Dual-listed indigenous energy company Seplat Energy Plc has entered a bold new phase of expansion following a sharp rise in production and a commitment to deliver massive returns to shareholders over the next five years.
At its 13th Annual General Meeting held virtually from Lagos on Wednesday, shareholders approved the company’s 2025 audited financial statements and a final dividend of 8.3 US cents per share. This brings Seplat Energy’s total dividend for the 2025 financial year to 25.0 US cents per share.
The AGM marked a major milestone for the company after the successful integration of Mobil Producing Nigeria Unlimited and its offshore assets into Seplat’s operations.
Speaking at the meeting, Chairman Udoma Udoma said the company remains committed to rewarding investors through strong profitability and disciplined financial management.
“We have committed ourselves to delivering one billion dollars in dividends over the next four to five years, and we are well on track,” Udoma said.
“Our commitment is to return value to shareholders. We are constantly seeking ways to reduce costs and improve profitability,” he added.
The integration has transformed Seplat Energy from a largely onshore operator into a diversified energy company with 11 oil blocks and 48 producing fields across onshore and offshore assets.
This operational expansion led to a significant rise in production. Average output increased by 148 per cent to 131,506 barrels of oil equivalent per day, compared to 52,947 boepd recorded in the previous year.
Chief Executive Officer Roger Brown said the company’s enlarged asset base positions it for sustainable growth and stronger cash generation in the years ahead.
“Our priority is disciplined execution across our expanded portfolio. This is not growth for its own sake, but growth that is responsibly financed, safely delivered, and capable of generating sustainable cash flow,” Brown stated.
Seplat also unveiled plans to invest up to $3bn over the next five years as part of a long-term growth strategy aimed at increasing production to around 200,000 boepd by 2030.
The company projects that this expansion could generate between $5bn and $6bn in post-tax operating cash flow if successfully executed.
Chief Operating Officer Samson Ezugworie said operational priorities remain focused on safety, asset integrity, and sustainable production growth.
“Operational priorities remain centred on safety, asset integrity, and sustainable production growth,” Ezugworie said.
He noted that the company has maintained zero fatalities and zero lost-time injuries since the completion of the Mobil asset integration.
Shareholders at the AGM praised the board for maintaining a stable dividend policy despite economic pressures and commended the company’s corporate governance structure.
Investors also welcomed the ratification of new board appointments, including African business leader Tony Elumelu.
Speaking on behalf of shareholders, investor Faruk Usman described the current period as rewarding for investors.
“This is a period of reward for investors,” Usman said. “The corporate governance and value creation are stronger than ever.”
