Seplat  Emerges From Shadow of Marginal player To Being A Dominant Oil Producer

Leading Nigerian independent energy, Seplat Energy Plc, made history in the 2025 operating year by becoming the first publicly traded company on the Nigerian Exchange Limited (NGX) to pay out the highest dividend of USD0.25, about N350 per share, to its existing shareholders. 

Not even the trio of MTN, Nestlé and Dangote Cement, Nigeria’s most successful corporate giants known for high dividend payouts, came close to offering this bumper return on investments (ROI) to their investors.

Pumped daily from the underbelly of creeks and deep waters off Niger Delta coast, the firm’s oil and natural gas are helping the world to power its vast industrial complexes and economies.

And from this liquid black gold comes great fortune. While the flowing fuel from Seplat’s oil wells is helping many nations to power their economy, the firm’s shareholders have been smiling to the banks with handy returns year after year, with 2025 being the best performing year so far for Seplat.

On Friday, February 27th, 2026, the company released its audited results for the twelve months ended 31 December 2025.

Highlights of the results included an impressive earnings of of $2.7 billion by the group. The 2025 revenue represents 144.2 percent appreciation from the $1,116 million revenue the group earned in FY 2024.

The Success Story

Elaborating on how it was able to achieve the feat, the financial report said  onshore operations delivered 14% production growth year-on-year, supported by completion of the Sapele Gas Plant, and new well inventory, while offshore saw a modest growth rate of 9% year-on-year on a pro-forma basis, with performance moderated by an outage at its Yoho platform, which is expected to come back on stream in Q2 2026.

Also, the firm’s 2P+2C (oil and gas reserves) increased by 181 MMBoe to 2,486.6 MMboe (YE 2024: 2,305.4 MMboe), 55% liquids.

Seplat was also able to earn more revenues for its shareholders by bringing down the cost of production. According to the firm, its operating production cost stood at $15.7/boe per unit at the end of 2025, down 5% from 2024’s unit cost of $16.5/boe.

The Indigenous oil giant reported adjusted EBITDA of $1,275.4 million, up 137% from 2024’s figure of $539.0 million, while cash generated from operations climbed to $1,165.6 million from the $310.0 million recorded in 2024. This represents 276% appreciation.

Expectedly, the group was able to present a robust balance sheet, with net debt at year end 2025, crashing 25% YoY to $673.3 million, compared to $897.8 million in 2024.

Shareholders Happy Day

Shareholders also got good return on their investments as the company announced a final dividend of five cents and a special dividend of 3.3 cents per ordinary share for Q4 2025, up 11% QoQ and 20% YoY.

Meanwhile, total dividend declared for 2025 stands at 25.0 cents per share, equivalent to $150 million and a 52% increase on 2024.

Speaking on the impressive 2025 results, Seplat Energy’s Chief Executive Officer, Roger Brown, said it clearly illustrated the company’s ability to operate at scale.

“We benefited from successful execution of several key offshore activities that kick-started life for Seplat as an offshore operator, while at the same time delivering onshore production performance that was the strongest in recent memory.

“At our CMD in September, we laid out our long-term ambition to ‘Build an African Energy Champion’, with a clear roadmap to grow working interest production to 200 kboepd by 2030.

“In 2025 we delivered the IGE replacement project offshore and the Sapele Gas plant onshore. In recent weeks we were delighted to achieve first gas at the ANOH Gas Plant and are on track to doubling Joint Venture gas volumes at Oso-BRT to 240 MMscfd in 2H 2026.

“Drilling will be a decisive factor in meeting our long-term growth ambitions and I am pleased to announce that the first Jack-Up drilling rig is contracted, in country and set to arrive at Oso in 3Q to commence a multi-year, multiwell drilling campaign.

“Finally, the cash generative nature of our asset base is clearly evident in our results, and by raising dividends by over 50% to USD 25 cents per share alongside continued strengthening of our balance sheet and delivery of our work programmes, we are already well positioned to deliver on our planned $1 billion cumulative return of capital to shareholders by 2030”, Brown said.

LONG ROAD TO SUCCESS

For all the current buzz surrounding company, founded more than seventeen years ago in Lagos by two Nigerian entrepreneurs, Austin Avuru and Ambrosie Bryant Chukwueloka (ABC) Orjiako, success didn’t come overnight.

