In a statement released on Thursday, the company outlined its intention to expand into the electricity sector as part of a long-term roadmap.

Roger Brown, chief executive officer (CEO) of Seplat Energy, said the energy firm is focused on bolstering Nigeria’s energy sector by addressing the country’s power challenges.

He highlighted that this move follows Seplat’s recent acquisition of assets management from Mobil Producing Nigeria Unlimited (MPNU), which has doubled its reserves and expanded its footprint and diversified its portfolio across upstream and midstream sectors.

The acquisition led to the formation of Seplat Energy Producing Nigeria Limited, now overseeing offshore operations and two onshore terminals.

“This gives us a fully integrated value chain — from the wellhead to export via vessel — with Seplat in full control of operations. Our production has materially increased. We’ve moved from around 50,000 barrels per day to over 120,000 barrels per day. We are to say our workforce now includes around 1,500 professionals. The vast majority of whom are Nigerians.”

Brown also emphasised the potential of Nigeria’s abundant gas resources to address electricity issues, noting the company’s interest in deploying modular gas-to-power systems in rural areas.

“These will play a key role in solving last-mile electricity access problems.”

While Seplat has ambitions to expand into renewable energy and electricity generation, Brown noted that the company will, for now, maintain its focus on upstream oil and gas and midstream gas processing.

The STEAM Lab project is part of a comprehensive Seplat Innovators Programme (SIP), which complements the Seplat Teachers’ Empowerment Programme (STEP).

The programme is a follow-up on the progress of the trained teachers, to ensure that Science, Technology, Engineering, Arts, and Mathematics (STEAM) learning is passed on to the students, towards improved quality of education.

In her opening remarks, Chioma Afe, the director of External Affairs & Social Performance, Seplat Energy, who was represented by Esther Icha, the senior manager, Corporate Social Investment and Performance, stated:

“Our commitment to education is unwavering, and we are thrilled to collaborate with the Edo State Ministry of Education to provide quality education in the state. These STEAM Laboratories are designed to foster the development of critical thinking, problem-solving, and innovative skills among the students, preparing them for the challenges of the 21st century.”

She further noted that the STEAM approach to learning is a holistic and interdisciplinary approach that encourages students to explore the connections between different subjects, igniting their curiosity and creativity.

She also expressed optimism that the laboratories will serve as hubs of learning, where students can engage in hands-on activities, experiments, and projects that will enhance their understanding of the STEAM disciplines.

On her part, the commissioner for Education, Edo State, Joan Oviawe, represented by the Functioning Permanent Secretary, Ministry of Education, Ero Ugiagbe noted that, “Seplat Energy’s commitment to empowering the next generation is truly commendable.

“The three STEAM Labs you have built and equipped are testaments to your dedication to innovation and education. Your generosity will have a lasting impact on the lives of countless students, providing them with the platform to exploit, learn and bloom.

“Your contribution to the development of STEAM education in our community is invaluable. We extend our heartfelt gratitude to Seplat for this remarkable feat. Your investment in our future is a beacon of hope and a reminder that collective effort can lead to remarkable achievement.”

It would be recalled that on April 14, 2023, the Seplat JV launched its first fully equipped STEAM Lab in Edo State. The Lab, complete with full internet subscription for a period of 12 months, was donated to Ihogbe College, Benin City, with a sustenance plan in place, to guarantee effectiveness and efficiency of the project.

Both the Principal of Edo Boys High School, Ebewele Christy and her counterpart at New Era College, Osaretin Uwaifo, appreciated Seplat Energy and the NNPCL for generously donating the State-of-the-art facilities to their respective schools.

They equally expressed excitement and assured that the facilities will be put to maximum use and to achieve the purpose for which it has been provided.

The event attracted stakeholders in both the education and energy sectors, including the Acting Director, Social Mobilisation, State Secondary Education Board, Mabel Ojiefoh; Acting Director, School Support Management, State Secondary Education Board, Jennifer Aisuan; Acting Director, Shared Services Department, State Secondary Education Board, Ifueko Oseye; Managing Partner Teasoo Consulting Ltd, Sarah Ajose-Adeogu, while the NNPC Exploration & Production Limited (NEPL) was represented by Yemisi Lawal and Owunari Tomikeimieye.

This reflects a 2.97% increase, equivalent to a gain of 2,848.85 points from yesterday’s (Monday) closing of 95,768.12 points.

The major movers in the market were BUA Cement, and Seplat Energy gained 10%, while   Dangote Cement, maintained its bullish run, gaining 9.99%.

The rally on the local equity market entered its ninth day,  bumping the market capitalization of the Nigerian Exchange to about N53.97tn.  At the end of trading, investors enjoyed a N1.56tn gain.

In terms of trading volume, there was a marginal appreciation of 3.56% to 747.51 million units, from yesterday’s 721.81 million units. TRANSCORP came top with an exchange of 77.71 million units, followed by STERLINGNG and UBA, which traded 72.31 million units and 52.69 million units, respectively.

Concerning value, there was a 12.95% appreciation to N16.28 billion, from yesterday’s N14.41 billion.   DANGCEM took the lead, reaching NGN 3.11 billion, closely followed by UBA and ACCESSCORP, recording NGN 1.58 billion and NGN 1.35 billion, respectively.

However, the Industrial, Oil & Gas, Consumer, and I.T/Communication sectors finished positively, gaining 8.29%, 7.71%, 2.29%, and 0.58%, respectively. On the other hand, the Insurance and Banking sectors experienced declines of -4.33% and – 3.26%, respectively.

Market Indices:

NGX All-Share Index: 98,616.97 points

% Day Change: +2.97%

Day’s Lowest: 95,732.95 points

Day’s Highest: 98,947.31 points

% YTD: +31.89%

Market Cap: N53.97 trillion

Volume Traded: 747.51 million units

Value Traded: N16.28 billion

Top Gainers 

SEPLAT: +10.00% to close at N2795.10

BUACEMENT: +10.00% to close at N163.35

DANGCEM: +9.99% to close at N651.80

ETERNA: +9.92% to close at N27.70

MEYER: +9.88% to close at N3.56

TRIPPLEG: +9.79% to close at N2.58

Top Losers

PZ: -10.00% to close at N31.50

MAYBAKER: -10.00% to close at N7.38

JOHNHOLT: -10.00% to close at N2.70

TIP: -10.00% to close at N2.52

DEAPCAP: -10.00% to close at N0.81

MBENEFIT: -10.00% to close at N0.72

Top Traded Stocks

In terms of volume, TRANSCORP (-9.99%) led with 77.71 million units, followed by STERLINGNG (-2.58%) with 72.31 million units, UBA (-3.07%) with 52.70 million units, ACCESSCORP (-1.54%) with 47.17 million units, and ZENITHBANK (-4.43%) with 32.03 million units.