#### Seplat Energy Plc #### Integrated #### AnnualReport 2025 # Delivering atscale #### Powering Nigeria’s future ![Seplat Logo.jpg]() #### We are #### Nigeria’ #### sleading independent energy company, dedicated to supplying a young and growing population #### with affordable and reliable energy that contributes positively to Nigeria’s future prosperity. #### Contents | | | | --- | --- | | | | | Overview | | | Chairman’s introduction | [1](#i66125f98400d44deabf9a9f141bf2d2c_16) | | Performance highlights | [2](#i66125f98400d44deabf9a9f141bf2d2c_10) | | Our business | [4](#i66125f98400d44deabf9a9f141bf2d2c_6116) | | Our opportunity | [6](#i66125f98400d44deabf9a9f141bf2d2c_6133) | | Our portfolio | [8](#i66125f98400d44deabf9a9f141bf2d2c_6128) | | Our impact | [10](#i66125f98400d44deabf9a9f141bf2d2c_6123) | | Strategic Report | | | Chairman’s statement | [12](#i66125f98400d44deabf9a9f141bf2d2c_22) | | Chief Executive Officer’s Q&A | [14](#i66125f98400d44deabf9a9f141bf2d2c_52) | | Operating context | [16](#i66125f98400d44deabf9a9f141bf2d2c_67) | | Our place in the value chain | [20](#i66125f98400d44deabf9a9f141bf2d2c_73) | | Strategy and value creation | [22](#i66125f98400d44deabf9a9f141bf2d2c_73) | | Senior leadership team | [24](#i66125f98400d44deabf9a9f141bf2d2c_88) | | Stakeholder engagement | [26](#i66125f98400d44deabf9a9f141bf2d2c_85) | | Operational review | [28](#i66125f98400d44deabf9a9f141bf2d2c_103) | | Financial review | [36](#i66125f98400d44deabf9a9f141bf2d2c_127) | | Key performance indicators | [42](#i66125f98400d44deabf9a9f141bf2d2c_136) | | Risk management at scale | [46](#i66125f98400d44deabf9a9f141bf2d2c_6168) | | Risk management | [48](#i66125f98400d44deabf9a9f141bf2d2c_193) | | Principal risks and uncertainties | [54](#i66125f98400d44deabf9a9f141bf2d2c_199) | | Governance Report | | | Governance for scale | [56](#i66125f98400d44deabf9a9f141bf2d2c_223) | | Board of Directors | [58](#i66125f98400d44deabf9a9f141bf2d2c_232) | | Corporate governance report | [63](#i66125f98400d44deabf9a9f141bf2d2c_247) | | Board Committee reports | [70](#i66125f98400d44deabf9a9f141bf2d2c_256) | | Directors’ Remuneration Report | [81](#i66125f98400d44deabf9a9f141bf2d2c_283) | | Statutory Audit Committee Report | [103](#i66125f98400d44deabf9a9f141bf2d2c_304) | | Report of the Directors | [104](#i66125f98400d44deabf9a9f141bf2d2c_307) | | Sustainability Report | | | Sustainability performance at scale | [108](#i66125f98400d44deabf9a9f141bf2d2c_10149) | | Introduction | [110](#i66125f98400d44deabf9a9f141bf2d2c_6761) | | Governance | [112](#i66125f98400d44deabf9a9f141bf2d2c_5511) | | Metrics and targets | [114](#i66125f98400d44deabf9a9f141bf2d2c_163) | | Risk management | [129](#i66125f98400d44deabf9a9f141bf2d2c_154) | | Strategy | [147](#i66125f98400d44deabf9a9f141bf2d2c_5531) | | Financial Statements | | | Statement of Director’s Responsibilities | [154](#i66125f98400d44deabf9a9f141bf2d2c_7189) | | Statutory Audit Committee report | [155](#i66125f98400d44deabf9a9f141bf2d2c_7194) | | ICFR statements | [156](#i66125f98400d44deabf9a9f141bf2d2c_7199) | | Independent practitioners report | [160](#i66125f98400d44deabf9a9f141bf2d2c_7227) | | Independent auditor report | [162](#i66125f98400d44deabf9a9f141bf2d2c_7227) | | Consolidated statement of profit or loss and other comprehensive income | [168](#i66125f98400d44deabf9a9f141bf2d2c_7237) | | Consolidated statement of financial position | [169](#i66125f98400d44deabf9a9f141bf2d2c_7243) | | Consolidated statement of changes in equity | [170](#i66125f98400d44deabf9a9f141bf2d2c_7249) | | Consolidated statement of cash flows | [172](#i66125f98400d44deabf9a9f141bf2d2c_7254) | | Notes to the consolidated financial statements | [173](#i66125f98400d44deabf9a9f141bf2d2c_7259) | ![QR code.jpg]() | | | | --- | --- | | | | | Separate Financial Statements | [271](#i66125f98400d44deabf9a9f141bf2d2c_8263) | | Separate statement of profit or loss and other comprehensive income | [272](#i66125f98400d44deabf9a9f141bf2d2c_8269) | | Separate statement of financial position | [273](#i66125f98400d44deabf9a9f141bf2d2c_8274) | | Separate statement of changes in equity | [274](#i66125f98400d44deabf9a9f141bf2d2c_8279) | | Separate statement of cash flows | [276](#i66125f98400d44deabf9a9f141bf2d2c_8284) | | Notes to the separate financial statements | [277](#i66125f98400d44deabf9a9f141bf2d2c_8289) | | Additional Information | | | Impact of the Accounting Policy Disclosures on the Adoption of ISSB Standards | [310](#i66125f98400d44deabf9a9f141bf2d2c_1117) | | Payments to governments (unaudited) | [312](#i66125f98400d44deabf9a9f141bf2d2c_1120) | | Notice of Annual General Meeting | [315](#i66125f98400d44deabf9a9f141bf2d2c_1123) | | Unclaimed dividend list | [317](#i66125f98400d44deabf9a9f141bf2d2c_1126) | | General information | [345](#i66125f98400d44deabf9a9f141bf2d2c_1129) | | Glossary of terms | [346](#i66125f98400d44deabf9a9f141bf2d2c_1132) | #### Key to icons used in this report | | | | --- | --- | | | | | Material issues | | | | Health, Safety, & Security | | | Critical Incident Risk Management | | | Business Ethics & Transparency | | | Regulatory Compliance | | | Human Rights & Community Relations | | | Ecological Impact | | | Climate Change & Energy Transition | | | Business resilience | | | Litigations and Disputes | | | Human Capital Management | | | Water & Waste Water Management | | | Labor Practices | | | Supply Chain Management | | | Diversity & Inclusion | | | | | --- | --- | | | | | Alignment with our strategic priorities | | | | Focus on environmental care and reporting | | | Maximise returns for all stakeholders | | | Drive social development | | | Upstream | | | Midstream gas | | | New energy | | | Remuneration | | Alignment with our stakeholders | | | | Workforce | | | Shareholders and providers of capital | | | Joint Venture partners | | | Suppliers and contractors | | | Host communities | | | Customers | | | Government, regulators and auditors | ISSB standards | | | | --- | --- | | | | | | IFRS S1 | | | IFRS S2 | Timeframe | | | | --- | --- | | | | | Timeframe-61.svg | Short term | | Timeframe-62.svg | Medium term | | Timeframe-63.svg | Long term | UN SDGs ![UN SDGs.jpg]() #### Explore our suite of reports to understand our progress at [www.seplatenergy.com](http://www.seplatenergy.com) As of 1 February 2026 the Company's registered office is: Seplat House, 1 Lekki-Epe Expressway, Victoria Island, Lagos State, Nigeria | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 1 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_22) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Chairman’s introduction #### Delivering #### at scale ![]() #### he theme of our 2025 IntegratedAnnual Report is ‘delivering T at scale’ and in the following pages we will update you on the transformation we have achieved since we acquired Mobil Producing Nigeria Unlimited (MPNU) and its offshore assets late in 2024. In our 2025 Capital Markets Day we laid out a five-year roadmap that clearly outlined our ambitions for our enlarged business. Key among our targets and aims were; to invest up to $3 billion over the next five years developing our assets;  this investment aims to increase Group working interest production to two hundred thousand barrels of oil equivalent per day (200 kboepd); generate a significant uplift in after-tax cashflow from operations to $5-$6 billion and return at least $1 billion in dividends to shareholders. These targets represent, on average, a tripling of what we delivered between 2020 - 2024, reflecting the scale of growth and value creation we aim to deliver. As our business grows and we produce more oil and gas, our role in creating Nigeria’s future prosperity becomes ever more important. We are fully committed to driving this prosperity by providing reliable, affordable and sustainable energy from Nigerian assets, owned and operated by Nigerians and supported by local communities who share in our success. By working together, we will achieve meaningful improvements in Nigeria’s social and economic development. This will help to diversify the country away from its reliance on oil and gas and drive the development of manufacturing and services sectors that harness the naturally entrepreneurial spirit of the Nigerian people, making the country a more attractive place for global capital to invest. ![Page Ref Link Icon.svg]() Read more in our Capital Markets Day Presentation | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 2 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Performance highlights #### Financial #### Revenue $2,726m #### Dividend 25.0 #### USD cents per share #### Adjusted EBITDA $1,275m #### Net debt $673m #### Operating cashflow $1,672m #### Pre-tax #### Operational #### 2P reserves 1,001 #### MMboe #### 2C resources 1,485 #### MMboe #### Production 131,506 #### boepd #### Million man-hours without an LTI 11.4 #### Wells drilled 11 #### onshore | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 3 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Social investment #### Eye Can See 13,726 #### beneficiaries #### PEARLs Quiz 7,175 #### students participated #### Undergraduate scholarships 145 #### awarded Energy access for 138 #### off-grid households #### Environmental care #### Emissions reduction 24% #### Scope 1 #### Carbon emissions intensity onshore 24.3 kg/CO2 #### per boe #### Profit before tax uplift from EORF $9.0 #### million #### Tree4Life Programme 200,208 #### trees planted | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 4 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Ourbusiness ## Building ## SeplatEnergy Seplat Energy is Nigeria’s leading integrated energy company. We produce oil and gas safely, develop critical #### gas infrastructure and are building a platform to deliver cleaner and more affordable energy at scale. ANOH gas plant #### Our operating footprint With a balanced portfolio of onshore and offshore assets, processing facilities and new energy ventures, Seplat Energy is building one of Nigeria’s most resilient and diversified energy platforms. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 5 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Our diversified business Seplat Energy has a broad asset base and operates across Nigeria’s upstream, #### midstream and export value chains to deliver vital energy resources that drive social and economic prosperity. #### Our assets We operate a broad-based licensed portfolio with a deep inventory 11 blocks #### 2,486 MMboe 2P reserves and 2C resources ![349]() | | | | | --- | --- | --- | | | | | | | Reserves by product | | | l | Crude and condensate | 47% | | l | Gas | 45% | | l | NGL | 8% | #### We employ more than 1,500 #### people directly, with many indirectly. #### Proudly indigenous 99% #### of our workforce are Nigerian. #### Our infrastructure The majority of our operations are owned and operated 3 operated export terminals 5 operated gas processing facilities ![620]() | | | | | --- | --- | --- | | | | | | | Production by operator status | | | l | Operated | 88% | | l | Non-operated | 12% | | | | | #### In 2025, there were #### Zero #### fatalities at our operations and less than 0.1% of operational time was lost to injury. #### We are proud of our #### strong #### ESG ratings, and they #### continue to move in the right direction. #### Our production We offer a diverse and resilient energy mix both domestically and for export 48 producing fields 77:23 Liquids: Gas production ratio ![980]() | | | | | --- | --- | --- | | | | | | | Sales by destination | | | l | Export | 82% | | l | Domestic | 18% | | | | | #### We delivered 131,506 #### barrels of oil equivalent every day, enough to power millions of lives. #### We processed 172 million cubic feet of gas daily (net working interest), #### driving over #### 30%(gross) of Nigeria’s grid power. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 6 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Street market at Lagos Island's commercial district #### Our #### opportunity ## Energising ## Nigeria and beyond #### Nigeria’s energy story #### is one of vast potential. Abundant resources, a growing population and rising industrial demand. Yet energy access remains limited, holding back economic progress and #### opportunity. Reliable, affordable and sustainable energy is essential to unlock this potential. Seplat Energy is built to deliver in this environment. By expanding gas processing capacity, investing in resilient infrastructure and operating to international standards, we are helping close Nigeria’s energy demand gap and enhancing national energy security. In doing so, we are also strengthening global energy resilience, ensuring that Nigeria’s resources play their part in meeting the world’s energy needs. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 7 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Nigeria’s energy challenge Nigeria is home to more than #### 220 million people. Africa’s largest population and growing at 2.5% annually. 39% of Nigerians lack access to reliable electricity Per-capita power consumption is less than #### 136 kWh/year while the global average is close to 3,494 kWh. Industrial demand is expected to grow between 6–8% annually through to 2030. #### Our role in closing the gap Our JVs supply up to 30% of Nigeria’s grid-connected gas for power generation. #### 555 MMscfd of gas processing capacity at Oben and Sapele, with ANOH Gas Plant adding up to #### 300 MMscfd that will enable new industrial and power generation growth. Onshore flare-out projects will deliver #### Zero routine flares by 2026 for Onshore business #### Global relevance Our offshore operations assure Nigeria’s #### export capability and enhance global supply resilience. Our gas expansion supports both domestic energy growth and transition as well as #### lower-carbon supply chains. #### Tackling Nigeria’s energy trilemma By addressing the energy trilemma, Seplat Energy is not only driving Nigeria’s industrial growth but also contributing to global energy stability and the Domestic gas processing projects transition to a lower-carbon future. #### Affordability Providing accessible energy for homes and industry Industrial gas supply Cost-efficient operations Diversified export routes High operational uptime #### Delivering at scale Balancing Nigeria’s energy needs through reliable, affordable and #### sustainable energy Resilient infrastructure #### Reliability Ensuring secure, continuous energy supply #### Sustainability Reducing emissions and building a lower-carbon future Flares-out programme Gas as a transition fuel Investment in new energy | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 8 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Our portfolio ## Delivering atscale Scale only matters when it delivers results. Across our operations, we are executing projects that expand our capacity while at the same time improving our efficiency. Bonny River Terminal | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 9 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Our combined portfolio ensures diversification, flexibility and resilience while #### our delivery discipline and digital operations enhance our performance. Oil, condensate & NGL 2P reserves & 2C resources 1,362 MMbbls Operational control of oil, condensate & NGL production 86% Oil, condensate & NGL production 101,858 bopd Offtake via diversified routes to market 8 #### 3 business pillars to drive growth Flaring #### eliminated onshore Sapele Integrated Gas Plant #### online Gas-to-power #### pilots ANOH Gas Plant #### First Gas #### Jan 2026 Opportunities established for #### CNG and LPG Group 2P reserves & 2C resources #### 6.5 TCF Feasibility pipeline for #### renewables Group gas production 172.0 #### MMscfd | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 10 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Our impact ## Value beyond energy Our success is measured not only in barrels and cubic feet, but in the lives we help improve, the jobs we help create, and revenues we deliver that strengthen Nigeria’s future. Pearls quiz | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 11 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Our purpose is simple: to deliver sustainable energy solutions for society. Every barrel produced, every molecule of gas processed and every project delivered helps to build a stronger Nigeria. Our operations generate jobs, taxes and opportunities, supporting families, strengthening communities and contributing to the national good. Beyond powering industry, we power possibilities, creating lasting social impact and economic prosperity that will help to build our nation’s future. #### In 2025, we delivered value beyond energy for all stakeholders #### For shareholders Returns on investment Dividend per share ₦ 379.39/ #### 25 cents Financial strength Revenues $2,726m Disciplined capital allocation Pre-tax Operating cashflow $1,672m #### For Nigeria Economic contribution Taxes, fees and royalties $1,146m With more than 7,000 jobs created Energy security Domestic gas supply 129.2 #### MMscfd #### For communities Education initiatives Teachers trained 1,048 With more than 7,175 students reached 145 Scholarships awarded Skills development Host community vendors trained 1,118 #### For the planet Environmental security Onshore flare reduction 37% Onshore emissions intensity 24.3 kg/CO2 #### per boe Trees planted under Trees4Life programme 200,208 #### Improvingenergy access Successfully launched and handed over a solar mini grid at Ologbo N’ugu, Edo state, providing reliable electricity to 138 households and businesses. Supplying 3.4 billion naira worth of power annually to Mkpanak group of villages (nearest community to Qua Iboe Terminal) not connected to national grid. ![Our Impact - improving energy access.jpg]() #### EyeCanSee Provided critical eye care to 13,726 beneficiaries across 15 locations. This included 441 surgeries and the distribution of 10, 200 corrective glasses. Read more within our ![Ref Icons Our Impact - Pink-16.svg]() Social Performance Report ![Our Impact - Eye Can see.jpg]() | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 12 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Chairman’s #### Statement Mr Udoma Udo Udoma, CON Independent Non-Executive Chairman The acquisition, which boosted our working interest(WI) production from 52,947 boepd in 2024 to 131,506 boepd in 2025, has positioned Seplat Energy as a major energy producer in an industry that is itself experiencing significant transformation. Nigeria’s national energy resources are returning to local ownership as international oil companies divest assets and even exit the Nigerian market altogether. The Petroleum Industry Act (PIA), following an extended legislative process, is creating a more favourable business environment in which Nigeria’s energy producers are benefiting from the renewed enthusiasm of international investors as they see stability and returns improving. At the same time, that focus on returns is driving many international energy producers to scale back their ambitions for net zero operations and a greater contribution from renewables. The African context At Seplat Energy, we believe the world as a whole must retain a strong commitment to reducing global emissions.The science of climate change is both compelling and concerning, but we are faced with the realities of the African experience. Living standards are low because energy access is poor, imported energy is expensive, and far too many on our continent are forced to cook with firewood whose collection and combustion is time consuming and damaging for both people and planet. In the context of Africa, our belief is that ‘sustainability’ must focus less on our emissions, which are low and more on how we can develop Africa’s natural resources to provide a decent living for more than a billion young Africans today and the one billion children they will raise between now and 2050. Our national duty The pressures facing us are both immediate and long-term. Nigeria’s budget for 2025 was based upon the country producing 2.06 million barrels of oil a day at an average of $75 per barrel, but the country’s actual output of 1,54 million barrels at an average $72 per barrel has resulted in a shortfall in a country that relies heavily Distinguished shareholders, #### I am delighted to present Seplat #### Energy’s Integrated Annual Report and Accounts for the 2025 financial year, as well as the accompanying #### Social Performance Report. #### Together, these reports deliver a comprehensive account of our performance in what was a momentous and transformational #### year, as we integrated the offshore assets we acquired from #### ExxonMobil in December 2024. on oil revenues to fund its immediate budgetary needs and its longer-term plans for development and growth. The budget for 2026 assumes 1.86 million barrels a day at the lower price of $60, though recent events in the Middle East have resulted in higher crude oil prices so far this year. What is clear however, is that Nigeria must focus on increasing oil revenues to fund its immediate needs, and diversify its economy to provide longer-term growth and economic prosperity. We believe that increasing access to affordable and reliable energy will be the key to this. Therefore, as Nigeria’s leading independent producer of oil, and a key partner of the Nigerian National Petroleum Company (NNPC) Limited and the Federal Government, I believe we have a duty to increase production of both oil and gas in support of Nigeria’s economic development. Our plans for the future To this end, your Board of Directors and I have tasked the Company with increasing production to at least 200 kboepd by 2030 (500 kboepd joint venture) and we have approved up to $3 billion of capital investment over the next five years ($6.6 billion JV) to make it happen. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 13 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | ![]() Board changes During 2025, there were a number of changes to our Board that I believe reflect the exemplary quality of governance at Seplat Energy. On 28 April, Mr Bello Rabiu, Senior Independent Non- Executive Director, and Mr Babs Omotowa, Independent Non-Executive Director, announced that they were resigning from our Board in order to take up positions on the Board of NNPC Limited – Nigeria’s national oil company and our operating partner across numerous assets. Their calling to such prestigious and important Board positions reflects the high esteem in which they are held in Nigeria’s energy industry. It is also a great reflection on Seplat Energy that Directors of such high regard were serving on our Board beforehand. I thank them for their meritorious service to Seplat Energy and am confident their wisdom and guidance will prove invaluable to NNPC Limited as it enters a new and exciting phase of its existence. As announced on 25 April, Mrs Bashirat Odunewu succeeded Mr Bello Rabiu as Senior Independent Non-Executive Director and we are grateful for the wise counsel she provides in this role. Following the departures of Mr Rabiu and Mr Omotowa in April, and in accordance with our Board of Directors’ Succession Plan, we embarked on the recruitment of new Independent Non-Executive Directors. In December, following a rigorous selection process, we announced the appointment of Mr Larry Ephraim Attah, a highly respected business leader with nearly four decades of corporate experience across different sectors of Nigerian industry, and we welcome the diversity of experience he brings to our Board. At the same time, we announced the appointment of Engr. Saidu Aliyu Mohammed, a seasoned energy industry executive with more than 37 years of experience in the oil and gas industry, specialising in natural gas development, commercialisation, and infrastructure. He had previously served as Group Executive Director/Chief Operating Officer, Gas & Power Directorate at the NNPC, where he provided strategic leadership for major gas projects and policy frameworks, including the Gas Master Plan, Gas Network Code, and contributions to the PIA. However, before he could take up his position on our Board, Engr. Mohammed was asked by Nigeria’s government to become Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). As a result, Engr. Mohammed withdrew his acceptance of the appointment to our Board. We congratulate Engr. Mohammed on his appointment to this important and strategic role and are grateful that he was prepared to join our Board before receiving such a distinguished national calling. In January 2026, after the year-end, we announced that one of our founding shareholders, Maurel & Prom, had sold its entire 20.07% holding to Heirs Energies Limited and Heirs Holdings Limited. As a result, Olivier De Langavant resigned as Non-Executive Director on 22 January. We are grateful for his support and service during his tenure. On the same day, Tony O. Elumelu CFR, the Founder and Chairman of Heirs Holdings, joined the Board as Non-Executive Director. We are delighted that such a distinguished entrepreneur and philanthropist will bring his experience and influence to our Company. Dividend commitments At the same time, we have committed to return at least $1 billion in dividends to you, our shareholders, over the same five-year period from 2026 to 2030. For the 2025 financial year, you have already received USD 16.7 cents per share in dividends in the first nine months of the year, and we are seeking shareholder approval for a final dividend of USD 8.3 cents per share, bringing the year’s total to USD 25.0 cents per share, the highest we have ever returned. Our five priorities The theme of this Annual Report is Delivering at Scale – a goal we outlined at the Capital Markets Day we held in September 2025. Shortly afterwards, in November, I addressed our newly combined Leadership Team and urged them to focus on five areas essential to the successful delivery of the 200 kboepd target. Our first task was to complete the integration of the acquired Mobil Producing Nigeria Unlimited (MPNU) assets, combining our Onshore and Offshore businesses, their people, leadership teams and systems, to create a single, integrated company by the end of 2025. I am pleased to report that we accomplished this goal, starting 2026 as a formidable new organisation with a storied heritage and an exciting future that we are working together to achieve. Our second priority is to deliver the 200 kboepd target by focusing on high-return projects such as wells restoration, disciplined capital allocation, the flawless execution of our drilling programme and a constant focus on safety and asset integrity. Thirdly, we must foster a high-performance working environment across the united organisation to ensure we attract, retain and develop the talent we need to deliver the ambitious goals we have set. Our Offshore staff have been trained to a very high standard by one of the world’s largest energy producers, but as these oil and gas majors divest Nigerian assets, the maintenance of those high standards becomes the responsibility of local companies like ours. Fourthly, we must enhance risk and reputation management because with our scale and growing footprint, the risks we face will become more complex, with potentially more significant impact on our reputation. Therefore, we must focus on security, environmental protection and high standards of compliance in our operations, while continuing high levels of engagement with our host communities in order to maintain our social licence to operate. Finally, we must continue to exercise fiscal discipline, with a priority on cost control, zero tolerance for waste and a focus on maximising synergies from the merger. This is essential if we are to maintain our strong balance sheet and deliver the $1 billion in cumulative dividends we are targeting. Shareholders expect predictable returns, and disciplined execution is how we will meet and exceed those expectations. A bright future So, to all our stakeholders, let me assure you of this: our vision of growth is set, our resources are secured and we are fully focused on execution. With your support and our endeavour, we will transform our great potential into strong and sustainable success that propels us to our destiny as an African energy champion. Udoma Udo Udoma Independent Non-Executive Chairman | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 14 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Chief Executive #### Officer’s Q&A #### Delivering at scale 2025 was a year of delivering at scale. In addition to delivering key projects in our existing Onshore business, we completed the game- changing acquisition of MPNU, the largest transaction in our history, #### which adds significant scale and attractive low-cost development potential. Roger Thompson Brown Chief Executive Officer #### What was the highlight of Seplat #### Energy’s year? It was proving that we could scale up the business successfully, not just through the acquisition of the Offshore business, but also from our success in increasing production from a significant number of its locked-in wells. This has transformed us into a major African energy producer, significantly increasing our volumes and diversifying our business with offshore operations supported by more secure export infrastructure that we control. It has added a significant long-term reserves base that we can develop at relatively low cost, giving our business sector leading duration. As well, it has provided near-term, short-cycle opportunities, driving quick and inexpensive returns. Most importantly, from a shareholder perspective, we achieved all this with a combination of cash we already had, debt we can comfortably manage and no dilution of equity share capital. In the national context, it has brought significant Nigerian assets fully into Nigerian control and as a partner to the NNPC Limited, we have a responsibility to develop these assets for the benefit of Nigeria and its growing population. #### How challenging was it to integrate the two businesses? Having acquired MPNU late in 2024, our focus in 2025 was to integrate the company with our existing business to create a strong and unified organisation for the future. We achieved this by focusing on leadership, people, systems and on creating a shared culture of One Seplat. As our Chairman has already noted, we ran a highly successful integration programme and started 2026 as a single, unified organisation that we all believe has an exciting future as a major African energy producer. Obviously, the acquisition has brought in new skillsets and responsibilities as a result of the operations and infrastructure we’ve taken on, such as export and terminal facilities and additional gas processing capabilities. This diversifies our skills base and positions us well for a future in which we’re increasing production through infrastructure we control. How were you able to deliver organic growth from the offshore assets you acquired? Beyond the focus on safety, asset integrity and reliability, our attention was on quick wins, increasing production by rehabilitating offshore wells that had been shut-in for some time. These low- cost interventions resulted in the addition of nearly 49 kboepd gross production capacity from the 49 wells we brought back into operation. Obviously, we started with the wells we judged would be the most cost effective and impactful to bring back into production, and that is what we delivered, all for a gross JV cost of just $60 million. To put that into context, in 2023, before we acquired MPNU, Seplat was producing slightly less than 48 kboepd (WI), so our wells restoration programme effectively added a company’s worth of production for just a $60 million investment, and I think this demonstrates exceptional shareholder value creation. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 15 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Overall, with the addition of the Offshore wells, we increased production by 148% from 52,947 boepd to 131,506 boepd made up of 97,784 bopd liquids, and 33,722 boepd gas. If you look at our Onshore and Offshore operations in isolation, Onshore production rose by 14% from 48,618 boepd to 55,483 boepd (WI), reflecting significant growth on the Western Assets. The wells rehabilitation programme I’ve already mentioned, supported an Offshore production increase of 9% on a pro-forma basis to 76,023 boepd (WI). Just as importantly, we’ve maintained an excellent safety record as a much larger company, recording just one Lost Time Injury (LTI) in 2025. Since that regrettable incident, we’ve now achieved around 12 million hours without an LTI. Looking at our environmental performance, we’ve reduced Onshore CO2 emissions by 24% to 24.3 kgCO2/boe, and I’m pleased to report that we finally completed our end of routine flaring projects in our Onshore operations, a major project focus for us since 2021. #### How has all of this transformed #### Seplat’s finances? The increase in scale we gained from the Offshore assets was reflected in a 144% increase in our revenues, from $1,116 million to $2,726 million, with adjusted EBITDA increasing from $539 million to $1,275 million. Post-tax operating cashflow increased by 276% from $310 million to $1,166 million, with net debt falling from $898 million to $673 million, representing just 0.53x adjusted EBITDA. With $332 million cash at bank, it is clear we have built a ‘fortress’ balance sheet, thanks to our strong performance and prudent approach to financial management. This was demonstrated in March 2025, when we successfully raised $650 million in 9.125% senior notes due in 2030, to refinance outstanding debt due in 2026. The offering was strongly oversubscribed, despite challenging market conditions and global uncertainty around tariffs and I am pleased to report that the offering, our third since 2018, was both rated above and priced inside the Nigerian sovereign for the first time, which is a testament to our strong reputation in public credit markets. With net debt of $673 million (gross debt $1.0 billion) and EBITDA of $1.275 billion our net debt to trailing 12- month EBITDA ratio is 0.53x, which is a very healthy ratio to have, and one that will reinforce investor confidence. #### What are Seplat’s plans through to 2030? We believe that we have a business plan that can deliver an exciting total shareholder return story. We are targeting capital growth through production, as we increase to our 200 kboepd target (~500 kboepd JV) and dividend growth as we linked cash generation growth to increase distributions to shareholders. This will underpin our ambitions laid out in our Capital Markets Day in September, to invest up to $3 billion (~$7.0 billion JV) in achieving the production target, deliver cumulative operating cashflow of $5-6 billion and return a cumulative $1 billion in dividends to shareholders over the same period. This plan is fully covered by internal cashflows, which means we will deliver the plan within a wrapper of continued financial strength. We’ve got a huge resource base to develop, and we’ll achieve this by drilling 120-150 wells over the next five years and increasing production of natural gas, natural gas liquids (NGLs), condensates and liquified petroleum gas (LPG). At the same time, we’ll focus on asset integrity and operational efficiency to ensure that production is as cost-effective as it can be, with zero compromises on safety or environmental care. Now we’ve ended routine flaring in our Onshore operations, we will focus on achieving the same offshore. ![]() #### Reasons to invest in Seplat Energy The transformational acquisition completed sets us on a path of growth and enhanced shareholder returns. Grow We operate in one of the world’s premier hydrocarbon provinces with a giant resource base. Earn Our footprint supports our ability to grow production and cashflow for enhanced shareholder returns Cumulative operating cashflow $5bn – $6bn Return Together, these enable us to significantly increase distributions to shareholders Target cumulative cash dividend $1bn Equivalent to $1.66/share Giant 2P reserve & 2C resource Base 2 #### .5bn boe (~6.0bn boe JV) Organic production growth target #### 200 kboepd (~500 kboepd JV) “Our wells restoration programme delivered nearly 49 kboepd additional gross production capacity, with the investment achieving payback in less than a year.” Overall, what we’re aiming to do is build a Nigerian energy champion that’s safely and efficiently developing Nigeria’s natural resources in a way that benefits the country’s economy and its people, as we deliver affordable and reliable energy to power Nigeria’s future. Roger Thompson Brown Chief Executive Officer | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 16 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Operating Context #### Understanding our market Our operating environment is constantly changing, driven by regulatory developments as well as by both global and domestic economic events. As a result, we constantly monitor our market landscape and adapt our approach to business accordingly, to ensure we continue to maximise positive impacts for our stakeholders. ![Global Economy.jpg]() Global economy ![OPEC Policies.jpg]() Key trend: Economic fragmentation Driver: The global economy was characterised by increased trade protectionism, geopolitical tensions, and a shift towards deglobalisation. The early part of the year saw a significant surge in trade tensions, particularly between the US and China. In addition, the economy was shaped by robust growth while inflation was broadly downward trending, alongside dovish monetary policy. Our response: As part of our comprehensive strategic framework, we continue to examine global economic themes shaping the crude oil market. Our operations are heavily export-dependent and subject to the dynamics of global crude oil demand as economic activities evolve. We remain confident that demand for our barrels will remain strong, with significant room to grow production and boost supply of our premium crude grade. We also continue to assess how these narratives affect our hedging policies. Alignment with our strategic priorities OPEC+ policies Key trend: Rising production Driver: The policy tone of the Organization of Petroleum Exporting Countries (OPEC+) changed in 2025 as the cartel rolled back the previous 2.2 MMbopd voluntary cuts. The restoration of output commenced in April 2025, with OPEC expressing confidence in global economic fundamentals. It also signified OPEC’s shift towards balancing market stability with competition from non-OPEC producers. Our response: OPEC+’s policy tilt towards returning barrels to the market underpinned bearish pressure on crude oil prices in 2025. As such, we managed the risk through our hedging strategy of buying deferred puts to protect against the downside risk in oil price. However, the strategy of returning barrels to the market continues to increase the headroom for us to grow production, particularly as we enter a rapid growth phase in the next five years. Alignment with our strategic priorities Domestic economy ![Domestic Economy.jpg]() ![Oil price.jpg]() Key trend: Recovery and stability Driver: The domestic macroeconomic environment showed strong signs of recovery in 2025 as key macroeconomic variables improved significantly during the year. The domestic economy was characterised by persistent disinflation, robust economic growth, a stronger currency, and improved foreign investment in the country. That said, the recovery story has had a lagging impact on consumer income and purchasing power. Our response: Improved macroeconomic conditions have been positive for the business as declining rate of inflation as well as a stable exchange rate has contributed to moderating operating cost per boe. We continue to position our business to contribute to Nigeria’s growth and the country’s journey towards becoming a trillion-dollar economy. Alignment with our strategic priorities Oil price Key trend: Bearish pressure Driver: Bearish momentum in oil prices persisted in 2025 as average Brent and West Texas Intermediate (WTI) benchmarks were lower by 15% and 14% respectively, during the year. OPEC+’s decision to return volumes to the market, record production from US and China, demand concerns, and a weaker-than-expected impact of sanctions on Russia combined to underpin lower oil prices in 2025. Our response: We have sustained our strategy of hedging the downside in oil prices. We will continue to implement this hedging strategy for 2026. In addition, we implemented a business plan based on more conservative pricing assumptions, which included sustained investments in our gas processing capacity, where we benefit from long-term contracts with mostly stable prices, provide a good hedge. We also have the balance sheet strength to cope with adverse oil price conditions while retaining flexibility to cut capital expenditure to protect free cashflow generation if required. Alignment with our strategic priorities | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 17 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Gas opportunity ![PIA.jpg]() ![Gas Opportunity.jpg]() Key trend: Growing domestic demand Driver: The gas opportunity in Nigeria is reflected in the surging demand for gas as a power source, particularly for industries. In addition, the country’s shift towards thermal power generation continues to reinforce the target to maximise gas resources. For context, the government has set a 12 Bscfd gas production target to be achieved by 2030. This, in addition to the abundant gas reserves in Nigeria, points to significant upside in gas investments in Nigeria. Our response: We continue to invest in expanding our gas processing capacity as we seek to support Nigeria’s ambition to close the gas supply gap, improve thermal energy generation, and strengthen the country’s ability to export gas. This is evident in our five-year business plan, where we plan to reach 1.0 Bscfd of gas production by 2030. We also note that we achieved first gas on the Sapele integrated gas plant (SIGP) in 2025, while first gas on ANOH was achieved in 1Q 2026. Alignment with our strategic priorities Petroleum Industry Act (PIA) Key trend: Transition Driver: Collaboration between industry players and regulators to achieve a smooth conversion process to the PIA regime garnered pace in 2025. Modalities around operationalisation of the host community fund, decommissioning and abandonment fund, and acreage delineation were established. As a result, transition to the PIA regime for operators who elected to convert commenced in the final days of 2025. Our response: We achieved conversion for our operated onshore assets in 2025, effective 1st January 2026. We have also commenced discussions with the regulator to execute the conversion process for our Offshore assets, which we expect to complete at a faster pace. We are positioned to maximise the benefits of the PIA regime thanks to our corporate strategy of investing in assets to support production growth. Alignment with our strategic priorities Gas flaring ![Gas Flaring.jpg]() ![Pipeline Security.jpg]() Key trend: Climate security Driver: The oil and gas regulatory environment continues to implement measures to encourage investments in gas infrastructure to curb routine flaring. Higher penalties for gas flares, combined with improved returns for gas production, represent a major catalyst that is driving investment in gas infrastructure. In addition, the adoption of sustainability strategies is encouraging efforts to end routine flaring across the industry. Our response: We made significant progress towards ending routine flaring on our operated onshore operations in 2025. During the year, we commissioned several projects including the SIGP, Oben LPG Project, SIPG LPG module and associated storage and loading facilities. These projects were critical milestones that brought us closer towards achieving our goal of ending operated onshore assets routine flaring. Alignment with our strategic priorities Pipeline security Key trend: Stability Driver: The Federal Government and NNPC’s campaign against crude oil theft delivered strong results in 2025, as pipeline losses were maintained at cyclically low levels. According to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), industry average pipeline losses declined to a 16-year low of 9,600 bopd for January to July 2025. This has encouraged investment in drilling activities, spurring production growth. Our response: Our operations have benefited significantly from reduced vandalism on export routes across the country. Pipeline loss for 2025 on our onshore assets was 3.9%, maintaining the strong performance of 2024 (3.4%) and well below the 2022 average of 12%. In addition, diversifying our operations to include shallow water operations with a self-managed integrated network of pipelines and export alternatives has helped to reduce the impact of vandalism on third-party operated routes. Alignment with our strategic priorities Alignment with our strategic priorities | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Focus on environmental care and reporting | | | Upstream | | | Maximise returns for all stakeholders | | | Midstream gas | | | Drive social development | | | New energy | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 18 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Nigeria’s economicresurgence is reshaping the opportunity for Seplat Energy Nigeria’s macroeconomic fundamentals strengthened meaningfully in 2025, marking a turning point after several years of volatility. For Seplat Energy, this improving environment provides a strong platform to accelerate growth as Nigeria’s risk profile improves and investor confidence increases. Nigeria’s macroeconomic story is back on track After several challenging years, Nigeria’s economic story has decisively turned a corner. In 2025, economic growth accelerated to 3.87%, driven by a broad-based recovery across oil and gas, services, agriculture and manufacturing sectors. This rebound marks more than a cyclical upswing; it reflects the early impact of structural reforms and renewed investor confidence. Nigeria’s GDP growth rate (%) | | | | | --- | --- | --- | | | | | | 2020 | | -6.69 | | 2021 | | 0.95 | | 2022 | | 4.32 | | 2023 | | 3.04 | | 2024 | | 3.38 | | 2025 | | 3.87 | ![13743895352510]() Source: National Bureau of Statistics At the heart of this recovery is the revitalisation of the oil and gas sector with indigenous, local Independent companies assuming a dominant role in upstream production. Higher crude production has strengthened foreign exchange (FX) earnings, supported external reserves and restored stability to the FX market. As FX liquidity returned to the system, manufacturing activity improved and business confidence began to recover. Nigeria’s oil GDP growth rate (%) | | | | | --- | --- | --- | | | | | | 2020 | | | | 2021 | | | | 2022 | | | | 2023 | | | | 2024 | | | | 2025 | | | ![2199023261709]() ![]() Nigeria’s average daily oil production (MMbopd) | | | | | --- | --- | --- | | | | | | 2020 | | 1.83 | | 2021 | | 1.47 | | 2022 | | 1.41 | | 2023 | | 1.55 | | 2024 | | 1.68 | | 2025 | | 1.54 | ![2199023261770]() Source: National Bureau of Statistics, Nigerian Upstream Petroleum Regulatory Commission Nigeria’s historical NGN/USD exchange rate ![2199023267359]() Source: Central Bank of Nigeria Inflation, which had been a major headwind for households and businesses alike, moderated meaningfully over the year, aided by tighter monetary policy and a more stable currency environment. Together, these shifts are creating a more predictable operating landscape for companies and investors. Nigeria’s inflation rate declined significantly in 2025 ![13743895352878]() ![]() ![]() ![]() ![]() Jan-24 Jan-25 Dec-25 Source: National Bureau of Statistics Looking ahead, the momentum is expected to continue. The IMF forecasts further growth in 2026, supported by rising oil production, expanding services sector activity and a gradual recovery in manufacturing output. With rig activity increasing, improved capital allocation from local independent companies playing a more dominant role upstream, transitioning to PIA fiscal regime, and pipeline security improving, Nigeria’s oil and gas sector is entering a phase of sustained recovery, providing a stronger foundation for long-term investment. