Seplat Energy Commits $1 Billion Dividend Over 5 Years

Seplat Energy Plc has pledged to distribute a total of $1 billion in dividends to its shareholders over the next five years. This announcement was made by Chairman Senator Udoma Udo Udoma during a media briefing following the company's annual general meeting in Lagos.

Seplat aims to increase its oil production to 500,000 barrels per day through joint ventures, with a medium-term target of 200,000 barrels per day. The company has completed the acquisition of Mobil Producing Nigeria Unlimited, which has been renamed Seplat Energy Producing Nigeria Unlimited.

For the 2025 financial year, Seplat has approved a total dividend payout of N113.78 per share, which includes a final dividend of N68.54 and a special dividend of N45.24 per share. The company is focused on operational efficiency, aiming to reduce costs while maintaining safety and sustainability in its operations.

Seplat currently holds 1.001 million barrels of oil equivalent in reserves and plans to restore 50 idle wells by 2025.