also rose by 15.5 per cent to N2.50 trillion.
Production increased to 139,509 barrels of oil equivalent per day during the period, providing the company with a larger production base from which to benefit from prevailing energy prices.
The company had earlier reported a 48.3 per cent increase in first-quarter profit after tax, which rose to N52.5 billion from N35.4 billion a year earlier.
Although first-quarter revenue and profit before tax were lower, Seplat’s second-quarter performance strengthened considerably, with profit before tax reaching N561.3 billion and contributing substantially to the company’s first-half result.
Bigger production base
Seplat entered 2026 with a substantially expanded production platform following the consolidation of its offshore assets.
In 2025, group production averaged 131,506 barrels of oil equivalent per day, representing a 148 per cent increase from the previous year.
The company also recorded annual revenue of $2.73 billion in 2025, its highest on record.
The increase in production reflected the first full-year consolidation of its offshore assets, alongside stronger onshore output supported by the Sapele Gas Plant and the addition of new wells.
The combination of increased production, higher revenue and improved profitability has provided a stronger fundamental backdrop for the company as its shares continue to attract buying interest on the NGX.
With Seplat now trading at N16,000 per share, the stock has risen by more than N10,000 from its opening level for 2026, underscoring the scale of the rally that has taken the company’s market value close to the N10 trillion mark.