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 19 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Rising in-country active rig count ![2199023265271]() Sep-25 Source: NUPRC #### Security initiatives delivering results A critical pillar of the oil and gas sector’s recovery has been the significant improvement in security across key producing regions. A co-ordinated combination of kinetic and non-kinetic strategies has helped curb crude theft, vandalism and illegal refining, all of which are long-standing challenges for the industry. On the kinetic front, the NNPCL, in collaboration with dedicated military units and security partners, intensified operations to dismantle illegal refining sites and protect critical export infrastructure. These efforts have disrupted organised theft networks and restored confidence in key export routes. On the non-kinetic front, NUPRC implemented a comprehensive metering audit across upstream facilities, closing systemic loopholes and improving production accountability. In addition, the approval of 37 new crude oil evacuation routes has diversified export options and reduced dependence on vulnerable corridors. Indigenous oil companies have also adopted community-based surveillance, fostering local partnerships to combat theft and sabotage. The impact of these initiatives has been significant. Pipeline losses across the sector declined to their lowest level in 16 years in 2025. For Seplat Energy, these improvements have translated into tangible operational benefits, with pipeline losses now in low single digits for two consecutive years, compared to mid double-digit levels in prior periods. This marks a step change in reliability and reinforces the improving risk profile of operating in Nigeria. Nigeria’s average daily pipeline losses now at 16-year low (‘000 bopd) ![2199023265762]() 2025\* Source: Nigerian Upstream Petroleum Regulatory Commission (NUPRC) \*2025 data covers January to July #### Playing a major role in Nigeria’s energy ambitions Nigeria continues to prioritise the oil and gas sector as a cornerstone of its economic development strategy. The industry is viewed not only as a source of fiscal revenue and FX, but also as a catalyst for industrialisation, job creation and energy security. The government has set ambitious production targets of 2.0 MMbopd by 2027 and 3.0 MMbopd by 2030, including condensates. In parallel, Nigeria is targeting gas production of 12.0 Bscfd by 2030 as it seeks to deepen domestic utilisation, support power generation and reduce energy imports. These targets underscore the strategic importance of companies with scale, capability and capital to drive growth across both oil and gas. Nigeria’s oil production targets ![13743895356129]() | | | | | --- | --- | --- | | | | | | 2025 average | | 1.54 MMbopd | | 2027 target | | 2.00 MMbopd | | 2030 target | | | 3.0 MMbopd Source:  NUPRC Nigeria’s gas production targets ![13743895356133]() | | | | | --- | --- | --- | | | | | | 2025 average | | 7.4 Bscfd | | 2027 target | | 10.0 Bscfd | | 2030 target | | | 12.0 Bscfd `Source:  NUPRC ![]() Seplat Energy is strongly positioned to play a leading role in delivering Nigeria’s energy ambitions. The Company plans to allocate approximately 70% of its $3.0 billion five- year capital programme to monetising oil resources across its asset base. With robust liquid resources of 1,163 MMboe and plans to drill 120 to 150 new wells over the next five years, Seplat is well-placed to contribute meaningfully to national production targets. In gas, Seplat’s strategic importance is equally compelling. The Company plans to invest $500–$600 million over the next five years to unlock its gas resources. With a significant gas resource base estimated at 6,525 Bscf of gas and four gas projects scheduled for commissioning over the period, Seplat is building scale across the domestic gas value chain. These investments are expected to lift joint venture installed gas processing capacity to 2.7 Bscf per day and support joint venture gas production of 1.0 Bscf per day by 2030. As Nigeria intensifies its focus on gas-led growth, Seplat is positioned as a key driver of the country’s energy transition and industrial development. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 20 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Our place in the energy value chain We are part of an energy value chain that starts at the well and ends with collecting payment from the customer, as Nigeria’s natural fuels are converted into products such as petrochemicals or into electricity for distribution and consumption. The chart shows where we are today and where we might expand along the value chain. Upstream #### Liquids #### 674 MMbbl #### 2P reserves NGL 4,074 bopd in 2025 Oil and condensates 97,784 bopd in 2025 #### Gas #### 1,897 Bscf #### 2P reserves Midstream gas processing 172 MMscfd in 2025 Power transmission Gas-fired power generation Current operating markets Future operating markets | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 21 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Liquids Export sales 98.6% in 2025 Distribution Refiners Customers Domestic sales 1.4% in 2025 Gas products LPG 25,213 MT of LPG (butane) delivered Distribution Customers #### CNG Gas distribution Industrial, petrochemical, power Power and new energy Distribution Distribution companies #### Customers Metering Billing Payments Renewables | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 22 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Strategy and value #### creation Adopted in 2021, Seplat Energy’s strategy is based on our twin ambitions: #### toBuild a sustainable businessandDeliver energy transition . This strategy #### guides our long-term thinking as well as our day-to-day business decisions. Capital inputs SOCIAL DEVELOPMENT Make a positive impact on Nigeria through improved access to energy, opportunities for local employment and suppliers, DE&I and initiatives that foster entrepreneurship, education, health and resilience. Human capital 1,506 staff ENVIRONMENTAL CARE Be a responsible steward of Nigeria’s natural resources by minimising our impact on local and global environments, driving improvements where possible, committing to global standards and transparently reporting our progress. #### BUILD A SUSTAINABLE BUSINESS Social capital 592 vendors MAXIMISE RETURNS Maximise cash generation through the cycle, manage our finances prudently, pay our share of taxes and royalties, support local communities, service debt, invest for the future, and return dividends to shareholders. Natural capital 2,487 MMboe 2P & 2C resources UPSTREAM Generate consistent and profitable long-term cashflow by developing our upstream business, selectively expanding our asset base, optimising the gas/oil mix, increasing production, reducing costs and carbon intensity, and increasing revenue assurance by diversifying routes to market. Financial capital $732m cash at bank plus undrawn RCF MIDSTREAM GAS Generate long-term, highly visible revenue streams by developing Nigeria’s gas resources to accelerate the replacement of diesel/petrol generation and use of biomass for cooking, and support economic growth through the supply of reliable, low-cost energy. Manufactured capital $3.1bn production & exploration facilities #### DELIVER ENERGY TRANSITION NEW ENERGY Develop gas-to-power to displace diesel and petrol generators, provide baseload electricity to support renewables and achieve a world-class capability in renewable energies. Intellectual capital 50 graduate trainees recruited | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 23 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Achieved in 2025 #### Long-term value impact Stakeholders • Delivered solar-powered STEAM labs to five schools in Edo & Delta States • Solar mini grid provided to support 138 households and businesses in Ologbo N’ugu • Trained 1,048 teachers under STEP • 13,726 Eye Can See beneficiaries • 145 new scholarship students in Akwa Ibom, Rivers States We are committed to improving the supply of both oil and gas to ensure that Nigeria can fund its immediate budgetary needs and support longer-term economic growth and social development by increasing access to affordable and reliable energy. Workforce • Completed flares out projects at Oben, Sapele and Ohaji sites in onshore business. • Tree4Life planted 200,208 trees (2x target) and trained 230 community members in tree care • Developed Biodiversity Action Plan for all onshore operations • Completed fugitive emissions identification in Western Assets, to NUPRC requirements Nigeria’s natural environment is a resource that future generations must be able to enjoy, free of pollution, environmental damage and the potentially disastrous effects of global climate volatility. By leading Nigeria’s transition to cleaner fuels such as natural gas and renewable energy, we can help to ensure a healthy natural environment for future generations, at the same time securing our place in Nigeria’s future energy mix. Shareholders & providers of capital • Adjusted EBITDA of $1.27bn • Post-tax CFFO $1.17bn • USD 25 cents / share dividend ($140m paid in FY) • Net debt $673m including $332m cash • Paid $1,146m to Nigeria’s government in royalties, taxes and levies Long-term maximisation of returns will strengthen our financial position, enabling us to invest more in the development of Nigeria’s resources, pay more taxes and royalties to government, reduce our debt burden and increase returns to shareholders. Joint venture partners Suppliers & contractors • 131.5 kboepd production across offshore and onshore assets • Wells restoration added 49 kboepd gross production across 49 wells, for $60m cost • Completed 11 onshore wells • New EAP inlet gas exchanger boosts NGL production, strengthening gas mix • Continuing focus on asset integrity, reliability Oil is essential for Nigeria’s economic development and will remain so for several decades. Revenues from oil not only fund the country’s day-to-day activities, but will also be used to fund Nigeria’s transition to cleaner energies such as natural gas and renewables, which will power Nigeria long after its oil has depleted. Host communities • Gas sales of 63 Bscf, up 54% on 2024 • Average daily WI production of 172 MMscfd, supported by start of production at Sapele IGP, new wells and higher Oben output • ANOH delivered first gas in January 2026 Natural gas is Nigeria’s logical transition fuel and will be essential for providing power to millions of Nigerians as the country’s population grows. Even as renewables increase in capacity, gas will continue to be essential for overnight baseload, and its use in manufacturing products such as fertiliser and cement is unlikely to be challenged by green fuels for many decades, given its abundance and low cost in Nigeria. Customers • Continued to monitor and assess business opportunities in power and renewables. Consolidation and integration of SEPNU was prioritised in 2025 Nigeria’s abundant sunlight, wind and hydroelectric resources make it an attractive place to generate renewable energy that will power Nigeria’s future prosperity decades from now. We will continue to seek opportunities in this sector in line with our strategic goals. Government & regulators | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 24 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Senior Leadership Team #### Strong leadership skills Our Senior Leaders are responsible for delivering value creation across the six pillars of our strategy, as detailed on pages 22-23. Collectively, they bring decades of operational and management experience in Nigeria’s oil and gas sector. In 2025 our new Senior Leadership Team (SLT)  was established for the enlarged organisation. 27% Executive Directors 45% Women on the SLT 2025 integration highlights Strategic growth and asset development Delivered 144% production growth, and a new gas plant at Sapele Health, safety, and environmental 24% reduction in Onshore Scope 1 emissions. 1 LTI. Financial performance and governance leadership Record $1.27 billion EBITDA. Constituted new integrated SLT Skills and experience • Upstream oil and gas • Legal, regulatory and stakeholder relations • Midstream gas • Corporate finance, mergers and acquisitions • Corporate governance and business ethics • Project execution and delivery • Strategy and risk management • Health and safety • Sustainability • Human capital management Operational excellence and innovation Delivered first offshore capital project at EAP Infrastructure and asset integrity Upgraded and repaired offshore infrastructure Cultural transformation and people management Delivery of firm-wide change management programme Roger Brown CEO/ED | | | --- | | | | Appointed to SLT: 2013 | | Joined Seplat: 2013 | Responsible for: Providing overall leadership, strategic direction, and decision-making to achieve the organisation’s goals and objectives while ensuring sustainable growth and profitability. Samson Ezugworie COO/ED ![Samson Ezugworie.jpg]() | | | --- | | | | Appointed to SLT: 2022 | | Joined Seplat: 2022 | Responsible for: Managing all Seplat operations – maintaining safe, reliable, profitable, and sustainable operations. Eleanor Adaralegbe CFO/ED ![Eleanor Adaralegbe.jpg]() | | | --- | | | | Appointed to SLT: 2020 | | Joined Seplat: 2015 | Responsible for: Ensuring optimal capital distribution, maintaining fiscal responsibility, fostering strong relationships with commercial and investor partners, and implementing effective risk management strategies. Okechukwu Mba Gas and New Energy Director ![Okechukwu Mba.jpg]() | | | --- | | | | Appointed to SLT: 2020 | | Joined Seplat: 2010 | Responsible for: The New Energy Directorate and Group gas business with the responsibility to champion Seplat’s energy transition as well as deliver the gas business objectives. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 25 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Ibi-Ada Itotoi Managing Director Onshore ![Ibi-Ada Itotoi.jpg]() | | | --- | | | | Appointed to SLT: 2022 | | Joined Seplat: 2013 | Responsible for: Overseeing the operations of Seplat Onshore operations covering the following licences: West (OMLs 4, 38, 41), East (OMLs 53 & 56), Elcrest (OML 40). Ikponmwosa Ogunmwonyi Managing Director Offshore ![Ikponmwosa Ogunmwonyi.jpg]() | | | --- | | | | Appointed to SLT: 2025 | | Joined Seplat: 2024 | Responsible for: Overseeing the operations of Seplat Offshore operations covering the following licences: OMLs 67, 68, 70, & 104). Edith Onwuchekwa Director, Legal and Company Secretary | | | --- | | | | Appointed to SLT: 2020 | | Joined Seplat: 2019 | Responsible for: The legal, governance compliance, and company secretarial health of Seplat Energy Plc and its various subsidiaries across Nigeria and the United Kingdom. Alasdair Mackenzie Director, Strategy, Planning & Business Development ![Alasdair Mackenzie.jpg]() | | | --- | | | | Appointed to SLT: 2021 | | Joined Seplat: 2021 | Responsible for: Corporate strategy, business planning and performance, economic and decision analysis, post investment analysis, business development, research and content. Omolola Ani Technical Director ![Omolola Ani.jpg]() | | | --- | | | | Appointed to SLT: 2025 | | Joined Seplat: 2024 | Responsible for: Managing all activities related to delivering on our drilling programme, projects, exploration programme and subsurface activities in a safe and cost-efficient manner. Chioma Afe Director, External Affairs & Social Performance ![Chioma Afe.jpg]() | | | --- | | | | Appointed to SLT: 2023 | | Joined Seplat: 2023 | Responsible for: The strategic global positive reputation of the Seplat brand, overall external relations, and managing the corporate social performance strategies and initiatives. Steve Ojeh Director, Corporate Services ![Steve Ojeh.jpg]() | | | --- | | | | Appointed to SLT: 2024 | | Joined Seplat: 2021 | Responsible for: The Human Resources, Business Services, and Information Technology departments of Seplat Energy and its various subsidiaries in Nigeria and the United Kingdom. Oversees responsibilities in these areas, contributing to building a positive work culture, attracting and retaining talent, and supporting the organisation's overall success Read more about the Senior Leadership Team’s achievements in the year online | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 26 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Stakeholder Engagement #### Delivering for stakeholders We aim to create shared value for our business and the communities we serve. To achieve this, we have implemented a comprehensive stakeholder engagement programme that enables open dialogue with our stakeholders on important issues. | | | | | --- | --- | --- | | | | | | Workforce Why we engage A strong and harmonious relationship with our employees is critical for our business. We strive to continuously improve our employee value proposition, strengthen engagement, and achieve better productivity. | | | | How we engage | | | | • Regular manager one-to- one meetings providing two-way engagement • Monthly newsletters • Quarterly town halls and ‘Ask Us’ sessions with HR leadership | | •Quarterly Joint Consultative Committee (‘JCC’) meetings between employees and management •Annual employee engagement surveys | | Important issues | | | | •Working conditions •Pay and benefits •Health, safety and security •Human rights and community relations | | •Business ethics •Training and development •Diversity and inclusion •Economic outlook | | How we respond | | | | •Offer attractive pay, benefits and working conditions for all staff •Company-wide focus group sessions to deepen understanding of survey results | | •Take actions to address concerns arising from survey outcomes and enhance the Seplat culture and employee engagement •Regular seminars on health, welfare and safety | | Performance | | | | •$89.0 million in salaries and benefits •94% positive to neutral engagement •Strengthened workforce with 76 new hires. Staff turnover rate - 5.4% (onshore), 7.0% (offshore) | | •98% response rate to employee engagement surveys •Strong improvement in Employee Net Promoter Score (eNPS) from 40% to 65% in 2025 | | Alignment to SDGs | | | | | | | | --- | --- | --- | | | | | | Shareholders and providers of capital Why we engage Regular dialogue provides our shareholders and capital providers with updates that maintain their confidence in our strategy and performance, encouraging further investment and enabling them to give valuable feedback to our management. | | | | How we engage | | | | •One-to-one meetings •Roadshows •Capital markets events •Investor conferences •Results announcements and calls | | •Regulatory announcements •Annual Report •AGM •Site visits | | | | | | --- | --- | --- | | | | | | Important issues | | | | • Financial performance • Operational performance • Project delivery • M&A strategy • Capital allocation • Evacuation security • GHG emissions and other actions against climate change | | •Health, safety and security •Human rights and community relations •Critical incident risk management •Business ethics •Legal and regulatory environment | | How we respond | | | | •Committed to open, transparent and timely communication and interaction •Meet or exceed operational and financial expectations in the market | | •Communicate clear capital allocation priorities and strategy •Timely repayment of debt (principal and interest) •Timely provision of information as required | | Performance | | | | •Met market expectations •$140.2 million dividends paid in 2025 | | • $147.3 million paid in interest and fees to providers of capital • Over 250 investor meetings | | Alignment to SDGs | | | | | | | | --- | --- | --- | | | | | | Joint Venture (‘JV’) partners Why we engage Maintaining strong relationships with our JV partners is key to conducting our operations safely, responsibly and efficiently. It also ensures financial obligations such as cost recovery are met between partners. | | | | How we engage | | | | • Statutory governance meetings with partners are held for budget and performance discussions, in accordance with the provisions of the Joint Operating Agreements (‘JOA’) • Quarterly Management Review (QMR) meetings | | | | Important issues | | | | • JOA • Health, safety and security • GHG, emissions and pollution • Human rights and community relations | | •Critical incident risk management •Business ethics and relations •Responsible supply chain management •Management of the legal and regulatory environment | | How we respond | | | | •Deliver operational targets •Budget management and control | | •Periodic reporting | | Performance | | | | •Seplat continues to maintain strong relationships with its partners, with collaborative relationships to manage risk, improve our processes and efficiency and minimise impact on the environment | | •131,506 kboepd group net production, up 148% on prior year | | Alignment to SDGs | | | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 27 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | | --- | --- | --- | | | | | | Suppliers and contractors Why we engage We rely on suppliers and contractors whose products and services enable our production of oil and gas. | | | | How we engage | | | | • Annual vendor forum across Seplat locations • Vendor merit awards • Women-owned business forum | | •Contractors empowerment workshop •Performance reviews | | Important issues | | | | •Health, safety and security •Business ethics •Critical incident risk management | | •Responsible supply chain management | | How we respond | | | | •Simplified relationship management process, implementing consistent policies, standards and procedures | | | | Performance | | | | •We continue to maintain strong relationships across our supply chain, with 597 active contracts in Seplat Onshore, and a further 692 in SEPNU. These collaborative relationships help us to manage risk and improve processes •114 community vendors awarded contracts in 2024 in Seplat Onshore | | • 2,993 attendees at the annual Seplat Energy Vendor Forum • 208 participants at a contractor empowerment workshop • Held first women owned business forum to engage with local female business owners | | Alignment to SDGs | | | | | | | | --- | --- | --- | | | | | | Host Communities Why we engage The sustainability of our business is dependent on the relationships we build with the communities in which we operate and the contribution we make to their welfare and economic development. | | | | How we engage | | | | • Host community trusts • Regular dialogue with communities | | •Annual host community surveys | | Important issues | | | | •Health and safety •GHG emissions •Emergency preparedness •Human rights and community relations | | •Business ethics •Biodiversity •Responsible supply chain management | | How we respond | | | | •Skills development programme •Dispute resolution | | •Community projects •Priority contractors •Job creation | | Performance | | | | •$12.3 million invested in social investment programmes (JV cost) | | •$41.3 million paid to NDDC, $23.1 million to the Host Community Trust Development Fund (HCTDF) | | Alignment to SDGs | | | | | | | | --- | --- | --- | | | | | | Customers Why we engage Being responsive to our customer needs and expectations means delivering exceptional service and improving the customer experience. | | | | How we engage | | | | • Personal meetings • Reports | | •Reconciliation sessions •Quarterly meetings | | Important issues | | | | •Business ethics •Evacuation security, pipeline availability | | •Asset integrity •Responsible supply chain management | | How we respond | | | | •Efficient delivery of on-spec products | | •Availability of pipeline •Improved service levels | | Performance | | | | •35.4 MMbbls of oil delivered •62.8 Bscf of gas supplied | | •1.2 MMbbls of NGLs delivered including two butane cargoes to the domestic market for the first time | | Alignment to SDGs | | | | | | | | --- | --- | --- | | | | | | Government and regulators Why we engage Building and maintaining relationships based on transparency and trust with governments and regulators is the foundation of collaboration. It secures our licence to operate, advances mutually beneficial objectives and protects our ability to contribute to policy formulation. | | | | How we engage | | | | •Personal meetings •Press releases •Reports •Conferences, workshops and roundtables | | •Sponsorships and events •Capacity building programmes | | Important issues | | | | •Health and safety •Emergency preparedness •Human rights, local content development and community relations •Business ethics •Biodiversity •Infrastructure development | | •Energy security and supply •Energy transition •Responsible supply chain management •Management of the legal and regulatory environment •Technology, innovation and skills upscaling | | How we respond | | | | •Regulatory compliance •Safety priority •Collaborate to enhance the economy •Stakeholder training and capacity building | | •Sustained production •Job creation •Energy security •Climate change adaptation | | Performance | | | | • $476.5 million in royalties • $486.4 million in fees and taxes | | •$266.8 million in capex | | Alignment to SDGs | | | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 28 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Operating review #### Optimising a multi- billion barrel portfolio “Key to operations in 2025 was delivering the business at scale. I am delighted to say that we were able to deliver growth across both onshore and offshore assets. Strong drilling and project execution onshore and an intense focus on maintenance, integrity and idle well restoration activities on our offshore assets delivered on our production promise for the year. “Significant upgrades to our independently Samson Ezugworie Chief Operating Officer estimated 2P and 2C reserves and resources give us unparalleled portfolio longevity among Nigeria’s indigenous energy producers.” Aggregate production (boepd) 131,506 2P reserves (MMboe) 1,001 Number of wells drilled 11 Liquids production (bopd) 101,858 Gas production (MMscfd) 172 Carbon intensity from onshore operated assets (kgCO2e/boe) 24.3 | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 29 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Overview: Laying the foundation for growth At our 2025 Capital Markets Day (CMD), we presented our vision to build Seplat Energy into an ‘African Energy Champion’, laying out five- year growth targets (2026-2030) in our roadmap including: investing working interest (WI) $2.5-3.0 billion (JV: $6.0-7.0 billion) in capex and WI $3.5-4.0 billion in opex (JV: $8.0-9.0 billion) to grow WI production ~50% to 200 kboepd (JV: ~500 kboepd), which will generate $5.0-6.0 billion in after-tax operating cash flow, supporting the Company’s ambition to return at least $1.0 billion to shareholders over the five-year period. In 2025, we set out to lay the foundation to prepare our business for this new growth phase. On our onshore assets, we completed our End of Routine Flaring (EORF) projects and commenced zero-routine flaring operations on our Western Assets, completed the Petroleum Industry Act (PIA) conversion, grew production to its highest level in recent memory and finalised processes for ANOH first gas, which was achieved in January 2026. On our offshore assets, we prioritised investment in strategic maintenance and asset integrity activities. Our offshore infrastructure is vast and interconnected; delivery of long-term value to shareholders through growth will be significantly enhanced with improved reliability and uptime. In 2025, we completed the replacement inlet gas exchanger (IGE) at EAP, which is already delivering a material increase in NGL recovery. We completed the contracting process for the first Jack-Up drilling rig, which is currently in Nigeria, and set to start drilling from 3Q 2026. In addition, we made substantial progress towards completion of the first major gas growth project, Oso-BRT phase 1, ahead of planned first gas in 3Q 2026. #### Reserves and resources In September 2025, the Company disclosed the results of the independent review of our offshore reserves and resources, which upgraded the estimates for our offshore assets reflecting the Company’s long term business plan versus the acquisition case. During 2025, the majority of the offshore work programmes focused on maintenance and integrity activities as opposed to resource growth activities, hence the Group’s audited 2P reserves, independently assessed by Ryder Scott Company, L.P.,  reduced from 1,043 MMboe at the end of 2024 to 1,001 MMboe at the end of 2025, largely driven by production of 48.0 MMboe during the year. Notable changes: OML 53 benefitted from new well activity for the first time since 2023, and the completion of ANOH now provides a route to market for Ohaji gas, allowing it to be included in 2P reserves. The completion of Sapele Gas Plant supported the booking of NGL reserves on the Western Asset. Offshore c.6 MMbbl, previously reported as NGL was reclassified to Oil & Condensate. Working interest 2P reserves as of 1 January 2026 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Asset | Seplat | 2P reserves at 31-Dec-2025 | | | | 2P reserves at 31-Dec-2024 | | | | | Oil & Condensate | Gas | NGLs | Total | Oil & Condensate | Gas | NGLs | Total | | % | MMbbl | Bscf | MMbbl | MMboe | MMbbl | Bscf | MMbbl | MMboe | | OMLs 4, 38, 41 | 45% | 125.0 | 602.4 | 3.9 | 232.8 | 137.9 | 655.0 | — | 250.9 | | OML 40\* | 45% | 22.3 | — | — | 22.3 | 25.7 | — | — | 25.7 | | OML 53 | 40% | 52.9 | 851.9 | — | 199.8 | 49.1 | 789.0 | — | 185.1 | | OML 55 | Fin interest | 3.0 | — | — | 3.0 | 3.1 | — | — | 3.1 | | OPL 283 | 40% | 8.8 | 85.2 | — | 23.5 | 8.6 | 81.0 | — | 22.5 | | Abiala | 95% | 4.9 | 4.3 | — | 5.7 | 4.2 | — | — | 4.2 | | Seplat Onshore | | 217.1 | 1,543.8 | 3.9 | 487.2 | 228.6 | 1,525.0 | — | 491.5 | | OML 67, 68, 70, 104\*\* | 40% | 434.6 | 353.1 | 18.8 | 514.3 | 445.3 | 386.9 | 39.7 | 551.7 | | Seplat Offshore | | 434.6 | 353.1 | 18.8 | 514.3 | 445.3 | 386.9 | 39.7 | 551.7 | | Seplat Group | | 651.7 | 1,896.9 | 22.7 | 1,001.4 | 673.9 | 1,911.9 | 39.7 | 1,043.2 | ![]() \*Eland has a 45% working interest in OML 40 until the Westport loan is fully repaid in accordance with the loan agreement, reverting to 20.25%. \*\* Offshore NGL working interest is 51%, Offshore includes 17.8 MMboe working interest reserves associated with our 9.6% interest in the Amenan-Kpono non-operated field. Quantities of oil equivalent are calculated using a gas-to-oil conversion factor of 5,800 scf of gas per barrel of oil equivalent. Numbers may not add due to rounding. Amukpe flow station | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 30 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Operating Review continued Working interest 2C resources as of 1 January 2026 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Asset | Seplat | 2C resources at 31-Dec-2025 | | | | 2C resources at 31-Dec-2024 | | | | | Oil & Condensate | Gas | NGLs | Total | Oil & Condensate | Gas | NGLs | Total | | % | MMbbl | Bscf | MMbbl | MMboe | MMbbl | Bscf | MMbbl | MMboe | | OMLs 4, 38, 41 | 45% | 45.9 | 145.1 | 2.0 | 72.9 | 30.8 | 121.8 | — | 51.8 | | OML 40 | 45% | 3.1 | — | — | 3.1 | 3.6 | — | — | 3.6 | | OML 53 | 40% | 11.5 | 105.1 | — | 29.6 | 10.0 | 79.6 | — | 23.7 | | OML 55 | Fin interest | — | — | — | — | — | — | — | — | | OPL 283 | 40% | 0.7 | 10.1 | — | 2.5 | 0.9 | 3.6 | — | 1.5 | | Abiala | 95% | 0.4 | 17.4 | — | 3.4 | — | 15.0 | — | 3.0 | | Seplat Onshore | | 61.6 | 277.7 | 2.0 | 111.5 | 46.0 | 220.0 | — | 84.0 | | OML 67, 68, 70, 104\* | 40% | 449.7 | 4,350.8 | 173.8 | 1,373.7 | 361.5 | 3,489.9 | 215.0 | 1,178.2 | | Seplat Offshore | | 449.7 | 4,350.8 | 173.8 | 1,373.7 | 361.5 | 3,489.9 | 215.0 | 1,178.2 | | Seplat Group (2C) | | 511.3 | 4,628.4 | 175.8 | 1,485.1 | 407.5 | 3,709.9 | 215.0 | 1,262.2 | | Seplat Group (2P + 2C) | | 1,163.0 | 6,525.3 | 198.5 | 2,486.6 | 1,081.4 | 5,621.7 | 254.7 | 2,305.4 | \*Seplat Offshore includes 0.8 MMboe of working interest resources associated with our 9.6% interest in the Amenan-Kpono non-operated field. The Group’s audited 2C resources increased by 18% or 223 MMboe year-on-year to 1,485 MMboe, comprising 511 MMbbls of oil & condensates, 4,628 Bscf of natural gas and 176 MMboe of NGLs. Offshore experienced the bulk of positive revisions as a result of: (i) improved performance of several  fields, including Abang, Asabo, Oyot, Eku, Enang and Etim which supported further positive revisions to their respective Field Development Plans, (ii) the inclusion of Edop gas resources, this is the main driver of c.860 Bcf WI gas resource increase, (iii) reclassification of c.15 MMstb NGL from 2P to 2C, and (iv) the movement of c.57 MMstb previously reported as NGL to Oil & Condensate. The Group’s combined working interest 2P reserves and 2C resources increased 8% or 181 MMbbls year on year to 2,487 MMboe as of 31 December 2025, comprising 1,163 MMbbls liquids, 6,525 Bscf of natural gas (1,125 MMboe) and 198 MMbbls NGLs. Bonny River Terminal | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 31 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Group production Working interest production for the 12 months ended 31 December 2025 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Asset | Seplat WI | FY 2025 | | | | FY 2024 | | | | | Liquid | Gas | NGLs | Total | Liquid | Gas | NGLs | Total | | % | bopd | MMscfd | bpd | kboepd | bopd | MMscfd | bpd | kboepd | | OMLs 4, 38, 41 | 45% | 16,921 | 129.2 | — | 39,206 | 14,992 | 108.0 | — | 33,614 | | OML 40 | 45% | 11,831 | — | — | 11,831 | 11,506 | — | — | 11,525 | | OML 53 | 40% | 2,855 | — | — | 2,855 | 1,933 | — | — | 1,933 | | OPL 283 | 40% | 1,591 | — | — | 1,591 | 1,547 | — | — | 1,547 | | Seplat Onshore | | 33,198 | 129.2 | — | 55,483 | 29,978 | 108.0 | — | 48,618 | | OMLs 67, 68, 70, 104 | 40% | 63,920 | 31.6 | 4,074 | 73,445 | 3,420 | 2.5 | 272 | 4,128 | | OML 99 (A/K Field) | 9.6% | 666 | 11.1 | — | 2,578 | 48 | 0.6 | — | 201 | | Seplat Offshore | | 64,586 | 42.7 | 4,074 | 76,023 | 3,468 | 3.1 | 272 | 4,329 | | Total | | 97,784 | 172.0 | 4,074 | 131,506 | 33,446 | 111.1 | 272 | 52,947 | 2024 includes 19 days of Seplat Offshore production averaged across the calendar year Liquid production volumes as measured at the LACT (Lease Automatic Custody Transfer) unit for OMLs 4, 38 and 41; OML 40 and OPL 283 flow station. Gas conversion factor of 5.8 boe per scf. Volumes stated are subject to reconciliation and may differ from sales volumes within the period. In 2025, average daily working interest production for the Group increased 144% to 131,506 boepd (2024: 52,947 boepd), within our revised production guidance for the year (130,000 - 140,000 boepd) despite lower production in 4Q 2025. Total crude & condensate production increased by 226% to 35.7 MMbbls (2024: 11.0 MMbbls). Total gas produced during the period rose 54% to 62.8 Bscf (2024: 40.8 Bscf), while NGLs production rose to 1.5 MMbbls (2024: 0.1 MMbbls). Aggregate production for the period rose 165% to 48.0 MMboe (2024: 18.1 MMboe). On our onshore operations, average daily working interest production for 2025 was 55,483 boepd (2024: 48,618 boepd) a 14% increase. The strong growth in onshore production was underpinned by an increase in gas production on OMLs 4, 38 and 41, following commencement of operations at Sapele Integrated Gas Plant (SIGP) as well as improved efficiency from the Oben Gas Plant. Growth was also delivered in liquids volumes on both Western and Eastern Assets, following successful well delivery and improved pipeline availability. On our offshore assets, production performance was strong, delivering average daily working interest production of 76,023 boepd, representing year-on-year growth of ~9% on a pro-forma basis. The strong production performance was aided by the idle well recovery programme, and improved asset performance, offset by planned maintenance activities, declines on the non-operated A/K field and the outage at Yoho. 2025 working interest production by quarter | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | | | | | Asset | Seplat WI | 4Q 2025 | | | | 3Q 2025 | | | | 2Q 2025 | | | | 1Q 2025 | | | | | Liquid | Gas | NGLs | Total | Liquid | Gas | NGLs | Total | Liquid | Gas | NGLs | Total | Liquid | Gas | NGLs | Total | | % | kbopd | MMscfd | kbpd | kboepd | kbopd | MMscfd | kbpd | kboepd | kbopd | MMscfd | kbpd | kboepd | kbopd | MMscfd | kbpd | kboepd | | OMLs 4, 38, 41 | 45% | 16.9 | 119.7 | — | 37.6 | 16.8 | 128.6 | — | 39.0 | 17.6 | 136.9 | — | 41.2 | 16.3 | 132.0 | — | 39.1 | | OML 40 | 45% | 13.9 | — | — | 13.9 | 12.8 | — | — | 12.8 | 8.0 | — | — | 8.0 | 12.7 | — | — | 12.7 | | OML 53 | 40% | 2.9 | — | — | 2.9 | 2.8 | — | — | 2.8 | 2.8 | — | — | 2.8 | 2.9 | — | — | 2.9 | | OPL 283 | 40% | 1.7 | — | — | 1.7 | 1.7 | — | — | 1.7 | 1.4 | — | — | 1.4 | 1.5 | — | — | 1.5 | | Seplat Onshore | | 35.4 | 119.7 | — | 56.0 | 34.1 | 128.6 | — | 56.2 | 29.8 | 136.9 | — | 53.4 | 33.4 | 132.0 | — | 56.2 | | OMLs 67, 68, 70, 104 | 40% | 49.9 | 35.7 | 5.1 | 61.2 | 69.9 | 32.9 | 3.7 | 79.2 | 70.4 | 37.2 | 4.2 | 81.0 | 65.4 | 20.2 | 3.4 | 72.2 | | OML 99 (A/K Field) | 9.6% | 0.5 | 8.5 | — | 2.0 | 0.6 | 9.8 | — | 2.3 | 0.7 | 12.1 | — | 2.8 | 0.8 | 14.1 | — | 3.2 | | Seplat Offshore | | 50.5 | 44.2 | 5.1 | 63.2 | 70.5 | 42.7 | 3.7 | 81.5 | 71.1 | 49.3 | 4.2 | 83.8 | 66.2 | 34.3 | 3.4 | 75.5 | | Total | | 85.9 | 163.8 | 5.1 | 119.2 | 104.6 | 171.3 | 3.7 | 137.7 | 100.9 | 186.2 | 4.2 | 137.2 | 99.6 | 166.3 | 3.4 | 131.7 | Liquid production volumes as measured at the LACT (Lease Automatic Custody Transfer) unit for OMLs 4, 38 and 41; OML 40 and OPL 283 flow station. Gas conversion factor of 5.8 boe per scf. Volumes stated are subject to reconciliation and may differ from sales volumes within the period. Comparing 4Q 2025 with 3Q 2025, Group production declined 13% to 119,200 boepd (3Q 2025: 137,741 boepd). The decline in 4Q 2025 production was caused by, the loss of volumes due to the Yoho production platform incident and longer-than-planned ramp up of East Area Project (EAP) platform to complete the IGE replacement, and associated maintenance activities performed concurrently on oil- producing fields supported by EAP. As expected, the new IGE unit has provided significant benefit, with NGLs production rising 38% in 4Q 2025, compared to the prior 9M 2025 average, despite being offline for over one month in the quarter. NGL production continued to improve during the final quarter of the year and as such we expect to see a material improvement in NGL production in 2026. