This brings his total holdings to 4,203,776 shares, a 0.7144% voting interest in the company.

The transaction, disclosed in a statement on the Nigerian Stock Exchange website and signed by the company’s secretary, Edith Onwuchekwa, confirms that the shares were acquired at £169.79 per share, amounting to approximately £8.49 million.

The company assured stakeholders that the purchase complies with regulatory requirements, noting Rule 17.15(c) of the Nigerian Exchange’s Issuers’ Rules and Article 19(3) of the UK Market Abuse Regulations.

This acquisition follows a strong 2024 financial performance, during which Seplat Energy reported ₦1.65 trillion in revenue, a 136.8% surge from the previous year’s ₦696.9 billion.

The company attributed this growth to its acquisition of Mobil Producing Unlimited from ExxonMobil, now rebranded as Seplat Energy Producing Nigeria Unlimited.

Seplat also announced a final dividend of 3.6 cents per share and a special dividend of 3.3 cents per ordinary share of 0.50 kobo each.

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The $1.28 billion deal, which involves the transfer of Mobil Producing Nigeria Unlimited (MPNU) shares to Seplat, has been the subject of thorough investigation and negotiations.

The NNPC, which had previously asserted its preferential rights under a Joint Operating Agreement, has now filed a motion to discontinue its lawsuit against Seplat, making it possible for the transaction to proceed. 

This development follows a settlement agreement that aligns the interests of MPNU shareholders with NNPC’s objectives, ensuring a collaborative approach towards finalizing the deal.

The agreement, which includes the withdrawal of all interim orders and the substantive suit against MPNU and other defendants, stipulates the discontinuation of arbitration proceedings, ensuring a mutual desire to move beyond the dispute.

The transaction’s completion will have a good economic impact on Nigeria, allowing Seplat to take over ExxonMobil Nigeria’s offshore shallow water operations. This acquisition is expected to enhance Nigeria’s position in the global energy market and contribute to the country’s economic growth.

The resolution of this dispute comes after a series of legal challenges, including an “order of interim injunction” that had previously prohibited Exxon from finalizing any divestment. The federal government’s initial reluctance to approve the transaction, pointing to national interest, added to the complexity of the situation.

However, with NNPC’s motion to discontinue the lawsuit and the settlement agreement in place, Seplat can now finalize its acquisition. This could be the beginning of a new period for Nigeria’s oil sector, with increased domestic control over its resources and a potential boost to the nation’s economy.

Stakeholders await the court’s approval of the discontinuance.

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