Having recorded revenue surpassing $1.1 billion, and a net profit of $145 million in 2024, the shareholders of Nigeria’s leading independent energy firm, Seplat Energy Plc are to get a final dividend of $3.6 cents (₦55.27) per share bringing the total dividend for the year to $13.2 cents (₦202.66) per share, a 10 per cent increase over 2023 payout.
The Year 2024 witnessed a robust financial and operational performance for the 2024 financial year following production levels significantly boosted by its acquisition of Mobil Producing Nigeria Unlimited (MPNU).
Speaking at the company’s 12th Annual General Meeting (AGM), held virtually, Chairman Senator Udoma Udo Udoma described 2024 as a “transformational” year, highlighting the completion of the MPNU acquisition—now renamed Seplat Energy Producing Nigeria Unlimited (SEPNU)—as a strategic milestone that more than doubled the firm’s production and reserves.
“Our core business delivered another year of safe and reliable operations, achieving key targets in production and efficiency. We recorded over 11 million man-hours without any lost-time injury (LTI), a testament to our commitment to safety,” Udoma said.
He noted that the acquisition was funded entirely through existing cash and debt facilities, without any shareholder dilution—underscoring the company’s strong financial health.
Roger Brown, CEO of Seplat Energy, said the integration of SEPNU has been pivotal in reshaping the company’s asset base, shifting it from a 100 per cent onshore operator to a predominantly offshore one, with 70 per cent of production now offshore.
“We now operate dedicated shallow water infrastructure and three major export terminals—Qua Iboe, Bonny River, and Yoho Floating Storage and Offloading (FSO)—as well as Natural Gas Liquids (NGL) facilities. This enhances revenue assurance and diversifies our export infrastructure,” Brown explained.
He added that the SEPNU acquisition also brought in about 1,000 skilled staff, who are expected to contribute significantly to the company’s goal of maximizing value across its asset base.
According to Chief Operating Officer Samson Ezugworie, Seplat achieved a combined daily working interest production of 52,947 barrels of oil equivalent per day (boepd) in 2024, an 11 per cent increase over the previous year. The legacy business contributed 48,618 boepd, while SEPNU added 4,329 boepd, based on its 19 days of contribution post-acquisition in December.
Positive contributors included the Sapele Integrated Gas Plant (SIGP), enhanced gas output from Oben, and efficient operation of the Trans Niger Pipeline (TNP).
Chief Financial Officer Eleanor Adaralegbe described 2024 as a strong financial year, with the company generating $1.116 billion (₦1.65 trillion) in revenue. Adjusted EBITDA reached $539 million (₦796 billion), up 20.3 per cent from 2023, including a $99 million contribution from SEPNU.
Despite acquiring MPNU, Seplat’s net leverage ratio remained steady at 0.7 times, and net debt stood at $898 million. The company also successfully refinanced its $650 million bond in March 2025, achieving a yield that priced below the Nigerian Government Sovereign bond—an unprecedented feat for a Nigerian corporate.
Net profit for the year stood at $145 million, with $383 million in cash generated from operations.
Brown reaffirmed Seplat’s vision of “transforming lives through energy,” emphasizing investments in education, healthcare, and entrepreneurship as part of the company’s broader social impact strategy.
“Our integration project is not just about assets—it’s about unifying teams, cultures, and visions to build a stronger, more resilient energy company,” Brown concluded.
With a larger asset base, improved infrastructure, and strong financial fundamentals, Seplat Energy appears poised for continued growth in Nigeria’s evolving energy landscape.
