Seplat Petroleum Development Company Plc has obtained the approval of the Nigerian Stock Exchange (NSE) to create a multi-million shares employee incentive scheme that will ensure periodic distribution of the equities of the company to employees.
With this approval, Seplat which is listed on the NSE and the London Stock Exchange (LSE), will finalise the process of establishment of an “Employee Long-Term Incentive Plan” under which more than 10.13 million ordinary shares of 50 kobo each will be warehoused and distributed to pre-qualified employees of the oil company. The approved initial shares are currently valued at N2.48 billion. Seplat share price opened this week at N244.69 per share.
The “Employee Long-Term Incentive Plan” is the final phase of a two-part incentive scheme under which the six-year-old company plans to reward directors and employees, especially those executives and directors that contributed to its hugely successful initial public offering (IPO).