Seplat Energy Plc, an energy conglomerate co-founded and partially owned by Nigerian oil mogul Austin Avuru, celebrated its tenth anniversary as a publicly traded firm by emphasizing its strong financial performance and dedication to social responsibility.
Seplat Energy has earned $1.7 billion in cash flow since its initial public offering (IPO) on the Nigerian and London Stock Exchanges in 2014, according to a Lagos press conference. The corporation touted its $575 million investment in community development efforts over the last decade.
Commenting on the dual listing anniversary, which demonstrates Seplat Energy’s post-IPO development, CEO Roger Brown highlighted the company’s acquisition of eight onshore blocks in the Niger Delta, as well as its strong average annual free cash flow of $264 million.
Seplat Energy owes its success to a combination of operational expertise, solid relationships, and access to international financing markets. The corporation has also made considerable contributions to the Nigerian government, paying more than $2 billion in taxes since 2014. This demonstrates Seplat Energy’s commitment to good corporate citizenship.
Eleanor Adaralegbe, Seplat Energy’s Chief Financial Officer-Designate, disclosed the company’s significant contributions to the Federal Government over the last 13 years, totaling $2.8 billion. These payments include royalties of $1.54 billion, petroleum profits tax of $329 million, and value-added tax (VAT) of $273 million, among others.
Seplat Energy’s corporate ethos continues to prioritize community support, with investments in healthcare, education, and empowerment initiatives totaling more than $57 million. These projects seek to promote socioeconomic growth and improve the quality of life in the Niger Delta region.
Co-founders Ambrosie Bryant Chukwueloka Orjiako and Austin Avuru’s ambition for Seplat Energy as an African energy powerhouse was realized with a historic $500 million IPO on the LSE and NGX, which fueled the company’s spectacular ascent over the last decade.
Seplat has repaid $575 million to shareholders since its initial public offering, with core dividends increasing by 20% in 2023 to $0.12 per share. While Seplat celebrates its accomplishments, it is committed to promoting innovation, sustainability, and equitable growth in Nigeria’s energy industry and beyond.
Seplat’s tenth anniversary commemorates not just a decade of achievement, but also an unwavering commitment to financial stability, responsible citizenship, and community development. With a decade-long foundation, Seplat is well-positioned to continue growing and innovating in Africa’s changing energy sector.
