Dual-listed indigenous energy giant Seplat Energy Plc has entered an aggressive new phase of corporate expansion, backed by an enormous cash-generation strategy and a historic return of value to its investors.
At its 13th Annual General Meeting held virtually from Lagos on Wednesday, 20 May 2026, shareholders approved the company’s 2025 audited financial statements and a final dividend of 8.3 US cents per share, bringing the total dividend for the 2025 financial year to a robust 25.0 US cents per share.
The meeting marked a celebratory milestone for the company following its transformative integration of Mobil Producing Nigeria Unlimited and its prized offshore assets.
Addressing stakeholders at the meeting, the Chairman of Seplat Energy, Senator Udoma Udoma, celebrated the company’s structural evolution and guaranteed that the board remains deeply aligned with investor interests.
“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 stated.
“Our commitment is to return value to shareholders. We are constantly seeking ways to reduce costs and improve profitability,” the chairman added.
The 2025 integration has dramatically shifted Seplat’s operational identity. Historically an onshore operator, the energy giant is now a balanced powerhouse, boasting a combined portfolio of 11 blocks (seven onshore, four offshore) and 48 producing fields.
Operationally, this diversification translated into a spectacular 148 per cent explosion in average production, which jumped to 131,506 barrels of oil equivalent per day, up from 52,947 boepd the previous year.
The Chief Executive Officer, Roger Brown, detailed how this expanded footprint lays a rock-solid foundation for future capital returns, emphasising that the numbers represent sustainable, structural progress.
“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 remarked.
Seplat Energy’s executive team utilised the milestone AGM to confidently look towards the medium and long-term future, outlining an ambitious roadmap funded by capital discipline. Over the next five years, the firm is preparing to deploy up to $3bn in capital investment, with a laser-focused goal of scaling overall production to approximately 200,000 boepd by 2030.
If achieved, this rapid expansion is projected to yield between $5bn and $6bn in post-tax operating cash flow.
The Chief Operating Officer, Samson Ezugworie, noted that as this volume-led strategy scales up, it will happen hand in hand with an unwavering commitment to operational safety and risk management.
“Operational priorities remain centred on safety, asset integrity, and sustainable production growth,” Ezugworie added, highlighting that the company has successfully recorded zero fatalities and zero lost-time injuries since the completion of the asset integration.
The sentiment from retail and institutional investors at the AGM was overwhelmingly positive. Shareholders praised the board not only for the predictable dividend policy and strong financial resilience amid a complex macroeconomic backdrop but also for key corporate governance additions, including the ratification of high-profile board appointments like African business leader Tony Elumelu.
Representing the investor community, a prominent shareholder, Faruk Usman, summarised the mood of the meeting as the company’s share price continues to break historic records.
“This is a period of reward for investors,” Usman concluded, voicing strong satisfaction with the company’s robust financials. “The corporate governance and value creation are stronger than ever.”