According to GreenPlinth's  findings, Austin Avuru and ABC Orjiakor were invited by Shell Petroleum to form an SPV for the purpose of acquiring three of its oil blocks in Nigeria, OML 4, 38 and 41. The duo subsequently settled for Seplat, coined from Sheba and Platform, two firms they had individually founded, for that purpose.

Funding the purchase ($340 million to be paid immediately and $33 million deferred) became a major issue.

Aturu and Orjiako’s financial adviser, BLB Piber, brought in an interested financier, who demanded 45 equity stake in the company and the down payment of $73 from Aturu and Orjiako out of their own obligation of $153 million.

Sheba and Platform eventually raised its own cash of $153 million for the purchase of the oil wells from Shell. Part of the money was a short term loan through BLB Piber, who brought in $187 million of its own, making $340million.

The foreign investor ultimately ended up as the majority shareholder with 45 percent equity, followed by Atiru’s Sheba 31% and Orjiako’s Platform 24% equity

HURDLE AFTER HURDLE

After the acquisition of the oil assets from Shell, another hurdle, getting approval from regulatory authorities for the deal, began.

A back and forth trips from Lagos to Abuja soon ensued. At the end of July 2009, the deal between Shell and Seplat was approved and the assets were handed over to the company.

SEARCH FOR OIL BEGINS

It took several months of intense mobilization of human and material resources to kick start production at abandoned oil wells Seplat inherited from Shell

Despite the successful commencement of operations, output was meagre at between 17,000 to 18,000 barrels per day in the first four months

To confront this limitation, more staff and equipment were acquired. And six months from the period of taking over, the firm went from 17,000 to 18,000 barrels to 35,000 barrel a day.

In spite of the massive efforts and investments put into the company, still Seplat operated as a marginal player in the nation’s petroleum industry.

However, by the end of its second year of operations, the tide began to turn, with Seplat’s production growing from 35,000 to 70,000 barrels per day in 2012

UPPING THE GAME

Two major acquisitions, the purchase of two onshore blocks from Chevron Nigeria for a combined $391.6 million in February 2015, as well as the 2024 acquisition of  ExxonMobil’s onshore assets at the cost of $1.28 billion acquisition, has helped transform Seplat  to a major oil giant.

According to available data, the new investments (including 40% operated interest in OML 67, 68, 70, and 104; 40% operated interest in the Qua Iboe export terminal and the Yoho FSO; 51% operated interest in the Bonny River Terminal (BRT) NGL recovery plant and 9.6% participating interest in the Aneman-Kpono field), apart from adding significant assets to Seplat’s portfolio, have contributed to the firm’s oil and gas output.

According to the company in its latest financial report, crude oil production at the end of 2025 averaged 131,506 boepd, with a daily production target of 200,000 boepd (crude oil and natural gas combined) by 2030.

THE POWER OF HUMAN CAPITAL

Behind every corporate giant is a team of dedicated individuals. To a very large extent, Seplat’s promoters have applied this principle to the letter to grow and sustain the firm.

Sources in Seplat Energy informed  this medium  that one of the reasons for the good fortunes of the company is that it has continued to hire, train and retain top talents, who in turn contribute to its ability to innovate and effectively execute set out visions.

GreenPlinth's checks revealed that Seplat’s have had the good fortune of having bright and effective chief executive officers to pilot its affairs, right from the times of its first CEO, Austin Avuru, to the current helmsman, Roger Brown.

With support from a strong team of executives and managers, Brown, who was appointed CEO on 1 August 2020, is credited with helping Seplat grow production by over 70,000 boepd.

A qualified chartered accountant with a background in finance, Brown joined Seplat as Chief Financial Officer in 2013.

With over 25 years’ experience in the financial sector, with focus on emerging markets with extensive experience in structuring energy and infrastructure transactions on the African continent, Brown had held several top positions in oil and gas related firm’s, including the position of Managing Director of Oil and Gas EMEA for Standard Bank Group before joining Seplat.

Apart from the good luck of having successive managers to run its affairs, one of the factors driving Seplat’s growth is the company’s flat organizational structure, which allows even low-level employees to contribute to the direction of the company.

“At Seplat, no employee is too small to contribute. That’s why we have had low and middle-level personnel rise to prominent positions.

“If you have something to offer, you will definitely get the floor to showcase it”, said a source in the company who did not want his identity disclose