Seplat Power Plc, the vitality conglomerate co-founded and partly owned by Nigerian vitality tycoon Austin Avuru, plans to take a position between $2.5 billion and $3 billion within the nation over the following 5 years. The transfer comes as the corporate consolidates its place following the landmark acquisition of ExxonMobil’s shallow-water property, completed late last year.
The deal transferred Mobil Producing Nigeria Limitless (MPNU) to Seplat in what Chief Govt Officer Roger Brown known as “a very transformational step,” turning the corporate into one of many largest vitality producers in Nigeria. “The acquisition of MPNU has made Seplat a bigger, stronger and extra diversified firm,” Brown stated in the course of the agency’s Capital Markets Day presentation on Sept. 18.
Focus of the $3 billion funding
Below its 2026–2030 plan, Seplat intends to spend a lot of the $3 billion on oil and gasoline initiatives. About 70 % will fund drilling new wells and increasing offshore infrastructure, whereas 20 % will give attention to gasoline monetisation, together with the ANOH Gasoline Plant and growth of the Yoho area for LNG exports.
The stability will go into asset integrity, security and sustainability. The push aligns with Nigeria’s drive to spice up crude output and broaden home gasoline use to fill the nation’s energy and industrial provide hole. Seplat stated it expects joint-venture gasoline gross sales to hit 1 billion customary cubic toes per day by 2030.
Early outcomes from ExxonMobil property
The ExxonMobil acquisition is already paying off. Since closing the transaction in late 2024, Seplat has revived 29 idle wells, lifting manufacturing by virtually 26,000 barrels per day. Offshore output in June hit its highest stage in practically three years.
“These property have the assets and the folks. What was lacking was the correct proprietor — and that proprietor is now Seplat,” stated Oladotun Isiaka, managing director of the corporate’s offshore enterprise.
The enlarged portfolio now contains 4 offshore oil mining leases, greater than 200 producing wells, and over 1,500 kilometers of pipelines. It additionally provides Seplat stakes in main terminals equivalent to Qua Iboe and Bonny River.
Seplat stated the funding program shall be financed solely from working money flows, avoiding the necessity for brand new fairness. The corporate expects to generate $5 billion to $6 billion in money move between 2026 and 2030, supporting free money move of $2 billion to $3 billion and cumulative dividends of not less than $1 billion.
A rising vitality footprint
Based in 2009 by Avuru and Ambrosie Orjiako, Seplat has grown into Nigeria’s largest publicly listed vitality firm, with deep ties to the Niger Delta. Avuru holds an 8.5 % stake — about 50 million shares — cementing his standing among the many nation’s high non-public buyers in oil and gasoline.
The company reported revenue of $1.4 billion within the first half of 2025, greater than triple the $421.6 million it posted a 12 months earlier. Progress was fueled by larger oil gross sales and expanded offshore operations.
Past oil and gasoline, Seplat can also be shifting into energy. In June, it introduced plans to deploy modular gas-to-power systems aimed toward rural electrification and last-mile vitality entry. Earlier this 12 months, it accomplished the set up of gasoline infrastructure with a capability of 850 million scfd to boost local supply and lower Nigeria’s reliance on imported fuels.