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 32 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Operating Review continued #### Seplat Offshore Crude, condensates & NGLs production In OMLs 67, 68, 70, and 104, working interest liquids production for 2025 was 64,586 bopd. As highlighted earlier, the robust liquids production for the year was aided by the successful idle well recovery programme which added gross volumes of 48.6 kbopd in the year (more details in the next section). On a QoQ basis, liquids production declined by 29% to 50,468 bopd in 4Q 2025, from 70,502 bopd in 3Q 2025. The QoQ decline was due to the shutdown of the Yoho production platform following the September fire incident as well as the planned shutdown of the EAP platform for the IGE replacement works. The EAP shutdown window was also leveraged to execute integrity activity across multiple fields, increasing deferments in the period. Natural Gas Liquids (NGLs) average daily working interest production for 2025 was 4,074 bpd. On a QoQ basis, the positive impact of the new IGE unit led to average daily working interest production rising 42% to 5,085 bpd (3Q 2025: 3,661 bpd). We continued to deliver Liquefied Petroleum Gas (‘LPG’) to the domestic market from the Bonny River terminal, with a second 12,600 MT Butane cargo delivered in December. The non-operated Amenam-Kpono (A/K) field contributed 666 bopd of liquids and 11.1 MMscf/d gas to average daily working interest production in 2025, down 49% and 29% YoY respectively. Idle well restoration programme The idle well restoration programme, formed the cornerstone of growth delivered offshore in 2025. We are pleased to report that we successfully restored 49 idle wells (in line with our target) as part of the 2025 programme. The 2025 programme was strongly value-adding, delivering an additional 48.6 kbopd gross production capacity (19.4 kbopd net working interest) during the year, at a gross cost  of approximately $60 million. In 2026, we target restoring an additional 50 wells in the next phase of the programme. As outlined at the Capital Markets Day, our base assumption is that production additions per well will decline as the idle well portfolio matures. EAP Inlet Gas Exchanger (IGE) replacement project The major capex project for our offshore assets in 2025 was the replacement of the Inlet Gas Exchange (IGE) unit on the East Area Project (EAP) production area. On 2 December, 2025, we announced the completion of the project. The work included load- out, lifting, installation, tie-in, commissioning and start-up activities which were executed during October and November. Overall, work totalling over 2.2 million man hours was completed safely, without incident. Since the announcement, we are pleased to report that gross NGLs production from the EAP complex has continued to improve, with a peak daily rate of ~33 kbopd (~16.8 kbopd net working interest) achieved in February 2026 following the injection of rich wet gas from the Usari field, confirming the success of the IGE replacement project. Yoho production platform incident In our 9M 2025 financial results, we communicated the fire incident that occurred on the Yoho production platform on 27 September, 2025.  The fire was extinguished by the platform’s safety systems which operated effectively with no injuries to personnel. The facility was offline for repairs for all of 4Q 2025. The repair process continues to advance, and we expect to re-commence production from Yoho in 2Q 2026. Yoho was producing at a net working interest rate of approximately 10 kbopd before the incident. Offshore drilling activities In 4Q 2025, we executed the Letter of Intent for the first Jack-Up drilling rig for the offshore business. The Shelf Drilling Victory rig is contracted to the Company on a firm two-year contract, commencing 3Q 2026. In 2026, we target completion of two new infill wells, starting on the Oso field. Bonny River Loading Bay | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 33 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Seplat Onshore Western Assets In OMLs 4, 38, 41, working interest liquids production rose by 13% to 16,921 bopd (2024: 14,992 bopd). The growth was aided by good performance of new wells coming onstream which offset decline and delivered growth. In addition, export route availability remained strong during the period with the two export routes, Amukpe-Escravos pipeline (AEP) and Trans Forcados pipeline (TFP) achieving 92% and 88% uptime, respectively. Total deferments on the asset declined to 16%  in 2025 (2024: 18%). Elcrest Average daily working interest production at OML 40 (inclusive of Abiala Marginal Field) rose 3% to 11,831 bopd (2024: 11,506 bopd). The  production growth reflects the impact of a full year of Abiala production which contributed 1,670 bopd to Elcrest production in 2025. Production would have been higher save for the planned 21- day third-party downtime by the line operator of the Trans Escravos Pipeline (TEP) in 2Q 2025. Production from the asset has recovered strongly in 3Q 2025, recording its strongest quarterly production in 4Q 2025. However, total deferments for 2025 increased to 27% (2024: 13%). To mitigate the evacuation constraints at Abiala, we have deployed additional 30,000 bbls storage vessels and we have also commissioned a third-party LACT unit to optimise injection into the TEP/FOT export route. Eastern Assets In OML 53, overall performance was strong, with average daily working interest production increasing by 48% to 2,855 bopd in 2025, from 1,933 bopd in 2024, due to continuous availability of the evacuation routes for the asset, principally the Trans Niger Pipeline (‘TNP’). Total pipeline availability for the TNP-BOT evacuation route for our Ohaji operations in 2025 was 87%, materially higher than the 22% recorded in 2024. We continued to supply the Waltersmith refinery during the quarter. Production from our Jisike field continued to improve as the reliability of the Antan-Ebocha- Brass terminal route was sustained through 2025. Uptime on the route improved to 86% (2024: 55%). In OPL 283, liquids production was stable, rising 3% to 1,591 bopd in 2025 (2024: 1,547 bopd). Onshore drilling activities In 2025 we delivered 11 out of the planned 13 new onshore wells. On our Western Assets, we delivered seven wells from the planned nine-well drilling program. The wells delivered were Sapele-39, Orogho-10, Orogho-11, Okporhuru-10, Oben-58, Okporhuru-11, and Amukpe-6. The two uncompleted wells (Oben-59 and Oben KOIX-02) now form part of the 2026 drilling programme. Four of the completed wells are now onstream and producing at a gross rate of 3,750 bopd and 33 MMscfd. On our Eastern Assets, we delivered the planned two-well drilling campaign as we completed OHS-10 in 2025 and OHS-11 in early 2026. Similarly, on Elcrest, we drilled two wells with Opuama-18 completed in 2025 and Opuama-19 in early 2026. #### Midstream gas business performance During the period, the Company produced 62.8 Bcf of gas, representing a 54% increase on the 40.8 Bcf reported in 2024. The average daily working interest gas production volumes increased by 55% to 172.0 MMscfd, from 111.1 MMscfd in 2024. The growth in Group gas production is reflective of the consolidation business plus new gas wells coming onstream and sustained production from the Sapele Gas Plant. On our onshore assets, average daily working interest gas production increased by 20% to 129.2 MMscfd (2024: 108.0 MMscfd). The increase was supported by commencement of production at the Sapele gas plant, new gas wells coming onstream, and continued strong production efficiency at the Oben Gas Plant. Average daily working interest gas production from our offshore assets was 42.7 MMscfd in 2025, benefiting from improved export pipeline availability and improvements in production efficiency. Sapele gas plant | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 34 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Operating Review continued Oso-BRT Gas Pipeline Capacity Upgrade project Phase 1 Oso-BRT Gas Pipeline Capacity Upgrade project is one of the major capital projects on our offshore operations. Upon completion, the project will add 120 MMscfd of gas production capacity to supply Nigeria LNG Limited (NLNG) from Oso. The engineering design phase has reached completion and procurement of long lead items have commenced. Onshore fabrication is ongoing with the project expected to reach completion in 3Q 2026. We are also pleased to report that commercials and the Gas Sales Agreement (GSA) have been firmed up with NLNG. Sapele Integrated Gas Plant (SIGP) SIGP delivered positive contributions to the Group in 2025. Commercial operations were achieved on both Mechanical Refrigeration supporting gas production which has steadily improved through the year and is currently producing at 40-50 MMscfd gross, further aided by commissioning of the SAPCOM power project. Beyond the contribution to gas sales, SIGP contributes to reducing our Scope 1 emissions, thus saving on gas flare penalties, and the plant has added 7,000 bopd in gross condensates production capacity (3,150 bopd net to Seplat) to our Western Assets liquids production, supporting the booking of 2P reserves at YE25. In addition, the plant now provides gas lift support for low pressure wells in Ovhor and Sapele, further aiding liquids production. The SIGP LPG module, which will further diversify our revenue base, was anticipated to start up in 4Q 2025, however a mechanical issue with two storage pumps has delayed commencement of commercial operations. Expected start up has been revised to mid-2026 . ANOH Gas AGPC continued its strong safety performance achieving a cumulative total of 17.8 million man hours LTI free by the end of 2025. As previously announced in January 2026, the ANOH project achieved its first‑gas milestone, marking a significant strategic achievement for both the Company and the country. Production performance has been strong, both from the upstream wells and the ANOH Gas Plant process trains. Since start up, stable daily flow between 50-70 MMscf/d of specification quality gas has been delivered to the Indorama Petrochemical Plant in Rivers State, and we are pleased to announce that first revenues from gas sales have been received by AGPC. At this time, condensate is being produced into storage, with export via the Trans Niger Pipeline (‘TNP’) due to commence shortly. We remain on stand-by for gas supply to Nigeria LNG (‘NLNG’). All mechanical, commercial and regulatory requirements have been completed, as we await clearance to commence the flow of gas. Separately, work has recommenced on the OB3 gas pipeline project, with owner NGIC implementing a revised execution strategy. As announced in 3Q 2025, Vitol provided a 12-month $30 million prepayment facility to AGPC at a cost of SOFR plus 10%. The facility was drawn and utilised for work to deliver first gas and also to meet interest payment obligations to the bank lenders. ANOH gas plant | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 35 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Ending routine flaring Reducing the carbon intensity of our operations is a key strategic focus for the Company. Seplat’s End of Routine Flaring (EORF) roadmap includes investments across our facilities to minimise Scope 1 and 2 greenhouse gas emissions and improve overall energy efficiency. We are pleased to report we officially ended routine flaring on our operated onshore operations in early 2026 following commencement of commercial operations from the ANOH Gas Plant. The carbon emissions intensity recorded on Seplat’s onshore operations for 2025 was 24.3 kg CO2/boe, 24% lower than the 32.1 kg CO2/ boe recorded in 2024. We note the progressive quarterly decline in carbon emissions intensity as we completed our EORF projects across our assets through the year. For 2025, our gross Scope 1 and Scope 2 emissions across our onshore operated assets was 899.7 ktCO2e, 37% lower than our 2020 baseline figure of 1,423.0 ktCO2e. The reduction in flared volumes had a positive impact of $9.0 million on profit before tax ($4.0 million saved in gas flaring penalties and $5.0 million in gas sales) for our onshore operated assets. We anticipate further gains in 2026 as we optimise operational activities with our EORF infrastructure, and given the impact of anticipated lower flared volumes at Ohaji. | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Emissions intensity | Unit | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | FY 2025 | FY 2024 | | Onshore operated assets | kgCO2 /boe | 21.31 | 22.26 | 23.17 | 30.65 | 24.35 | 32.06 | | Offshore operated assets | kgCO2 /boe | 54.32 | 52.64 | 45.87 | 55.54 | 51.82 | 51.00 | Carbon emissions intensity for our offshore assets was 51.8 kgCO2/boe in FY 2025. We continue to review the offshore flaring regime and will communicate our framework to end routine flaring at a future date. #### HSE performance Across the Group, we continue to prioritise safe and responsible operations as part of delivering our strategy and growing our business. In 2025, staff and contractors across our operated onshore and offshore assets recorded a total of 34.1 million man hours worked. However, as reported in our 3Q 2025 results, after achieving 29.1 million hours over nearly three years on our operated onshore assets, an operating incident was recorded on 13 September at the Oben Gas Plant, resulting in a non-fatal injury to a site personnel. The circumstances that led to the incident were investigated and necessary measures put in place to prevent future occurrence. Post the LTI recorded in September, we recorded a total of 3.6 million man hours without LTI on our operated onshore assets and 7.9 million man hours on operated assets offshore. Across the Group’s operated assets, post the event at Oben, we achieved a total of 11.4 million man hours without an LTI. | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | LTI-free hours worked | 4Q 2025\* | 3Q 2025\* | 2Q 2025 | 1Q 2025 | FY 2025\* | | Onshore operated assets | 3,144,274 | 412,404 | 2,787,286 | 2,482,479 | 3,556,678 | | Offshore operated assets | 6,810,216 | 1,055,562 | 5,302,475 | 4,759,567 | 7,865,778 | | Total operated assets | 9,954,490 | 1,467,966 | 8,089,761 | 7,242,046 | 11,422,456 | | Elcrest | 828,839 | 816,916 | 773,160 | 704,236 | 3,123,151 | | AGPC | 513,352 | 741,142 | 881,542 | 909,903 | 3,045,939 | | Total non-operated assets | 1,342,191 | 1,558,058 | 1,654,702 | 1,614,139 | 6,169,090 | \*3Q 2025, 4Q 2025 and FY 2025 data for the operated assets is from 13th September post recorded LTI at Oben. In the period, across our Group operations, we recorded nine Tier-1 Loss of Primary Containment (LOPC) incidents, of which two were fire incidents, five gas releases and two oil spills. Additionally, we recorded four Tier-2 LOPC incidents of which three were related to oil spills and one was a gas release. In 2025, we completed and officially received the ISO 45001 certificate. For ISO 14001, we completed the stage one audit in 4Q 2025 and the stage 2 audit is now scheduled for 2Q 2026. Achieving ISO 14001 will ensure our Environmental Management Systems (EMS) are in line with global best practices. #### Petroleum Industry Act (PIA) implementation status In December 2025, we announced the completion of the conversion of our operated onshore assets to the PIA fiscal regime replacing the Petroleum Profit Tax regime. This relates to assets formerly held under OMLs 4, 38, 41 and 53. The PIA supports increased investment, production growth, and improved operational efficiency, all aligned with our strategy. Seplat and its joint venture partners have now completed all technical and regulatory requirements with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). New Petroleum Mining Lease (PML) and Petroleum Prospecting License (PPL) numbers have now been issued. For our offshore assets, we have commenced engagements for PIA conversion with evaluations supporting elective conversion in 2027 ahead of the automatic conversion in 2031 (upon licence renewals). Engagements with key stakeholders are ongoing and we continue to target completion of the conversion process by 2027 subject to regulatory approvals. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 36 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Financialreview #### Delivering record results 2025 results showcased the scale of the new business, delivering record revenue of $2.73 billion (Naira 4.14 trillion), EBITDA of $1.27 billion (Naira 1.93 trillion) and post-tax cash flow of $1.17 billion (Naira 1.79 trillion). Our strong financial performance supported a record dividend of USD 25.0 cents for FY2025, up 52% on the prior year. We continued to strengthen our balance sheet and reduce gross debt, while diversifying our lending pool and upscaling available facilities. Eleanor Adaralegbe Chief Financial Officer #### We are positioned well to deliver on our ambitions for growth in production andshareholderreturns. Adjusted EBITDA #### $1,275 million (+137% from $539 million in 2024) Total capex #### $267 million (+ 28% from $208 million in 2024) Post-tax cashflow from operations #### $1,166 million (+ 276% from $310 million in 2023) Sapele Note: that the 2025 numbers reflect the consolidated Group results, while for 2024, they reflect consolidation of 19 days of offshore operations unless otherwise stated. The Group completed the final details of the acquisition of MPNU during the one-year measurement period as permitted by IFRS 3 (Business combinations) and as a result recognised the final fair values of assets acquired and liabilities. Comparative figures for 2024 have been restated to align with final PPA valuation report, see Note 8. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 37 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | The Group’s 2025 result clearly evidences the first year of transformational change seen post the MPNU acquisition. This is further supported by strong growth in onshore activities. During the year we generated substantial cash flows, which were deployed to enhance our balance sheet position, increase investments in our assets and deliver record distributions to shareholders. In 2026, we continue to focus on growth as well as optimising our financial position further as we implement the transition to PIA; which was achieved for our onshore operated assets in 4Q 2025. Revenue Total revenue grew 144% YoY, to $2,725.9 million (N4,135 billion), from $1,116.2 million (N1,652 billion) in 2024, following a 185% increase in crude liftings and 54% increase in gas sales, partially offset by average realised oil and gas prices, which fell 12% and 4% YoY respectively. Of note, crude oil revenue contributed 91% of revenues in 2025 compared to 89% in 2024, reflecting the higher oil contribution from our offshore operations, while gas and NGL contributed 7% and 2% respectively. | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Description | Units | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | q/q change | FY 2025 | FY 2024 | y/y change | | Oil volumes lifted | mmbbl | 7.4 | 10.1 | 7.9 | 10.1 | (27)% | 35.4 | 12.4 | 185% | | NGL volumes lifted | kbbl | 458.4 | 454.7 | 142.2 | 138.0 | 1% | 1,193.2 | — | nm | | Gas sales volume | Bscf | 16.8 | 14.6 | 16.8 | 14.6 | 15% | 62.8 | 40.8 | 54% | | Average realised oil price | US$/bbl | 65.6 | 70.8 | 67.4 | 76.4 | (7)% | 70.29 | 80.04 | (12)% | | Average Brent crude oil price | US$/bbl | 63.0 | 68.1 | 66.5 | 74.9 | (7)% | 68.07 | 79.86 | (15)% | | Premium (discount) to Brent | US$/bbl | 2.5 | 2.7 | 0.9 | 1.6 | (8)% | 2.22 | 0.18 | 1133% | | Average realised NGL price | US$/bbl | 45.4 | 50.9 | 34.8 | 44.8 | (11)% | 45.14 | — | nm | | Average realised gas price | US$/mscf | 2.7 | 3.1 | 3.0 | 3.0 | (12)% | 2.95 | 3.06 | (4)% | | Crude oil revenue | US$m | 483.4 | 711.2 | 533.4 | 759.8 | (32)% | 2,487.8 | 991.0 | 151% | | Gas revenue | US$m | 45.0 | 44.6 | 50.1 | 44.5 | 1% | 184.2 | 124.9 | 47% | | NGL revenue | US$m | 20.8 | 23.2 | 4.9 | 5.0 | (10)% | 53.9 | 0.3 | 17867% | | Total revenue | US$m | 549.2 | 779.0 | 588.4 | 809.3 | (29)% | 2,725.9 | 1,116.2 | 144% | | (Overlift)/underlift \* | US$m | 23.0 | (38.8) | 96.1 | (53.5) | nm | 26.9 | 10.5 | 156% | | Total revenue adjusted for (overlift)/ underlift | US$m | 572.3 | 740.2 | 684.6 | 755.8 | (23)% | 2,752.7 | 1,126.7 | 144% | \*Overlift/underlift balance in FY 2025 comprised primarily of NGL underlift valued at $27 million. YoY, across segments, crude oil revenue increased 151% as a result of 185% growth in liquids volume lifted, partially offset by lower realised oil price which averaged $70.29/bbl in 2025 (FY 2024: $80.04/bbl.). Gas revenue rose 47% in the year, aided by higher sales volumes (54% YoY) following the commencement of gas sales from the Sapele Integrated Gas Plant and consolidation of offshore gas sales. In 4Q 2025, reported revenue declined 29% QoQ to $549.2 million (N833.1 billion). The decline was driven by lower crude oil liftings (down 27% QoQ), as a result of (i) the shutdown on the Yoho production platform which was offline for the quarter, (ii)higher turnaround maintenance offshore with operations run parallel to the IGE replacement operations, and (iii)price, with our average realised oil price declining 7% QoQ. Modestly lower QoQ NGL prices meant NGL revenue fell 10% QoQ, however this was offset by increased gas revenue, where volumes grew 15%% QoQ. The Group's average reconciliation loss factor rose slightly to 3.9% in 2025 (2024: 3.4%). Note: that the 2025 numbers reflect the consolidated Group results, while for 2024, they reflect consolidation of 19 days of offshore operations unless otherwise stated. The Group completed the final details of the acquisition of MPNU during the one-year measurement period as permitted by IFRS 3 (Business combinations) and as a result recognised the final fair values of assets acquired and liabilities. Comparative figures for 2024 have been restated to align with final PPA valuation report, see Note 8. #### Cost of sales | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Description | Units | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | q/q change | FY 2025 | FY 2024 Restated | y/y change | | Non-production cost: | US$'m | 292.4 | 168.4 | 300.7 | 307.2 | 74% | 1,068.7 | 351.4 | 204% | | Royalties | US$'m | 94.1 | 129.2 | 121.8 | 130.2 | (27)% | 475.3 | 146.0 | 226% | | Depletion, depreciation, & amortisation | US$'m | 190.9 | 25.5 | 168.8 | 164.1 | 649% | 549.2 | 193.8 | 183% | | Regulatory fees/levies\* | US$'m | 7.4 | 13.8 | 10.1 | 12.9 | (46)% | 44.2 | 11.6 | 281% | | Production cost: | US$'m | 231.8 | 215.6 | 156.1 | 149.1 | 8% | 752.6 | 412.4 | 82% | | Crude handling fees | US$'m | 18.6 | 20.6 | 19.7 | 18.9 | (10)% | 77.8 | 66.9 | 16% | | Barging & trucking | US$'m | 5.5 | 7.1 | 7.8 | 5.7 | (23)% | 26.1 | 17.1 | 53% | | Operations & maintenance (O&M) \*\* | US$'m | 207.7 | 187.9 | 128.6 | 124.6 | 11% | 648.7 | 328.3 | 98% | | Production opex per boe \*\* | US$/boe | 21.1 | 17.0 | 12.5 | 12.6 | 24% | 15.7 | 22.8 | (31)% | | Cost of sales | US$'m | 524.2 | 384.0 | 456.8 | 456.3 | 37% | 1,821.3 | 763.8 | 138% | \*Regulatory fees & levies include NDDC and NESS levies \*\* FY 2024 O&M includes a non-production related cost of $123 million (N189 billion) related to fair value adjustment of Inventory on business combination sold as at YE 2024. Adjusted Production Opex per boe on underlying operations of $16.5/boe, 5% higher than 2025. Refer to Note 8 for details of 2024 restatement | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 38 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Financial Review continued Production costs, which includes expenses related to crude-handling fees, barging & trucking, and O&M expenses, amounted to $752.6 million (N1,142 billion) in 2025, 2024: $412.4 million(N610.2 billion). The increase, beyond the combination, was driven by the planned substantial increase in O&M expenses on our offshore assets. These costs reflect our focus on carrying out necessary repairs and maintenance designed to improve long term asset integrity and reliability that will lay a foundation underpinning our future growth ambitions. For context, offshore production costs represented approximately 71% of Group production costs compared to 58% of Group production volumes in the period.  On a QoQ basis, 4Q 2025 Group production costs were up 8% to $231.8 million (N351.7 billion) reflecting the typical cycle of higher costs in the final quarter of the year, combined with higher O&M activities as we completed the replacement of the IGE module on EAP. On a per boe basis, 2025 unit production costs of $15.7/boe were above guidance ($14.0 - $15.0/boe), predominantly reflecting the impact of 4Q 2025 production, which was below plan. Non-production costs for 2025 increased by 204% to $1,068.7 million (N1,621.1 billion), comprising $475.3 million (N721.1 billion) in royalties (2024: $146.0 million/N216.0 billion), $549.2 million (N833.1 billion) in depreciation, depletion, and amortisation (2024: $193.8 million/N286.7 billion), and regulatory fees/levies of $44.2 million (N66.0 billion) (2024: $11.6 million/N17.2 billion). The higher non-production costs reflects the scale of the consolidated business. On a QoQ basis, non-production cost grew 74%, a function of a return to a normalised run-rate following the one-time adjustment in 3Q 2025, following completion of the offshore Competent Person’s Report (CPR) which increased offshore reserves. Operating profit and Adjusted EBITDA | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Description | Units | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | q/q change | FY 2025 | FY 2024 Restated | y/y change | | Gross profit | US$'m | 25.0 | 394.9 | 131.6 | 353.0 | (94)% | 904.5 | 352.4 | 157% | | Other income | US$'m | 30.9 | (24.5) | 95.4 | (44.4) | (227)% | 57.5 | 37.1 | 55% | | Gain on bargain purchase | US$'m | — | — | — | — | nm | — | 100.8 | (100)% | | General and administrative expenses | US$'m | (79.7) | (34.7) | (70.2) | (64.9) | 129% | (249.5) | (145.7) | 71% | | Impairment loss | US$'m | (6.9) | (5.8) | (2.5) | (0.5) | 18% | (15.7) | (10.6) | 49% | | Fair value loss | US$'m | (5.2) | (6.7) | (4.6) | (5.0) | (22)% | (21.6) | (7.3) | 193% | | Operating profit (loss) | US$'m | (35.8) | 323.2 | 149.6 | 238.2 | (111)% | 675.2 | 326.7 | 107% | | Adjusted EBITDA | US$'m | 163.5 | 376.9 | 334.4 | 400.6 | (57)% | 1,275.4 | 539.0 | 137% | 2025 gross profit increased by 157% to $904.5 million (N1,372.3 billion) from $352.4 (N521.4 billion) million in 2024, reflecting the step- change in scale of the business. On a sequential basis, 4Q 2025 gross profit declined 94% to $25.0 million(N37.9 billion) due to a combination of lower crude oil liftings (down 27% QoQ), weaker realised crude oil price (down 7% QoQ), and higher production costs (up 8% QoQ). General and administrative (G&A) expenses amounted to $249.5 million (N378.5 billion), a 71% growth from $145.7 million (N215.7 billion) in 2024, reflecting the impact of a bigger overall operations. G&A cost per boe for the Group declined 35.5% to $5.2/boe in FY 2025, from $8.2/boe in 2024, reflecting the benefits of scale from our combined operations. 4Q 2025 G&A expenses rose 120% QoQ, which represents a return to normalised operating levels. This follows an atypically low G&A reporting in 3Q 2025 due to cost reconciliation and integrations of our offshore and onshore reporting structures. Other income includes an underlift adjustment of $26.9 million (N40.8 billion) in 2025, $7.7 million (N11.7 billion) from tariff income from third- party usage of our pipelines and $18.6 million (N28.3 billion) from realised gain on foreign exchange and $4.1 million (N6.2 billion) from other income sources like JV billing interest and finance fees. Overall, we reported operating profit of $675.2 million (N1,024.6 billion),margin of 24.8% for 2025, from $326.7 million (N483.4 billion),margin of 29.3% in 2024. On a QoQ basis, we report an operating loss of $35.8 million (N54.3 billion) due to the factors outlined above. After adjusting for non-cash items such as impairment, fair value, and exchange gains/losses, FY 2025 adjusted EBITDA was $1,275.4 million (N1,934.9 billion) (2024: $539.0 million/N797.6 billion), at a margin of 46.8% (2024: 48.3%). Net result | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Description | Units | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | q/q change | FY 2025 | FY 2024 Restated | y/y change | | Profit before tax | US$'m | (72.2) | 277.2 | 85.5 | 207.4 | nm | 497.8 | 266.7 | 87% | | Total income tax expense: | US$'m | 136.2 | (209.5) | (81.4) | (184.1) | nm | (338.8) | (126.2) | 168% | | Net income | US$'m | 64.0 | 67.7 | 4.1 | 23.3 | (6)% | 159.1 | 140.5 | 13% | | Profit attributable to holders of equity | US$'m | 68.1 | 68.5 | 3.4 | 20.2 | (1)% | 160.1 | 149.0 | 7% | | Earnings per share | US$c'shr | 0.11 | 0.12 | 0.01 | 0.03 | (1)% | 0.27 | 0.25 | 7% | 2025 profit before tax rose 87% to $497.8 million (N755.5 billion), compared to $266.7 million (N394.7 billion) in 2024. Net Income increased 13% YoY to $159.1 million (N241.6 billion) from  $140.5 million (N207.9 billion) in 2024, with growth in PBT softened by the growth in income tax expenses (see more details on taxation below). The profit attributable to equity holders of the parent Company, representing shareholders, was $160.1 million (N243.2 billion) in 2025, which resulted in basic earnings per share of $0.27 for the period (2024: $0.25/share), a growth of 7%. #### Taxation The income tax expense of $338.8 million (2024: $126.2million) includes a current tax charge of $509.3 million (2024: $193.7 million) and a deferred tax credit of $170.9 million (2024: $67.4 million). The effective tax rate for the year came in at 68.0% (2024:  47.3%) below guidance of 80% - 85% largely due to the higher deferred tax credit. The deferred tax credit reflects the benefits of PIA conversion for onshore assets which reduces future tax liabilities through lower deferred tax rate. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 39 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Cashflows from operating activities | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Description | Units | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | q/q change | FY 2025 | FY 2024 Restated | y/y change | | Profit before tax | US$'m | (72.2) | 277.2 | 85.5 | 207.4 | 224% | 497.8 | 266.7 | 87% | | Non cash adjustments | US$'m | 253.7 | 103.3 | 262.9 | 213.3 | (61)% | 833.2 | 205.7 | 305% | | Working capital changes | US$'m | 95.4 | 248.8 | 111.2 | (114.2) | 124% | 341.1 | (88.9) | (484)% | | Pre-tax cashflow from operating activities | US$'m | 276.8 | 629.2 | 459.7 | 306.5 | 37% | 1,672.2 | 383.5 | 336% | | Cash taxes | US$'m | (118.2) | (90.9) | (177.3) | (36.2) | (49)% | (422.5) | (68.0) | 521% | | Others\* | US$'m | (3.9) | (14.4) | (12.1) | (53.7) | 19% | (84.1) | (5.5) | 1439% | | Post-tax cashflow from operating activities | US$’m | 154.8 | 523.9 | 270.3 | 216.6 | 94% | 1,165.6 | 310.0 | 276% | \*Others include PAYE tax on vested shares paid, hedge premium, contribution to plan assets and restricted cash movements During the period, the Company generated $1,672.2 million (N2,536 billion) pre-tax operating cash from its operating activities, a 336% increase from the $383.5 million (N567.5 billion) generated in 2024, predominantly due to the step change in scale from consolidating our offshore business. After-tax cash flow from operating activities amounted to $1,165.6 million (N1,768.3 billion) in 2025, compared to $310.0 million (N458.7 billion) in 2024, and includes cash tax payments made during the year of $423 million (N641.0 billion), hedging premiums of $31.3 million(N47.5 billion) and for the offshore business, a $49.7 million (N75.5 billion) contribution for the defined benefit scheme paid during the current period. Overall, the cash taxes paid represent 25% of operating cashflow, an increase from 18% recorded in 2024 as cash tax payments continued to reflect the tax-paying position of the enlarged Group. On working capital, onshore cash call collections remained robust. On OMLs 4, 38 & 41 and OML 40, we received $290.1 million (N440.1 billion) in cash calls from our JV partner, bringing the receivables balance to $84.5 million (N121.3 billion) (2024: $41.4 million/N63.6 billion); growth in the balance is due to timing and significant balances have now been received after year end. On OML 53, cash call obligations are fully paid up. Similarly, in our offshore business, cash call settlements remain positive, with the receivables balance on the SEPNU/ NUIMS JV falling to $201.7 million (N289 billion) at the end of 2025, down from $296.0 million (N454.6 billion) at end 2024. #### Cashflows from investing activities | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Description | Units | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | q/q change | FY 2025 | FY 2024 | y/y change | | Post-tax cashflow from operating activities (A) | US$’m | 154.8 | 523.9 | 270.3 | 216.6 | 94% | 1,165.6 | 310.0 | 276% | | Capital expenditure (B) | US$'m | (86.8) | (83.6) | (56.2) | (40.2) | 49% | (266.8) | (208.1) | 28% | | Additional investment in joint venture | US$'m | — | — | (10.0) | (10.0) | (100)% | (20.0) | — | nm | | Payments for acquisition of a subsidiary | US$'m | (262.0) | (64.3) | — | — | nm | (326.2) | (672.3) | (51)% | | Cash acquired from acquiree | US$'m | — | — | — | — | nm | — | 182.7 | (100)% | | Others\* | US$'m | 4.4 | 2.5 | 3.1 | 3.6 | (19)% | 13.6 | 38.8 | (65)% | | Net cash outflows used in investing activities | US$'m | (344.4) | (145.3) | (63.1) | (46.6) | 130% | (599.4) | (658.9) | (9)% | | Free cashflow (A-B) | US$’m | 68.0 | 440.3 | 214.1 | 176.3 | 106% | 898.7 | 101.8 | 783% | \*Others include interest received, and deposit for asset held for sale. In 2025, the total net cash outflow from investing activities was $599.4 million (N909.6 billion), down 9% compared to $658.9 million (N998.4 billion) net investments in 2024. Cash capital expenditure on oil & gas assets during the period was $261 million (N396.1 billion) (2024: $203 million/297.5 billion), including replacement of the IGE on EAP. Total capex (including other fixed assets) was $266.8 million (N405.0 billion) (2024: $208.1 million/N266.8 billion). Capital expenditure was marginally below our revised guidance of $270 - $290 million, however within our initial guidance of $260 - $320 million for 2025. During the year, we made additional payments to ExxonMobil totalling $326.2 million (N494.9 billion). As we disclosed in our 9M 2025 results, we paid $64.3 million in respect of loans and working capital items settled by ExxonMobil on behalf of MPNU at the time of Change in Control (CiC). In addition, during 4Q 2025 we paid the amount deferred at the time of completion ($258 million), along with a final reconciliation payment on the original transaction amounting to $4 million. We note that the JV-related element of these deferred costs has been recovered from our JV partner, reflected in the working capital movements in cash flow from operations. This brings the total consideration for the acquisition of MPNU to $1,126.5 million. We note that no contingent payment in respect of 2025 performance is due on the transaction. The Company reports 2025 free cash flow of $898.7 million (N1372.1 billion) (2024: $101.8 million/N161.2 billion) reflecting the step change in scale of the business, calculated before adjusting for working capital and the one-off additional transaction-related payments. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 40 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Financial Review continued #### Cash flows from financing activities | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Description | Units | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | q/q change | FY 2025 | FY 2024 | y/y change | | Repayments of loans and borrowings | US$'m | — | (111.0) | — | (919.3) | (100)% | (1,030.3) | (38.5) | 2575% | | Proceeds from loans and borrowings | US$'m | 25.0 | — | — | 650.0 | nm | 675.0 | 650.0 | 4% | | Interest paid on loans and borrowings | US$'m | (9.4) | (41.7) | (13.1) | (36.4) | (77)% | (100.6) | (62.5) | 61% | | Other finance costs | US$'m | (5.6) | (0.9) | (35.4) | (5.1) | 532% | (47.0) | (21.5) | 119% | | Lease interest & principal payments | US$’m | (4.8) | (28.6) | — | — | (83)% | (33.5) | (7.0) | 375% | | Dividends paid | US$’m | (44.9) | (27.6) | (67.7) | — | 63% | (140.2) | (91.4) | 53% | | Shares purchased for employees | US$'m | (20.9) | (10.0) | — | — | 109% | (30.9) | (19.5) | 59% | | Net cash outflows used in financing activities | US$'m | (60.7) | (219.8) | (116.1) | (310.7) | (72)% | (707.4) | 409.6 | (273)% | Net cash outflow from financing activities was $707.4 million (N1,073.2 billion), compared to a net cash inflow of $409.6 million (N606.1 billion) in 2024. The net cash outflow recorded in the year was primarily driven by a reduction in the gross debt position of the Company as it paid down all outstanding amounts on the revolving credit facility (RCF) as well as the Westport Junior Reserve Based Lending (RBL) facility (more details in debt movements section). The 61% increase in interest paid on loans and borrowings to $100.6 million (N152.6 billion) (2024: $62.5 million/N92.5 billion) was due to the higher interest rate on the refinanced $650 million Eurobond as well as the higher gross debt balance relative to 2024 (due to the addition of the $300 million Advanced Payment Facility). The increase in other finance costs relates to transaction costs on issuance of the $650.0 million Eurobond and withholding tax payment on bond coupon payment. The lease interest and principal payments of $33.5 million (N50.8 billion) (2024: $7.0 million/N10.4 billion) are related to our offshore operations, representing payments made for property and aircraft leases. During the period, we paid $140.2 million (N212.7 billion) in dividends to our shareholders, representing a 53% increase on 2024’s $91.4 million (N135.2 billion). We spent $30.9 million (N46.9 billion) on shares which were purchased for the obligations under the Company’s long-term incentive plan (2024: $19.5 million/N28.9 billion). #### Debt movements Revolving credit facility (RCF) As previously disclosed, on 28 July the Company repaid the outstanding $100 million (N151 billion) balance on its RCF. As of the reporting date the RCF remained undrawn and fully available. Post period end, we are pleased to announce, that on 31 January 2026, the Company refinanced and upscaled its existing facility to a new $400 million (N607 billion) revolving credit facility (up from $350 million/N531 billion previously), while at the same time lowering the borrowing cost with the new facility interest rate set at SOFR plus 4.5% (down from SOFR plus 5% plus CAS of 0.26%), achieving a saving of 76bps. The facility will run until October 2029. Westport Junior reserve based lending (RBL) offtake facility During the year, the Company repaid the $11 million (N17 billion) outstanding under the Westport Junior RBL and subsequently cancelled the facility. Westport Senior RBL facility On 30 September 2025 the Group refinanced its existing $110 million (N167 billion) senior RBL facility into a new five-year $80 million (N121 billion) RBL facility. The new facility (Westport RBL facility) is supported by four lenders (previously three), and carries an interest rate of SOFR plus 6.5% for the first three years, increasing to SOFR plus 7.0% for the remainder of the term if more than 50% of the facility is drawn at that time. This is a c.176 bps improvement from SOFR plus CAS plus 8.0% on the previous Senior facility, and a c.426 bps improvement from SOFR plus CAS plus 10.5% on the now cancelled Junior facility. In 4Q 2025, we drew down an additional $25.0 million (N37.9 billion) under the facility, taking the total amount drawn to date to $55.25 million (N83.8 billion). The facility begins amortising in June 2027, however, current drawdown remains below commitment levels until June 2028. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 41 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Liquidity The balance sheet continues to remain healthy with a solid liquidity position. | | | | | | --- | --- | --- | --- | | | | | | | Description | Units | FY 2025\* | FY 2024\* | | Senior loan notes (Eurobonds) | US$'m | 649.7 | 657.6 | | Westport Junior reserve based lending facility | US$'m | 0.0 | 10.3 | | Westport Senior reserve based lending  facility | US$'m | 53.5 | 51.1 | | $350 million revolving credit facility | US$'m | 0.0 | 351.5 | | $300 million advance payment facility | US$'m | 302.4 | 297.0 | | Total borrowings | US$'m | 1,005.6 | 1,367.5 | | Cash and cash equivalents (excluding restricted cash) \*\*\* | US$'m | 332.3 | 469.9 | | Net debt | US$'m | 673.3 | 897.8 | | Adjusted pro-forma EBITDA\*\* | US$'m | 1,275.4 | 1,353.5 | | Net debt-to-trailing 12 months EBITDA | x | 0.53 | 0.66 | \*Including amortised interest and accrual for the RCF (undrawn) commitment fee \*\*FY 2024 adjusted EBITDA represents the pro-forma adjusted EBITDA for onshore and offshore combined, FY 2025 adjusted EBITDA is the reported group adjusted EBITDA \*\*\*Restricted cash was $126 million at FY 2025 Gross debt closed the year at $1,005.6 million (N1,443.3 billion) (2024: $1,367.5 million/N2,099.8 billion), down 26% YoY, and cash at bank of $332.3 million (N478.0 billion) (2024: $469.9million/N721.4 billion), with net debt at $673.3 million (N 966.3 billion) (2024: $897.8 million/ N1,378.4 billion). The decline in gross debt balance reflects payment in full of the prior $350 million/N531 billion revolving credit facility and the outstanding amounts under the Westport Junior RBL. We continue to monitor the Net debt-to-EBITDA ratio of the Company with a focus to keep it under 1.5x (debt covenant - 3.0x). At the end of 2025, net debt-to-EBITDA ratio closed at 0.53x, down from proforma net debt-to-EBITDA of 0.66x in 2024. #### Dividend The Board has approved a dividend of USD 8.3 cents (N125.96) per share for 4Q 2025 (subject to appropriate WHT), comprised of the minimum quarterly base dividend (USD 5.0 cents/N75.88 per share), and a special dividend of USD 3.3 cents/N50.08 per share. The dividend will be subject to shareholder approval at the Annual General Meeting which will be held on 20 May 2026 in Lagos, Nigeria. If approved, the 4Q 2025 dividend brings the total proposed dividend for 2025 to USD 25.0 cents (N379.39) per share (2024: 16.5 US cents/ N253.33 per share). The 4Q 2025 dividend is a 20% increase on 4Q 2024 dividend while the total dividend for 2025 is 52% higher than 2024’s dividend, reflecting the enhanced scale of the business, the robust cash generation in 2025 and our commitment to return cash to shareholders. | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | Reporting Period | Proposed dividend (US cents per share) | Announcement date | Qualification date (LSE) | Qualification date (NGX) | Payment date | | 1Q 2025 | 4.6 | 28. April 2025 | 23. May 2025 | 23. May 2025 | 6. June 2025 | | 2Q 2025 | 4.6 | 30. July 2025 | 12. August 2025 | 12. August 2025 | 28. August 2025 | | 3Q 2025 | 7.5 | 30. October 2025 | 13. November 2025 | 13. November 2025 | 28. November 2025 | | 4Q 2025 | 8.3 | 26. February 2026 | 15. May 2026 | 15. May 2026 | 29. May 2026 | | Total 2025 | 25.0 | | | | | #### Hedging Seplat Energy’s hedging policy aims to guarantee appropriate levels of cash flow assurance in times of oil price weakness and volatility. The total volume hedged in 2025 was 21.0 MMbbls at a weighted average premium of $0.91/bbl (N13.81/bbl) and a weighted average strike price of $53.8/bbl (N816.45/bbl). The 2026 targeted hedging volumes increased from a quarterly run rate of 5.25 MMbbls in 2025 to 6.00 MMbbls. Total volumes hedged for 2026 to date are 18.0 MMbbls at a weighted average cost of $1.25/bbl (N18.97/bbl). Our simple put option hedge strategy remains unchanged. | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | 2025/2026 Oil Hedges (Brent Put Options) | Unit | 3Q 2026 | 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | | Volumes hedged | MMbbls | 6.00 | 6.00 | 6.00 | 5.25 | 5.25 | 5.25 | 5.25 | | Price hedged | US$/bbl | 51.7 | 50.0 | 52.5 | 50.0 | 55.0 | 55.0 | 55.0 | | Puts cost | US$/bbl | 1.36 | 1.18 | 1.21 | 1.34 | 0.87 | 0.97 | 0.44 | #### Credit ratings Seplat maintains corporate credit ratings with Moody's Investor Services (Moody's), Standard & Poor's Rating Services (S&P) and Fitch Ratings  (Fitch). The current corporate ratings are as follows: (i) Moody's B2 (stable); (ii) S&P B (positive); (iii) Fitch B (stable). Our corporate ratings were upgraded by Fitch and Moody’s in 2Q 2025, while S&P changed our outlook from stable to positive in November 2025. