Nigerian energy magnates Austin Avuru and Ambrosie Bryant Orjiako are on course to pocket $2.15 million in interim dividends from their stakes in the leading Nigerian energy group, Seplat Energy Plc.
Seplat Energy is an independent oil and gas group, with a strategic focus on Nigeria’s Niger Delta region. Avuru and Orjiako, who formed the energy company in 2009, are credited for building the oil company into the largest listed energy group on the Nigerian Exchange.
In the first nine months of 2021, the group posted a profit of $35.02 million compared to losses of $96 million reported in 2020.
The triple-digit growth in earnings was delivered on the back of an 18.7-percent growth in revenues, as the group benefitted from a surge in crude oil prices despite lower oil volumes.
As a result of the strong financial performance, Seplat’s board of directors declared a dividend of $0.025 per share payable to shareholders on Nov. 30 which marks the end of Q3 of its financial year.
The dividend declared will be paid from the group’s N215.15-billion ($522.11 million) retained earnings, which were accrued since it commenced operations more than a decade ago.
The interim dividend, which is tied to the group’s financial performance in Q3 2021, marks the third dividend distribution this year from profits earned from operations.
So far this year, the group has declared a total dividend payment of $0.075 per share to shareholders.
Avuru and Orjiako, who hold a 6.43-percent and 8.2-percent stake in Seplat Energy, respectively, will earn $945,463 and $1,206,204 from the group’s Q3 interim-dividend distribution.
Cumulatively, the energy magnates will earn $2.15 million in interim dividends from their joint stake in the group.
The payment of the interim dividend for Q3 2021 will take their dividend earnings so far in 2021 to $6.455 million.
Earlier this year, Billionaires.Africa reported that Avuru and Orjiako earned $4.34 million in interim dividends for the first half of 2021.
Seplat Energy CEO Roger Brown believes the group will continue to generate increased value and wealth for shareholders through its operations in 2021 and as a going concern in the coming years.
Brown explained that Seplat will continue to operate effectively with an increased focus on efficiency in operations, as actions will be taken to improve uptime by opening the Amukpe-Escravos pipeline to further drive cost-reduction strategies across its portfolio.