The Shareholders of Seplat Energy Plc yesterday approved a total dividend of US$ 16.5 cents per share (N253.33 per share) for the 2024 financial, a 10% increase on 2023.
They gave their nods to the dividend at the energy firm’s 12th Annual General Meeting held in Lagos on Wednesday.
Speaking with newsmen shortly after the AGM, the Chairman of Seplat Energy, Senator Udoma Udo Udoma, stated that the dividends reflected the outstanding performance of the firm in 2024.
Udoma said, “Yes, the performance of the business met the Board’s expectations. We delivered a year of strong production, with revenues over one billion dollars, at $1.116 billion. This was achieved through safe and reliable operations, with 11 million man hours without any lost-time injury (LTI).”
He described 2024 as a transformational year for the development of the business due to the completion of the acquisition of Mobil Producing Nigeria Unlimited (MPNU) on the 12th of December, 2024.
“Merging the business, which we now call Seplat Energy Producing Nigeria Unlimited (SEPNU), with Seplat Energy has created a Nigerian energy powerhouse. I am especially pleased to report that the closing cash consideration of $800 million at completion was funded entirely from cash, new and available debt facilities, with no dilution of shareholdings,” he said.
On his part, Roger Brown, CEO, Seplat Energy Plc said, “The increased reserves and production that the Seplat Energy Producing Nigeria Unlimited (SEPNU) assets add to Seplat Energy’s operations is significant, making us to consolidate on our position as the leader, and this is a significant responsibility of stewardship of Nigeria’s natural resources, which we do not take lightly.”
Speaking on the dividends, Mrs Eleanor Adaralegbe, Chief Financial Officer, said
“The Board approved/recommended a core dividend of US$ 3.6 cents per share (N55.27 per share) for the final quarter of 2024 subject to appropriate withholding tax (WHT).
“This brings the total core dividend declared for 2024 to US$ 13.2 cents per share (N202.66 per share), a 10% increase on 2023.
“In addition, following a review of Seplat’s operational performance and business outlook, the Board has decided to declare an additional special dividend of US$ 3.3 cents per share (N46.06 per share) (subject to appropriate WHT).
“The 4Q 2024 and special dividends will be paid to shareholders whose names appear in the Register of Members as at the close of business on 9 May 2025 (LSE) and 12 May 2025 (NGX). This brings the total dividend declared for 2024 to US$ 16.5 cents per share (N253.33 per share), a 10% increase on 2023. The payment of the special dividend reflects the Board’s continued confidence in the outlook for the Company and is underpinned by a strong balance sheet.”
