# Seplat Energy stake sale and profit surge > Live situation record from CLSTR: https://clstr.news/situations/seplat-energy-operations-in-nigeria > Updated: 2026-08-24T21:40:22.000Z. Sources: 22. Developments: 4. In late July 2026, Seplat Energy Plc signed a binding Heads-of-Agreement to sell a 10 percent working interest in its joint venture with the Nigerian National Petroleum Company (NNPC) for $281.6 million. The deal, effective 1 April 2026 and pending regulatory approval, is expected to close in the second half of 2026. This transaction will increase NNPC’s share from 60 percent to 70 percent, while Seplat retains a 30 percent stake and operator status. Approximately $140 million of the proceeds will be paid as a special cash dividend, with the remainder intended to reduce gross debt by up to $300 million; notably, $200 million of its Advanced Payment Facility debt has already been repaid. Seplat’s unaudited half-year results to 30 June 2026 showed revenue of $1.82 billion and a 498 percent year-on-year rise in profit after tax to $164 million. The company declared a quarterly dividend of $0.12 per share and expects total 2026 dividends to reach 68.3 cents per share. While 2026 production guidance remains 135,000-155,000 boepd, the long-term 2030 output target was lowered to 170,000 boepd and 2P reserves fell 13 percent to 872.9 million boe. Seplat’s market capitalization has reached approximately $5.24 billion, following its acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil. Additionally, the value of Heirs Holdings’ 20.07 percent stake in Seplat has surpassed $1 billion, doubling since its acquisition in December 2025. By late August 2026, Seplat’s stock became the first on the Nigerian Exchange to trade above N10,000 per share. During this period, the company also announced share awards for CEO Effiong Okon, COO Samson Ezugworie, and CFO Eleanor Adaralegbe under its 2024 Long Term Incentive Plan. Concurrently, Sustainable Capital Limited completely exited its position in the company, selling its remaining 36.7 million shares and reducing its voting rights to zero. ## Claims - Seplat’s six‑month 2026 results showed revenue of $1.82 billion and profit after tax of $164 million, a 498 % year‑on‑year increase. (disputed by 3 sources) - In the first half of 2026, Seplat recorded N2.50 trillion in revenue and N790.4 billion in profit before tax. (disputed) - Seplat Energy agreed to sell a 10% working interest in the NNPCL/SEPNU joint venture to NNPC for $281.6 million. (corroborated by 6 sources) - The transaction is expected to be completed in the second half of 2026, with an effective date of 1 April 2026. (corroborated by 5 sources) - After completion, NNPC’s stake will increase from 60% to 70% while Seplat’s working interest will fall to 30% and it will remain operator of the joint venture. (corroborated by 4 sources) - Approximately half of the proceeds (~$140 million, 23.3 US cents per share) will be paid as a special cash dividend to shareholders. (corroborated by 4 sources) - The remaining half of the proceeds will be used to reduce Seplat’s gross debt by up to $300 million, including $200 million already repaid under the Advanced Payment Facility. (corroborated by 4 sources) - Heirs Holdings holds a 20.07% equity interest in Seplat Energy Plc. (corroborated by 3 sources) - The value of Heirs Holdings’ stake in Seplat Energy has exceeded $1 billion. (corroborated by 3 sources) - Seplat Energy Plc has a total market capitalization of approximately $5.24 billion. (corroborated by 3 sources) - Heirs Holdings acquired its stake from Maurel & Prom for approximately $500 million in December 2025. (corroborated by 3 sources) - Seplat declared a quarterly dividend of US$0.12 per share (US$0.05 core plus US$0.07 special) and expects total 2026 dividend of 68.3 cents per share (~$410 million). (corroborated by 2 sources) ## Timeline ### 2026-08-24: Seplat Energy issues executive share awards and sees Sustainable Capital exit Seplat Energy has issued performance-linked share awards to its executive leadership while Sustainable Capital Limited has fully exited its position in the company, reducing its voting rights to zero. 2 sources. https://clstr.news/cluster/seplat-energy-issues-executive-share-awards-and-sees-sustainable-capital-exit ### 2026-08-20: Seplat Energy market cap hits $5.24bn as Elumelu stake exceeds $1bn Heirs Holdings’ 20.07% stake in Seplat Energy has grown to over $1 billion, as the company’s market cap hits $5.24 billion following the acquisition of Mobil Producing Nigeria Unlimited. 5 sources. https://clstr.news/cluster/seplat-energy-market-cap-hits-524bn-as-elumelu-stake-exceeds-1bn ### 2026-07-30: Nigeria's oil sector sees Seplat profit surge and Shell leadership shift Seplat Energy posted a 498% PAT rise to $164 m and a record dividend, while Shell Nigeria welcomed new leader Elohor Aiboni after Marno de Jong’s exit. 8 sources. https://clstr.news/cluster/nigerias-oil-sector-sees-seplat-profit-surge-and-shell-leadership-shift ### 2026-07-30: Seplat Energy to sell 10% NNPC JV stake for $281.6 million, plans special dividend Seplat Energy will sell a 10% stake in its JV with NNPC for $281.6 million, splitting proceeds between a $140 million special dividend and debt reduction. The deal closes H2 2026; 2026 results show $1.82 bn rev 10 sources. https://clstr.news/cluster/seplat-energy-to-sell-10-nnpc-jointventure-stake-for-2816-million --- Cite as: Seplat Energy stake sale and profit surge. CLSTR, https://clstr.news/situations/seplat-energy-operations-in-nigeria