Sustainable Capital Limited has exited Seplat Energy Plc after selling its remaining 36.7 million shares, bringing its voting rights in the energy company to zero.
Seplat Energy disclosed in a regulatory filing that Sustainable Capital’s voting rights fell from 6.18% to 0% after crossing the reporting threshold on August 19, 2026.
The company was formally notified of the change on August 23 before the disclosure was released to the market on August 24.
The latest transaction completes a gradual withdrawal by Sustainable Capital from what had previously been one of the largest institutional shareholdings in Seplat.
Earlier in the year, Sustainable Capital reduced its interest from 10.01% to 6.18% after crossing the relevant threshold on March 30.
That transaction left the investor with 36,704,179 Seplat shares, according to the April regulatory filing.
Sustainable Capital’s previously disclosed 10.01% holding comprised 58,875,642 shares, regulatory records show.
The reduction to 36.7 million shares therefore represented the disposal of approximately 22.17 million shares during the first stage of the sell-down.
The latest filing shows that the remaining 36.7 million shares have now been disposed of, leaving Sustainable Capital with no voting rights attached to Seplat shares.
Taken together, the disclosures indicate that Sustainable Capital has exited a previously reported holding of approximately 58.88 million Seplat shares.
Neither the latest filing nor the previous notification disclosed the prices at which the shares were sold, the identity of the buyers or whether the disposals were completed through single block transactions or multiple trades.
The actual proceeds received by Sustainable Capital therefore cannot be determined from the regulatory disclosures.
However, the size of the remaining stake illustrates the financial significance of the exit.
Seplat shares closed at approximately N11,200.60 on August 19, the date Sustainable Capital crossed the threshold that reduced its voting rights to zero.
At that market price, the 36,704,179-share position would have had an indicative value of approximately N411.1 billion.
That figure represents a market-value estimate only and should not be interpreted as the amount Sustainable Capital received from the disposal as the shares may have been sold at different prices and over a period preceding the threshold notification.
The exit comes during a period of significant appreciation in Seplat’s shares.
The energy company’s NGX-listed stock was trading around N11,201 by late August, giving the company a market capitalisation of more than N7 trillion.
Sustainable Capital had been a major shareholder in Seplat for several years. In February 2025, the investment manager increased its disclosed voting rights from 9.96% to 10.01%, equivalent to 58.88 million shares at the time.
Its subsequent withdrawal therefore occurred in two major disclosed stages.
The first reduced its position from 10.01% to 6.18% in March 2026, while the second reduced the remaining 6.18% interest to zero in August.
The latest filing does not provide a reason for Sustainable Capital’s decision to exit the investment.
Seplat Energy, which is listed on both the Nigerian Exchange and London Stock Exchange, has undergone a significant expansion following the acquisition and integration of Mobil Producing Nigeria Unlimited.
The company reported average production of 129,841 barrels of oil equivalent per day in the first quarter of 2026, while stronger cash generation supported an increase in its quarterly dividend.
Sustainable Capital’s complete exit changes the composition of Seplat’s major institutional shareholders but does not by itself indicate who ultimately acquired the shares.
Any investor whose purchases result in voting rights crossing applicable disclosure thresholds would be required to make a separate notification under market rules.
