Seplat Energy, an independent indigenous energy company, on Tuesday, said it had paid two billion dollars tax contribution to the Federal Government of Nigeria since its listing on the Nigerian Exchange Ltd.(NGX) in 2014.
Mr Roger Brown, Chief Executive Officer(CEO), Seplat Energy, revealed this while delivering a speech at the Closing Gong ceremony in Lagos.

The event was to commemorate the company’s 10 years anniversary of dual listing on the Premium Board of the Nigerian EExchange Ltd.(NGX) and the Main Market of the London Stock Exchange (LSE).

Brown stated that the oil and gas company, Seplat, also contributed 2.8 billion dollars as tax to the federal government over the past 13 years, after its establishment in 2009.

He explained that the company paid 1.54 billion dollars as royalty to the government, 329 million dollars as Petroleum Profits Tax, 273 million dollars as Value Added Tax, and 259 million dollars as Witholding Tax.

According to him, the energy firm also paid a tax of 276 million dollars to the Nigerian Delta Development Commission (NDDC) and others as well as 126 million dollars as Pay-As-You-Earn(PAYE).

The CEO stated that at post Initial Public Offering(IPO) of the firm, it generated 1.7 billion dollars in Free Cash Flow(FCF) and invested 1.6 billion dollars in Capex.

He also said that the company had paid dividends worth 575 million dollars between 2014 when it became listed and the financial year ended 2023.

Brown noted that the business of the energy firm continued to generate strong cashflows, reflected in its strong FCF and NCFO generation.

He said: “Similarly, we have generated a cumulative 3.3 billion dollars in net operating cash flow post IPO.

“Our strong cash flow generation has supported our ambitions to expand our business, which has seen us spend an aggregate of 1.6 billion dollars in capital expenditure.

“In over 10 years, we invested 57 million dollars in community projects on health, education and empowerment as strong commitment to community development.

“As a leading supplier of gas to Nigeria’s domestic Gas-To-Power Market, at times Seplat gas powered 20 to 30 of Nigeria’s domestic grid in 2023.”

He expressed delight over the feat, reiterating Seplat Energy’s commitment to leading Nigeria’s energy transition.

According to him, the power of indigenous companies is to bring growth and prosperity to their home countries and the people.

“One example of how Seplat Energy is making an enduring difference to Nigeria and host communities where we operate is that nearly 50 million dollars had been invested by our Joint Venture partnerships in communities since our inception to date,” Brown said.

“Truly, Seplat Energy has delivered significant value by enhancing strategic, operational and financial achievements in 10 years as a listed company,” he added.

In his comments, Mr Temi Popoola, Chief Executive Officer (CEO), NGX Group, emphasised the significance of Seplat Energy’s decade of dual listing.

He said, “If we were to look back to our market and tried to find landmarks, the last major landmark you will find in the last ten years is this transaction that we are celebrating today, and the market is very grateful for that.”

Congratulating Seplat Energy on this milestone, in his welcoming remarks, Alhaji Umaru Kwairanga, NGX Group Chairman, highlighted the importance of partnerships between the NGX and companies like Seplat Energy in driving economic growth and development.

He stated that “Seplat’s journey symbolises resilience, innovation, and a commitment to excellence, making them a beacon of corporate governance and operational expertise.

“Seplat Energy has emerged as a leading indigenous energy company, deeply integrated into Nigeria’s economic landscape and the NGX Group remains committed to supporting companies like Seplat Energy as they drive economic growth and contribute to our nation’s prosperity.”

Reflecting on the significance of the decade of dual listing, Mr Udoma Udo Udoma, Board Chairman, Seplat Energy, remarked, “Seplat Energy is committed to driving Nigeria’s transition to sustainable and affordable energy, harnessing its power to improve lives by transforming the economy.

“We have ambitious goals. We are investing in Nigeria. We will support the federal government’s energy transition policy, and we will partner with FG in whatever area they want us to do.

“That is our commitment. We will grow Seplat while also maintaining the highest standard of corporate governance.”

Also commending Seplat Energy on the decade of listing, Mr Jude Chiemeka, Acting CEO, NGX, stressed the importance of the capital market in helping companies raise funds and create wealth for all.

Chiemeka said, “Seplat Energy was listed at N576 at listing and yesterday it closed at 3,370, which is an increase of over 484 per cent.

“The figures show that in the last 10 years, the company has paid out 575 million dollars  in dividend payments to shareholders in Nigeria and London where they are also listed.

“So, this company has given investors a huge opportunity to really participate in wealth creation.

