Adebayo Obajemu

Seplat Petroleum Development Company Plc, a leading indigenous Nigerian energy company with a strategic focus on Nigeria, listed on both the Nigerian Stock Exchange and London Stock Exchange, has announced a final dividend at a rate of $0.05 (United States Five Cents) per Ordinary Share subject to shareholders’ approval at the 2021 Annual General Meeting; payable to Seplat’s shareholders whose names appear in the Register of Members as at the close of business on 4th May 2021.

The company in its audited report for the year ended 31 December 2020 posted a turnover of N190.922 billion, down by 10.85% from the turnover of N214.157 billion reported in 2019.

The oil firm declared a loss of N30.712 billion loss for year 2020 as against N85.016 billion profit after tax reported the previous year.

Commenting on the report, the Chief Executive Officer of Seplat Petroleum Development Company Plc, Roger Brown stated thus:

“2020 was a challenging year for the Company but Seplat has once again shown its resilience and ability to overcome challenges and deliver production in line with guidance, operating with minimal incidences of COVID-19 cases.

“From the $330 million of cash generated from operations, we have increased our capital investment, invested in ANOH and voluntarily paid down $100 million of debt, further deleveraging the balance sheet. Despite seeing the lowest oil prices in our 10-year history, we have continued to honour our commitment to shareholders of a regular income stream on their investment, by maintaining a total dividend of $0.10 per share for the year.”

“Gas is the lower-carbon feedstock for affordable electricity for Nigeria’s young and rapidly-growing population. Seplat is leading Nigeria’s transition away from spending scarce foreign currency on imported, expensive, high-emission diesel-generated electricity and we believe this will provide the necessary baseload for a functioning electricity grid that will allow renewable energy to take its place, as we see in the developed world, which in large parts is still fuelled by coal. The energy transition in Nigeria must balance both the environmental and the social agenda.”

“Our flagship ANOH project, with the Nigerian Gas Company, is now fully funded and we have made excellent progress in difficult times, with major gas processing units expected to arrive in Nigeria in Q3 2021, installation to commence before the end of the year, mechanical completion and pre-commissioning in Q1 2022 and first gas flowing to customers before the end of H1 2022, at a lower expected cost of up to $650 million.”

“We remain committed to providing shared value for all of our stakeholders. During the year, with our Government partners, we provided medical beds and other palliatives to our communities and have started construction on a 200-bed infectious diseases hospital. Seplat continues to focus on employment opportunities for communities, education, healthcare and knowledge transfer and local capacity development