Shareholders of Seplat Energy approve 15 cents per share dividend 

The approval was given at the company’s 11th Annual General Meeting (AGM) held virtually. 

This comprises a special dividend of US 3 cents per share for the 2023 business year aside from the core dividend of US 12 cents per share. 

The Chairman of the Board, Seplat Energy, Mr. Udoma Udo Udoma, in his address to shareholders and other stakeholders during the AGM, said that the company delivered strong results in 2023 amid a weaker oil price environment. 

Udo Udoma noted that despite the 17.0% decline in the average price of Brent crude, the company grew its oil and gas revenue by 11.5% to $1,061.3 million, crossing the $1.0 billion mark for the first time, supported by improved production and asset availability.  

Seplat Energy’s Chief Financial Officer-designate, Eleanor Adaralegbe stated that the payment of the special dividend reflects the board’s continued confidence in the future of the business and is underpinned by a strong balance sheet, crystalizing Seplat’s commitment to delivering value to its investors. 

The CEO of Seplat Energy, Mr. Roger Brown, said that as Nigeria’s leading indigenous energy company, the firm recognises its duty to minimise the impact of its operations on the environment.  

Brown noted that the company aims to create increasingly sustainable energy solutions to provide access and meet increasing energy demand while addressing the critical challenge of climate change for society and its business.  

He said the company is positioned for decarbonisation through several strategic initiatives and continues in its role of leading Nigeria’s domestic gas supply, which accounts for about 25% of the country’s gas-to-power supply. 

A shareholder, Mr. Patrick Ajudua, commended the dividend declaration by the company, noting that it is a reassurance that investors needed to continue to invest in the company.