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 42 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Key Performance Indicators #### Monitoring our progress Seplat’s key performance indicators are fully aligned with our aim to build an African energy champion, incorporating considerations for risk management and remuneration to effectively measure our progress. | | | | | | --- | --- | --- | --- | | | | | | | | | | | | | Link to principal risks | | | | | | Asset integrity | | | | | Catastrophic events | | | | | Cybersecurity | | | | | Personal and process safety | | | | | Supply chain management | | | | | Market, credit, and liquidity risk | | | | Link to risks-24.svg | Ethical and governance misconduct | | | | | Disputes and contingent liabilities | | | | Link to risks-26.svg | Compliance and controls risk | | | | | Financial and non-financial reporting risk | | | | Link to risks-28.svg | Cultural integration | | | | Link to risks-29.svg | Industrial action | | | | | Geo-political risk | | | | | Community agitations and security risks | | | | | Changes and uncertainties in regulatory and fiscal framework | | | | Link to risks-33.svg | Social risk | | | | | Decarbonisation | | | | | Environmental damage and climate related risks | | | | Alignment with our strategic priorities | | | | | | Focus on environmental care and reporting | | | | | Maximise returns for all stakeholders | | | | | Drive social development | | | | | Upstream | | | | | Midstream gas | | | | | New energy | | | | | Remuneration | | ![]() Net working interest production ![]() (boepd) 131,506 ![53]() | | | --- | | | | | | | | | | | 19,482 19,671 19,369 | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | n | Oil | n | Gas | n | NGLs | Definition Our share of oil and gas produced during the year proportionate to our working interest in each producing block. Volumes expressed are as measured at our facilities, prior to any reconciliation losses. Relevance An indicator of production strength at our current blocks and the impact of organic and inorganic development projects. Progress In 2025, we delivered WI oil and gas production of 131,506 boepd, a 144% increase relative to 2024. WI production was split between liquids of 33,465 bopd, and gas of 111.4 MMscfd. Reconciliation losses for the year were 3.4%. | | | --- | | | | In line with expectations | Outlook Working interest production guidance for 2026 is set at 135,000 - 155,000 boepd. The projected growth in production is underpinned by the successful idle well restoration programme, strong drilling performance, wet gas sales to ANOH and restoration of the Yoho production platform. Risk management We have an in-depth understanding of the subsurface and constantly monitors individual well and reservoir performance in order to optimise the drawdown rate on each well and maximise long-term economic recovery of oil and gas from the reservoirs. We have also prioritised the creation and use of alternative oil export routes to mitigate high concentration risk. Link to principal risks Link to strategy Production opex ($/boe) #### $15.7/boe ![1405]() | | | --- | | | | | | | | | | | 2024  includes a non-production related cost of $123 million related to fair value adjustment of inventory on business combination sold as at YE 2024. Adjusted production opex per boe on underlying operations of $16.5/boe. Definition The operating costs (excluding non- cashflow expenses, and financing costs) net to the Company divided by our working interest barrels of oil  and equivalent produced in the period. Relevance An indicator of how cost efficiently we are able to utilise our oil and gas reserves. By controlling our operating cost base, we can be more resilient when oil prices are low, and more profitable when high. Progress Production cost per unit of production closed at $15.70/boe, predominantly due to lower production in 4Q 2025. It also reflects increased maintenance spending on our offshore asset to improve asset integrity and reliability. | | | --- | | | | Below expectations | Outlook We continue to implement cost control measures to ensure stability in production costs. We also continue to drive improvement in production which will help to spread the fixed component of production costs. Risk management We carefully monitor expenditures and continually analyse our underlying cost base, making comparisons to prevailing market rates in order to ensure that we can identify and action cost savings and efficiency gains to remain competitive and maximise returns. Link to principal risks Link to strategy | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 43 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Carbon intensity (kg/boe) 24.3 ![2199023259335]() | | | --- | | | | | | | | | | | Definition A measure of Scope 1 and 2 emissions per unit of production within Seplat's operated assets and facilities. Relevance An assessment of our carbon footprint and its impact on our operations. Progress The Company's carbon intensity declined 24% to 24.3 kg CO2/boe in 2025. The decline reflects commencement of zero- routine flaring operations on our Western Assets. We also closed out all End of Routine Flaring (EORF) projects across our onshore assets in 2025. | | | --- | | | | In line with expectations | Outlook We expect to ramp up and conclude operationalisation of our EORF projects on our Eastern Assets in 2026, following commencement of production from the ANOH Gas Plant. This will achieve zero- routine flaring on our operated Eastern Assets. Subsequently, we will officially end routine flaring on our operated onshore assets. We are assessing the flaring regime on our offshore assets and will present our roadmap for reducing flaring on them. Risk management We recognise that the business faces significant risks from climate change, and we have upgraded climate-related risk as a principal risk within our risk management framework. Our primary goal is to reduce GHG emissions from direct operations and we have established a broad set of investment activities designed to achieve this, as well as to offset residual emissions. Link to principal risks Link to strategy Lost Time Injury frequency 0.025 ![2199023260862]() | | | --- | | | | | | | | | | | | | | --- | | | | | | | | | | | Definition The number of lost-time injuries recorded per million man-hours worked. Relevance An indicator of health and safety performance that is widely established within the oil and gas industry. Progress We recorded an LTI in 2025 on our operated onshore assets after 29.1 million man-hours worked without LTI for three years. Post the LTI occurrence, we have achieved 11.4 million man hours worked without an LTI on our operated onshore and offshore operations. LTIF for the year was 0.025. | | | --- | | | | Below expectations | Outlook In 2026, we will continue to strengthen our HSE systems and protocols with a focus on minimising the frequency of LTIs across all our operations. Risk management We have in place extensive and well- developed HSE policies and reporting procedures with an emphasis on the early identification and mitigation of HSE risks. We closely monitor our HSE performance and constantly evaluate ways to improve our performance. Link to principal risks Link to strategy Cashflow from operations (million) $1,672m ![2199023263929]() Definition Our operating cash flow in the year before tax. Relevance An indicator of the cash-generative potential of our producing oil and gas blocks. Progress Cashflow from operations increased to $1,672 million in 2025. The increase in operating cash flow reflects the step- change-in-scale in the business following consolidation of the offshore and onshore business. | | | --- | | | | Above expectations | Outlook We expect cashflow generation to remain strong in 2026, supported by improved production, cost efficiency, and possible favourable commodity price movements. Risk management Careful financial management and high levels of operating efficiency allow us to ensure positive cash generation from our operating activities. Link to principal risks Link to strategy | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 44 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Key Performance Indicators continued Capital expenditure (million) $267m ![2199023264806]() | | | --- | | | | | | | | | | | Definition The total amount of capital expenditure invested during the year, excluding acquisitions costs. Relevance An indicator of how much we invest in production, development, exploration and appraisal activities. Progress Capital expenditure for the period increased to $266.8 million in 2025, reflecting a robust drilling campaign, and commencement of investment in our offshore assets following completion of the Inlet Gas Exchange (IGE) replacement at East Area Project (EAP). | | | --- | | | | In line with expectations | Outlook Capex for 2026 is expected to be between $360 million - $440 million. The capex plan will cover drilling and project expenditure. We plan to drill 17 new wells across our operated assets (onshore - 15 wells, offshore - 2 wells). Key projects to be executed under the capex plan include Sapele LPG, Amukpe buffer tank, Oben low pressure compression projects, Oso- BRT phase 1 capacity expansion, Oso-BRT phase 2 initial project works, and Usari ADP. Risk management Project investments are monitored closely against budgets to minimise the risk of overruns. We benchmark every investment opportunity to ensure capital is deployed to only the highest-return projects, and we adhere to a price- disciplined expenditure strategy. Link to principal risks Link to strategy Realised oil price ($/bbl.) #### $70.3/bbl ![2199023261740]() | | | --- | | | | | | | | | | | Definition The average oil price per barrel we sold during the year. Relevance Our financial performance is closely linked to the price of oil. Progress Oil prices continued to weaken in 2025 but remained supportive of robust operational and financial performance. Brent crude averaged $68.07/bbl., 14.8% lower than 2024's $79.86/bbl. Consequently, average realised crude price for the business was $70.29/bbl., 12.2% lower than 2024's $80.04/bbl. | | | --- | | | | Above expectations | Outlook We are optimistic that oil prices will continue to support our growth. We are also prepared for any shock in the market with budget scenarios at different prices. We have hedged 18.0 MMboe for the first three quarters of the year, providing protection against downside price outcomes. Risk management We continue to closely monitor prevailing oil market dynamics and will consider further measures and take advantage of opportune periods to implement additional hedges that provide appropriate levels of cashflow assurance. Link to principal risks Link to strategy Realised gas price ($/Mscf) #### $2.95/Mscf ![2199023262915]() | | | --- | | | | | | | | | | | Definition The average gas price per million standard cubic feet (Mscf) of gas we sold during the year. Relevance Our financial performance is closely linked to the price we sell gas. Progress Average realised gas price decreased by 3.6% to $2.95/Mscf in 2025 due to the consolidation of lower priced offshore gas sales and downward revision of the domestic gas supply obligation . | | | --- | | | | In line with expectations | Outlook Gas prices are less volatile and thus we are optimistic that they will continue to support our growth ambitions. As a result, growing our sales volume will directly aid revenue growth and strengthen cashflow assurance. Risk management We continue to negotiate with potential buyers to high-grade the gas sales contracts list as domestic gas demand continues to grow. Also, we ensure most of our contracts are long-term contracts which assures realised gas price stability through the cycle. Link to principal risks Link to strategy | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 45 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | ![KPIs Full page image.jpg]() Sapele Integrated Gas Plant | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 46 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Risk management at scale #### In 2025 we completed a full integration of our enterprise risk management, reflecting #### the new scale of the organisation, upgrading our risk framework to reflect this work Our approach to risk management | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | Internal risks | | | Strategy risks | | | External risks | | Description of category | | | Risks arising internally that generate no strategic benefit | | | Risks taken for superior strategic returns | | | External, uncontrollable risks | | Risk mitigation objective | | | Avoid or eliminate occurrence cost-effectively | | | Reduce likelihood and impact cost- effectively. Explore opportunities as each presents itself | | | Engaging to influence, and reducing impact cost-effectively should risk event occur | | Control model | | | Policies and standard operating procedures; internal controls and internal audit | | | • Heat maps of likelihood and impact of identified risks • Risk appetite metrics • Key risk indicator (KRI) scorecards • Resource allocation to mitigate critical risk events | | | •Proactive engagements •Tail-risk assessments and stress testing •Scenario planning •War-gaming | | Role of the Board and Management | | | Regular reviews and assessments by the Board Risk & HSSE Committee and the management Business Risk and Assurance Committee (BRAC) | | | Provide oversight and monitoring of the implementation of the risk appetite metrics via the Board Risk & HSSE Committee and the BRAC | | | Provide hindsight and oversight discussion platform via the Board Risk & HSSE Committee and the BRAC | | Role of Enterprise Risk Management function | | | Coordinates, oversees and revises specific risk controls in partnership with internal audit function | | | Coordinates the mapping of the likelihood and impact of identified risks, and the implementation of the set risk appetite metrics and KRIs | | | Coordinates the implementation of the oversight steers from the Board Risk & HSSE Committee and the BRAC | | Relationship of Risk Management function to business units | | | Acts as independent overseer | | | Acts as independent facilitator, independent expert, or embedded expert | | | Complements Strategy and External Affairs and serves as independent facilitator of ‘envisioning’ exercises | | | | | | --- | --- | --- | | | | | | Our risk management framework ISO-31000-based, top-down and bottom-up approach | | | | | | | | Board of Directors Company strategy | Strategic risks oversight | Approve risk management policy and system | Define risk appetite | | | | | | | | Risk Management and HSSE Committee of the Board Review risk management policy and system | Oversee and monitor enterprise risks | | BOFACO and STACO Audit oversight | Financial oversight | Budget oversight | | | | | | Executive management Delivery of company strategy | Identify key risks against the achievement of strategy via the BRAC | Proffer and deploy actions and controls to address key risks via the BRAC | Monitor enterprise risks via the BRAC. | | Internal audit Independent assurance | Reports to Audit and Finance committees of the Board | | | | | Enterprise Risk Management team Coordinate enterprise risk management activities | Articulate and update risk management policy and system | Risk identification, assessment, quantification, and rating | Risk reporting and monitoring | Enterprise risk register and dashboard | Coordinate BRAC and Risk champion activities. | | | | | | | Business units Business objectives | Risk identification, assessment and rating | Mitigation actions and controls | Monitor risks and mitigation actions | Report risks and mitigation actions status | | | | | | | | Risk identification, monitoring, mitigation action implementation and monitoring are bottom-up from assets, projects, and function levels. | | | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 47 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Risk management principles Strong focus on safety throughout the organisation Close oversight by senior management of day-to-day business operations ‘Risk owners’ throughout the business Accountability of staff and/or key personnel Regular and timely reporting Clear lines of sight on the system of internal controls Monitoring and independent reviews Our principal risks | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | Principal risk | | | | Category | | | Risk Level | | | Owner | | 1 | Asset integrity | | | Operational & Safety | | | l | | | Chief Operating Officer | | 2 | Catastrophic events | | | | | l | | | Chief Operating Officer | | 3 | Cyber security | | | | | l | | | Director Corporate Services | | 4 | Personal and process safety | | | | | l | | | Chief Operating Officer | | 5 | Supply Chain Management | | | | | l | | | Chief Financial Officer | | 6 | Market, credit and liquidity risk | | | Strategic & Commercial | | | l | | | Chief Financial Officer | | 7 | Ethical and governance misconduct | | | Conduct, Culture & Integrity | | | l | | | Director Legal | | 8 | Disputes and contingent liabilities | | | | | l | | | Director Legal | | 9 | Compliance and controls risk | | | | | l | | | Director Legal | | 10 | Financial and non-financial reporting risk | | | | | l | | | Chief Financial Officer | | 11 | Cultural integration | | | | | l | | | Director Corporate Services | | 12 | Industrial Action | | | | | l | | | Director Corporate Services | | 13 | Geo-political risk | | | Political and Security | | | l | | | Chief Operating Officer | | 14 | Community agitations and security risks | | | | | l | | | Chief Operating Officer | | 15 | Changes and uncertainties in regulatory and fiscal framework | | | | | l | | | Director Strategy, Planning & Business Development | | 16 | Social risk | | | | | | | | Director External Affairs | | 17 | Decarbonization | | | Climate Change and Energy Transition | | | l | | | Director New Energy | | 18 | Environmental damage and climate-related risks | | | | | l | | | Chief Operating Officer | Risk management highlights Completed the full integration of Enterprise Risk Management framework, across the Group, including offshore operations, delivering a unified risk universe and enhanced oversight over enterprise risks ![]() Internal assessment confirms that Seplat has reached an advanced risk maturity level, reflecting the cumulative impact of integration, governance strengthening, and disciplined execution Critical and enterprise risks were reviewed post integration leading to 6 critical risks and 18 enterprise risks at the end of 2025 Alignment of enterprise risks and business performance objectives advanced; embedding of full Risk Enabled Performance Management (REPM) system underway | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 48 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Risk Management continued #### Protecting our business Ernest Ebi Chairman, Risk Management and HSSE Committee We balance how we embrace and mitigate risks through a robust risk management framework and transparent processes for identifying all factors that may lead to any divergence (“Risk Identification”). We estimate the likelihood of their occurrence and the severity of their impact (“Risk Assessment/Measurement”), design effective controls to reduce both the probability and impact of risk events (“Risk Control”) and establish procedures to ensure these controls are effective and adhered to (“Risk Monitoring”), regularly reporting risk events and control performance (“Risk Reporting”). We maintain adequate capital to absorb the adverse impacts of both expected and unexpected losses. We are committed to applying leading risk management practices in our work. Our management team considers effective risk management to be an integral part of how we achieve our strategic business objectives. #### Managing risks to protect our business We manage risks across three broad dimensions: 1. Internal risks: risks arising from within the organization, that are therefore within the Company’s control and can be effectively eliminated or avoided. We manage these risks through active prevention, monitoring operational processes, procedures, compliance and guiding people’s behaviours and decisions toward desired norms. 2. Strategy risks: risks accepted by the Company to generate superior returns from the Company’s strategy. We manage these risks by defining a clear risk appetite framework for the business. Accordingly, the Company’s risk appetite is defined fully in an established risk appetite framework policy approved by the Board 3. External risks: risks that arise from events outside the Company and beyond its control. Sources of these risks include natural and political disasters and major macroeconomic shifts. We manage these risks through At Seplat Energy our top priority remains to maximise stakeholder returns whilst balancing risk and #### reward, optimising performance and minimising the gap between expectations and outcomes. proactive efforts to identify them and mitigate their impact. Overall, we recognize that each of the above risk-management techniques requires different risk-management approaches. The internal risks arising from within the Company are monitored and controlled through policies, processes and standard compliance tools. In contrast, strategy risks and external risks are managed through open risk discussions and cost-effective mechanisms aimed at reducing the likelihood of risk events as well as mitigating their consequences. We acknowledge that risk management is an ongoing process of enhancement rather than a static destination. Consequently, we remain committed to refining our risk management protocols to adeptly navigate the ever-changing landscape of the energy sector. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 49 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Our risk management system The risk management system of the company adheres to the principles outlined in ISO 31000, the global standard for risk management. It employs a dual approach, combining top-down directions from the Board of Directors to establish the appropriate risk appetite aligned with corporate objectives, alongside a bottom-up process where business units identify and address risks at the unit and asset levels. The Risk Management and HSSE Committee provides support to the Board in supervising the Company’s risk management framework and its risk/reward strategy as determined by the Board. This committee ensures the presence of a robust risk management system within the Company to navigate the diverse and evolving risks and opportunities encountered while generating value for shareholders. Meeting no less than four times annually, the Committee scrutinizes the Company's risk profiles, proposed mitigation strategies, management's actions for mitigation, and any residual risk exposures. Executive Directors, responsible for comprehensive risk identification and proposing effective mitigating measures to achieve objectives, attend these meetings. Reports concerning the Company’s Enterprise risk register, significant risk exposures in its operations, and evaluations of its risk management systems are compiled and delivered to the Board of Directors. While key risks and their associated appetites are determined at the highest level, business units and functional managers bear responsibility for the risks within their respective domains. The Company’s enterprise risk management (ERM) system, spearheaded by the Head of Enterprise Risk Management, complimented by the Business Risk & Assurance Committee and overseen by the Board Risk Management and HSSE Committee, facilitates risk management across all business segments and functions. This ERM system encompasses robust mechanisms and methodologies for risk identification, assessment, reporting, and monitoring. It includes the maintenance of enterprise-wide and functional/operational level risk registers, risk dashboards, tracking of mitigation actions, and comprehensive risk reporting. To further embed risk management throughout the organization, an additional risk governance structure, Business Risk & Assurance Committee (BRAC) exists. The BRAC ensures that the risks are managed within the Business Unit’s established Risk Appetite. Accordingly, the BRAC serves as the bridge between the business and the management of the Company and links risk appetites with authority delegations for all leadership functions within the business. Furthermore, the Internal Audit unit conducts periodic audits of various business units, including the Company’s corporate governance systems and risk management processes. Key principles that underpin the Company’s risk management framework and system: • Strong focus on safety throughout the organization. • Close oversight by senior management in day-to-day business operations. • “Risk owners” throughout the business. • Accountability of staff and/or key personnel. • Regular and timely reporting. • Clear line of sight on the system of internal controls. • Monitoring and independent reviews. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 50 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Risk Management continued #### Activities in2025 During the year, the following key risk management activities were conducted by the Board via the Board Risk & HSSE Committee as well as by management, via the Business Risk and Assurance Committee (BRAC). | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | | | Governance oversight | | | | | Board Risk and HSSE Committee | Business Risk and Assurance Committee | | 2025 Quarterly Activities | Q1 2025 | | 1. Update on the top critical risks: The Committee reviewed the critical risks facing the Company, including their risk rating, mitigation actions, the completion status for identified mitigations, and accountability owners. The Committee also reviewed the inaugural SEPNU risk universe, modelled after the Seplat Risk Management Framework, with three new risks identified for SEPNU including gas monetization, industrial action and cultural integration 2. Review of the enterprise risk management journey: The Committee reviewed the Company’s risk appetite metrics, which were re-calibrated to align with the recently refreshed Risk Appetite Statement. These metrics were applied to the top seven critical risks to ensure that their risk tolerance levels and mitigation actions were appropriately matched to the Company’s risk appetite. 3. The Committee deliberations: The Committee enjoined management to develop a plan to advance the maturity level of Seplat’s risk management framework using sophisticated tools and methodology. Management was also to provide Internal Audit’s final report on their review of the ‘Cyber Security Risk’ and IT Data Governance to the Committee for consideration | 1. Provided Risk Appetite Metrics update with project now at the stage of finalizing the Risk Appetite Metrics for all the identified enterprise risks 2. Critical risks identified and risk mitigations tracking reviewed 3. Year 2025 BRAC Calendar reviewed | | Q2 2025 | | 1. Update on the top critical risks: The Committee reviewed the critical risks facing the company, including their risk rating, mitigation actions, the completion status for identified mitigations, and accountability owners. The enterprise risks have increased from 19 to 22 risk items due to the inclusion of Offshore risks. The critical risks have also increased from seven to eight risk items. 2. Review of the enterprise risk management journey: The Committee reviewed management’s detailed roadmap to advance the Company’s risk management capabilities from a developing to a maturity level. The Committee noted that 50% of the key milestones in the roadmap have been achieved as of Q1-2025. 3. Committee deliberations: The Committee engaged management on the need to jointly evaluate, understand and integrate offshore and onshore risk management practices, with a view to adopt the best practice and develop a plan for consolidating for the Group. | 1. BRAC meeting held to nominate 4 new members (2 replacing former members moved on to new roles and 2 new members to provide additional risk management oversight) 2. Announced formal engagement of risk champions for the organization 3. Reviewed one of the critical risks, Asset integrity with emphasis on updates to the mitigation actions being implemented and updates to the calibrated Risk Appetite Metrics | | Q3 2025 | | 1. Update on the top critical risks: The Committee reviewed the position of the top critical risks facing Seplat, from an integrated company perspective, including their risk rating, mitigation actions, the completion status for identified mitigations, and accountability owners. The top critical risks were reduced from eight to six. 2. Seplat risk universe update: The Committee approved the downgrade of three enterprise-level risks related to third party export routes and access to gas due to the inclusion of the Offshore assets 3. Committee deliberations: The Onshore and Offshore risk management teams were commended for successfully aligning their risk frameworks and presenting an integrated Risk Report. The Committee also approved the change in nomenclature for the risk of “Litigation and Contingent Liabilities” to “Disputes and Contingent Liabilities”. | 1. Reviewed one of the critical risks Market, Credit & Liquidity Risk with emphasis on updates to the mitigation actions being implemented and updates to the calibrated Risk Appetite Metrics. | | Q4 2025 | | 1. Update on the top critical risks: The Committee reviewed the position of the top critical risks facing Seplat, including their risk rating,  mitigation actions, the completion status for identified mitigations, and 2. Review of the enterprise risk management journey: The Committee reviewed the progress made in maturing Seplat’s framework against a globally benchmarked maturity framework developed by EY. It was noted that Seplat was on track to reach an ‘Advanced’ maturity level which was the aspiration of most energy companies. The remaining focus areas were automation, technology integration, and continual cultural embedding of risk ownership 3. Committee deliberations: The Committee commended the progress made in integrating the Onshore and Offshore risk management practices. The Committee encouraged management to continue to proactively manage Critical Risks, particularly in relation to Asset Integrity regarding the ageing Offshore infrastructure. | 1. Reviewed status of Critical Enterprise Risks as at Q4 2025 including effectiveness of mitigation actions 2. Reviewed updates from the Risk Enabled Performance Management project | Throughout 2025, the Board Risk & HSSE Committee and the Business Risk and Assurance Committee (BRAC) provided rigorous oversight of the Company’s key risk exposures. Their work included a detailed review of the Enterprise Risk Register and management’s risk reports, which outlined critical risks, potential impacts, and likelihood of occurrence. Mitigation strategies were thoroughly examined, covering areas such as climate-related risks, integrity issues on offshore facilities, status of disputes and contingent liabilities, oil price volatility, and timely delivery of strategic projects. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 51 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Additionally, we conducted an overhaul of our risk universe benchmarking our enterprise risk landscape to other leading practices in the industry. That exercise brought about the revised risk universe with five risks categories and 18 enterprise risks. Six of the 18 risks are critical risks that are significant and have a near- term impact on Seplat Energy, while the remaining 12 other risks have a longer-term impact. Six of the 18 risks are external (i.e., outside the Company’s control), while 12 of the 18 risks are internal (i.e., within the Company’s control). This was presented to the Board Risk Committee at its meeting in July. The Committee reviewed the risk universe and keeps within its radar, the engagement of management on the critical risks. #### Critical risks anduncertainties Highlighted below are the critical risks that the Company dealt with in 2025 and will continue to monitor going into 2026. 1. Catastrophic events (explosions, disease outbreaks): risk of a significant fire outbreak & associated explosion in a production facility or a pandemic such as COVID-19 causing significant harm to personnel, the environment, and infrastructure. As at year end, the trend for this risk remains steady. Our view remains that we do not see a threat at pandemic level like COVID, and within the context of our operationalization of the company’s HSE-case, we maintain a steady trend. 2. Ethical and governance misconduct: risk of ethical and governance misconduct arising from dishonesty, bribery and corruption, fraud, discrimination, harassment, conflicts of interest, breaching fiduciary duties, failing to comply with regulatory requirements, resulting in reputational damage, significant financial loss, and litigations. The risk remains steady as the business continues to consolidate its culture refresh via the launch of the SF-InPACT, as well as the corporate governance recertification conducted during the year for all staff. 3. Market, credit, and liquidity risk: risk of potential losses arising from fluctuations in commodity prices, currency exchange rates, interest rates, and other market variables. Limited access to capital and financing is precipitated by market conditions, investor sentiment, and regulatory changes. Inability to convert assets into cash quickly without a significant loss in value. 4. Cyber security risk: risk refers to the potential for loss, damage, or disruption to the organization's data, IT systems, and operations due to malicious cyber activities. These risks can arise from a variety of sources, including hackers, malware, insider threats, and other vulnerabilities. We recorded a stable trend for the risk giving the relatively lower upsurge in attacks in the face of continued upsurge in cybercrimes globally. With integration, this risk was updated to also include the risks faced within our offshore facilities especially with regards to our Industrial Controls Systems Requirements (ICSR), which protects our self-contained production network from any cybersecurity attacks. 5. Asset integrity/own infrastructure failure: risk that due to poor asset integrity management, operability and availability of production facilities, these facilities become defunct and inoperable. In 2025, due to the nature of the facilities within the offshore, and the significant integrity work required to get them into shape, this risk trend was kept at increasing for the first three quarters of the year and steady in the later part of the year (in recognition of the amount of integrity projects currently ongoing in the offshore). Significant capital allocation was devoted to addressing this risk in 2025 and this allocation will continue in the medium-term (2026 – 2030). The expectation is that this risk will trend downwards in the near future. 6. Disputes and contingent liabilities: Risk that judgment / orders / arbitral awards may be granted against the Company, as well as risk of contractual and or regulatory breaches by the Company or vendor, resulting in litigation and reportable contingent liability for the business. This risk became a critical risk with the acquisition of MPNU, which came with a large number of unresolved litigations and associated contingent liabilities. However, the trend is decreasing due to strong mitigation progress in 2026, culminating in significant reduction in active cases. In summary, 2025 was another transformational year for Seplat, consolidating the acquisition and integration of MPNU and embedding the offshore business into the Seplat risk universe, including the revision of critical risks to include the scale and impact of the Offshore business. We advanced risk management maturity by developing a comprehensive enterprise risk register for offshore operations, ensuring alignment with the Group’s governance framework and risk appetite. Alongside structural and leadership changes, we strengthened governance, delivered key projects, and reinforced sustainability commitments. The culture refresh launched in 2024 (SF‑InPACT) continued to gain traction, embedding inclusivity, performance discipline, agility, and the Seplat First mindset across the organization. The Company remained steadfast in its commitment to effectively managing climate-related risks, which are categorized into physical and transition risks. Progress in mitigating these risks was meticulously monitored and reported to the Risk & HSSE Committee during its quarterly meetings. Paramount among the measures identified to manage and mitigate climate-related risks include the decarbonization of our operations and the strategic diversification of our business into lower-carbon and renewable energy products. This was evident in the successful elimination of routine flaring in our Onshore business, while efforts are in place to replicate same in our Offshore business, significantly reducing our carbon footprint and reducing climate-related risks. For comprehensive details on the physical and transition risks identified, our assessment of their impact on the Company, and the proactive actions being undertaken to mitigate these risks, please refer to the Sustainability section of this Annual Report. Additionally, following the enactment of the Petroleum Industry Act (PIA), in 2025 Seplat completed the conversion of our Oil Mining Leases (OMLs) to Petroleum Prospecting Licenses (PPLs) or Petroleum Mining Leases (PMLs) for the Onshore operated business and have commenced the process of converting our Offshore licenses too, further positioning Seplat for sustainable growth and operational efficiency in the coming years. Overall, the Committee is confident in the robustness of the Company's Risk-Management System, which ensures the integrity of our business processes, decisions, and activities moving forward. Additionally, our HSSE Management System continues to demonstrate maturity and reliability, consistently delivering strong HSSE performance year after year. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 52 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Risk Management continued #### Fundamental elements of the internal control system Seplat Energy operates a group structure where the Senior Leadership Team, covering all departments  report to the group CEO. This structure enables Seplat Energy to maintain a clear line of sight across its various business entities while accommodating operational flexibility and autonomy. Overall, Seplat Energy's business structure is designed to support the company's Asset focus strategic objectives while ensuring operations are carried out responsibly and sustainably. Internal controls are embedded throughout Seplat Energy's organizational structure, with each subsidiary responsible for implementing and maintaining effective internal controls. The company's internal controls are designed to provide reasonable assurance regarding the accuracy and reliability of accounting, financial and non-financial reporting, as well as the effectiveness and efficiency of operations. Internal control framework Seplat’s internal controls framework leans on the principles and guidelines provided by the Committee of Sponsoring Organizations (COSO) Internal Control-Integrated Framework tailored to the specific needs, business arrangement and geographical environment of Seplat Energy. This aligns with the adoption of the same framework by the Financial Reporting Council (FRC) of Nigeria, the regulatory body responsible for overseeing financial reporting in Nigeria, as the basis for its Internal Control over Financial Reporting (ICFR) guidelines, with which Seplat fully complies. The COSO framework also provides criteria which form the basis for understanding control in the organization and for making judgements about the effectiveness of control. It sets out guidelines for management to ascertain with reasonable assurance that the Internal Control System is effective enough to achieve the following strategic objectives: • Effectiveness and efficiency of operations (including safeguarding of assets) • Reliability of financial reporting compliance with laws and regulations Control environment Seplat's internal control environment is driven by its corporate values, risk management philosophy (recognizing that unexpected as well as expected events may occur) and risk appetite, corporate governance, assignment of authority and responsibilities, organizational structure and human resources policies and procedures. Seplat has a defined code by which it expects all persons who work for or with Seplat to conduct themselves in its business. The Code of Conduct (approved by the Board) is part of the mandatory information and communication to all staff. In the same vein, a strong culture of integrity and ethical conduct is promoted by the Board and Executive Directors. Management has also established and communicated the core values of Safety, Integrity, Partnership, Ambition and Agility, which constitute the standards of behaviour expected of a Seplat employee. Governance & oversight 1. Internal control reporting structure: Seplat’s internal controls system is driven by the Chief Finance Officer (CFO) through the Head, Enterprise Risk Management (ERM). The ERM function has access to the Board Financial and Audit Committee through the CFO. The ERM team supports internal controls activity (as an effective tool for risk management) across the business and functions. The Company’s internal controls process includes design and implementation of internal controls framework, review, monitoring and improvement of the framework, annual process and controls review and assessment, and process improvement (including the documentation of new processes). 