Seplat Energy Plc has cemented its position as Nigeria’s premier indigenous energy company, posting revenues of $1.116 billion in 2024 on the back of strong production figures and the game-changing acquisition of Mobil Producing Nigeria Unlimited.
Chairman Senator Udoma Udo Udoma described 2024 as “truly transformational,” noting the company achieved 11 million man-hours without lost-time injuries while delivering on key production and efficiency targets. The landmark MPNU acquisition, renamed Seplat Energy Producing Nigeria Unlimited (SEPNU), was completed with an $800 million cash consideration funded entirely from existing resources and debt facilities with zero shareholder dilution.
The acquisition has dramatically reshaped Seplat’s operations, shifting from a purely onshore player to one with 70% offshore production. CEO Roger Brown highlighted how the company now controls three export terminals and has welcomed approximately 1,000 skilled professionals from SEPNU. CFO Eleanor Adaralegbe reported that despite increased net debt to 898million following the acquisition, the company maintained its strong proforma net leverage of 0.7 times while declaring a final dividend of US898 million following the acquisition, the company maintained its strong pro forma net leverage of 0.7 times while declaring a final dividend of US 898 million following the acquisition, the company maintained its strong proforma net leverage of 0.7 times while declaring a final dividend of US 3.6 cents per share.
Source: orientalnewsng.com
