Seplat Energy Plc, the energy conglomerate co-founded and partly owned by Nigerian energy tycoon Austin Avuru, marked its 10th anniversary as a publicly traded company by highlighting its robust financial performance and commitment to social responsibility.
Since its initial public offering (IPO) on the Nigerian Exchange and London Stock Exchange in 2014, Seplat Energy has generated $1.7 billion in cash flow, according to a press briefing held in Lagos. The company also emphasized its investment in community development initiatives, totaling $575 million over the past decade.
Commenting on the dual listing anniversary, a testament to Seplat Energy’s post-IPO progress, the group’s CEO Roger Brown pointed to the company’s acquisition of eight onshore blocks in the Niger Delta and its impressive average annual free cash flow of $264 million as key achievements.
Seplat Energy attributes its success to a combination of operational excellence, strong partnerships, and access to international capital markets. The company has also been a significant contributor to the Nigerian government, paying over $2 billion in taxes since 2014. This underlines Seplat Energy’s commitment to responsible corporate citizenship.
Seplat Energy’s $2.8 billion contributions
Eleanor Adaralegbe, Seplat Energy’s Chief Financial Officer-Designate, revealed the company’s substantial contributions to the Federal Government, totaling $2.8 billion over the past 13 years. These contributions encompass royalties amounting to $1.54 billion, petroleum profits tax of $329 million, and value-added tax (VAT) totaling $273 million, among others.
Community support remains central to Seplat Energy’s corporate ethos, with investments exceeding $57 million in healthcare, education, and empowerment initiatives. These efforts aim to foster socio-economic development and enhance the quality of life in the Niger Delta region.
Seplat Energy: A decade of powerhouse performance
Co-founders Ambrosie Bryant Chukwueloka Orjiako and Austin Avuru’s vision for Seplat Energy as an African energy leader materialized with a landmark $500 million IPO on the LSE and NGX, fueling the company’s meteoric rise over the past decade.
Demonstrating its commitment to shareholders, Seplat has returned $575 million since its IPO, with core dividends up 20 percent in 2023 to $0.12 per share. As Seplat celebrates its achievements, it remains dedicated to driving innovation, sustainability, and inclusive growth in Nigeria’s energy sector and beyond.
Seplat’s 10th anniversary signifies not just a decade of success, but an unwavering focus on financial strength, responsible citizenship, and community development. With a decade-long foundation, Seplat is positioned to keep growing and innovating in Africa’s dynamic energy landscape.