2. Roles and responsibilities of the Board of Directors: Seplat has an experienced Board of Directors which includes Executive Directors, Non-Executive Directors and Independent Non-Executive Directors who establish the “tone at the top” and guide the Leadership team. The Board recognizes the impact of its leadership and actions on the management and employees of Seplat and, thus, commits to setting the right tone at the top. The Board of Directors holds regular and periodic meetings with the Leadership Team, from whom it also receives regular reports containing updates on operations from all units. 3. Internal Audit: The Internal Audit unit functionally reports to the Board Finance and Audit Committee and administratively to the Chief Financial Officer (CFO). Internal Audit is independent of the business activities and consistently evaluates and reports on compliance with internal control requirements in audit reports as part of their assessment of internal controls. 4. Staff: All members of staff are responsible for the internal controls embedded in their various job roles. Seplat employees are responsible for conducting their duties in accordance with internal control policies and procedures (including the Code of Conduct). They are also responsible for reporting to their Unit Heads instances where they consider that internal control procedures are inadequate. Assignment of authority and responsibility The need to delegate authority and responsibility within Seplat is recognized and implemented to provide reasonable assurance that work activities are aligned with organizational objectives and to maintain business continuity. • Authorization levels within key areas of business are established and communicated across Seplat. Seplat has a documented approval Authority Matrix, which assigns responsibilities at various levels. • Supervision is central to the way Seplat is run, and this helps ensure that employees are aware of the impact their roles and responsibilities have on Seplat’s operations and know the extent to which they are accountable for activities. • Unit Heads are directly responsible for the daily activities of all officers within their units. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 53 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Control activities Seplat practices an approach of tiered ownership of internal controls and risk management i.e. responsibilities at the following levels: Board of Directors, leadership team, unit heads and staff. Controls are built into the information technology systems and manual processes at the time they are designed, and care is taken to ensure that the cost of the control activity does not exceed the cost that may be incurred if the undesirable event occurs. The number of resources directed at control activities are based on the significance and likelihood of the risks they are to prevent or reduce. Control activities are those actions necessary for addressing risk concerns related to both strategic and daily operations and are embedded in Seplat’s policies and procedures. These activities, which help ensure that management risk response directives are carried out, include the following: • Business performance reviews • Information processing (including application and information technology general controls) • Approvals and authorizations • Verifications • Physical controls • Segregation of duties Manual controls / policies and procedures • Seplat ensures that detailed policy and procedure manuals are in place for all business processes and communicated to employees as appropriate. • Procedural manuals are reviewed regularly by the Internal Controls team • A Risk and Controls Matrix is developed for all business processes and reviewed at least once a year for adequacy and effectiveness. • Top-level reviews are conducted to track the execution of Seplat goals and objectives by measuring performance against set targets, i.e. via the periodic budget monitoring and performance appraisal processes. • Performance indicators are regularly reviewed to track performance. • Reports are reviewed by unit heads to ensure accuracy, completeness and proper authorization. • There is a segregation of duties within Seplat as job roles and responsibilities are designed to reduce the risk of error/fraud. • Fixed assets are regularly verified. Comparisons are made against control records, and discrepancies are investigated. • Authorization and approval requirements for process activities are documented and communicated across Seplat following the Delegation of Authority Matrix. Information technology system controls Seplat relies on information technology (IT) systems for most of its information processing and storage operations, and as such, controls are established over all information technology systems: • The General Manager, Information Technology, under the Corporate Services Directorate, monitors the activities of the IT Unit. The leadership team is responsible for reviewing the IT strategy, operations, projects and activities of Seplat. • Tasks within the IT Unit are well structured to ensure adequate segregation of duties. • IT personnel undergo the required training course to effectively perform their job responsibilities. • Background checks are carried out on new IT hires following the Human Resources policy. • The Internal Controls team reviews the IT controls within Seplat. Ernest Ebi Chairman, Risk Management and HSSE Committee | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 54 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Principal Risks and Uncertainties #### Mapping ourrisks #### The mappi #### ng of our risks considers bot h quantitative and qualitative factors. Seplat Energy’s risk mapping is underpinned by a two-factor spectrum – Likelihood and Impact, which are further plotted on the basis of Seplat Energy’s 5x5 methodology, to arrive at a finalassessmentfor #### each risk. ![]() CERTAIN → >25% | | | | --- | --- | | | | | | Decarbonisation (T) | | | Changes and Uncertainties in Regulatory & Fiscal Framework (O) | | | | | --- | --- | | | | | | Community Agitations & Security Risks (T) | | | | | --- | --- | | | | | | Cyber Security (O) | | | | | --- | --- | | | | | | Asset Integrity - Own Infrastructure failure (T) | | q | Disputes and Contingent Liabilities (O) | EXPECTED → 10%-25% | | | | --- | --- | | | | | | Supply Chain Management (O) | | | | | --- | --- | | | | | | Compliance & Controls Risk (H) | | | Social Risks (O) | | | Personal & Process Safety (H) | | | Geo-Political Risk (O) | | | Environmental Damage and Climate related risk (H) | | | | | --- | --- | | | | | | Catastrophic Events (O) | | | Market, Credit, and Liquidity Risk (F) | | | Ethical & Governance misconduct (O) | POSSIBLE → 1%-10% | | | | --- | --- | | | | | | Industrial Action (O) | | | Cultural Integration (O) | | | | | --- | --- | | | | | | Financial and non-financial (such as reserves & and sustainability) reporting (F) | UNLIKELY → 0.1%-1% RARE → <0.1% NEGLIGIBLE <= $88m MINOR <= $187m MODERATE → $187.1 m – $374.9m SIGNIFICANT >= $375m SEVERE >= $500m ![]() | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Risk rating | | | Risk trend | | | Risk ownership | | | | Very high | | p | Rising | | (F) | Financial/Commercial - CFO | | | High | | | Steady | | (T) | Operational/technical - COO Asset MDs | | | Medium | | q | Decreasing | | (H) | HSE/Reputational - COO DEA&S, DL&CS | | | Low | | | | | (O) | HR and other support - DL&CS, DCS, GM SCM | | | Lowest | | | | | | | ![]() ![]() ![]() ![]() ![]() | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 55 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Principle risks and uncertainties Monitoring and mitigating risks The implementation of our strategy can be hindered by various risks and uncertainties. The risks that the Board considers most significant are described here. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Principal Risk | Risk Description | Risk Mitigation summary | Category | | 1 | Asset Integrity | Risk that due to poor Asset Integrity Management, Operability and availability of the Production facilities kicks into the extent that the facilities become defunct and inoperable | Structured asset integrity frameworks, inspections, and risk-based maintenance plans | Operational & Safety | | 2 | Catastrophic events | Major incidents, pandemic or outbreaks causing severe losses and reputational damage | Robust process safety protocols and ensure functional emergency systems | | 3 | Cyber Security | IT Security breaches, sabotage, or illegal activities could disrupt operations and endanger assets | Restrict system access using network control points and strengthened security protocols | | 4 | Personal & Process Safety | Operational failures or unsafe conditions could lead to injuries, asset damage, or regulatory breaches. | Implement and maintain the Operations Safety Case across all facilities | | 5 | Supply Chain Management | Supply delays, quality failures, or contractor issues could hinder production and operational continuity | Apply strict vendor selection and contract compliance processes | | 6 | Market, Credit & Liquidity Risk | The risk of potential losses arising from fluctuations in commodity prices, currency exchange rates, interest rates, and other market variables | Commodity/price hedging. Proactive engagement with lenders. Securitized contracts | Strategic & Commercial | | 7 | Ethical & Governance Misconduct | Ethical breaches or governance failures could trigger legal, financial, and reputational damage | Strengthen whistleblowing, monitoring, and analytics to detect and address misconduct promptly | Conduct, Culture & Integrity | | 8 | Disputes & Contingent Liabilities | Legal claims or dispute escalation could result in costly settlements and liabilities | Adopt proactive dispute resolution strategy to limit exposure | | 9 | Compliance & Controls Risk | Failure to meet regulatory and policy requirements could result in non‑compliance and operational disruption | Deploy a comprehensive annual governance and compliance calendar | | 10 | Financial and non-financial reporting Risk | Errors in reserves or sustainability reporting could lead to misstated financial and ESG disclosures | Incorporate reserves valuation into ICFR testing | | 11 | Cultural Integration | Cultural misalignment between legacy MPNU and Seplat may cause misunderstandings, resistance, and productivity loss | A structured, paced cultural‑integration program with focused management oversight | | 12 | Industrial Action | Labour disputes or strikes could disrupt operations and halt production. | Continuous dialogue with labour unions | | 13 | Geo-political risk | Political instability or government policy shifts that could disrupt operations | Monitor Niger Delta geopolitical trends and update leadership regularly | Political and Security | | 14 | Community Agitations and Security risks | Militancy or community actions that may disrupt operations and threaten delivery commitments | Setup Host Community Trust to drive PIA‑aligned community projects | | 15 | Changes and uncertainties in Regulatory & Fiscal Framework | Regulatory or fiscal shifts could impact project economics and compliance. | Build regulatory scenarios into project plans and strengthen fiscal assurance | | 16 | Social Risk | Community conflicts or social concerns may disrupt operations and damage stakeholder relationships | Proactive quarterly engagements with key community stakeholders to sustain trust | | 17 | Decarbonisation | Failure to meet ESG and government decarbonisation targets may lead to penalties | Manage reliability flare within acceptable thresholds | Climate Change and Energy Transition | | 18 | Environmental Damage and Climate Related Risks | Resource degradation, pollution and climate‑related events that may trigger regulatory penalties and reputational harm. | Manage reliability flare within acceptable thresholds | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 56 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Governance for scale To achieve sustainable growth and consistently deliver value to our stakeholders, we must adhere to the highest standards of governance and accountability. Our Board of Directors As at 1 March 2026 Composition ![13743895355057]() | | | | | --- | --- | --- | | | | | | l | Chairman | 1 | | l | Executive Directors | 3 | | l | Non-executive Directors | 4 | | l | Independent non- executive Directors | 5 | Tenure (without EDs) ![13743895355087]() | | | | | --- | --- | --- | | | | | | l | 0-3 years | 40% | | l | 3-6 years | 50% | | l | 6-9 years | 10% | Tenure (with EDs) ![2199023270186]() | | | | | --- | --- | --- | | | | | | l | 0-3 years | 38.5% | | l | 3-6 years | 46.2% | | l | 6-9 years | 7.7% | | l | Over 9 years | 7.7% | Diversity ![13743895356289]() | | | | | --- | --- | --- | | | | | | l | Men | 61.5% | | l | Women | 38.5% | Experience | | | | | --- | --- | --- | | | | | | Executive & strategic leadership | | 100% | | Governance & Board | | 100% | | Oil & gas | | 46% | | Financial & capital management | | 62% | | Sustainability, work health, safety, and environment | | 39% | | Risk management | | 69% | ![13743895355090]() 2025 Board and Committee meetings attendance | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Board | Board Finance & Audit | Nomination & Governance | Energy Transition | Risk & HSSE | Sustainability | Remuneration | | Mr Udoma Udo Udoma | 9/9 | – | – | – | – | – | – | | Mr Roger Brown | 9/9 | – | – | – | – | – | – | | Mr Samson Ezugworie | 9/9 | – | – | – | 4/4 | – | – | | Mrs Eleanor Adaralegbe | 9/9 | – | – | – | – | – | – | | Mr Ernest Ebi | 9/9 | – | – | 4/4 | 4/4 | 4/4 | – | | Madame Nathalie Delapalme1 | 9/9 | – | – | 4/4 | 1/1 | 4/4 | – | | Mr Kazeem Raimi | 9/9 | – | – | – | 4/4 | 4/4 | – | | Mrs Bashirat Odunewu | 9/9 | 4/4 | 5/5 | – | – | – | – | | Dr Emma FitzGerald | 9/9 | 3/4 | – | 4/4 | – | – | 4/4 | | Ms Koosum Kalyan | 9/9 | – | 5/5 | – | – | 4/4 | 4/4 | | Mr Christopher Okeke2 | 9/9 | 2/2 | 5/5 | 4/4 | – | – | 4/4 | | Mr Larry Ettah3 | – | – | – | – | – | – | – | | Mr Tony Elumelu3 | – | – | – | – | – | – | – | | Mr Bello Rabiu4 | 1/1 | 2/2 | 2/2 | – | – | – | 1/2 | | Mr Babs Omotowa4 | 1/1 | 2/2 | – | 2/2 | 2/2 | – | – | | Mr Olivier De Langavant 4 | 8/9 | – | – | – | 4/4 | 4/4 | – | 1. Madame Nathalie Delapalme was appointed to the Risk Management and HSSE Committee on 9 September 2025. 2. Mr Christopher Okeke was appointed to the Board Finance and Audit Committee on 2 July 2025. 3. Mr Larry Ettah joined the Board on 1 January 2026 while Mr Tony Elumelu joined the Board on 22 January 2026. 4. Mr Bello Rabiu and Mr Babs Omotowa exited the Board on 23 April 2025 while Mr Olivier De Langavant exited the Board on 22 January 2026. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 57 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 2025 Board activities During the year under review, the Board provided strategic oversight and guidance to advance the Company’s long-term objectives and sustainable value creation. The Board reviewed the Company’s corporate strategy, monitored financial and operational performance, and oversaw risk management and corporate governance practices. Through its committees, the Board maintained focused oversight of financial reporting, executive compensation, succession planning, and compliance, reinforcing strong accountability and prudent stewardship. Below are highlights of the activities of the Board in 2025: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Key activities | | | | Outcomes and considerations | | | | | | | | Finance | | | | | | | | | | | | Quarterly Financial Review | | Reviewed the Full Year 2024 Audited Financial Results, Q1, Q2 & Q3 2025 Unaudited Financial Results | | •Total Group Revenue of US$2,726 million for FY 2025 | | Review of Dividend Policy | | Received and considered proposal for review of Seplat Dividend Policy | | • Core Dividend increased to USD 5cents per quarter. • Updated dividend policy | | Financial Risk Management | | Quarterly review of financial risks and its management within the Company | | •Robust Balance sheet with Net Debt/EBITDA being 0.53x | | | | | | | | Governance | | | | | | | | | | | | Board Changes | | Reviewed appointments to the Board to replace Board members who exited following national appointments | | • Appointed Mrs Bashirat Odunewu as Senior Independent Non-Executive Director • Appointed seasoned professionals - Mr Larry Ettah and Mr Tony Elumelu, to the Board. | | Post MPNU Acquisition Integration | | In line with the Integration schedule, reviewed and approved update to the Senior Leadership Team structure, employee structure and remuneration policy | | • Completed integration of SEPNU (former MPNU) with Seplat • Appointed new integrated Senior Leadership Team • Revised the Company’s Remuneration Policy. | | Policies & Processes Review | | Reviewed Board Charter and Board Committees terms of reference and carried out a refresh of Corporate Governance policies | | •Revised the Board Charter and the Company corporate governance policies | | | | | | | | Sustainability | | | | | | | | | | | | Sustainability Roadmap | | •Carried out quarterly review of reports from the sustainability management committee | | • 37% reduction in scope 1 emissions for onshore assets • Completed the planting of 200,208 trees | | Social Performance | | •Carried out quarterly reviews of the Group diversity targets within the Company and the Group’s diversity performance | | • Achieved 45.5% and 38.5% female representation on the Senior Leadership Team and on the Board | | IFRS Adoption | | •Held Sustainability Training for all Directors in compliance with Guidelines for early adoption | | •Published IFRS sustainability related financial disclosures alongside FY 2025 Financials | | | | | | | | Operations | | | | | | | | | | | | Operational Performance Review | | •Carried out quarterly review of the operations report from onshore and offshore •Appointment of MD Onshore and MD Offshore | | • Onshore delivered 14% production growth YoY • Offshore grew 9% YoY on a pro-forma basis • Completed Onshore business conversion to PIA | | HSE & Risk Management | | • Conducted quarterly reviews of HSE reports for the group • Reviewed quarterly asset integrity reports for the group | | •No fatality recorded | | AGPC Operations | | •Reviewed quarterly progress reports from AGPC Operations •Reviewed proposals for additional financing for AGPC | | • ANOH gas plant achieved first gas in January 2026 • Secured a 12-month US$30million prepayment facility to AGPC at a cost of SOFR plus 10% | 2026 Board focus and priorities Looking ahead, the Board of Directors (“the Board”) will continue to focus on guiding the Company’s long-term strategy and overseeing disciplined execution of its key objectives. The Board remains committed to maintaining strong governance practices and aligning management’s actions with the Company’s strategic objectives and shareholder interests. Highlights of the Board’s key 2026 priorities are provided below: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | 2026 Key Focus & Priorities | | | | | | | | | | | | Operations | •Offshore production ramp up •Expansion of Gas division (ANOH Gas Plant operations, offshore gas development, LPG & CNG) •Offshore conversion to PIA •Net zero roadmap | | | | | Finance | •Capital discipline and cost reduction •Progress adoption of IFRS Sustainability disclosure standards | | | | | Risk Management | •Enterprise risk appetite update | | | | | Governance | •Integration: culture and systems, employee alignment •Diversity, equality, & inclusion targets •Succession planning for Board, Executives and the Senior Leadership Team | | | | | Targets | •Artificial intelligence and robotics •Cybersecurity and data governance | | | | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 58 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Board of Directors #### Effective leadership #### Our Board of Directors consists of highly experienced professionals #### and business experts with deep understanding of #### the oil and gas industry at both local and #### international levels. Our Board members have the appropriate balance of skills and diversity of experience, which cuts across geology, engineering, law, business management, accounting and finance as applies to the energy industry. Mr Udoma Udo Udoma Independent Chairman ![Udoma Udo Udoma.jpg]() Date of appointment: Independent Non-Executive Director: 1 December 2023 Independent Chairman: 1 April 2024 | | | --- | | | | Independent: Yes | Mr Udoma, an accomplished lawyer and seasoned board administrator, holds a B.A. (Law) and B.C.L. from St. Catherine’s College, Oxford, England, and was admitted to the Nigerian Bar in 1978. He founded the law firm Udo-Udoma & Belo Osagie in 1983 and retired from the Partnership in early 2020. While in practice, Mr Udoma specialised in Nigerian investment laws, particularly in the petroleum, energy, and natural resources sectors. He advised on company law, mergers, acquisitions, and financing. Mr Udoma chaired U.A.C. Nigeria Plc and Union Bank Plc and served on boards like Unilever Nigeria Plc and Linkage Assurance Plc. He chaired the Corporate Affairs Commission and the Nigerian Securities & Exchange Commission. He served as Special Adviser to the Minister of Petroleum and served as Minister of Budget and National Planning and was elected to the Nigerian Senate twice. Currently, he is Pro-Chancellor of Akwa Ibom State University, Nigeria. Committee membership: N/A Mr Roger Thompson Brown Chief Executive Officer ![Roger Thompson Brown.jpg]() Date of appointment: As Chief Financial Officer and Executive Director: 20 May 2013 As Chief Executive Officer: 1 August 2020 | | | --- | | | | Independent: N/A | Mr. Brown has served as Chief Executive Officer of Seplat Energy Plc since August 2020, leading the Company through a period of significant strategic expansion, operational growth and transformation. With over three decades of experience in finance, energy, and infrastructure, he is widely recognized in the market for his disciplined leadership, deep industry expertise, and strong track record in value creation across Africa’s energy sector. Since joining Seplat in 2013 as Chief Financial Officer, Mr. Brown has played a pivotal role in shaping the Company’s strategic direction and financial resilience. He was instrumental in Seplat’s successful dual listing on the Nigerian Exchange and the London Stock Exchange, as well as in executing major financing initiatives and strengthening its capital structure. As CEO, he has led Seplat Energy’s evolution into a leading indigenous energy company, driving growth in its gas business, advancing sustainability initiatives, and enhancing long-term shareholder value. He also spearheaded the landmark acquisition of MPNU, significantly expanding the Company’s production capacity and reinforcing its strategic position in Nigeria’s energy landscape. Prior to joining Seplat Energy, Mr. Brown served as Managing Director, oil and gas at Standard Bank Group, where he led the origination and execution of major energy and infrastructure transactions. Earlier in his career, he held senior roles in investment banking and financial advisory, specialising in emerging markets and structuring complex deals across Africa. Mr. Brown is a Chartered Accountant with the Institute of Chartered Accountants of Scotland and the Association of National Accountants of Nigeria. Committee membership: N/A | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 59 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Mr Samson Ezugworie Chief Operating Officer, Executive Director ![Samson Ezugworie.jpg]() Date of appointment: Chief Operating Officer & Executive Director: 1 July 2022 | | | --- | | | | Independent: N/A | Mr Ezugworie has more than 30 years’ extensive industry experience, building a strong reputation as a business, safety, ethical leader, and integrator. Prior to joining Seplat Energy, Mr Ezugworie was the General Manager Development and Subsurface with Royal Dutch Shell where he worked in Nigeria and overseas for 25 years. He also served as a director in Shell Exploration & Production Africa Limited (SEPA), the Shell Petroleum Development Company of Nigeria Limited (SPDC) and Shell Nigeria Business Operations Limited (SNBO) while in this role. Mr Ezugworie is a Fellow and has been an active member of the Nigerian Association of Petroleum Explorationists (NAPE) for 30 years and has served the association in different capacities. Mr Ezugworie holds a bachelor’s degree in Geology from University of Nigeria, Nsukka. Committee membership: Risk Management and HSSE Committee Mrs Eleanor Adaralegbe Chief Financial Officer, Executive Director ![Eleanor Adaralegbe.jpg]() Date of appointment: Executive Director: 1 May 2024 Chief Financial Officer: 16 May 2024 | | | --- | | | | Independent: N/A | Mrs Adaralegbe brings over three decades of extensive experience spanning the oil and gas and professional services sectors. She has held impactful leadership roles at Ernst & Young, ConocoPhillips, Ocean Energy (a subsidiary of Devon Energy), and Addax Petroleum, where she developed deep expertise in financial management, corporate strategy, and value creation. She has served in several senior leadership positions at Seplat Energy, including Chief Financial Officer and Vice President of Finance. In these roles, she has been instrumental in strengthening financial governance, optimizing capital allocation, leading strategic transactions, and enhancing investor confidence. She also serves as a Director on the Board of Elcrest Exploration and Production Nigeria Limited. Mrs. Adaralegbe is widely recognized for her strong stakeholder management capabilities and her ability to foster enduring relationships with both local and international investors. She is a Chartered Accountant and a Fellow of the Institute of Chartered Accountants of Nigeria (FCA). She holds a Bachelor’s degree in Mathematics from the University of Nigeria, Nsukka, and an MSc in Global Finance from City University of London (now Bayes Business School, City, University of London). She has also completed the Advanced Management Program (AMP) at Harvard Business School. Committee membership: N/A Mrs Bashirat Odunewu Senior Independent Non-Executive Director ![Bashirat Odunewu.jpg]() Date of appointment: Independent Non-Executive Director: 18 May 2022 Senior Independent Non-Executive Director: 25 April 2025 | | | --- | | | | Independent: Yes | Mrs Odunewu is a banking and financial expert with about 30 years’ experience in the Finance and Banking Industry. Until June 2021, she served as a C-Suite executive, corporate banking (Energy, Natural Resources & Infrastructure), at First Bank Nigeria Ltd, prior to which she was the line executive for their international banking group, where she supervised the CEOs of the subsidiaries of First Bank in six African countries as well as the Bank’s representative office in China and served as a board member for several of them. She is an alumnus of Imperial College, London and the University of Manchester. Bashirat is a chartered accountant and a certified member of the Chartered Institute of Arbitrators-UK (MCIArb). She is also a member of various reputable professional associations including the Chartered Institute of Bankers Nigeria (CIBN) and Institute of Directors (IoD). Mrs Odunewu currently serves as an independent non-executive director on the board of Leadway Holdings, Barloworld Ltd (JSE listed), Mobile Money Ltd – Ghana and is the chair of FBN Bank Senegal. Committee membership • Board Finance and Audit Committee • Nomination and Governance Committee • Statutory Audit Committee | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 60 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Board of Directors continued Mr Tony Elumelu Non-Executive Director ![Tony Elumelu.jpg]() Date of appointment: Non-Executive Director: 22 January 2026 | | | --- | | | | Independent: No (Heirs Holdings Nominee) | Mr Elumelu is a distinguished African investor and philanthropist, globally recognised as one of the most prominent voices on Africa’s transformation agenda. He is the Founder and Chairman of Heirs Holdings, a diversified investment company with interests across strategic sectors of the African economy, including energy, power, banking, insurance, technology, real estate, hospitality and healthcare. He also serves as Chairman of United Bank for Africa (UBA) Group, Heirs Energies and Transcorp Group, whose subsidiaries include Transcorp Power and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand. In 2010, he established The Tony Elumelu Foundation, a leading philanthropy organisation dedicated to empowering African entrepreneurs across all 54 African countries. His global influence has been widely acknowledged, including recognition as one of TIME Magazine’s 100 Most Influential People in the World (2020) and the conferment of the Commander of the Order of the Federal Republic (2022). He also serves on several global boards, including UNICEF’s Generation Unlimited Global Leadership Council and the International Monetary Fund’s Advisory Council on Entrepreneurship and Growth. Committee membership (Effective 25 February, 2026) • Risk Management and HSSE Committee • Energy Transition Committee • Sustainability Committee Mr Ernest Ebi Non-Executive Director ![Ernest Ebi.jpg]() Date of appointment: Non-Executive Director: 18 May 2022 | | | --- | | | | Independent: No (Shebah Petroleum Nominee) | Mr Ebi is a nominee of Shebah Petroleum Development Company Limited (BVI) and a seasoned professional whose vast experience in the banking and finance industry spans over four decades. He served as Deputy Governor of the Central Bank of Nigeria (CBN) and Deputy Managing Director of Diamond Bank Ltd. In 1995, he was appointed by CBN and the Nigeria Deposit Insurance Corporation as the Managing Director & CEO of New Nigerian Bank Plc. Mr Ebi has also held senior positions at the International Merchant Bank and served as the Board Chairman of Fidelity Bank Plc, AIICO Pension Managers and currently serves as an Independent Director on the Boards of Dangote Cement Plc., Julius Berger Nigeria Plc., Coronation Capital Ltd, and Coronation Asset Management Ltd etc. Mr Ebi is also a Fellow of the Chartered Institute of Bankers, FCIB and Fellow, Institute of Directors Nigeria (F.IOD). He was awarded the National Honour of Member of the Order of the Federal Republic (MFR) by the Federal Government of Nigeria in 2007 in recognition of his meritorious service. Committee membership • Sustainability Committee • Energy Transition Committee • Risk Management and HSSE Committee Madame Nathalie Delapalme Non-Executive Director ![Nathalie Delapalme.jpg]() Date of appointment: Non-Executive Director: 18 July 2019 | | | --- | | | | Independent: No | Madame Delapalme brings over 35 years of experience in public and global affairs with a strong focus on development and governance challenges, specifically in Africa. Between 1988 and 1995, then 1997 and 2002, she served as advisor to the Finance and Budgetary Commission of the French Senate, where she audited public policies. She was Advisor for Africa and Development to various Foreign French Ministers from 1995 to 1997, and again from 2002 to 2007, and then served as Inspector General of Finances at the French Ministry of Economy and Finance 2007-2010. She joined the Mo Ibrahim Foundation, which focuses on governance in Africa, in 2010, and is currently its CEO. Over the last 15 years, she has served, or is still serving, as non-executive on the boards of various companies, non-profit organisations, and think-tanks, operating in, or focusing on Africa. She graduated from Sciences-Po Paris/ Section Public Service- Eco III, and holds a DEA in Applied Economics (Development). Committee membership • Sustainability Committee • Energy Transition Committee • Risk Management and HSSE Committee | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 61 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Mr Kazeem Raimi Non-Executive Director ![Kazeem Raimi.jpg]() Date of appointment: Non-Executive Director: 18 May 2022 | | | --- | | | | Independent: No (Platform Petroleum Nominee) | Mr Raimi is a nominee of Platform Petroleum Limited and is presently the Executive Director, Commercial for Platform Petroleum Limited. He was previously with Seplat Energy as General Manager, Commercial and Manager, Corporate Planning and Economics. Mr Raimi has extensive experience in project economics, commercial negotiation and operations and risk analysis, having been Lead Petroleum Economics and Commercial Advisor at Addax Petroleum where he also served in different capacities. Prior to this, Mr Raimi served as Treasury Manager at Cadbury Nigeria Plc and Audit Finance Analyst at Citibank Nigeria Limited. In addition to his role at Platform Petroleum Limited, Mr Raimi also serves as a Director at PNG Gas Limited, Egbaoma Gas Processing Company Limited, Vaaris Resources JVCo Limited and Ase River Transport Company Limited. Mr Raimi holds a First-Class Honours in Economics from the University of Ibadan, an MSc in Oil and Gas Economics from the University of Dundee and has undertaken several courses including the Certificate of Management Excellence at Harvard Business School. Committee membership • Sustainability Committee • Risk Management and HSSE Committee • Statutory Audit Committee Ms Koosum Kalyan Independent Non-Executive Director ![Koosum Kalyan.jpg]() Date of appointment: Independent Non-Executive Director: 28 February 2023 | | | --- | | | | Independent: Yes | Ms Koosum Kalyan is a South African businesswoman and economist whose career began in the Electricity Commission in Melbourne Australia as an economist. She subsequently joined Shell South Africa as an economist and became a member of the Shell Global Scenario Planning Team after which she embarked on her expatriate posting to Shell International London for nine years. The scope of her work included projects in Nigeria, Gabon, Mozambique and Tanzania.. Ms Kalyan assisted governments in transforming its energy policies and in joining the Extractive Industries Transparency Initiative during her tenure at Shell and also assisted in digitising government institutions. She has served on the Boards of several prestigious companies where she expertly contributed her wealth of knowledge to the progress of these companies. Ms Kalyan has a degree in B. Com Law and a degree in Economics from the University of Durban Westville. She has also completed the Senior Executive Management Programme at London Business School and a Leadership Management Programme at Shell Leadership Institute. Committee membership • Nomination and Governance Committee • Sustainability Committee • Remuneration Committee Mr Christopher J.N Okeke Independent Non-Executive Director ![Christopher J.N Okeke.jpg]() Date of appointment: Independent Non-Executive Director: 1 December 2023 | | | --- | | | | Independent: Yes | Mr Okeke has vast years of board experience, serving as nominee director for several international companies, including Philip Morris (including as chairman). He has served on several boards including - Cadbury Nigeria Plc, SO&U Saatchi & Saatchi, Indorama Petrochemicals Nigeria Limited, Asset and Resource Management Limited, ARM Pension Managers (PFA) Limited as Chairman. Mr Okeke served as Ambassador of Nigeria to Brazil, Bolivia, and Paraguay. He has served as the Honorary Legal Adviser to successive British High Commissioners since 1989. He has also served as Legal Advisor to the Embassies of the Federal Republic of Germany, the Royal Kingdom of the Netherlands, Austria, Australia, and Canada in Nigeria, advising on consular and commercial matters. He acted as counsel to various international and multilateral development agencies including the UK Department for International Development (DFID), the British Council and the International Finance Corporation (IFC). Mr Okeke graduated from Georgetown Law School with an LLM in 1979 and was admitted to the Nigerian Bar in 1980. He co-founded a major Nigerian commercial Law firm, Ajumogobia & Okeke, in 1984, where he served as the managing partner until his retirement in 2009. Committee membership • Energy Transition Committee • Board Finance and Audit Committee • Remuneration Committee | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 62 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Board of Directors continued Dr Emma FitzGerald Independent Non-Executive Director ![Emma FitzGerald.jpg]() Date of appointment: Independent Non-Executive Director: 1 August 2021 | | | --- | | | | Independent: Yes | Dr FitzGerald is a seasoned executive in energy & water, with hands-on experience in transformation through her many years of working at Shell, ranging from building its lubricants business in China to running its Global Retail network. From 2013 to 2018, she ran gas distribution and water & waste networks for National Grid and Severn Trent. Most recently Dr. FitzGerald served as CEO of Puma Energy International, a global energy company, and in 2020 she set up Puma’s Future Energies division to play a critical role in helping customers and communities find the right energy solutions to support the energy transition. She currently sits on the board of Newmont Corporation, the world’s largest gold miner and the recognised industry leader in the execution of principled environmental, social and governance practices. She is an accredited coach for senior executives and mentors a number of clean tech startups. She is also Co- Chair of the World Economic Forum Global Futures Council for Energy Transition  and is a Non-Executive Director at National Energy System Operator. Committee membership • Remuneration Committee • Board Finance and Audit Committee • Energy Transition Committee Mr Larry Ettah Independent Non-Executive Director ![Larry Ettah.jpg]() Date of appointment: Independent Non-Executive Director: 1 January 2026 | | | --- | | | | Independent: Yes | Mr Larry Ettah is a highly respected Nigerian business leader with nearly four decades of corporate experience. He spent 30 years at UAC Nigeria Plc (UACN), rising from Management Trainee in 1988 to Group Managing Director/CEO, a role he held from 2007 to 2018. As CEO, he reshaped UACN's portfolio through strategic partnerships with global firms such as Tiger Brands, Imperial Logistics and Famous Brands. He also led key acquisitions including Livestock Feeds Plc and Portland Paints Plc, repositioning the conglomerate for sustainable growth across multiple sectors. Following his retirement from UACN, Mr Ettah founded Barracuda Capital Partners Ltd in 2018, where he serves as Executive Chairman. He holds several board roles, including Founding Director of Coronation Merchant Bank Ltd and Non-Executive Director of Mixta Africa Plc, and until February 2025, he co-chaired the board of LEAP Africa. He has played influential roles in industry associations such as Nigeria Employers' Consultative Association, Manufacturers Association of Nigeria, and Lagos Chamber of Commerce and Industry and contributed to national economic policy through presidential and technical advisory committees. Mr Ettah holds a BSc in Industrial Chemistry and an MBA from the University of Benin, extensive executive education from Harvard, Stanford, Oxford, INSEAD, IMD and the University of Michigan. His international exposure, strong governance expertise and broad sector experience underpin his reputation as an effective boardroom leader. He is recognised for his vision, and commitment to corporate excellence and economic development. Committee membership • Remuneration Committee • Board Finance and Audit Committee • Nomination and Governance Committee Board diversity ![11544872199207]() | | | | | --- | --- | --- | | | | | | l | Women | 38.5% | | l | Men | 61.5% | Senior leadership team ![11544872199236]() | | | | | --- | --- | --- | | | | | | l | Women | 45.5% | | l | Men | 55.5% | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 63 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Corporate Governance Report Seplat Energy’s Board of Directors is committed to upholding the highest standards of corporate governance. It recognizes that strong governance is fundamental to the Company’s long-term success and ensures that sound governance principles guide all its activities and engagements. Through a clear “tone-from-the-top” approach, the Board reinforces the importance of acting with integrity and in full alignment with best-in-class corporate governance standards. As a company dual-listed on the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE) for more than ten years, Seplat Energy is subject to strict listing and corporate governance requirements. For the financial year ended 31 December 2025, these included the Companies and Allied Matters Act 2020 (CAMA), the Nigerian Securities and Exchange Commission’s Rules and Regulations, including the Corporate Governance Guidelines for Public Companies (SEC Guidelines), the Nigerian Code of Corporate Governance 2018 (NCCG), the UK Listing Rules (LRs), the UK Market Abuse Regulation (UK MAR), and the 2024 UK Corporate Governance Code amongst others. In compliance with these laws, rules, and regulations, the Board— being the Company’s highest governing body—acknowledges its overall responsibility for overseeing the performance and affairs of Seplat Energy on behalf of shareholders and other stakeholders. The Board is therefore pleased to present the Corporate Governance Report for the year ended 31 December 2025 to shareholders and the investing public. As at the end of the year under review, the Board comprised 12 Directors with diverse backgrounds, experience, and expertise, which contributed meaningfully to the effective discharge of their responsibilities during the financial year. The Board maintains an appropriate balance of Executive, Non-Executive, and Independent Non-Executive Directors. A majority of the Company’s Directors are Non-Executive, most of whom are Independent, ensuring objective and independent judgment in Board deliberations. Recognizing corporate governance as critical to achieving the Company’s strategic objectives, the Board has adopted and implemented a robust board charter, policies, and processes to support the effective day-to-day management of the Company. #### Boardprocesses Scope and authority In line with relevant codes of corporate governance and regulations, the Board is responsible for ensuring compliance with all applicable laws, rules, and regulations. In discharging this responsibility, the Board is supported by the Company Secretariat, Compliance and Legal Unit headed by the Director Legal/ Company Secretary. Additionally, the Board is supported by key members of the Senior Leadership Team and management as are required from time to time. To aid the Directors’ effective participation and making of informed decisions at Board and committee meetings, all Board and Board Committee papers are circulated to each Director in advance of their meetings using the Board pad software that is designed for that purpose. Formal minutes of the Board and Committee meetings are taken by the Company Secretariat team and are reviewed, discussed by the Board prior to approval, and adopted at the subsequent Board and Committee meetings. The Company Secretary also advises and provides guidance to the Board in the discharge of its obligations as stipulated in the applicable Nigerian and UK laws, codes, rules, and regulations. Members of the Board are aware of their right to obtain independent professional advice at the Company’s expense and did obtain independent professional advice in the financial year under review. The roles and responsibilities of the Chairman and the CEO are clearly separated and are outlined in the Board Charter and in the appointment letters of the Chairman and the CEO. This role separation is monitored by the Senior Independent Non-Executive Director (‘SINED’ or ‘S.I.D’) and is periodically assessed during Board evaluations. The Board has adopted a comprehensive Board Charter that sets out the matters that are exclusively reserved for its approval. The matters that require exclusive approval of the Board are also captured in the Authority Matrix of the Company to ensure strict compliance by the Senior Leadership Team and management. Some of the key matters the Board deliberated upon for the financial year under review include, but are not limited to the following: • Post completion of the MPNU acquisition and integration of Seplat Energy Producing Nigeria Unlimited (SEPNU) with Seplat Energy Plc. • Review and approval of the Board Charter; • Review of potential 10% sell-down of SEPNU’s interest in SEPNU-NNPC JV to the Nigerian National Petroleum Company Limited (‘NNPC’); • Consideration and review of the 2024 Board and Corporate Governance Evaluation Report; • Consideration and review of reports from all the Board Committees and Statutory Audit Committee on quarterly basis; • Consideration and approval of reports from the various business units - New Energy, AGPC, Offshore Operations, and Onshore Operations; • Review and approval of the 2024 Full Year Financial Results and the Quarterly Financial Results for 2025; • Consideration and approval of final, special and quarterly interim dividend payments to the Shareholders; Quarterly core dividend increased from 3.6cents to 4.6cents from Q1 2025; Quarterly core dividend further increased from 4.6cents to 5cents from Q3 2025; • Received and considered presentations on Risk Management as well as Seplat Energy’s ESG and Sustainability Road Map; | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 64 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Corporate Governance Report continued • Received and accepted the resignation of Mr Bello Rabiu (SID) and Mr Babs Omotowa (INED) following their appointment to the Board of NNPC by the President of the Federal Republic of Nigeria; • Restructured the membership and chairmanship of the Board Committees; • Consideration and approval of the documents for the 2025 Annual General Meeting of the Company and successfully held the AGM on 14 May 2025; • Consideration and approval of the 2026 budget and work programme by the Board; • Training session on Corporate Governance for the Board; • Consideration and approval of updates to Corporate Governance Policies; • Increase of the Issued Share Capital of the Company by the creation of up to 11,500,000 Ordinary Shares and amendment of the Memorandum and Articles of Association to reflect the increase. • Review of Directors’ Remuneration Policy and Seplat Long Term Incentive Plan; • Review and consideration of the Company’ capital allocation. • Review and approval of updated Dividend Policy • Consideration of the Company’s forward-looking 5-Year Business Plan • Received and accepted the resignation of Mr Olivier De Langavant; • Appointment of Mr Larry Ettah and Mr Tony Elumelu as an Independent Non-Executive Director and Non-Executive Director respectively; To facilitate an efficient and effective discharge of its responsibilities, the Board has delegated specific aspects of its responsibilities to these six Board Committees: 1. The Board Finance and Audit Committee 2. The Remuneration Committee. 