•PIA clarity driving new capital into Nigeria’s petroleum sector, says NUPRC
Peter Uzoho
Seplat Energy has unveiled an aggressive growth plan that targets 500,000 barrels of oil per day (bpd) and a $1 billion dividends payout to shareholders over the next four to five years, as it positions to become Nigeria’s largest indigenous integrated energy company.
Chief Executive Officer of Seplat Energy, Mr Effiong Okon, announced the targets during a fireside chat at the ongoing Africa Oil Week (AOW) 2026 in Accra, Ghana, with the theme: “Investing in African Natural Resources.”
Reflecting on Seplat’s trajectory in Nigeria’s complex upstream landscape, Okon described the company’s journey as one driven by resilience and disciplined capital allocation.
“We have committed ourselves to deliver a billion U.S. dollars in terms of dividends over the next four or five years. And we’re well on track”, Okon said.
On production, he reeled out the scale of ambition for the company going forward., saying: “We are targeting 500,000 barrels of oil per day through our joint venture operations, restoring asset integrity across our portfolio, and launching new seismic campaigns to unlock fresh exploration upside.”
He noted that Seplat borrowed $530 million in its early years and has already returned $835 million in dividends to investors.
The company’s market capitalisation stood at $3.93 billion as of late August 2026, with its share price driving a 170.10 per cent surge in market cap over the past 12 months.
Dual listings on the Nigerian Exchange Limited (NGC) and the London Stock Exchange, he said, continue to provide access to deep global capital pools.
“Don’t get me wrong, it has never been a smooth ride. But the feat we have recorded has been monumental”, Okon enthused
He attributed the aggressive targets to disciplined capital allocation and a highly liquid balance sheet.
Beyond crude, Seplat is pushing hard on Nigeria’s domestic gas agenda. Its shallow water assets hold an estimated 12 trillion cubic feet (tcf) of gas, and the company plans to accelerate monetisation through expanded pipeline infrastructure.
The company is also scaling its footprint in the Liquefied Petroleum Gas (LPG) market to displace biomass cooking fuels in Nigerian homes, a move Okon said will directly cut carbon intensity and address household air pollution.
The expansion comes as Seplat consolidates its position as a leading indigenous operator following years of divestments by the international oil companies (IOCs).
With proven returns to shareholders, clear governance structures, and a dual-pronged oil and gas strategy, Okon said the company is well placed to dominate the West African energy landscape.
Also speaking at the forum, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs. Oritsemeyiwa Eyesan, said the Petroleum Industry Act (PIA) has moved Nigeria, “from policy to projects” and was already unlocking fresh investment.”
Eyesan told global investors and government delegates that fiscal and regulatory clarity was now driving investments into the oil and gas sector today.
She acknowledged initial post-PIA challenges linked to COVID-19, which slowed investment between 2014 and 2020/2021 when Nigeria’s upstream portfolio fell from about $26 billion to $2 billion.
However, she said policy clarity from the PIA has since redefined business decisions and restored confidence.
“The PIA was a turning point for us in Nigeria, the petroleum industry act is where we consolidated our regulations for the oil and gas industry to ensure that the institutions that we created them from where fit for purpose”, Eyesan state.
She highlighted the PIA’s host community provisions as a key dividend, noting that the creation of intervention funds has significantly reduced agitations and pipeline vandalism in the Niger Delta.
She urged other African countries to adopt similar policy templates to drive stability in host communities.