By: Tijani Salako.

Shareholders of Seplat Energy on Wednesday approved a total dividend payout of ₦113.78 per share for the 2025 financial year, while also endorsing major board changes including the appointment of Tony Elumelu as Non-Executive Director and the re-election of Udoma Udo Udoma as Independent Non-Executive Director.

The approvals were among key resolutions passed during the company’s 13th Annual General Meeting in Lagos, where shareholders applauded management for what they described as strong financial performance, improved profitability and successful integration of the former Mobil Producing Nigeria Unlimited assets.

Under the approved payout structure, shareholders are to receive a final dividend of five US cents per share, equivalent to ₦68.54, alongside a special dividend of 3.3 US cents per share, equivalent to ₦45.24, bringing the total dividend to ₦113.78 per share.

Chairman of Seplat Energy, Udoma Udo Udoma, said the company remained committed to rewarding shareholders while sustaining long-term growth.

He disclosed that the company plans to deliver about $1 billion in cumulative dividends over the next four to five years, stressing that Seplat had consistently fulfilled major commitments made to investors.

According to him, the company had successfully completed both the acquisition and integration of Mobil Producing Nigeria Unlimited after years of regulatory and operational hurdles.

“When we made the commitment to complete the acquisition, many people doubted us, but we delivered. We are also committed to integrating the business, and today we are operating from one headquarters,” he said.

The AGM also approved the appointment of Larry Ettah as Independent Non-Executive Director, while shareholders overwhelmingly endorsed the continued reappointment of PricewaterhouseCooperas external auditors.

During the meeting, shareholders praised the company’s rising market value, with some noting that Seplat’s share price had crossed the ₦10,000 mark on the Nigerian Exchange, describing the feat as unprecedented for an indigenous energy company.

Several shareholders also welcomed Elumelu’s appointment to the board, citing his influence across banking, power, hospitality, investment and energy sectors in Africa.

Chief Executive Officer of the company, Roger Brown, further assured shareholders that the company remained financially resilient despite global uncertainties, including tensions in the Middle East and oil market volatility.

The company said it had maintained strict cost discipline and conservative oil price assumptions while improving operational efficiency and free cash flow generation.

Chief Financial Officer of the company, Eleanor Adaralegbe, also highlighted Seplat’s strong internal control systems and improving financial structure, noting that the company continued to generate significant free cash flow despite market pressures.

Seplat also highlighted its social investment programmes in education, healthcare and host community development, including scholarship schemes, teachers’ empowerment programmes, solar projects and a dedicated eye treatment hospital established under its “Eye Can See” initiative.

Chief Operating Officer of the company, Samson Ezugworie, said the company would continue prioritising operational safety, environmental sustainability and Nigerian content development across its operations.

The company maintained that governance, internal control and transparency remained central to its operations, noting that the external auditors issued clean and unqualified audit opinions on both financial reporting and internal controls.