3. The Nomination and Governance Committee. 4. The Risk Management and HSSE Committee. 5. The Sustainability Committee 6. The Energy Transition Committee. The Board Finance and Audit Committee, which comprises only Independent Non-Executive Directors was constituted in 2013 in compliance with the UK Code’s requirement for an audit committee. The Statutory Audit Committee, which was established at the 30 June 2014 Annual General Meeting (‘AGM’), consists of three shareholder representatives who are elected at every AGM to sit on the Statutory Audit Committee in line with Sections 404(2) & (3) of CAMA 2020 and two Non-Executive Directors. All seven Committees (including the Statutory Audit Committee) have their respective Terms of Reference that guide their members in the discharge of their assigned duties. All the Committees present a report to the Board, highlighting matters deliberated upon as well as each Committee’s proposals/ recommendations on matters within the remit of their respective Terms of Reference. The details of these seven Committees are contained in the individual Committee reports in this governance section. #### Board review and evaluation In line with the NCCG and the UK Code, which prescribes the establishment of a formal and rigorous annual evaluation of the performance of the board, its committees, the chairman, individual directors and that the process should be externally facilitated by an independent external consultant at least once in three years, the Board in the year under review, engaged the services of an independent external consultant, Ernst & Young Nigeria to carry out an evaluation of the Board for the financial year 2024. The independent consultant also carried out an assessment of the corporate governance practices within the Company. In carrying out the evaluation, the following seven key corporate governance areas were considered: 1. Board structure and composition; 2. Strategy; 3. Board operations; 4. Quality of the Board; 5. Board Risk Management activities; 6. Relationship with stakeholders; and 7. Transparency and disclosure. In carrying out the evaluation, Ernst & Young Nigeria benchmarked the Board’s practices against the Nigerian Financial Reporting Council Corporate Governance Code, Financial Reporting Council UK Corporate Governance Code, and the Securities and Exchange Commission Corporate Governance Guidelines. The project included a desktop review of relevant documents, director interviews and director survey and peer and self-assessment. The Report and Findings were presented to the Board for deliberation and areas of improvement noted by the Board. The Final Report is contained on page 69. #### Board meetings One of the principal ways in which the Board performs its oversight function and monitoring of the Company’s performance is through Board meetings. In accordance with regulatory requirements, the Board meets at least once every quarter. However, additional meetings are scheduled as matters which require the attention of the Board prior to the convening of next quarterly Board meeting arise. The Board held nine meetings during the 2025 financial year. The dates of the meetings and attendance of each Director at the meetings are contained on page 56. During the year under review, the Non-Executive Directors held exclusive meetings, without the Executive Directors. In compliance with the Nigerian Code and the UK Code, it is the policy and practice of Seplat that no Director is involved in any deliberation pertaining to his/her remuneration. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 65 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Board policies and insurance cover In addition to the Board Charter earlier mentioned, the company has a Code of Conduct that applies to all employees, including the CEO and the Board of Directors. The Company also has other policies on corporate governance and sustainability. As of the date of this Annual Report and Accounts, the Board has in place following policies and practices on corporate governance: 1. Board charter 2. Code of business conduct 3. Code of business conduct policy 4. Board succession policy 5. Board representation policy for incorporated joint ventures (IJVs) & other arrangements 6. Anti-bribery and corruption policy 7. Anti-fraud policy 8. Gifts and hospitality policy 9. Anti-discrimination, bullying and harassment policy 10. Community relations policy 11. Investors’ complaint management policy 12. Conflict of interest policy for directors and employees 13. Corporate communications policy 14. Electronic information & communications systems policy 15. Inside information policy 16. Political and charitable contributions policy 17. Related party transactions policy and guidelines 18. Risk management policy 19. Share dealing policy 20. Whistleblowing policy 21. Market sounding policy 22. Diversity & inclusion policy 23. Climate change policy 24. Child and forced labour policy 25. Sustainability & ESG policy 26. Sustainability reporting policy Further details on the Company’s policies on corporate governance and sustainability can be found on the Company’s website; www.seplatenergy.com. The Board has also adopted the UK market abuse regulation (‘UK MAR’) which governs the disclosure and control of inside information and the reporting of transactions by persons discharging managerial responsibilities (‘PDMRs’). The Board is responsible for taking appropriate steps to ensure observance of the provisions of the UK MAR by the Directors. The Company is therefore committed to observing the UK MAR provisions as part of its commitment to good corporate governance practices. The Company has arranged appropriate insurance cover for legal action against its Directors. This insurance cover losses and actions arising from matters involving a Director’s failure to act in good faith and in the Company’s best interest, failure to exercise powers for a proper purpose, failure to use skill reasonably, failure to comply with the law, etc. The Company regularly reviews this insurance coverage to ensure adequate protection of its Directors. #### Appointment, development, and evaluation of Directors The Board has adopted a Board succession policy to guide the appointment of its Directors in accordance with corporate laws, corporate governance codes, regulations, and international best practice. Under this policy, the Nomination and Governance committee (“NomGovCo”) is required to submit an annual succession plan to the Board. The plan must identify key and critical roles, designate successors for those positions, and outline specific development plans for identified successors, aligned with the Company’s overall performance management framework and career development processes. NomGovCo is responsible for overseeing the appointment, induction, training, and evaluation of Board members. It also oversees changes relating to the Company Secretary and other senior management personnel, all of which remain subject to the Board’s approval. During the year under review, two (2) Directors- Mr Bello Rabiu, the SID and Mr Babs Omotowa, resigned from the Company effective 23 April 2025 following their appointment to the Board of NNPC by the President of the Federal Republic of Nigeria. On 25 April 2025, Mrs Bashirat Odunewu was appointed to replace Mr Bello Rabiu as the SID. Mr Larry Ettah was appointed to the Board on 1 January 2026. On 22 January 2026, Mr Tony Elumelu was appointed to the Board to replace Mr Olivier De Langavant who resigned from the Board on 22 January 2026. The profiles of the newly appointed directors can be found on the Company’s website. The fundamental principles of the appointment process include evaluation of the balance of skills, knowledge and experience on the Board, leadership needs of the Company and ability of the candidate to fulfil his/her duties and obligations as a Director. All appointments to the Board undergo a formal, rigorous and transparent process. New Directors are required to attend an induction programme on the Company’s business, their legal duties, and responsibilities as well as other information that would assist them in effectively discharging their duties.  The Company also believes in and provides continuous training and development opportunities for its Directors to equip them with required skills to effectively discharge their duties and to enable them refresh their skills and knowledge. In furtherance of this, the Company organized induction programs for all newly appointed directors and held trainings on Sustainability and Artificial Intelligence for all Directors in the year under review. The Board also appointed the following Directors as representatives on the Statutory Audit Committee: Mrs Bashirat Odunewu (Board Rep); and Mr Kazeem Raimi (Board Rep). The two Board representatives served alongside the three shareholders’ representatives who were elected at the 2025 AGM namely: Mr Abayomi Adeyemi, Mrs Hauwa Umar and Mr Nornah Awoh. #### Rotation of Directors In accordance with the provisions of Section 285 of CAMA, one third of the Directors of the Company are required to retire from office. The Directors to retire every year shall be those who have been longest in office since their last election. However, in accordance with Article 131 of the Company’s Articles of Association, apart from the Executive Directors and Founding Shareholder Directors, all other Directors are eligible for retirement and re-election by rotation. In the year under review, Madame Nathalie Delapalme and Ms Koosum Kalyan were put up for re- election at the 2025 AGM and  were duly re-elected by shareholders. At the 2026 AGM, the two Directors, who have stayed longest in office since their last election/re-election and who would be presented for re-election are: (1) Mr Udoma Udo Udoma; and (2) Mr Christopher John Okeke. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 66 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Corporate Governance Report continued #### Accountability Details of the Directors’ responsibility for preparing the Company’s financial statements and accounts, and a statement that they consider the financial statements and accounts, taken as a whole, to be fair, balanced, and understandable and to contain the information necessary for shareholders to assess the Company’s position and performance, business model and strategy, are given on page 154 of this report. Seplat’s business model and strategy for delivering the objectives of the Company and the assumptions underlying the Directors’ assessment of the business as a going concern are given on pages 70 and 71 of this report, respectively. The Board, during the financial under review, carried out an assessment of the Company’s risk management and internal controls systems, including financial, operational and compliance controls, and reviewed their effectiveness, details of which are given on pages 48 to 53 of this report. In compliance with CAMA and the Nigerian Code, the Company has established a Statutory Audit Committee (mentioned earlier), and in compliance with the UK Code’s requirement for an Audit Committee, the Board has established a Board Finance and Audit Committee comprising of Independent Non-Executive Directors. Details of the Board Finance and Audit Committee and Statutory Audit Committees’ membership and activities are given in their respective reports, on pages 70 and 71. The Board has also established the Risk Management and HSSE Committee, which is responsible for reviewing on behalf of the Board, operational risk, health and safety, and environment matters. Details of the Committee’s membership and activities are given in its report on pages 76 and 77. #### Remuneration In compliance with the Nigerian Code and UK Code, the Board has established a remuneration committee solely comprising Independent Non-Executive Directors and was chaired by Dr. Emma FitzGerald for the financial year under review. Details of the Committee’s membership and activities are given in its report on pages 81 and 82. Details of how Seplat Energy’s remuneration policy links remuneration to the achievement of the Company’s strategy and the level of remuneration paid to each of the Directors during the financial year are outlined on pages 83 to 101. In compliance with both the Nigerian Code and the UK Code, no Executive Director is a member of the Remuneration Committee, and no Director is involved in any deliberation of his/her remuneration. The Company’s remuneration policy and practices are outlined on pages 91 to 93 of this report. #### Engaging with our stakeholders The Board recognises the need to nurture successful relationships with our stakeholders to secure the Company’s long-term goals. Through regular engagement, the Board is able to understand the views of all stakeholders and considers them in their decision making process. #### Protection of shareholder rights The Board ensures that the statutory and general rights of shareholders are always protected. It further ensures that all shareholders are treated equally. All shareholders are given equal access to information and no shareholder is given preferential treatment. #### Disclosure of information As a company listed on both the Premium Board of the NGX and on the Main market of the LSE, Seplat Energy strives to comply with the highest standards of disclosure. As a matter of practice, the Company simultaneously releases announcements through the relevant regulatory channels in both Nigeria and London. It also ensures that all announcements are available on the Company’s website together with copies of its latest results, financial reports, and other relevant information. The Company has put in place relevant controls and processes for the management of inside information and approval of Company announcements thereby ensuring that such documents comply with relevant legal and regulatory requirements. #### Corporate governance framework and other governance initiatives The Board places high premium on corporate governance as a veritable tool for compliance risk management, ensuring the Company’s sustainability, achievement of the Company’s strategic objectives and enhancement of shareholders’ value. Consequently, the Board in fulfilment of its primary responsibility has put in place a corporate governance framework with “tone from the top” approach to governance compliance. The Board regularly subjects itself to evaluations to determine its level of corporate governance compliance and takes remedial action to resolve any areas of potential or perceived non-compliance. To foster an effective day to day implementation of our well- established corporate governance framework, the Company has put in place the following dedicated business units/directorates comprising of – Company Secretariat and Governance, Compliance, Legal, Internal Audit, Enterprise Risk Management, Business Integrity, and Health, Safety & Environment. The Company collaborates with its regulators (NGX, SEC, FRCN, CAC, LSE and FCA) as at when necessary to ensure the Company maintains its robust corporate governance framework and an effective compliance program. The Company frequently attends engagement sessions with its regulators. In the year under review, Seplat Energy was recognised for its tremendous contributions to the Nigerian and global economy. Highlights of these contributions are listed below: Seplat Energy shines at WECA, winning upstream deal of the year Seplat Energy was recognized as the upstream deal of the year at the World Energy Capital Assembly (WECA) awards in London. The WECA awards of excellence represents a global benchmark of excellence for those working across the upstream industry. The awards recognize and honour the individuals and companies who have been at the forefront of first-class deals, value creation, innovation, or exceptional financial and operating performance. It also celebrates the executives who continue to change the face of the oil and gas industry, demonstrating outstanding leadership and performance. ![WECA.jpg]() | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 67 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Seplat Energy receives education intervention of the year recognition at the SERAS Africa sustainability awards The SERAS Awards promote excellence and best practice in CSR and sustainability, provide a yardstick for measuring excellence and drive adoption of CSR and sustainability in Africa. The awards also celebrate the continent’s most influential organisations and leaders driving transformative sustainable development. Seplat Energy wins award for market excellence (2025 highest net asset ratio) at the PEARL awards The PEARL Awards (Performance, Earnings, and Returns Leadership Awards), established in 1995, is designed to honour companies listed on the Nigerian Exchange (NGX) for exceptional operational and stock market performance. The Awards aim to promote the vibrancy, growth, and development of Nigeria’s capital market. The highest return on net assets (RONA) ratio for which Seplat Energy was recognised, compares a firm's net income with its assets and helps investors to determine how well the company is generating profit from its assets. The higher a firm's earnings relative to its assets, the more effectively the company is deploying those assets. Seplat Energy receives corporate governance award at CIoD biennial lecture Seplat Energy was honoured with the prestigious Corporate Governance award by the Chartered Institute of Directors (CIoD) Nigeria at its biennial lecture, held on Tuesday, 17th June 2025, at Eko Hotels and Suites, Lagos. Seplat Energy earns CIPS procurement excellence standard certificate Seplat Energy earned the Chartered Institute of Procurement & Supply (CIPS) award, which has only been issued to a few organisations who have demonstrated to be aspirational, continuingly obsessed with being better and raising the bar. The certificate is designed to reward hard work and is a real recognition of Seplat’s commitment to global best practices in Supply Chain management. Seplat Energy wins multiple awards at the 2025 NAICE Award Seplat Energy emerged 2nd best indigenous exhibitor and 2nd overall best exhibitor, in recognition of the creativity, technical excellence, and innovative presentation of the Company’s exhibition booth at the 2025 Nigeria Annual International Conference and Exhibition (NAICE). Seplat Energy leads industry thought, wins best overall exhibitor (second place) award at 2025 NAPE Seplat Energy was hailed as the best exhibiting indigenous E&P and the best overall exhibitor (2nd place) at the 43rd Nigerian Association of Petroleum Explorationists (NAPE) Annual Conference & Exhibition. 2025 edition of PEARLS quiz Seplat Energy held the 14th edition of NEPL/Seplat JV promoting exceptional and respectable leaders (PEARLs) Quiz in the Edo/ Delta states and the 2nd ever edition of NNPC/Seplat JV PE Quiz in Imo State. The Pearls quiz is one of its signature educational Corporate Social Responsibility initiatives. Pioneer Education Centre, Edo State emerged winner of the NEPL/ Seplat JV Pearls Quiz, winning the coveted prize of ₦10 million to equip its Information, Communication and Technology (ICT) Laboratory. Notre Dame College, Uzoro, Delta State, and Eucharistic Heart of Jesus Model College, Benin, Edo State, secured 2nd and 3rd positions, receiving ₦5 million and ₦3 million respectively. The event also featured the STEAM innovation challenge, a showcase of creativity in science, technology, engineering, arts, and mathematics. Hollywood International School, Asaba, emerged winner with its innovative multi-functional academic laboratory, earning ₦1 million. Pioneer Education Centre, Benin, and Women Affairs Secondary School, Asaba, took 2nd and 3rd places, winning ₦500,000 and ₦250,000 respectively.  Avana Model Secondary School, Owerri, emerged winner of the NNPC/ Seplat JV Pearls Quiz, winning the prize of ₦5 million for a project and ₦100,000 scholarships for each of its three participating students. Delight International School, Owerri and St John Leonardi Model Secondary School, Owerri were 2nd and 3rd place winners respectively. Seplat Energy empowers 650 teachers and chief inspectors of education (CIE) on STEP Seplat Energy Plc is strongly committed to educational advancement in the country and considers teachers as the critical success factor for the STEAM (Science, Technology, Engineering, Arts, and Mathematics) model. As a result, in 2020, Seplat embarked on empowering teachers and CIEs in Edo and Delta States with the requisite knowledge and skill sets to excel whilst leveraging the STEAM model. In the year under review, the Company held the graduation ceremony of the beneficiaries of the 2024/2025 session of the STEP initiative. A total of 650 beneficiaries were trained. NNPC/Seplat JV executes ‘Eye Can See’ initiative in Imo State/ NEPL/Seplat JV implements 2025 edition of Eye Can See Initiative in Edo state The NNPC/Seplat Energy Joint Venture flagged off the 2025 edition of its flagship healthcare initiative ‘Eye Can See’ in Owerri, the Imo State capital, which is in line with the JV’s commitment to advancing community health and wellness and providing free eye care services, cataract surgeries, and reading glasses to thousands of residents, especially the underserved and vulnerable. The 2025 edition of the NEPL/Seplat Energy Joint Venture flagship healthcare initiative, “Eye Can See,” peaked with a grand ceremony held at the Oba of Benin’s Palace, Benin City, Edo State. Since inception, the “Eye Can See” programme has recorded remarkable milestones, including 110,634 eye treatments, the distribution of 55,382 pairs of reading glasses, and the successful completion of 4,752 cataract surgeries. In 2025, the programme delivered free eye care services, including consultations, reading glasses, cataract surgeries and health education on conditions such as glaucoma, hypertension, and diabetes to thousands of beneficiaries in the JV’s host communities. This marks another impactful chapter in the JV’s long-standing mission of delivering sustainable social investments across its host communities; of which the intervention speaks to the United Nations Sustainable Development Goal (SDG) 3, which aims to "Ensure healthy lives and promote well-being for all at all ages". ![PEARLS.jpg]() | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 68 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Corporate Governance Report continued #### Corporate governance recertification and conflict declarations As part of Seplat’s continuous corporate governance awareness campaign, the Company carried out its annual corporate governance online recertification exercise for all employees. The Company also conducted its annual Conflict of Interest/Affirmation of Independence declarations for Directors and all Employees. #### Board training In April 2025 and June 2025, the Board held a Sustainability training session facilitated by the Nigerian Financial Reporting Council. In October 2025, the Board also held an Artificial Intelligence Training facilitated by Alwin Magimay as part of its continuing corporate governance knowledge development. #### Diversity and inclusion The Company reaffirms its commitment to promoting a diverse and inclusive workplace that will maximise value for its stakeholders and ensure the sustainable success of the Company. It is the policy and practice of the Company to attract, recruit and retain diverse and talented members of the Board, management, and workforce. The Company has put in place a Diversity and Inclusion Policy which applies to all Directors, employees, and business partners, including their respective recruitment, engagement, remuneration, evaluation, and promotion. The Diversity and Inclusion Policy applies in all countries and locations in which Seplat operates, except in jurisdictions where the Company has adopted a specific policy on Diversity & Inclusion. As part of the Company’s sustainability approach to business, Seplat Energy has put in place the ‘Seplat Women Awesome Network’ (‘SWAN’) under the Seplat Gender Diversity programme headed by the Gender Diversity Champion - Mrs Edith Onwuchekwa. SWAN was created to spearhead the Company’s contribution towards the achievement of UN Sustainable Development Goal 5, which is to achieve gender equality and empower all women and girls. SWAN has been pivotal to the design, implementation, and development of mainstream gender equality programs in the Company and the energy sector value chain. The current Board consists of nationals from a variety of cultures within and outside Nigeria,  who have diverse expertise in the local and international oil and gas industry and other business sectors. There are currently five female Directors on the Board: Madame Nathalie Delapalme; Dr. Emma FitzGerald; Mrs Bashirat Odunewu; Ms Koosum Kalyan, and Mrs Eleanor Adaralegbe. Seplat’s senior management team consists of men and women from diverse cultural backgrounds in Nigeria, who have varying skills and experience in the different sectors of the oil and gas industry. The Board is committed to continuous investment in diversity programs that would enrich its Board, Management, and employee composition.  The Company is proud of the increasing number of females within the senior management team. Overall, women make up about 18% of the population within the Company while policies have been put in place to grow this number over time at all levels in the organization without compromising competence. The Company will continue to drive this campaign progressively. #### Regulatory engagements The Board, during the year, had engagements with its industry regulators to discuss and explain the steps taken by the Company to ensure compliance with the relevant provisions of applicable laws, codes, regulations, and sectoral guidelines. #### Declaration of compliance In compliance with the NGX ALR, following specific enquiry, all Directors acted in compliance with the NGX ALR and Seplat Energy’s Share Dealing Policy in respect of their securities transactions during the financial year ending 31 December 2025. #### Contraventions and penalties No contraventions occurred in the year under review. #### Directors’ declarations None of the Directors have: • ever been convicted of an offence resulting from dishonesty, fraud, or embezzlement; • ever been declared bankrupt or sequestrated in any jurisdiction; • at any time been a party to a scheme of arrangement or made any other form of compromise with their creditors; • ever been found guilty in disciplinary proceedings by an employer or regulatory body, due to dishonest activities; • ever been involved in any receiverships, compulsory liquidations, or creditors’ voluntary liquidations; • ever been barred from entry into a profession or occupation; or • ever been convicted in any jurisdiction of any criminal offence or an offence under any Nigerian or UK legislation. Signed by: | | | | | --- | --- | --- | | | | | | Udoma Udo Udoma.jpg | | | | | | | | Udoma Udo Udoma | | Edith Onwuchekwa | | Board Chairman | | Director, Legal/Company Secretary | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 69 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 70 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Board Committee Reports #### Board Finance and Audit #### Committee report Dear Shareholders, I am pleased to make this report on the 2025 activities of the Board Finance and Audit Committee. In the financial year ended 31 December 2025, the Committee held four meetings, dates, and attendance records for which can be seen in the table to the left. The Board Finance and Audit Committee was constituted in 2013 in compliance with the UK Corporate Governance Code’s requirement for an audit committee and consists wholly of independent non-executive directors as listed in the table. The details of our activities are provided below. The Committee meets at least four times a year, and its meetings are attended by appropriate senior management of the Company. Highlights of the Committee’s activities during 2025 are as follows: • Reviewed the report from the external auditors and management on the interim and annual financial statements and the accompanying public releases. In doing so, it considered the following amongst others: the oil and gas reserve estimates; revenue recognition; areas that required significant estimation, judgement or uncertainty; compliance with financial reporting and governance standards; refinancing of various financial instruments over the course of the year; the basis for the going concern assessment; assessment of bargain purchase on consolidation of SEPNU entity; recoverability of financial interest in OML 55; NNPC E&P Limited (“NEPL”) and NNPC Upstream Investment Management Services (“NUIMS”) receivables; and the impact of third-party deferments and losses on revenue. • Worked closely with management to explore the immediate and long-term strategies for strengthening the Company’s Mrs Bashirat Odunewu Chairperson of the Board Finance and Audit Committee (Senior Independent Non-Executive Director). statement of financial position. • Quarterly review of the Company’s financial strength to ensure the Company is properly positioned to fund acquisition and growth opportunities. • Quarterly review of the Company’s liquidity position and forecasts to ensure the minimum cash positions were adequate during the period and sustainable for the coming periods in compliance with the business plans. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | 4 Board Finance and Audit Committee Meetings in 2025 | | | | | | 2025 members | 24/02 | 22/04 | 21/07 | 20/10 | | Mrs Bashirat Odunewu 1, Chairperson | | | | | | Dr. Emma FitzGerald  2, Member | — | | | | | Mr Christopher Okeke 2&4, Member | N/A | N/A | | | | Mr Bello Rabiu, Member2&3 | | | N/A | N/A | | Mr Babs Omotowa, Member2&3 | | | N/A | N/A | • Reviewed the financial impact of the MPNU (now SEPNU) acquisition to the Seplat Group. • Review of the market outlook and the impact on Seplat’s work programme and plans. • Reviewed the annual budget in detail to ensure the assumptions were consistent with the business environment and appropriate growth targets. Oil price sensitivities, alternative export routes, cost reductions, capex, impact of major acquisitions and impact of exchange rates were considered as part of the process. 1. Senior Independent Non-Executive Director. 2. Independent Non-Executive Director. 3. Effective 23 April 2025, Mr Bello Rabiu and Mr Babs Omotowa exited the Board. 4. Effective 2 July 2025, Mr Christopher Okeke became a member of the Board Finance & Audit Committee. Mrs Bashirat Odunewu has recent and relevant financial experience, as highlighted in the profile of Directors on page 59. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 71 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | • Review and recommendation of interim and final dividend: The Committee considered the Company’s strong cash position and business performance and recommended: • An increase in quarterly dividends from USD 3.6 cents to USD 4.6 cents, which became effective from 1Q 2025. Interim dividends of USD 4.6 cents per share were paid post 1Q and 2Q, 2025; • Dividend Policy approved by the Board and effective 3Q 2025, supported: an increase in base quarterly dividends to USD 5 cents; new special dividends as 40% - 50% of free cashflow (“FCF”); and special dividends if applicable will be declared in 3Q and 4Q of every year. • In line with the updated dividend policy, an interim dividend of USD 5 cents per share and a special dividend of USD 2.5 cents per share totalling USD 7.5 cents per share were paid post 3Q 2025; • A final dividend of USD 5 cents per share for Q4 2025 and a special dividend of USD 3.3 cents per share totalling USD 8.3 cents per share for 4Q 2025, payable after the AGM • Quarterly review of the Company’s share price performance compared to peers and updates provided by Management on engagements with shareholders and potential investors. • Review of increase in the Company’s share capital by the creation and issuance of an additional 11.5 million units of shares to be utilized for the Long-Term Incentive Plan (“LTIP”). • Review of funding exercise for the purchase of 34.7 million Trust shares by the LTIP Trustees to be executed to support available shares for the employee LTIP. • Quarterly review of Seplat’s Revolving Credit Facility (“RCF”), Advance Payment Facility (“APF”) and the Bond performance. • Quarterly review of the Eland Reserve Base Lending (“RBL”) and Anoh Gas Plant Company (“AGPC”) financing. • Quarterly review of the continuous efforts and initiatives by Management to efficiently optimise costs. • Quarterly review of the implementation of the existing oil hedging strategy whilst also ensuring that appropriate levels of revenue protection were considered, and the risk and costs of hedging were manageable. • Quarterly review by the Committee of how financial risks are managed and mitigated, including the timeline for remediation. • Review of the appropriateness of deferred tax assets in the year. • Review of Tax updates from Management; changes to Tax Regulations and its impact on the business. • Review of the Petroleum Industry Act (“PIA”) Conversion Updates. • Quarterly monitoring of receipts due under the UBIMA JV settlement agreement. As at the end of FY 2025, a total sum of US$39.8 million has been received from the settlement sum of US$55 million. • Quarterly monitoring of the sale proceeds from the four turnkey drilling rigs disposed in alignment with the Company’s strategic objectives. • Quarterly review of the effectiveness of the Business Integrity Unit, including oversight of whistleblowing reports and managements investigation and resolution actions. Internal Audit: On behalf of the Board, the Committee reviewed and approved the risk-based Internal Audit plan developed with due consideration of the Group’s enterprise risk landscape, strategic business objectives, key management inputs, and insights from prior audits engagements and interactions with the committee. The plan was designed to ensure a risk-driven audit focus, effective stakeholder assurance delivery, and sufficient flexibility to respond to emerging risk and evolving management assurance needs. The Committee monitored the execution of the audit plan through quarterly reports from the Chief Audit Executive on the internal audit activities and key findings. The Chief Audit Executive reports directly to the Committee with an administrative line of reporting to the CEO and has unrestricted access to the Chairman of the Committee. The Internal Audit function operates under an approved Audit Charter that safeguards Internal Audit’s independence and objectivity. Responsibilities of the Internal Audit function include: • Providing independent assurance over the adequacy, reliability, and effectiveness of governance, risk management, and internal controls systems; • Assessing the reliability and integrity of financial, operational, and management information and the processes used to identify, measure, analyse, classify, and report such information; • Evaluating the means of safeguarding assets and verifying the existence of such assets, as appropriate; • Evaluating the systems established to ensure compliance with applicable policies, plans, procedures, laws, and regulations; • Providing consulting and advisory services on new initiatives and matters related to governance, risk management, and controls where appropriate. In 2025, the internal audit strategy emphasised greater focus on operational areas critical to business performance, thereby providing assurance on the effectiveness of operational controls and the achievement of strategic objectives. During the year, Internal Audit engagements included the following areas: • Operational audits, including mud engineering, drilling waste management, and ISO 55001 compliance assessment • Business services operations • Contractors labour and regulatory compliance • Audit action remediation including diesel audit • Non-audit services review • Financial retirement and reimbursement processes • Information technology and cybersecurity remediation The Committee considered the results of Internal Audit engagements at its meetings, and the remedial action plans were discussed with management. As a quarterly activity, Internal Audit also conducted checkpoint remediation reviews to provide visibility and assurance on management’s effective closure of control gaps arising from prior audit findings. The Committee also monitored the independence, objectivity, resourcing and overall effectiveness of the Internal Audit function and held private sessions with the Chief Audit Executive without the presence of Management, reinforcing open communication and the function’s ability to escalate matters without undue influence in line with good corporate governance practices. External Audit: Prior to commencement of the audit, the Committee met with the external auditor to review the audit plan to ensure that the Committee has a thorough understanding of the higher risk areas and guard against material mis-statements in the financial statements. The Committee reviewed the external auditors’ performance and independence and interacted with the external auditor without Management present. In making its assessment, the Committee focused on the robustness of the audit, the extent of investigation into the business and the quality and objectiveness of the audit team. Based on this, the Committee concluded that the audit process is operating effectively and has thus recommended to the Board that the current auditor, PwC Nigeria, be reappointed as external auditor at the 2026 AGM. PwC was first appointed on 28 May 2020. The Company complies with the Nigerian and United Kingdom corporate governance regulations, which results in the audit partner being rotated every five years and the audit firm being put out to tender at least every ten years. In line with this, the audit engagement partner was rotated in 2025. ![Mrs Bashirat Odunewu.jpg]() Mrs Bashirat Odunewu Chairperson of the Board Finance and Audit Committee (Senior Independent Non-Executive Director) | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 72 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Board Committee Reports continued #### Nomination and Governance #### Committee report Dear Shareholders, The Nomination and Governance Committee is a standing committee of the Board. All members of the Nomination and Governance Committee are Independent Non-Executive Directors. The Committee meets at least four times a year. When required, the meetings of the Committee are attended by other members of the Board such as the Chief Executive Officer, members of the Senior Leadership Team including the Director Legal/Company Secretary and Director Corporate Services. External consultants also attend some of these meetings only upon invitation by the Committee Chairman. The Committee in performing its duties as enshrined in its Terms of Reference, gives due consideration to all applicable laws and regulations, including but not limited to the provisions of the Nigerian Code of Corporate Governance (‘NCCG’), the Securities and Exchange Commission’s Code of Corporate Governance, the Nigerian Exchange Rules, the Listing Rules of the UK Listing Authority, the Disclosure Rules and Transparency Rules issued by the Financial Conduct Authority, the UK Corporate Governance Code (‘UK Code’), and other applicable legislations. The Committee, in collaboration with other Committees, ensures that Seplat complies with the requirements under the Nigerian and UK Codes of Corporate Governance including environment, social and governance reporting. On 23 April 2025, Messrs. Bello Rabiu and Babs Omotowa resigned from the Board following their appointment to the Board of NNPC Limited by the President of the Federal Republic of Nigeria. Mrs Bashirat Odunewu was appointed as the Senior Independent Non-Executive Director in place of Mr Rabiu. The Board, through the Nomination and Governance Committee, Ms Koosum Kalyan Chairperson of the Nomination & Governance Committee went through a rigorous process of seeking replacement candidates for Messrs. Rabiu and Omotowa on the Board. The search and screening process was conducted through an Executive search firm of international repute. Following a comprehensive screening and interview process, the Board approved the appointment of Engr. Saidu Mohammed and Mr Larry Ettah as INEDs on the Board of Seplat Energy Plc effective from 1 January 2026. However, Engr. Saidu Mohammed withdrew his acceptance of the appointment to the Board of Seplat | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | Nomination and Governance Committee meetings in 2025 | | | | | | | | Director | 19/02 | 16/04 | 17/07 | 16/10 | 24/10 | 05/12 | | Koosum Kalyan, Chairman1 | | | | | | | | Bashirat Odunewu (S.I.D)1 | | | | | | | | Christopher John Okeke2 | | | | | | | | Bello Rabiu (S.I.D)1 | | | N/A | N/A | N/A | N/A | following his appointment by the Federal Government of Nigeria as Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Following the sale of Etablissements Maurel et Prom SA ("M&P") 20.07% shareholding in Seplat to a combination of Heirs Holdings Limited and Heirs Energies Limited (“Heirs Group”) on 31 December 2025, the Company received Notification of Major Holdings in Seplat shares by Heirs Group. The Board subsequently received Heirs Group’s proposal to have a seat on Seplat Board and for Mr Tony Elumelu CFR to be Heirs Group’s nominee on the Board. In line with good governance protocol, the Board, through the Nomination and Governance Committee, considered Mr Elumelu’s Curriculum Vitae (“CV”) and Biography which detailed the wealth of 1. Mr Rabiu ceased to be Committee Chair and Senior Independent Non-Executive Director (SID) upon his resignation from the Board on 23 April 2025. Ms Kalyan was appointed as the Committee Chair in place of Mr Rabiu, while Mrs Odunewu was appointed as the Senior Independent Non-Executive Director (SID). 