Seplat Energy (LON:SEPL) held its 13th annual general meeting virtually, with Chairman Udoma Udo Udoma telling shareholders that the company is focused on executing a five-year plan following its acquisition of Mobil Producing Nigeria Unlimited and its offshore assets in late 2024.
Udoma said the company’s 2025 annual report, themed “Delivering at Scale,” outlines the transformation of the enlarged business and its ambitions over the next five years. He said Seplat Energy aims to invest up to $3 billion in asset development, increase group working interest production to 200,000 barrels of oil equivalent per day, generate after-tax operating cash flow of $5 billion to $6 billion, and return at least $1 billion in dividends to shareholders over the period.
Shareholders approve dividend payments
Shareholders approved the board’s recommended final dividend of $0.05 per share for the year ended Dec. 31, 2025. Udoma said the amount is equivalent to NGN 68.54 per share at the exchange rate as of May 14, 2026.
The board also declared a special dividend of $0.033 per share, equivalent to NGN 45.24 per share at the same exchange rate. Together, the final and special dividends amount to NGN 113.78 per share, with payment expected on or around May 29, 2026, according to the chairman.
The dividend resolution passed with 404,229,157 units of shares, representing 100% of votes cast, in favor.
Auditors issue unqualified opinion
Abisola Atitebi, representing PricewaterhouseCoopers, said PwC issued two audit reports in Seplat Energy’s 2025 annual report: one on the consolidated and separate financial statements, and another on internal controls over financial reporting.
Atitebi said PwC’s opinion was that the financial statements gave a “true and fair view” of the company’s and group’s financial position as of Dec. 31, 2025, as well as their financial performance and cash flows for the year. She also said PwC issued an unqualified opinion on management’s assessment of internal control over financial reporting.
Abayomi Adeyemi, chairman of the Statutory Audit Committee, said the committee found the audit scope and plan adequate, reviewed the financial statements, and was satisfied with management’s responses to issues raised by the external auditors.
Questions focus on oil prices, gas projects and reserves
During the shareholder question-and-answer session, Dr. Farouk Umar commended the company’s performance and asked about the impact of the Iran-U.S. conflict on Seplat Energy’s operations. Udoma said the immediate impact was higher oil prices, which benefit the company, but added that Seplat Energy’s planning remains robust even if prices fall.
Chief Executive Officer Roger Brown said the company budgets using much lower oil price assumptions, around $65 to $70 per barrel, and that higher prices would benefit cash flow. He said additional cash flow could be redeployed into operations, used to reduce leverage, or support higher shareholder returns.
Brown also addressed a question from shareholder Bisi Bakare about the Sapele Integrated Gas Plant’s LPG module. He said issues at the Sapele gas plant had been resolved, the plant is operational, and the company has delivered its first LPG cargos.
In response to a question on reserves, Brown said Seplat Energy has 1 billion barrels of 2P reserves, roughly half oil and half gas, along with about 1.5 billion barrels of 2C resources. Udoma added that the company conducts its own reserve assessments but uses a reputable third party to confirm the figures it publishes.
Board appointments and resolutions pass
Shareholders approved the appointment of Larry Ettah as an independent non-executive director and Tony Elumelu as a non-executive director. Ettah was appointed to the board effective Jan. 1, 2026, while Elumelu was appointed effective Jan. 22, 2026, according to the meeting notice.
Several shareholders welcomed Elumelu’s appointment, with Umar saying he believed Elumelu would “add a lot of value” to the board.
Shareholders also re-elected Udoma Udo Udoma and Christopher J. N. Okeke as independent non-executive directors. PricewaterhouseCoopers was reappointed as auditor, and shareholders authorized the board to determine auditor remuneration.
The company also confirmed the shareholder representatives of the Statutory Audit Committee as Abayomi Adeyemi, Nornah Awoh and Hauwa Sule Umar. They will serve alongside board representatives Bashirat Odunewu and Kazeem Raimi until the next annual general meeting in 2027.
All resolutions put to the meeting were carried, and Udoma declared the AGM closed after the formal business was concluded.
About Seplat Energy (LON:SEPL)
Seplat Energy is Nigeria’s leading indigenous, independent oil and gas producer, producing oil and gas production volumes of 48,152 barrels of oil equivalent per day (boepd) in 9M 2023, including 117 MMscfd (20,083 boepd) of processed natural gas for domestic power generation in 9M 2023.
Seplat Energy is focused on powering Nigeria’s energy transition. Our goal is to help meet the energy needs of Nigeria’s rapidly growing population by providing accessible, reliable and sustainable energy, at the same time increasing shareholder value.
