It was a good year for Seplat Energy in 2204, with the company making a series of transformative moves that significantly altered its scale and positioning in Nigeria’s oil and gas sector.
While the most notable development was the completion of its delayed $1.28 billion acquisition of ExxonMobil’s Nigerian shallow-water business, Mobil Producing Nigeria Unlimited (MPNU), its directors and workers also saw increases in their paychecks.
Its highest paid director and chief executive, Mr Roger Brown, received total emoluments of N3.909 billion, 135.8 per cent higher than the N1.658 billion he received in 2023.
Chairman of the company, Mr Udoma Udo Udoma, received total emoluments of N1.992 billion in 2024, 250.1 per cent higher than N569 million he got a year earlier.
Seplat also noted that its executive directors, Mr Samson Ezugworie and Mrs Eleanor Adaralegbe, who are its chief operating officer and chief financial officer, respectively, received total emoluments of N4.133 billion in 2024 versus N1.493 billion in 2023.
Also, its non-executive directors received N4.896 billion for their services in 2024 against N1.707 billion in 2023. These include Mr Bello Rabiu, Madame Nathalie Delapalme, Mr Olivier Cleret De Langavant, Dr Emma FitzGerald, Mr Ernest Ebi, Mrs Bashirat Odunewu, Mr Kazeem Raimi, Ms Koosum Kalyan, Mr Christopher Okeke, and Mr Babs Omotowa.
This is part of the wider workforce of 1,446 employees which received N71.718 billion as salaries and wages in 2024 compared with the N48.468 billion paid to the staff in its 2023 fiscal year, indicating a 47.97 per cent rise.
It is important to note that the amount paid as salaries and wages by Seplat to its staff members in 2024 does not include other emoluments, allowances, and pension contributions.
This was on the back of a significant improvement in its performance in the 2024 fiscal year, following the successful acquisition of the producing assets of MPNU.
Specifically, the company’s profit before tax rose by 98.4 per cent to $379.4 million (N561.4 billion) in 2024, compared with $191.2 million (N125.5 billion) in 2023, while its profit after tax grew by 16.9 per cent to $144.8million (N214.3 billion) in 2024, from $123.9 million (N81.4 billion) in 2023.
The increase in the salaries and wages of its staff in 2024 was largely as a result of a sharp rise in its workforce, from 588 staff in 2023 to 1,446 staff in 2024, representing a 146 per cent increase in its staff strength.
It is important to note that the acquisition was concluded in December 2024, meant that the increase in its workforce came about at that time. This also means that the new staff members from Mobil only received one month’s pay as Seplat’s staff in 2024.
Specifically, the sharp increase in its workforce, according to its 2024 annual reports and accounts, stemmed from its acquisition of the assets of MPNU in 2024, which saw 863 staff of Mobil joining its existing workforce.
Another factor which contributed to the rise in salaries and wages in 2024 was the declining value of the Naira against the Dollar, which was the currency in which the company denominated the emoluments.
Giving a breakdown of its workforce, Seplat Energy disclosed that in 2024, it has 47 junior staff, 1,022 senior staff, 332 managers and 45 senior management staff compared with 39 junior staff, 343 senior staff, 165 senior staff and 41 senior management staff in 2023.
To this end, the N71.718 billion salaries and wages received by the 1,446 staff, translated to an average salary of N49.6 million for each staff per annum, which is also an equivalent of N4.133 million per month, for each staff.
In comparison, the average yearly staff salaries and wages for its 588 staff in 2023 was N82.43 million per individual, while the average monthly salary was N6.87 million per staff.
In particular, the indigenous oil firm reported that in 2024, only a total of 395 staff earned below N118.37 million each, an equivalent of N9.833 million per month; while 425 staff members earned between N118.37 million and N295.936 million, translating to between (N9.833 million and N24.66 million monthly).
Also, staff members whose annual salaries and wages were within the range of N295.936 million and N443.904 (between N24.66 million and N36.992 million monthly) stood at 450, while 176 employees received above N443.904 billion as salaries and wages.