“Reports show that Nigeria would be among the top 20 countries in the next 25 years, and I think Seplat is poised to be one of the institutions driving growth, prosperity, and inclusion in our nation.”

Also, gracing the Closing Gong ceremony was Sen. Heineken Lokpobiri, Minister of State, Petroleum Resources (Oil), who commended the company on it laudable achievements.

“I am happy to be part of today’s celebration and Seplat’s exceptional performance in the last ten years and as Minister of State, Petroleum Resources,

“I assure you that we will partner with Seplat to expand their investments, not only for the benefit of its shareholders, but also for Nigeria.

“The least the government can do anywhere in the world is to create an environment where companies like Seplat continue to thrive.”

The Federal Government has indefinitely suspended mining activities within the Obafemi Awolowo University (OAU) campus and the OAU Teaching Hospitals Complex in Ile-Ife, Osun.

This is pending investigations into suspected illegal mining activities in the area.

The Minister of Solid Minerals Development, Dr Dele Alake, announced the suspension shortly after meeting with the management of OAU, led by the Vice-Chancellor, Prof. Adebayo Bamire, on Tuesday in Abuja.

National Association of Nigerian Students (NANS) had called for investigations into reports of illegal mining activities at OAU.

The President of NANS Senate, Segun Elvis had said that the activities posed a significant threat to the safety and well-being of the institution`s students and staff.

Similarly, the National Association of University Students, OAU chapter, had also condemned the development and called for appropriate actions by relevant authorities to address the situation.

In response to the situation, the school management submitted a formal complaint to the relevant government authorities for prompt action.

The minister stated that, following the reports, officials of the Nigeria Geological Survey Agency (NGSA) and the Mines Inspectorate were deployed to the institution for an on-site assessment and preliminary investigations.

“Following the outcry generated by reports of illegal mining or suspicion of nefarious activities by mining operators within OAU, we immediately deployed officials of the NGSA and Mines Inspectorate for on-the-spot assessment.

“ Preliminary reports that reached me indicated that there were indeed some activities around the premises. The ministry now orders stoppage of  all activities, whether legal or illegal, for further investigation, “ he said.

Alake stated that  he invited the school authorities to his office when the illegal operators, who had been summoned by the deployed officials, presented some licenses and letters of consent regarding their activities.

He said that the immediate suspension of the activities was necessary to enable the ministry verify the authenticity of the documents.

Speaking, the VC stated that OAU has some of the best geologists and mining professionals in the country, who were  capable of handling exploration, research, and other activities of the mining value chain.

“We feel that we need to set up a sort of excellent research and training facility on mineral resources within the university.

“ If we are able to get that in the university, it will help us, support the university community, the state, and ultimately contribute to the development of the mining sector, “he said.

According to him, the university has applied for an exploration license, which if approved, will enable it to carry out legal activities such as exploration and research on the distribution and quality of mineral resources.

He said that the activities would be within the university environs and across the country.

The Ebonyi State Government has debunked the report that it was among the states that borrowed N111.24 billion from domestic and foreign financiers in its first six months in office.

The Ebonyi State Commissioner for Finance, Dr. Leonard Uguru, affirmed that Governor Francis Nwifuru has not borrowed from either internal or foreign creditors since he assumed office on May 29, 2023.

Uguru was reacting to the publication of the Debt Management Office, DMO, which reported that the Ebonyi State Government under Nwifuru, among other 16 states, had borrowed $125.1 million (N111.24 billion) from the World Bank and International Monetary Fund.

Ebonyi State, according to the report, has accumulated an external debt of $37.54 million.

Speaking further, the commissioner stated: “Since the inception of this administration, the Ebonyi State Government has not borrowed any money, whether foreign or domestic loans. So, any organisation that’s writing that Ebonyi is among the states that have borrowed money, I don’t know where they are getting their data.”

He further stated: “Among the South East states, Ebonyi is still the least in both domestic and foreign debt. Even though we have a trace of debt, which is the 150 million dollar loan from Africa Development Bank and Islamic Bank inherited from the past administration in the reconstruction of Ring Road, which is what made the loan increase, it is worth it as the road cuts across various local government areas of the state. Outside that, I don’t think there’s any other debt owed by the previous state government.”

He reiterated that the current administration in the state is focused on human capacity development, adding that while less attention is being paid to infrastructure, the governor has mapped out plans for the second phase of the one billion naira empowerment of 500 hawkers.

He enjoined investors to take advantage of the peaceful environment and business-friendly dispositions introduced by the All Progressives Congress government of Governor Nwifuru to invest in the state.