Nigerian Oil Producer Seplat to Sell Shares in London by July

Seplat Petroleum Development Co., a Nigerian oil company that bought assets in the Niger River Delta from Royal Dutch Shell Plc (RDSA), plans an initial public offering in London by July.

Seplat got the U.K. Listing Authority approval on January 15, Yvonne Ike, Renaissance Capital’s chief executive officer for West Africa, said today in an interview in Lagos, Nigeria’s commercial capital. “From that date the clock started ticking” with an IPO due “in the first half of this year” after fulfilling other requirements.

Renaissance Capital, the investment bank controlled by Russian billionaire Mikhail Prokhorov, was hired as joint book runner on Seplat’s planned dual trading on the Nigerian Stock Exchange in Lagos and London Stock Exchange.

It would be a “defining” move which may encourage other companies to do the same, Arunma Oteh, director general of Nigeria’s Securities and Exchange Commission, said in October. Seplat also has the approval of Nigerian regulators for the trading of its shares on the Lagos bourse.

To contact the reporter on this story: Yinka Ibukun in Lagos at yibukun@bloomberg.net

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