Chairman of Seplat Energy, Udoma Udo Udoma has said the company’s ambition to be Nigeria’s leading independent energy company was significantly advanced with the completed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) in December 2024.

Udoma, who disclosed this at the company’s post-Annual General Meeting held in Lagos, said: “Merging the business, which we now call Seplat Energy Producing Nigeria Unlimited (SEPNU), with Seplat Energy has created a Nigerian energy powerhouse.

“I am especially pleased to report that the closing cash consideration of $800 million at completion was funded entirely from cash, new and available debt facilities, with no dilution of shareholdings. This speaks volumes to the strength of our business.”

He said stated Seplat Energy recorded over 11 million manhours without any lost-time injury, and generated revenues in excess of $1.1 billion. “This performance exceeded the board’s expectations. And we did not just grow, we did it safely.

“We are confident that 2025 will be a year of continued growth. From an operational standpoint, we are sending more gas molecules to Nigeria LNG and working to increase off-take from existing customers,” he explained.