[REVISION HISTORY]

Seplat Energy stake sale and profit surge

Updated 3 times since CLSTR started tracking revisions of this situation.

What changed

2026-08-21 02:33 UTC → 2026-08-26 13:57 UTC · added ~~removed~~

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. ~~Separately, Shell Nigeria underwent a leadership change as Elohor Aiboni succeeded Marno de Jong as~~ By late August 2026, Seplat’s stock became the first ~~female head of Shell’s~~ on the Nigerian ~~businesses.~~ 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.

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