Energy magnates Bryant Orjiako, Austin Avuru to pocket $2.15 million in Seplat dividends

Nigerian energy magnates Ambrosie Bryant Orjiako and Austin Avuru are set to pocket $2.15 million in final dividends from their stakes in Nigeria’s leading energy group, Seplat Energy.

The final dividend will be paid from the group’s retained earnings of more than $1.19 billion accrued over time since it commenced operations over one decade ago.

Seplat Energy is an independent oil and gas group with active operations and oil assets in Nigeria’s Niger Delta area. The leading energy group is responsible for driving the country’s energy transformation toward cleaner, more dependable, affordable and sustainable energy.

Since its inception in 2009, the energy firm has evolved to become Nigeria’s largest energy business under Orjiako and Avuru, who hold 6.43 percent and 8.2 percent of the energy group, respectively.

According to Seplat’s recently released annual report, the energy firm recovered from an $85.3-million deficit in 2020 to a profit of $117.1 million by the end of 2021.

The strong earnings growth may be attributed to pricing advantages from the rise in crude oil prices during the review period, which translated into a jump in revenue during the period under review.

Aside from a 38.2-percent increase in revenue from $530.5 million in 2020 to $733.2 million, the surge in profit at the end of 2021 can be linked to the management’s efficient cost-cutting tactics in 2021.

As a result of the impressive financial performance, Seplat’s board of directors declared a final dividend of $0.025 per share on all its issued shares payable to shareholders on May 5.

The dividend, which is linked to the group’s financial success in 2021, is the fourth payout to shareholders from the company’s operations in 2021.

The dividend payment on May 5 will see Orjiako and Avuru pocket $945,463 and $1,206,204, respectively, from their interests, for a total payout of $2.15 million.