Seplat Energy shareholders approve $0.10 dividend per share

SHAREHOLDERS of Seplat Energy Plc, a leading indigenous Nigerian energy company with a strategic focus on Nigeria and listed on both the Nigerian Exchange Limited (NGX) and London Stock Exchange (LSE), have given approval to the board to pay a final dividend of $0.10 per share.

At the company’s 9th Annual General Meeting (AGM) half at the Seplat Temple office in Ikoyi, Lagos, shareholders also laud Orjiako’s 13 years as Seplat chairman, approved the financial statement of the Company for the year ended December 31, 2021 and approved the appointment of three Non-Executive Directors.

The financial year report showed an increase in profit before tax of 197.8 per cent to N34.7billion from N10.6billion year-on-year. The company also generated cash from its operations to the tune of N74.4 billion from N1.7billion year-on-year, rising by 197.8 per cent. The energy Company also grew its revenue by 58.6 per cent to N100.6 billion from N57.9 billion year-on-year; as its gross profit soars to N48.8 billion from N20.1 billion year-on-year, rising by 122.3 per cent.

Speaking to the shareholders, the chairman of Seplat Energy, Dr Bryan Orjiako said that “Our operational and financial performance in 2021 reflects the challenges of our business in Nigeria. Our average working interest production was 47,693 barrels of oil equivalent per day (boepd) including 29,091 boepd of liquids and 107.9 MMscfd of gas (18,602 boepd).”

According to him, “Our robust operational performance, despite our operational challenges meant that we were able to meet our dividend commitment, and with the Board having approved a Q4 dividend of $0.025 per share, we once again returned $0.10 per share to our shareholders for the 2021.”

He pointed out that “Since we raised $535million at our initial public offering in May 2014, we have returned over $400million to shareholders in the form of dividends.”

On his decision to retire as Chairman and Director of Seplat Energy, he noted that, “In fulfilment of a promise we made long ago to have an Independent Non-Executive Chairman, I decided that it was essential to retire from the Board and as Chairman of Seplat Energy.

“It is therefore a promise kept in the overall interest of the Company. I have now served as Chairman of Seplat Energy for 12 years and it has been an honour and a privilege to do so. I am proud of what we have been able to achieve, as we established ourselves as the largest indigenous independent energy company in Nigeria through operational excellence, the acquisition of eight oil and gas assets, the expansion of our domestic gas business and the dual listing on both the Nigerian and London Stock Exchanges, the first by a Nigerian company. These achievements are down to our excellent team and our strong, collaborative relationships with our stakeholders.

The Chief Executive Officer, of the Energy company, Mr. Roger Brown noted that the energy industry in Nigeria has a bright future and as Nigeria’s indigenous energy leader, Seplat would be powering the country’s energy transition and future prosperity.

“The addition of MPNU nearly trebled our production and doubled our reserves on a pro forma 2020 basis, reinforcing our leadership of Nigeria’s indigenous energy sector and enabling us to generate strong future cash flows that will underpin our investment in Nigeria’s energy transition and improve our overall stakeholder returns.

Shareholders who spoke at the meeting were unanimous in their commendation of the board and management of Seplat for the impressive financial results.

Ayodele Kudaisi of Independent Shareholders Association of Nigeria (ISAN) who tagged her comments as validatory/ recommendation said, “As the saying goes, there’s nothing that has beginning that doesn’t have an end. It is so painful to all shareholders that you have to leave at this point in time. You have done so well and so much for the entity called Seplat Energy.”

Also speaking, another shareholder, Prince Dr, Anthony Omoniyi Omojola, current national coordinator, Independent Shareholders Association of Nigeria said “That Seplat Energy Plc is a reliable energy company with limitless potentials is not a mere statement. This has been aptly demonstrated in our performance in the 2021 annual report and accounts we are considering.”

“You have shown leadership by example by your actions as we pray to reap the benefits of this well planned out accelerated growth pattern. We congratulate you. We are proud of the strong foundation you have laid to position Seplat as a leading indigenous energy company in Nigeria within a short space,” Omojola said.

Matthew Akinlade, president, Noble Shareholders Solidarity Association (NSSA) said “This is a unique occasion that one must commend the Board and Management of the company for stellar performance. I felt highly impressed with the kind of progress made.

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