Seplat Energy Plc has announced plans to pay about $1bn in dividends to shareholders over the next four to five years as the company targets a significant increase in oil production.
The company’s Chief Executive Officer and Executive Director, Effiong Okon, disclosed this during a fireside chat at Africa Oil Week 2026 in Accra, Ghana.
Okon said Seplat was working towards becoming Nigeria’s largest independent integrated energy company, despite the challenges associated with operating in the country’s oil and gas industry.
He said the company had borrowed $530m during its early years but had already returned $835m to shareholders through dividends.
According to him, Seplat is confident of delivering another $1bn in dividends over the next five years, supported by its strong financial position and disciplined approach to 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.
The company is also targeting a major increase in production, with plans to reach 500,000 barrels of oil per day from its joint venture operations. It also intends to triple its attributable production over the medium term.
Okon said Seplat would pursue new exploration opportunities, including seismic acquisition and additional drilling, while also focusing on restoring the integrity of its existing assets.
On gas development, the CEO disclosed that Seplat’s shallow-water assets hold about 12 trillion cubic feet of gas.
He said the company planned to accelerate the development and monetisation of the resources, describing domestic gas as essential to Nigeria’s energy security and industrial growth.
Seplat is also expanding its activities in the liquefied petroleum gas market as part of efforts to promote cleaner household energy and reduce dependence on biomass.
Okon said the company’s expansion plans were backed by a strong balance sheet, responsible capital allocation and a commitment to good corporate governance.
Seplat is listed on both the Nigerian Exchange Limited and the London Stock Exchange, giving it access to both domestic and international investors.
The company’s plans come as it seeks to grow its production, strengthen its gas business and deliver higher returns to shareholders while supporting Nigeria’s energy needs.