2. Independent Non-Executive Director. his skills, experience, and competencies. The Board considered that Mr Elumelu would make a strong and a strategic addition to the Seplat Board and he was appointed to the Board of Seplat as a Non-Executive Director effective 22 January 2026. Other activities of the Committee for the financial year ending  31 December, 2025, are outlined below. I will be available at the Annual General Meeting (“AGM”) of the Company to be held virtually on May 14, 2024, for further clarifications. If you are not able to meet me at this year’s AGM, I can be contacted through the Company Secretary. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 73 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | The Committee assists the Board in fulfilling its responsibilities with respect to the following: • nomination of Board and/or Board Committee members and oversight of governance matters of Seplat Energy; • Board and/or Board Committee composition, evaluating the performance of Directors and making recommendations on the addition or replacement of Executive and Non-Executive Directors and the Chairman of the Board; • oversight of management's implementation of its human capital development policies and procedures and management's recommendations for the recruitment, promotion, training, development, succession planning, or disciplinary measures affecting the Chief Executive Officer, Executive Directors, General Managers and above for Seplat and any of its subsidiaries; • overseeing the implementation of Seplat's Code of Business Conduct, reporting any lapses, and recommending appropriate review to the Board from time to time; • promoting, modelling, institutionalizing, and maintaining sound ethical culture and good corporate citizenship; • advising the Board on modalities of strengthening the Company’s corporate governance and compliance ethos; and • achieving the corporate strategy of the Company. Other responsibilities of the Committee in the area of corporate governance includes: • Review compliance with all applicable laws, corporate governance codes, listing rules, and regulations (the ‘legislations’) and its implementation by the Company; • Review developments in corporate governance generally and advise the Board periodically with respect to significant developments in the law and practice of corporate governance and recommend the approach to be taken by the Company in relation to such corporate governance standards; • At the instance of the Board, review and approve material corporate governance information of the Company to be made public or made available to public entities; • Periodically review all Board-related policies and recommend to the Board such changes as it considers appropriate. The Committee also monitors adherence to the Code of Business Conduct, ensuring that breaches are appropriately dealt with; • Review and approve items that should be published in the Company's Annual Report relating to the activities of the Committee; • Assess, from time to time, whether additional information, including third-party evaluations, is desirable; • Meet from time to time without management representatives to consider ethical, governance and compliance issues or, at the request of the Board, to consider other issues referred to it by the Board; • Consider any other matter properly referred to the Committee by the Board, a Director, or the management of the Company, for review or recommendation to the Board; • Meet separately with senior management, employees, or independent advisors, as deemed necessary by the Committee; • Review or make recommendations to the Board in respect of the adoption, administration or amendment of the Company's policies including the Code of Business Conduct or conflict of interest policies; • At the request of the Board and/or the respective Board Committees, provide guidance on the Company's arrangements for its employees to raise concerns in confidence about possible improprieties in matters other than financial reporting; • Advise the Board and the respective Board Committees on the Company's procedures for detecting and responding to fraud, including bribery, as well as arrangements in place for regulatory and statutory compliance; and • Periodically review the effectiveness of the Company's governance and compliance practices and any relevant governance and compliance issues, such as ethics, culture, integrity, transparency, including opportunities for improving the governance and compliance framework, compliance with all applicable legislations and make recommendations to the Board as appropriate with respect to any changes to the Company's governance and compliance practices. Highlights of other business conducted by the Committee during the 2025 financial year are as follows: • Consideration of the three-year Succession Plan for the entire Senior Leadership Team (SLT) which highlighted potential replacements for Executive Directors and SLT. • Consideration of the Group Corporate Governance structure following Change in Control (CiC) of the Offshore Business (Seplat Energy Producing Nigeria Unlimited – “SEPNU”). • Update on the integration initiatives for the Onshore and Offshore businesses which highlighted the following – key activities / workstreams; key milestones / updates to the Nomination and Governance Committee; focus areas of alignment; outcome of initial benchmarking; road map to full integration; guiding principles of integration; communication plan; prioritization of processes for harmonization/ redesign. • Consideration of proposal for the engagement of consultant to facilitate the FY 2025 Board Evaluation and Corporate Governance evaluation. • Consideration of the outcome of the 2024 Seplat People’s Voice (SPV) - an employee survey through which management receives feedback from employees. • Review of outcome of the 2024 Graduate Trainee (“GT”) Campaign including the recruitment strategy deployed which involved a three-stage screening process – aptitude test, psychometric test, and individual assessment of candidates. • Updates on 2024 GT Campaign with focus on – engagement of GTs, onboarding, induction sessions, one-year training plan, and feedback from GTs on training sessions. • Quarterly review of the Company’s HR Dashboard which highlighted the following key updates: headcount evolution (including new hires and departures from the organization); grade level spread; gender distribution trend; age distribution; employees by location; five-year retirement outlook; outcome of quarterly engagement with workforce through the joint consultative committee (JCC); staff turnover (attrition rate) relative to the industry average annual rate; learning and development; diversity and inclusion; key priorities for each quarter; culture themes for each month focusing on specific culture attributes of the Company; and key issues within the human resources space and industry outlook. • Review of updates to the following Corporate Governance Policies – Electronic Communications Systems Policy; Corporate Communications Policy; Diversity and Inclusion Policy; and Child and Forced Labour Policy. • Review of the 2025 Board and Corporate Governance Evaluation Report. • Consideration of the succession proposal for the MD ANOH Gas Processing Company Limited (AGPC) • Review of the Board Charter and the Terms of Reference of the respective Board Committees. ![Koosum Kalyan (002).png]() Ms Koosum Kalyan Chairperson of the Nomination and Governance Committee | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 74 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Board Committee Reports continued #### Energy Transition #### Committee report Dear Shareholders, The Committee held four meetings in the financial year ended 31 December 2025. The dates, attendance, and membership records are as shown in the table and note on the left. I am pleased to present to you the Energy Transition Committee Report for the 2025 financial year. The Committee sustained its oversight of the Pillar 2 (Midstream Onshore & Offshore Gas Business), covering the existing gas business and the ANOH Gas Project development. We also looked at the Pillar 3 (New Energy) business to assess the strategy for carbon credits offset and monetisation initiatives. The revised strategic focus helps the Committee to navigate the Gas market and to position the Gas business as a robust stand- alone midstream business.  Finally, it helps to ensure Board oversight and deployment of the Company’s energy transition agenda. In the fiscal year under review, the Energy Transition Committee had five Independent Non-Executive Directors as members. They bring strong leadership experience in the Nigerian and international gas industry and business generally as well as in depth knowledge of Finance. We now present hereunder a summary of our activities during the financial year under review. • Midstream (Onshore) Gas Business (Pillar 2): Highlights of onshore gas business carried out by the Energy Transition Committee during the year include: • Gas sales volume: During the year under review, the Committee paid close attention to the efforts by management to ensure the reliability of supply to customers. Our efforts from prior years in this regard have yielded results via the high uptime (greater than 99 percent) of the Mr. Christopher J. N. Okeke Chairman of the Energy Transition Committee Oben Gas Plant and improved performance of the Sapele Gas Plant after the commissioning of the Sapele Compressor Facility (SAPCOM). These factors have resulted in strong customer offtake associated with reliability of the Company’s facilities and access to the Escravos – Lagos Pipeline System (ELPS) which enables the expansion of the customer base and operation of the facilities at a higher capacity. • Collection of outstanding debt: in line with the approval of the National Economic Council, the Company has | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Members and meeting attendance | | | | | | 2025 Members | 13/02 | 15/04 | 16/07 | 15/10 | | Christopher J.N.  Okeke, Committee chair | | | | | | Emma FitzGerald | | | | | | Nathalie Delapalme | | | | | | Ernest Ebi | | | | | | Babs Omotowa1 | | | N/A | N/A | commenced recovery of legacy gas debts against gas royalties. We expect further recoveries under the Federal Government’s Power Sector Bond Programme that was also launched to raise funds for settling debts in the gas and power sector. • Third-party gas prospects: the Committee monitored the progress of engagements with the owners of third – party fields identified to provide feedstock to meet customers’ demand and utilise the installed processing capacity. The Company has matured two opportunities in this regard for 100 MMscf/d supply to the Oben Gas Plant for 15 years and 28MMscf/d supply to Sapele Gas Plant. GSA negotiations 1. Mr Babs Omotowa resigned from the Board effective 23April, 2025 and execution are at various stages of progress. • Gas growth opportunities (CNG & LPG Business Development): the projects selected for development at the Sapele Gas plant area have been significantly progressed. The planned delivery date for the CNG project is Q4 2026 whilst the LPG has been completed and offtake commenced in Q1 2026 following execution of LPG offtake agreements with two offtakers. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 75 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | • Midstream (Offshore) Gas business (Pillar 2): The Committee is paying close attention to the development and optimisation of the offshore assets integrity issues as reported by management. The Company will undertake a holistic asset integrity assessment both onshore and offshore to address the offshore legacy issues and to optimise solutions onshore. The aim is to establish a single point of failure to build resilience and redundancy. • New Energy (Pillar 3): The Committee is actively monitoring the implementation of the carbon credits offset/monetisation strategy. While our onshore gas business has achieved significant emissions reductions through the end of routine flare initiatives, the carbon footprint is much larger in the offshore space and is planned to be reduced gradually and systematically. Management will develop a holistic strategy to build on the significant emissions reduction onshore to optimise solutions for monetising or to offset the carbon credits. • ANOH: ANOH achieved some significant milestones as follows: • 17.8 million man-hours without any Lost Time Injury (LTI) incident. The team continues to pursue the goal of zero LTI whilst striving to reach steady – state production; • introduced wet gas into the gas plant on 23October, 2025. Key commissioning activities – including compressor modifications, performance testing and reliability runs – are scheduled for completion in Q1, 2026; and • first gas export to Indorama Eleme Petrochemicals Limited in Rivers State on 16 January 2026. This signifies the plant is now operational with residual construction and commissioning activities ongoing. • Funding: as the project evolves from equity risk to debt risk, management’s critical focus remains on achieving a steady state of operations before undertaking a global refinancing of the AGPC plant. A key element of this will be activating the Vitol SA Prepayment Facility, which was initially stalled due to delayed NLNG deliveries. Liquidity analysis (first gas scenarios through December 2025, January & March 2026) indicates additional funding needs of US$20million – US$50million. Total project cost to first gas is US$886million (within 20% EPC/ non-EPC overrun of FID), with finance costs up 179%. Equity/ Debt stands at US$420million/US$390million, pending expected bridge financing and additional prepayment facilities. • Gas evacuation pipelines. The initial challenges with the Obiafu-Obrikom-Oben (OB3) and Spur Line construction have been significantly mitigated under a revised execution strategy. After completion in April 2026, we expect to attain Ready for Start-Up (RFSU) status by the end of Q2, 2026. ![Chris Okeke.jpg]() Mr. Christopher J. N. Okeke1 Chairman of the Energy Transition Committee 1. Independent Non-Executive Director. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 76 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Board Committee Reports continued #### Risk Management #### and HSSE #### Committee report Dear Shareholders, I am pleased to present the Report of the Risk Management and Health, Safety, Security and Environment (“HSSE”) Committee for the financial year ended 31 December 2025. During the year under review, the Committee held four meetings. The table on the bottom left shows the dates and attendance records for the Committee meetings and highlights the changes in the Committee’s membership. I would like to express my sincere gratitude to Mr Babs Omotowa and Mr Olivier De Langavant for their exemplary leadership and invaluable contributions to the Committee during their respective tenures, and to extend a warm welcome to Nathalie Delapalme, who joined the Committee during the year under review. The Committee oversees and guides Seplat's enterprise risk management framework, operational landscape and HSSE practices and processes on behalf of the Board. This is done in line with applicable Nigerian and UK governance regulations and recognised best practice, through regular engagement with management, as well as structured quarterly reviews of the key domestic and international risks, operational targets and HSSE initiatives across the Seplat Group. During the year, the Committee worked closely with management to ensure that the Company’s operational targets and market guidance were delivered in a safe, sustainable and risk-efficient manner. In particular, the Company made significant progress in its End of Routine Flaring programme, advancing Seplat’s environmental stewardship and emissions-reduction objectives. In addition, the Company’s onshore assets were successfully converted to the Petroleum Industry Act (“PIA”) fiscal regime, positioning Seplat for stronger regulatory alignment and enhanced operational and fiscal outcomes from 1 January 2026. The Mr. Ernest Ebi Chairman, Risk Management and HSSE Committee Committee remains determined to ensure that Seplat remains at the forefront of operational excellence, safety and efficient risk management. The Committee’s activities are summarised below and details on the related business achievements are contained under the relevant sections of this Annual Report. The Committee meetings bring together a diverse group of senior | | | | | | | --- | --- | --- | --- | --- | | | | | | | | 4 Risk Management and HSSE Committee meetings in 2025 | | | | | | 2025 Members | 13/02 | 15/04 | 21/07 | 15/10 | | Olivier De Langavant2, Chairman\* | | | | | | Babs Omotowa3, Member\* | | | N/A | N/A | | Samson Ezugworie1, COO/ Member | | | | | | Ernest Ebi2, Member | | | | | | Kazeem Raimi2, Member | | | | | | Nathalie Delapalme2, Member\* | N/A | N/A | N/A | | management members, including the Chief Executive Officer, Chief Financial Officer, Director Legal/Company Secretary, Director of External Affairs & Social Performance, Director of Strategy, Planning & Business Development, General Manager of Health, Safety & Environment (HSE), General Manager of Enterprise Risk & Control, and General Manager of Business Assurance & Integrity. As indicated in the attendance table (bottom left) and in line with the Nigerian Code of Corporate Governance, an Executive Director (specifically, the Chief Operating Officer) is a member of the Committee and therefore attends all Committee meetings. Additionally, other specialists with appropriate technical expertise may be invited to attend, contribute and give presentations at Committee meetings, as and when required by the Committee. 1. Executive Director. 2. Non-Executive Director. 3. Independent Non-Executive Director. \* Babs Omotowa resigned from the Board in April 2025, following which Olivier De Langavant assumed the role of Committee Chair. Nathalie Delapalme joined the Committee in October 2025. Following Olivier De Langavant’s resignation from the Board in January 2026, Ernest Ebi assumed the role of Committee Chair. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 77 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Highlights of the business carried out by the Committee during the year are as follows: • Quarterly review of the Enterprise Risk Register showing risks across all onshore and offshore assets (including the ANOH Gas and OML 40 operations). These reviews focused on the top six critical risks facing Seplat, their respective risk mitigation outlooks, and the roadmap for maturing Seplat’s risk management framework. During the year, significant progress was achieved in integrating the onshore and offshore risk management processes, governance and internal controls, particularly in relation to financial reporting standards and risk management registers, thereby enhancing consistency and oversight. The Committee continues to ensure a robust oversight of the enterprise risk framework in line with the Company’s growth strategy and evolving operating landscape. Details are contained in the Risk Management section of this Annual Report; • Quarterly review of the Company’s operational performance, including assessing performance against market guidance and corporate strategy. The review included onshore and offshore performance on production, alternative evacuation solutions, well-delivery projects, capital and brownfield projects, ANOH, asset integrity and process safety management (including technology deployments), non- operated ventures, crude oil theft/losses, End of Routine Flares projects, and security. Details on these matters are reported under the relevant sections of this Annual Report; • Quarterly review of the Health, Safety and Environment (“HSE”) Management System and safety achievements across all Seplat onshore and offshore assets, including the ANOH Gas and OML 40 operations. These achievements were measured against the 2025 Corporate HSE Business Plan, and guidance was provided to management to further strengthen the Company’s HSE outcomes. Details of the Company’s HSE performance are reported under the Operational Review section of this Annual Report; • Review of the progress made by the Company regarding its conditional application for the voluntary conversion of its onshore assets (formerly designated as OMLs 4, 38, 51 and 53) and offshore assets (OMLs 67, 68, 70 and 104) to the PIA regime. The Committee’s primary focus was to ensure an efficient conversion process, while remaining apprised of developments in the evolving PIA regulatory landscape with a view to ensure continued alignment with Seplat’s strategic assumptions for the voluntary conversion; and • Quarterly review of the Legal Risk Dashboard and Litigation Matrix, which highlight trends in contingent liability, key legal risks and mitigations, and material litigation involving the Company. Mr. Ernest Ebi Chairman, Risk Management and HSSE Committee (Non-Executive Director). | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 78 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Board Committee Reports continued #### Sustainability #### Committee report Dear Shareholders, It is an honour to present to you the Sustainability Committee Report for the year 2025. In the financial year ended 31 December 2025, the Committee held four meetings. The dates and attendance records for all the meetings are reflected in the table below. During the year under review, there were no changes to the membership of the Committee. The main responsibility of the Sustainability Committee is to provide an oversight and strategic direction on how Seplat manages its Environmental, Social, and Governance (ESG) responsibilities and goals. These are a key element of the Company’s overall strategy as an energy company committed to “lead Nigeria’s energy transition with accessible, affordable and reliable energy that drives social and economic prosperity”. It is hence firmly embedded within the Company’s governance structure. The Committee thus closely follows actions taken under the three pillars of the ESG strategy: Environment (E), Social (S)- both External and Internal - and Governance (G), under the responsibility of the specifically created Sustainability Management Committee, chaired by the CEO. In some cases, strategic initiatives and actions have continued this year to present the legacy and SEPNU perimeters separately. Within the period under review, a key focus for the Committee was the monitoring of the progress of the actions taken and the steps achieved by Management towards the flare out emissions reduction in both the Onshore and Offshore assets, with a specific challenge concerning the offshore assets linked to SEPNU integration. A key achievement this year is the end of Onshore routine flares with the following achievements: commissioning of the Oben Gas Plant Flare-Out Project; achievement of the mechanical completion and commissioning of the Sapele LPG; Madame Nathalie Delapalme Chairperson of the Sustainability Committee commissioning of the Ohaji Flares Out facility. This achievement also delivered a positive financial impact: for Western Assets, the combined impact of reduced flares penalties and added revenue from rerouting to gas plants amounts to an annual $15.8M in 2025.Concerning the Offshore, the major drivers for the 2025 flare out performance was the successful completion, on budget, of the replacement of the new Inlet Gas Exchanger (IGE) module on the East Area Project (EAP) platform, located in OML 67. As the IGE | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Held 4 Sustainability Committee meetings in 2025 | | | | | | 2025 Members | 19/02 | 16/04 | 17/07 | 16/10 | | Madame Nathalie Delapalme, Chairperson\* | | | | | | Ms Koosum Kalyan\*\* | | | | | | Mr Ernest Ebi, MFR\* | | | | | | Mr Kazeem Raimi\* | | | | | | Mr Olivier  Cleret de  Langavant\* | | | | | module is an integral part of the Natural Gas Liquid (NGL) extraction process, this was the main capital project on SEPLAT’s 2025 offshore operations. However, it needs to be noted that equipment reliability continues to be a critical determinant of flare performance. In 2025, several significant achievements were made: • The publication of the 2024 Integrated Annual Report (IAR), which was the second edition of its kind. This second edition featured notable achievements including the extensive use of dashboards to evaluate governance, risk and sustainability performances. Additionally, it combined all non-financial disclosures into a single section of the report. • The successful completion of Project Harmony, with the achievement of 100% completion and approval of Policies, \* Non-Executive Directors \*\* Independent Non-Executive Directors Processes, and Manuals (PPMs) from both the Board and Management. Companywide embedding sessions have commenced with focus on key policy areas including Corporate Governance, HR & Corporate Services, IT, and HSE. Furthermore, the update of SEPNU PPMs has also begun. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 79 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | • Steady progress of the Tree for Life project: Major milestones achieved were the implementation of a phased expansion approach, with 231,028 trees planted to date and operational capacity being developed to achieve 1,000,000 trees in the coming years. This initiative is designed to create measurable environmental impacts and provide socio-economic benefits to communities by empowering them through job creation and sustainable land management practices. It also positions the Company as a leader in corporate environmental responsibility and sustainable development. • A steady focus on providing communities with access to energy, remains a key element of the Company’s DNA. The hospitals, including an Eye Center and community health centers delivered across 3 states (Edo, Delta and Imo States), were fully and successfully powered by solar energy. These facilities are equipped with 15 KVA solar systems for clinics, 5 KVA backup for theatres, and 6.5 KVA systems for health centers. This ensures reliable renewable energy source for critical medical equipment and enhances the hospital’s energy infrastructure. Since 2023, 11 solar-powered school laboratories have been successfully delivered to Edo and Delta States. Each lab features a 6.5 KVA standalone solar system with a 12-hour capacity, internet-enabled router (with a 1-year subscription plan), CCTV and alarm systems, and STEAM learning tools which include practical and creative ways of learning, to support research and hands-on learning. • Significant strides have been made in providing community mini-grids, with the connection of 138 households to solar- powered electricity in Ologbo N’Ugu community in Edo State. The Ologbo N’Ugu Mini grid electrification project has revitalized local commerce and created new employment opportunities. Its remarkable adoption rate, now exceeding 100% capacity, demonstrates strong community endorsement and creates an opportunity for strategic expansion. Access to energy is also a key focus of our skills and capacity building initiatives, with 53 youths trained in energy solutions through the School Power Project, engaging graduates to support the electrification of schools and hospitals. Below are some additional highlights of the activities carried out during the year under the three pillars of the Company’s sustainability strategy - E, S and G. Further details on the Company’s sustainability activities are presented pages 108 to 152. I shall be available at the AGM of the Company to be held on 20 May 2026 in Lagos, Nigeria to engage with shareholders, or if you are not able to meet me there, I can be contacted via the Company Secretary. The Sustainability Committee consists of five (5) members - one (1) Independent Non-Executive Director and four (4) Non-Executive Directors. The Committee met four times in 2025, and at every meeting, members of the Sustainability Management Committee (SMC) were in attendance. The SMC consist of the Chief Executive Officer; Chief Operations Officer; Chief Financial Officer; Director, Legal/Company Secretary; Director, New Energy; Director, External Affairs & Social Performance; Director, Corporate Services; Director, Strategy, Planning & Business Development and the Manager, Strategy, Planning & Business Development. The Asset Managers for both the Eastern and Western Assets are also in attendance upon invitation by the SMC. Main highlights of progress and achievements closely followed by the Sustainability Committee during the year are as follows: 1. Regarding the Environment (E) pillar: a. ISO 14001 implementation: ISO 14001: Compliance audit was completed for both the Eastern Assets (EA) and Western Assets (WA). b. Water management: Water Management Strategy and Water Meter Installation were completed across the WA locations (Amukpe, Oben, Sapele and Rapele). c. Biodiversity protection: surveys, field data gathering exercise and stakeholders’ engagement were completed in both the WA and EA locations. d. Methane Emissions reduction Strategy: Engineering project on the Jisike Flow Station (FS) surge vessel has progressed e. Flares measurement: Completed the installation and commissioned the Fluenta meters at Oben FS and Sapele FS. This concludes the installation of flares meters across the legacy assets; Commissioned and operationalized Amukpe, Sapele and Oben screw compressors. f. Flares out roadmap: key projects driving this are: the Western Asset Flares out project; Sapele Accelerated Associated Gas (AG) Solution; Sapele Integrated Gas Plant; Oben Liquified Petroleum Gas (LPG) Solution; Jisike Gas Lift Compressor; Ohaji AG Solution; Oben AG Optimization. g. Green House Gas (GHG) management: the 2025 Seplat GHG management plan has been issued. h. Sapele Integrated Gas Plant (SIGP): Gas sales commenced in March 2025. i. SEPNU specific state of play: additionally, to the flares out performance, multiple components have been followed by the Committee, including the Environmental management plan and evaluation programs; emissions and air quality; the biodiversity roadmap (including the Qua Iboe Terminal (QIT) botanical garden and beach conservation) environmental spills; water use; waste management, environmental compliance. 2. Regarding the Social (S) pillar, as detailed in the Corporate Social Investment and Social Performance Report. a. Access to Quality Education – Strengthened digital capacity, academic excellence, and healthy competition through the PEARLs Quiz impacting over 7,175 students across 1,225 secondary schools; advanced the Seplat Science Innovators Programme (SSIP), handing over five fully equipped and state-of-the-art STEAM labs to secondary schools in Edo and Delta States, all fully powered by solar energy; continued the National Undergraduate Scholarship, onboarding 145 new scholars and supporting 257 existing students; graduated 342 teachers under the Education Summit/ STEP Graduation. b. Access to Quality Healthcare - Provided essential eye care to over 10,000 beneficiaries across 15 locations within Edo, Delta and Imo States, including 471 surgeries and the distribution of more than 7,000 pairs of corrective glasses. This includes operations at the Sapele Eye Center, which was commissioned in 2024. To date, 123,667 people have been screened, 64,005 reading glasses dispensed while 5,152 corrective surgeries were successfully performed. c. Capacity Building – Launched the Youth Entrepreneurial Programme (YEP) - Graduated 83 youths in solar installation, maintenance, and entrepreneurship through blended learning and apprenticeships. SEPLAT Growth Academy (SGA) – Launched and operationalized the SGA as an online learning and empowerment platform created to provide comprehensive educational resources, training, skills development, and career growth, especially for young people, students, teachers, and entrepreneurs in Nigeria. d. SEPLAT Cares - Concluded employee support for nominated charities through soliciting donations. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 80 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Board Committee Reports continued 3. Regarding the SEPLAT Tree 4 Life Project (Ehor, Edo State): a. Project Scale-Up: Successfully planted 231,028 trees to date, with a target of 1,000,000 trees in the coming years. b. Carbon Credit Readiness: Conducted baseline studies on an additional 1,000 hectares in line with Verra VCS standards to support carbon credit eligibility. c. 2025 Planting Preparation: Delineated and tagged 200 hectares designated for the 2025 planting campaign. d. Nursery Development: Completed nursery planting and management of 100,000 trees, alongside 20,000 replacement seedlings and 30,000 additional buffer seedlings. e. Stakeholder Engagement: Finalized Standard Operating Procedures and stakeholder engagement metrics, engaging all seven impacted and host communities located within the Ehor Forest Reserve, in Edo State. f. Community Support: Distributed 23,000 tree seedlings to members of the project host community (Edo State) to enhance food security and socio-economic development. g. Capacity Building: Trained 230 community members while sustaining long-term forest maintenance and stakeholder partnerships. h. Economic Empowerment: Over N300 million generated in direct and indirect economic empowerment for community members through wages earned and provision of logistics. 4. Regarding the Carbon Credit Development and Monetization a. Project Approval: The Ohaji South Project was approved in November 2024 by DeHst (Germany’s Emissions Trading Authority responsible for carbon credit administration and enforcement). b. Switch to Verra: a. The DeHst market closed by the end of August 2025, and the expiration of the existing approval required a transition to an alternative carbon market. b. The Verra Carbon Registry was identified as the most suitable alternative, offering strategic alignment with Nigeria, access to the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) carbon market, and a longer crediting period of up to 10 years. c. The transition timeline to Verra is the following: project listing in October 2025, project validation in December 2025, monitoring and reporting in March 2026, carbon credits trading and sales in Q3/Q4 2026. d. Sequestration accounting: Under the Verra protocol, carbon sequestration is recognized from the year of tree planting, but independent verification must occur within the first 5 years. Seplat intends to conduct the first verification after 3 years of planting, followed by subsequent verifications every 3 years, with trees expected to sequester carbon for 40–50 years. c. Evolution of the National Policy Context: A key element is the approval in October 2025 of Nigeria’s National Carbon Market Framework. It aims to generate $2.5–$3.0 billion annually through carbon credit exports via Article 6 mechanisms and voluntary carbon markets. 5. Regarding the Governance (G) pillar: a. Corporate Governance - The Legal Team developed and is implementing a full-year Corporate Governance (CG) embedding plan within the organization. Each CG topic is highlighted monthly through email awareness campaigns, screensavers, training sessions, and workshops, delivered in collaboration with functions such as Business Integrity, HR, IT, ERM, and Finance. b. EITI Membership - Seplat’s EITI new membership announcement has been communicated through national newspapers, the company website, and social media channels, enhancing stakeholder awareness and transparency. ![Madame Nathalie Delapalme.jpg]() Madame Nathalie Delapalme Chairperson of the Sustainability Committee (Non-Executive Director). | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 81 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Remuneration #### Committee report The Remuneration Committee is a standing committee of the Board and is comprised of Independent Non-Executive Directors in compliance with the Nigerian Code and the UK Code. Details of the terms of reference for the Remuneration Committee and a summary of the activities conducted during the year are set out below. The Remuneration Committee is established to ensure that remuneration arrangements for Seplat’s Chairman, Executive Directors, Non-Executive Directors, and senior management support the strategic aims of the business and enable the recruitment, motivation and retention of relevant skilled personnel while satisfying the expectations of shareholders. Details of the Company’s remuneration policy as approved by the shareholders are outlined on pages 141 to 153 of the 2023 Annual Report and Accounts. No Director participates in any decisions relating to his/ her own remuneration. All members of the Remuneration Committee are Independent Non-Executive Directors in order to preserve the transparency and integrity of remuneration processes. The Remuneration Committee meets at least four times a year, and, when required, the meetings are attended by appropriate senior management of the Company (such as the Chief Executive Officer and Director Corporate Services who is in charge of Human Resources), and external advisers upon invitation. When proposing remuneration to the Board, the Committee ensures that: • the remuneration for Executive Directors is appropriately balanced between fixed and variable pay elements, which may include annual bonus and equity-based awards; • Executive Directors do not receive any sitting allowances or fees that may be payable to Non-Executive Directors; • the remuneration of Non-Executive Directors is determined by the Chairman and the Chief Executive Officer; and Dr. Emma FitzGerald Chairperson of the Remuneration Committee • no Director or manager participates in any decisions as to his/ her own remuneration. In accordance with its terms of reference, the Remuneration Committee assists the Board in: • Determining the framework for the remuneration of the Chairman, Chief Executive Officer, Executive Directors, and members of senior management, including without limitation, | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Remuneration Committee meetings in 2025 | | | | | | 2025 Members | 13/02 | 16/04 | 17/06 | 16/10 | | Emma FitzGerald, Chair1 | | | | | | Bello Rabiu (SID) 2 | | | N/A | N/A | | Koosum Kalyan1 | | | | | | Christopher J.N. Okeke1 | | | | | the schemes of performance-based incentives (including share incentive plans) and pension arrangements and benefits for the Executive Directors and senior management. • Ensuring that contractual terms and payments in respect of dismissal, loss of office or termination (whether for misconduct or otherwise) are fair and not excessive to the individual. • Providing appropriate input on Directors’ remuneration for the Company’s Annual Report and Accounts. • Preparing necessary remuneration procedures and policies in compliance with the Nigerian Code, UK Code and other applicable laws and regulations, and in consideration of remuneration trends 1. Independent Non-Executive Director. 2. Mr. Rabiu, Senior Independent Non-Executive Director (S.I.D) ceased to be a member of the Committee upon retirement from the Board on 23 April 2025. in the oil and gas industry in the area where Seplat operates. • Reviewing remuneration and related matters to ensure that they are consistent with corporate governance best practice. • Reviewing up-to-date information about remuneration in other companies in the oil and gas sector with the aid of external consultants. • Overseeing any major changes in employee benefits structures throughout Seplat. • Designing the policy for authorising claims for expenses from Executive and Non-Executive Directors. • Regularly reviewing the ongoing appropriateness and relevance of the Company’s remuneration policy. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 82 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Board Committee Reports continued Highlights of business conducted by the Remuneration Committee during the year include: • Determined salaries for Executive Directors and fees for the Board Chair for financial year 2025. • Review of preliminary direction on Remuneration Framework Integration work for Seplat legacy company and Seplat Energy Producing Unlimited (“SEPNU”). • Review of the bonus out-turn against the corporate and individual Performance targets (“scorecards”) for the 2024 financial year. • Review of CEO & Executives’ performance against 2024 Individual Objectives. • Performance review of 2022 Long Term Incentive Plan (LTIP) outcomes to determine the formulaic outcome, consider if discretion is applicable and approve final vesting levels. • Setting of Performance targets for Executive Directors in relation to performance-related salary increases, including personalized strategic objectives to be applied to other Executives. • Review of quarterly progress on 2025 Corporate scorecard. • Review and recommendation of 2025 Long Term Incentive Plan and Targets in line with the Remuneration Policy. • Review of feedback from shareholder representatives on Executive Director remuneration. • Ongoing review of the Remuneration Policy to ensure it remains fit for purpose. • Review of exit terms for Mr. Bello Rabiu and Mr. Babs Omotowa • Review of key executive remuneration trends in 2025 AGM season, market trends from major industry peers. • Review of Basis for 1% - 10% burn-rate relating to the Long- Term Incentive Plan (LTIP) over a 10 Year Period. • Review of the 2026 Integrated Corporate Scorecard alongside the entire Board. • Review of the performance of in-flight LTIP awards for 2023, 2024 and 2025. • Review of pay benchmark exercise for directors, executive management, and the wider workforce. • Review of the 2025 Remuneration Survey Outcome for below-board employees to ensure Company’s pay levels remains competitive and in line with shareholders’ approved Remuneration Philosophy. The Committee will continue to be mindful of the concerns of shareholders and other stakeholders and welcomes shareholder feedback on any issue related to executive remuneration. In the first instance, please contact our Director Corporate Services. Dr. Emma FitzGerald Chairperson of the Remuneration Committee | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 83 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Directors’ Remuneration Report #### From the chair of the remuneration committee Dear Shareholder, On behalf of the Remuneration Committee ('the Committee'), I am pleased to present the Directors' Remuneration Report for the year ended 31 December 2025. The Remuneration Report sets out the work of the Committee during the year and provides context for the decisions taken, considering the Company's performance, the implementation of our shareholder-approved Remuneration Policy for the year ended 31 December 2025 and how we intend to implement the Policy for 2026. Following the transformational acquisition of Seplat Energy Producing Nigeria Unlimited ('SEPNU') in 2024, the Committee undertook a comprehensive review of remuneration arrangements across the wider workforce throughout 2025.  This resulted in the development of a Remuneration Framework Integration designed to align and harmonize arrangements across the combined employee population.  As part of this process, the Remuneration Committee is proposing certain changes to the operation of the long-term incentive arrangements (for Executive Directors and wider long-term incentive plan (“LTIP”) participants), which will be effected through an amendment to the current shareholder approved Policy. The most significant change is the shift from a Performance Share Plan to a Restricted Stock Plan, which is intended to better align shareholders’ interest with those of Executive Directors and key management and to bring executive compensation more closely in line with local Nigerian market. Additional information around this transition is provided in this letter and throughout the report. #### Corporate performance highlights 2025 was the first full year of contribution from the transformational acquisition of Seplat Energy Producing Nigeria Unlimited (“SEPNU”) (formerly Mobil Producing Nigeria Unlimited) in 2024, illustrating an ability to operate at scale.  Seplat benefited from successful execution of several key offshore activities from the legacy position as an offshore operator, while at the same time delivering onshore production performance that was the strongest in recent years. Confidence in business outlook, underpinned by Seplat’s strong set of financial and operational outcomes, has resulted in a continued uplift in share price performance for shareholders and enabled us to declare total dividends in 2025 (including special dividend) of 25.0 cents per share, up 52% on 2024. Financial highlights also include: • Revenue growth of 144% to $2,726 million. Adjusted EBITDA growth of 137% to $1,275 million. • Cash generated from operations of $1,166 million, up 276% on 2024, reflecting a full year of offshore contribution and improved operational performance. • Net debt at year-end of $673 million (down 25% year-on- year), and debt-to-EBITDA ratio of 0.53, demonstrating a robust balance sheet. • Unit production operating cost of $15.7/boe, down 5% on prior year. Total capital expenditure of $267 million. Group production averaged 131,506 boepd, up 148% from 2024 (52,947 boepd), reflecting the first full year of offshore consolidation and within revised guidance. Onshore delivered 14% production growth year-on-year, supported by the completion of the Sapele Gas Plant and new well inventory. Offshore grew 9% year-on-year on a pro-forma basis, with performance moderated by the Yoho platform outage.  Other operational highlights include: • Independently audited 2P reserves down 42 MMboe to 1,001 MMboe (2024: 1,043 MMboe), 67% liquids. Reflects 2025 focus on maintenance and integrity investments. • Group 2P+2C increases by 181 MMBoe to 2,486.6 MMboe (2024: 2,305.4 MMboe), 55% liquids. • Positive revisions to offshore oil resources reflects stronger underlying production performance on multiple fields and gas resource upgrade following inclusion of Edop. • Recorded 1 LTI on operated assets in 2025. 11.4 million hours without LTI since September (2024: 11.0 million hours). The Company continues to build on the enlarged scale of business. The key areas of 2025 performance and 2024 comparative performance are set out below: | | | | | --- | --- | --- | | | | | | | 2025 | 2024 | | Revenue (US$’000 million) | 2,725.9 | 1,116.2 | | Profit (loss) before tax (US$’000 million) | 497.8 | 266.7 | | Oil production volume (bopd) | 131,506 | 52,947 | | Gas production (average daily rate, MMscfd) | 24.3 | 32.1 | | 2P Reserves (MMboe) | 1,001 | 1,043 | | Lost time incident frequency rate (‘LTIF rate’) | 0.025 | – | #### Remuneration outcomes for the 2025 financial year The implementation of our Remuneration Policy remained closely aligned with our business strategy, the market, and shareholder interests.  The Committee calibrated the 2025 annual bonus Corporate Scorecard around targets linked to the six pillars and safety element underpinning the Company's strategy.  The 2025 annual bonus scorecard included measures on Safety, ESG, Financial performance (profitability, cash generation and cost leadership), Pillar-1 Upstream, Pillar-2 Midstream Gas, and Pillar-3 New Energy.  The 2023 LTIP award measured our success in delivering long-term absolute and relative shareholder value and maintaining operational and technical excellence over the three- year performance period to 31 December 2025. The diagram below sets out the year end process taken by the Committee to determine the final incentive outcomes. | | | | --- | --- | | | | | 1 | Assess performance against targets | | 2 | Review outcomes with management and other Committees to ensure holistic reflection of performance | | 3 | Consider outcomes in the context of the wider workforce and environment | | 4 | Use judgement to reflect whether discretion is required, considering the market and shareholder interests | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 84 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Directors’ Remuneration Report continued The Committee reviewed the Company's performance against the bonus scorecard and determined that the Company overall had performed between on-target and maximum.  The 2025 annual bonus outcome was 78% of maximum for the CEO, CFO and COO, broadly in line with the 2024 outcome of 79%, reflecting the Company's maintained strong financial position, underpinned by excellent operational delivery across ESG and production. The management team demonstrated exceptional leadership throughout another year of significant business transformation and integration following the successful completion of SEPNU in 2024, leading to a strong performance out-turn. The determination of the Corporate Scorecard outcome is cascaded through the organisation; therefore, it is not only used for the Executive Directors, but also for the bonuses of senior and middle management. The Committee is cognisant of the impact on the wider workforce when determining outcomes using the process laid out above. The Committee considered the deemed level of scorecard achievement of 78% to be reflective of the Company's underlying performance, and therefore no discretion was exercised in relation to the annual bonus outcome from the formulaic scorecard out-turn. The 2023 LTIP awards, for which the performance period ended on 31 December 2025, will vest in 2026. I am pleased to report that the Company delivered the highest absolute TSR performance in the International Oil & Gas TSR comparator group.  Seplat achieved TSR performance of 264.8%, considerably greater than the upper quartile of the TSR comparator group, which was 10.2%. In addition, Seplat’s TSR performance substantially outperformed the negative oil price growth of –28.8% over the performance period, thereby triggering the 1.2x Absolute TSR multiplier. This results in a formulaic vesting outcome of 100% of maximum (noting that this includes the 1.2 multiplier on the base award which was awarded to reflect the absolute TSR achieved over the performance period), prior to the assessment of the broad underpin of the qualitative review of the Company's operations. The Remuneration Committee conducted its qualitative review of Seplat's operations in line with the LTIP underpin and determined the Company's operations were reflective of the underlying performance over the three-year period ended 31 December 2025. No downward discretion was therefore applied to the formulaic outcomes. The resulting overall 2023 LTIP vesting level is 100% of maximum. Awards granted to Executive Directors are subject to a two-year post vesting holding period, whereas for all other participants 60% of these awards will be released immediately, with the remaining 40% being released in equal instalments after a one and two-year holding period. #### 2025 LTIP grants In the 2023 Directors' Remuneration Report, we disclosed that the maximum 2024 LTIP opportunity levels would be increased to 450%, 360% and 360% of salary for the CEO, CFO and COO, respectively, only in the event the SEPNU transaction completed before Q3 2024. As the transaction was not complete by this time, the LTIP awards for 2024 remained at their normal levels of 300%, 240% and 240%, respectively. Given the ongoing integration of the two businesses and the desire for an appropriate LTIP incentive which measures the success of the business post MPNU transaction, the Committee reported in last year’s Directors’ Remuneration Report that the timing of any enhanced award would be deferred to later in 2025. The Committee concluded that, in light of the overall remuneration outcomes and the strong share price growth increasing the value of LTIP Awards, there was no requirement to apply the enhanced award level. Furthermore, the Committee decided, that given these exceptional share price returns, to restrict the 2025 LTIP Award levels to 250%, 200% and 200% of salary for the CEO, CFO and COO, respectively. The 2025 LTIP awards are based on Relative TSR performance against the International Oil & Gas peer group, and a broad underpin, operated as a qualitative review of Seplat’s operations. #### Main Remuneration Committee actions and decisions in 2025 We set out below the key Remuneration Committee actions and decisions in 2025: • Determined salaries for Executive Directors and fees for the board chair for financial year 2025. • Review of preliminary direction on remuneration framework integration work for Seplat legacy company and Seplat Energy Producing Unlimited (“SEPNU”). • Review of the bonus outturn against the 2024 Corporate Scorecard and individual performance targets. • Setting the 2025 Corporate Bonus Performance targets (scorecards) for the CEO, CFO, COO and senior management. These targets are cascaded throughout the Company to ensure alignment. • Review of the 2022 Long Term Incentive Plan (LTIP) outcomes to determine the formulaic outcome.  Consider if discretion is applicable and approve final vesting levels. • Review and approval of the 2025 LTIP Schedule and Targets in line with the Remuneration Policy. • Setting performance targets for Executive Directors in relation to performance-related salary increases, including personalised strategic objectives to be applied to other Executives. • Review of feedback from shareholder representatives on Executive Director remuneration. • Ongoing review of the Remuneration Policy to ensure it remains fit for purpose. • Review of Basis for 1% - 10% burn-rate relating to the Long- Term Incentive Plan (LTIP) over a 10 Year Period. • Review of exit terms for Mr. Bello Rabiu and Mr. Babs Omotowa • Quarterly review of Company’s performance against 2025 Corporate Scorecards. • Review of the performance of in-flight LTIP awards for 2023, 2024 and 2025. • Review of key executive remuneration trends in 2024 AGM season, market trends from major industry peers. • Review of pay benchmark exercise for Directors, executive management, and the wider workforce. • Consideration of Integrated Remuneration Framework for below- Board employees and the impact on the operation of long-term incentives for Executive Directors and other participants and the development of the new RSP long-term incentive arrangement. • Review of the 2024 Remuneration Survey Outcome for below Board employees to ensure the Company’s pay levels remain competitive and in line with shareholders’ approved Remuneration Philosophy. • Review of the 2026 Integrated Corporate Scorecard alongside the entire Board. #### Non-Executive Director changes During 2025, there were changes to the composition of the Board in relation to Non-Executive Directors.  As announced on 28 April 2025, following their recent appointments to the Board of NNPC Limited by the President of the Federal Republic of Nigeria, Mr. Bello Rabiu, Senior Independent Non-Executive Director and Mr. Babs Omotowa, Independent Non-Executive Director notified the Board of their resignations, which took place with immediate effect. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 85 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Mrs. Bashirat Odunewu, Independent Non-Executive Director, was appointed as the new Senior Independent Non-Executive Director, effective April 25, 2025.  On appointment, the Senior Independent Non-Executive Director fee was set at $181,959 for the NED base fee, plus US$205,817 for additional SID fee, in line with that of her predecessor. Following the year end, it was also announced that following the sale of Maurel et Prom SA’s shareholding in Seplat, Mr. Olivier Cleret De Langavant stepped down as a Non-Executive Director effective 22 January 2026, who joined the Board in 2020 as a nominee of Maurel et Prom SA. The Board is also pleased to announce the appointment of Mr. Larry Ephraim Ettah who joined the Board as an Independent Non- Executive Director on 1 January 2026, and Mr. Tony O. Elumelu, CFR, who joined the Board on 22 January 2026, as a Non- Executive Director of the Company. Non-Executive Director fees on appointment were set in line with the shareholder approved 2024 Remuneration Policy, and any exit payments were made in line with the respective letters of appointment. Full details of remuneration for departing Non-Executive Directors are disclosed on page 95, and full details of any payments made in 2025 to Directors who left the Board have been determined in line with shareholder-approved Policy and are set out in this report on page 91. #### Review of wider workforce and Executive #### Director remuneration arrangements Following the transformational acquisition of Seplat Energy Producing Nigeria Unlimited ('SEPNU') in 2024, the Committee undertook a comprehensive review of remuneration arrangements across the wider workforce throughout 2025. This resulted in the development of a Remuneration Framework Integration designed to align and harmonize arrangements across the combined employee population.  As part of this process, the Remuneration Committee is proposing certain changes to the operation of the long-term incentive arrangements (for Executive Directors and wider long-term incentive plan (“LTIP”) participants), within the current shareholder approved Policy, with an amendment. The review of the LTIP arrangements considered alignment to strategy, shareholder views market best practice, and compliance with the Nigerian and UK corporate governance codes. This included consultation with Seplat Non-Executive Directors, engagement with shareholder representatives, whose views are reflected in our proposals. The key change to the LTIP operation involves transitioning from a Performance Share Plan (“PSP”) to a Restricted Share Plan (“RSP”) to provide a more proportionate total package with absolute shareholder alignment, responding to shareholder feedback received. The RSP will operate as follows: • A Business Threshold Performance Underpin (“Business Underpin”) and Personal Performance Underpin (“Personal Underpin”) will apply to vesting outcomes under the RSP at the end of the three-year performance period, with outcomes determined on a weighted 80:20 basis. • For 2026 awards, the Personal Underpin will consider the individual performance ratings for each of the 3 years in the performance period and the Business Underpin will be based on KPIs, linked to our 5-year business plan. Indicative KPIs for 2026 are likely to include production volume growth, reserves replacement, operating cash flow per barrel, cost of production per barrel, EBITDA margin and cumulative cash dividend. These KPIs are selected to span three distinct dimensions of threshold performance: current operational delivery, near-term financial efficiency and long-term reserve sustainability. Final KPIs and weightings will be confirmed in due course. For future RSP awards, the Remuneration Committee will select the most appropriate KPIs for the Business Underpin, considering progress against our 5-year business plan and any developments in our corporate strategy. Targets are commercially sensitive and will be disclosed on a retrospective basis. Further details are set out on page 89. • A further 2-year holding period will apply. • Awards may be granted over shares or a cash equivalent (“Phantom Shares”) to remove dilutive impact of the LTIP. The RSP is designed to support the attraction, retention and motivation of key talent and ensure absolute alignment with the delivery of value to shareholders: • Reduced quantum: The RSP maximum quantum is reduced versus the current PSP (maximum opportunity is reduced from 300% to 150% of salary for the CEO and from 240% to 120% of salary for the CFO and COO. This reduces Total Compensation levels and dilutive impact, in response to shareholder feedback. The arrangements have been designed to ensure that pay levels are not excessive relative to the Nigerian market where Seplat competes for talent and remain competitive against international E&P companies. The Remuneration Committee decided that the CEO’s award should continue to be set at a higher level than that of the other Executive Directors, ensuring his total remuneration is aligned with the market median and consistent with prevailing market practice. • Simplification: The RSP is based on time-vesting awards (in addition to the Personal and Business Underpins), simplifying target-setting and performance assessment processes. • Strong link to business performance: The Personal Underpin and Business Underpin ensure performance conditionality at every level. The Committee retains discretion to scale back the level of vesting, to ensure outcomes are reflective in light of underlying corporate performance, maintaining a strong alignment of award payout to business performance. • Shareholder alignment: The grant of an RSP award provides direct alignment between managements’ interests and shareholder returns in terms of share price appreciation and dividend payments. • Harmonisation across the workforce: The RSP supports harmonisation across the workforce, aligning all long-term incentive plan participants, with the approach already taken for legacy MPNU individuals. The RSP will replace the PSP for all eligible long-term incentive plan participants.  Below Board, the RSP holding period will not apply, and awards may be settled in a combination of cash and shares. Executive Director awards will be settled fully in shares. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 86 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Directors’ Remuneration Report continued The Committee intends to carry out a full review of the Company's remuneration philosophy and Remuneration Policy during 2026, with a view to presenting the revised Remuneration Policy to shareholders for formal approval at the 2027 AGM, in line with the standard three-year cycle. The Committee would like to thank key stakeholders including shareholders for their invaluable feedback on the current Policy throughout the year. #### Proposed operation of the Remuneration #### Policy in 2026 • The Committee reviewed the current salaries and fees for the Directors and determined that Executive Directors and Non- Executive Directors should receive no cost of living adjustments and no merit-based increases to their salaries and fees, in line with the approach for wider workforce. • However, in light of the material expansion in both the scope and scale of the Executive Director roles following the SEPNU transaction, confirmed by an organization-wide job evaluation exercise, the Committee determined that Executive Directors should receive a 5% increase in base salaries.  This is consistent with Seplat’s minimum increase awarded for wider workforce individuals that have also been awarded an increase in grade post the job evaluation exercise. • It was also determined that a similar adjustment of 5% should be applied to the fees for the Chair and Non-Executive Directors to reflect the material expansion in both the scope and scale of their responsibilities. A summary of the 2026 fees are included in this report. • The bonus will be operated in line with the Remuneration Policy.  Awards of up to 150% of salary for the CEO and 100% for the CFO and the COO will be made.  The performance conditions will reflect the six pillars and safety element underpinning the Company's updated strategy. The LTIP grants for 2026 will be operated in line with the amended Remuneration Policy, in the form of RSPs. Grants of 150% and 120% of salary will be made to the CEO and other Executive Directors, respectively. Future grant levels will be reassessed as part of a comprehensive review of the remuneration policy in 2026/27, to ensure that compensation remains appropriate and not excessive compared to the market in which we compete for talent and capital. #### Wider workforce The robust performance of the Company would not have been possible without developing all of our people which includes significant formal training, full support, and incentives to perform to the best of their abilities.  We recognise that it is also critical for our employees to feel valued as well as to be paid fairly. Throughout 2025, Seplat conducted an extensive review of wider workforce remuneration arrangements, creating a Remuneration Framework Integration to harmonize arrangements across the combined population post the SEPNU integration. This included an organization-wide Job Evaluation exercise and evaluation of remuneration arrangements across the entire workforce. The Committee has reviewed the Executive Director Remuneration Policy alongside the wider workforce Reward Framework review with a focus on consistency and will continue to review wider workforce policies across the post-transaction population to achieve consistency. The Company operates an extensive range of mechanisms and instruments for workforce engagement which cover all employee populations, including a Joint Consulting Committee, an Employee Union, regular communication on critical business events, periodic townhall engagement, focus employee group sessions on living Seplat values, a workshop on remuneration philosophy, the HR quarterly dashboard, visiting employees, Seplat People's Voice (SPV) survey and the Whistleblowing Policy.  Following the acquisition of SEPNU, its employee union remained an important part of our workforce and continues to be a progressive partner on collective bargaining conversations.  In addition, we also ran virtual Town Hall sessions where colleagues had the opportunity to raise questions and discuss business issues, providing feedback on subjects including remuneration.  This full suite of mechanisms was utilised during 2025 to ensure that robust employee engagement was maintained. Please see page 26 for details of actions undertaken in 2025. We are committed to providing an inclusive workplace, encouraging, and welcoming diversity with a zero tolerance of harassment and discrimination. Although we don't publish gender pay data, as we have far fewer than 30 employees in the UK, our internal audits have shown that there are no equal pay concerns, with no difference between the pay of men and women doing the same job.  Our colleague engagement levels show that people enjoy working at Seplat, but high retention, particularly in more senior roles, means the pace of change is slower than we would like.  As a result of this, we have initiatives to support the development of all women at Seplat and ensure their development into senior roles, particularly in the technical area. The Committee considers wider employee pay as context for the decisions it makes, which has been particularly important in 2025 considering the continued challenging cost of living environment and the post-SEPNU acquisition period. I am therefore pleased that we have continued to invest in our reward offering for the wider workforce whilst working towards harmonizing arrangements across the combined population post the SEPNU integration. #### Engagement with shareholders The Committee takes the views of shareholders seriously, and these views are considered in shaping our Remuneration Policy and practice. If any shareholders wish to discuss the Company's remuneration arrangements, the Remuneration Committee Chair would be happy to meet with you. The Board and investor relations team manage and develop Seplat's external relationships with current and prospective shareholders, and the Company regularly monitors shareholder reaction and commentary regarding its remuneration practices. The Board and senior management team of the Company are also available to discuss any issues with shareholders before the Annual General Meeting. Additionally, the Board maintains a dialogue with shareholders outside the AGM to foster mutual understanding of objectives and to gain a balanced view of key issues and concerns of shareholders. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 87 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Remuneration and Sustainability at Seplat The Remuneration Committee plays a vital role in ensuring that our Remuneration Policy aligns with the successful execution of our strategy. In line with this commitment, remuneration for Directors, senior management and the wider workforce is intricately tied to achieving Company objectives which includes progressively building sustainability in the business and achieving our energy transition goals.  The Remuneration Committee, overseen by the Board, set and reviews the Corporate Scorecard that covers our strategy execution in detail.  This scorecard incorporates specific climate-related Key Performance Indicators (KPIs) designed to measure and incentivise progress in line with our sustainability objectives. Further information on KPIs related to our GHG emissions can be found on page 113. In 2025, 30% of the KPIs on our Corporate Scorecard were dedicated to ESG targets, which included a 5% component to achieving targets related to Seplat's end-of-routine flaring program and the Company fully achieved all the stretch targets on the program.  The total out-turn of the scorecard impacted Executive Directors' performance bonus payout, demonstrating that Seplat clearly links executives' pay to achieving sustainability goals. Similarly, sustainability goals are integrated into the Corporate Scorecard for 2026, with a weighting of 25%, including measures in relation to flares reduction. This proactive strategy emphasises our dedication to aligning financial incentives with our sustainability agenda, ensuring the Company's leadership is actively invested and accountable for realising our environmental objectives. #### Summary I hope that you find the information in this report helpful, and I look forward to your support at the Company's AGM.  I am always happy to hear from the Company's shareholders and you can contact me via the Director, Corporate Services, Steve Ojeh, if you have any questions on this report or more generally in relation to the Company's remuneration. Finally, I want to recognise that the Company's performance would not be possible without the continued commitment, resilience and flexibility shown by our employees.  To all colleagues - thank you for your hard work and commitment to making Seplat Energy the robust business it remains today. #### Notes This report has been prepared taking into account the principles of Schedule 8 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 as amended, the provisions of the UK Corporate Governance Code (the 'Code') and the Listing Rules. As Seplat is a Nigerian registered company, this report has also been prepared considering the disclosure requirements under Nigerian law, and specifically the Companies and Allied Matters Act (CAMA). These rules, require the remuneration of all Directors, other than the Chief Executive Officer, to be approved by shareholders at the AGM. The report consists of four sections: • the Annual Statement by the Remuneration Committee Chair (pages 81 to 82); • the At-a-Glance section (pages 87 to 90); • A summary of the amendments to the current shareholder approved remuneration policy and 2026 implementation; • the Annual Report on Remuneration which sets out payments made to the Directors and details the link between Company performance and remuneration for the 2025 financial year (pages 94 to 99). Dr. Emma FitzGerald Chairperson of the Remuneration Committee | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 88 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Directors’ Remuneration Report continued #### At a glance #### Introduction In this section, we highlight the performance and remuneration outcomes for the 2025 financial year, how the remuneration policy will be implemented in 2026 and the wider employee context. #### 2025 single total figure of remuneration The table below sets out the single total figure of remuneration and breakdown for each Executive Director in respect of the 2025 financial year. | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Base salary¹ | Benefits² | Pension³ | Bonus 4 | Total Pay | Number of LTIP5 | | Executive Directors | Period | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | shares vesting | | Roger Brown (CEO) | 2025 | 1,117 | 390 | 190 | 1,307 | 3,003 | 2,779,181 | | 2024 | 1,093 | 467 | 186 | 1,726 | 3,472 | 1,733,345 | | Samson Ezugworie (COO)6 | 2025 | 810 | 169 | 138 | 631 | 1,747 | 1,509,650 | | 2024 | 792 | 209 | 135 | 782 | 1,918 | 514,575 | | Eleanor Adaralegbe (CFO)7 | 2025 | 770 | 151 | 131 | 601 | 1,653 | 581,735 | | 2024 | 467 | 171 | 79 | 553 | 1,270 | 282,017 | 1. Salaries for Executive Directors are set in USD – 2025 annual base salaries were $1,116,687.80 (inclusive of residency allowance) for the CEO, $809,512.00 for the COO, and $770,000 for the CFO, all inclusive of housing and 13th month allowances. 2. The taxable benefits for each Executive Director comprise those which are quantifiable.  Benefits include insurance, which was to the value of $$55,927, $59,510, and $45,242 are for the CEO, COO and CFO respectively in 2025.  Note that the insurance benefit is not taxable in Nigeria. 3. Pension contributions are provided as a cash supplement/contribution to retirement savings account. 4. Bonus relates to the year it was earned and includes the deferred proportion of the award. 5. The value of the 2023 LTIP awards vesting in 2026 is shown in 2025 as the performance period ended on 31December 2025. Relevant share price is $3.70, being 2025 Q4 average share price of £2.743 per share at £1: $1.3488. 6. The COO joined the Company in July 2022 and did not receive a 2022 LTIP Award.  LTIP represented under 2024 for the COO relates to sign-on bonus award received in 2022, with final vesting date of 01 July 2024.  Relevant share price is $2.51, being the closing share price on final vesting date of £1.985 per share at £1: $1.3488. 7. The CFO joined the Board on 01 May 2024 and all values stated for 2024 relate to her 8-months’ period of service as CFO in 2024. Further detail regarding the disclosures in the table above is presented in the Annual Report on Remuneration on page 94. #### Variable pay outcomes for 2025 We set out below a summary of the 2025 annual bonus performance outcomes, together with details of the determination of the vesting of the 2023 LTIP, whose performance period ended on 31 December 2025.  Further details are set out in the Annual Report on Remuneration on pages 95 to 102. #### 2025 Annual Performance Bonus Assessment The Committee calibrated the Executive Directors’ bonus scorecard around targets linked to production, operational efficiency, technical growth projects, financial, health and safety and environmental, social and governance (“ESG”).  The Committee also reviewed the Company’s performance against the bonus scorecard and established that the Company overall had performed between on-target and maximum such that all Executive Directors achieved 78% of maximum, broadly in line with the 2024 outcome of 79%, reflecting the Company's maintained strong financial position, underpinned by excellent operational delivery across ESG and production. #### 2023 LTIP Awards Vesting The 2023 LTIP awards are due to vest in 2026; however, the performance period for these awards ended on 31 December 2025 and an estimate of their value is therefore included in the single figure table above, which will be restated in next year’s Annual Report on Remuneration when the share price at vesting is known. The Company’s TSR was positioned significantly above the upper quartile of the TSR comparator group, and the Company outperformed oil price growth by at least 10% and achieved absolute TSR above 100% leading to a vesting outcome of 100%, prior to the assessment of the broad underpin of the qualitative review of the Company’s operations.  The Remuneration Committee performed a qualitative review of the Company’s operations across 2023, 2024 and 2025 in line with the broad underpin and determined that Company’s operations to be effective and reflective of the underlying performance over the three-year period ended 31 December 2025, so no downward discretion was applied to the formulaic outcomes.  Therefore, the overall 2023 LTIP vesting level was 100% of the maximum award. | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | TSR performance (Seplat vs Comparator Group) | | | | Oil Price Growth | TSR performance (absolute) | Qualitative and technical scorecard underpin | | | Seplat TSR growth | Median TSR | Upper quartile TSR | Vesting of Base Award based on relative TSR performance | Multiplier for absolute TSR performance and performance versus share price growth | Vesting reduction due to the qualitative review of the Company’s operations | Overall LTIP vesting as % of Maximum Award | | (25% vesting) | (100% vesting) | | 264.8% | (29.0)% | 10.2% | 100.0% | (28.0)% | 1.2 | 0.0% | 100.0% | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 89 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Summary of application of discretion In summary, the Committee is satisfied that the formulaic outcomes described above are a fair reflection of the performance of management over the respective performance periods, and in the context of the wider business performance and exceptional returns to shareholders over the three-year performance period.  Therefore, no discretion has been applied to the variable pay outcomes. #### Executive Director shareholdings We set out below how our Executive Directors’ shareholdings compare to the requirements of our policy as at the year end.  A share price of $3.83 as at 31 December 2025 has been used.  In addition, we provide the pre-tax value of the Executive Directors’ unvested or unexercised equity awards. ![5723]() ![5725]() ![5729]() #### Remuneration alignment to performance The following analysis compares the CEO’s pay against his remuneration opportunity and Company performance. #### Actual pay versus opportunity for CEO The chart below illustrates how the 2025 total single figure of remuneration for the CEO compares to minimum, on-target and maximum opportunity in accordance with the remuneration policy that applied in 2025.  2025 remuneration is slightly above the maximum opportunity due to the annual bonus paying out between on-target and maximum and the value of the 2023 LTIP being at maximum because of the vesting at 100%, alongside share price growth over the LTIP vesting period. ![6404]() #### Actual CEO pay versus total shareholder return (‘TSR’) The Company feels it is critical that CEO pay reflects the returns delivered to shareholders, where TSR is the core performance measure chosen to reflect shareholder experience. The CEO was awarded a 2.2% salary increase in 2025, in line with the Company’s targeted market positioning.  The 2025 Annual bonus resulted in 78% of maximum payout, reflecting corporate performance and industry conditions throughout 2025.  Seplat remains one of the sector’s stocks of choice by continuing to perform above the upper quartile TSR.  This is illustrated in the chart below. ![7067]() 47% 18% 31% 45% 37% 48% 27% 22% 9% 23% 100% 29% 28% 22% 12% | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 90 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Directors’ Remuneration Report continued #### Implementation of remuneration policy for 2025 and 2026 Following the transformational acquisition of Seplat Energy Producing Nigeria Unlimited ('SEPNU') in 2024, the Committee undertook a comprehensive review of remuneration arrangements across the wider workforce throughout 2025.  This resulted in the development of a Remuneration Framework Integration designed to align and harmonize arrangements across the combined employee population.  As part of this process, the Remuneration Committee is proposing certain changes to the operation of the long-term incentive arrangements (for Executive Directors and wider LTIP participants), as an amendment to the current shareholder approved Policy. We set out below a summary of the Directors’ Remuneration Policy operation in 2025 and 2026. | | | | | --- | --- | --- | | | | | | Element | 2025 operation | 2026 Implementation | | Base salary | The executive director base salaries in 2025 were: • CEO 1: US$ 1,116,688 • COO: US$ 809,512 • CFO: US$770,000 | From 1 January 2026, executive director base salaries will be: • CEO: US$ 1,172,522 • COO: US$ 849,988 • CFO: US$ 808,500 | | 1. The CEO’s base salary includes a dual residency allowance, whereas the CFO’s and COO’s base salaries include Housing & 13th month allowances, in line with local market practice. | | | Benefits | On the basis that benefits are dependent on the working location and are either in the form of a cash allowance or the actual benefit itself, no changes have been made to executive director benefits. | | | Pensions | Pensions contributions align with the wider Nigerian workforce, at 17%, and will remain unchanged. | | | Annual bonus | No change to the maximum opportunity as % of base salary, as follows: • CEO: 150% • CFO: 100% • COO: 100% 25% of the Executive Directors’ bonus will be deferred into shares / phantom shares and will be released two years following the end of the performance year in respect of which the Award was made, subject to continued employment. The performance conditions will reflect the six pillars and safety element underpinning the company’s updated strategy. The Committee is of the opinion that given the commercial sensitivity arising in relation to the detailed targets used for the annual bonus, disclosing precise targets for the bonus plan in advance would not be in the best interests of shareholders. The performance measures, achievement against targets and the value of awards made will be published at the end of the performance period, so shareholders can assess the basis for any pay-outs under the annual bonus. Amendment to Policy for 2026: Deferred element may be awarded in phantom shares. | | | Long Term Incentive Plan | LTIP Award, as % of base salary, was as follows: • CEO: 250% • CFO: 200% • COO: 200% | LTIP Award, as % of base salary under the proposed policy, as follows: • CEO: 150% • CFO: 120% • COO: 120% | | All awards will vest subject to performance measures (and the Executive Director’s continued employment) at the date of vesting after three years and are then subject to a two-year holding period. Malus and Claw-back will continue to apply to LTIP awards. The 2025 LTIP awards are subject to Relative TSR performance against a bespoke group of E&P companies.  The primary TSR measures will be moderated by a broad underpin, operated as a qualitative review of Seplat’s operations by the Remuneration Committee at the end of the vesting period, with the application of downward-discretion, where appropriate.  In addition, to ensure that remuneration outcomes are not unreasonable the Remuneration Committee will review any share price windfall gains at the end of the vesting period, and make any discretionary adjustments, as required, in line with market best practice. | Amendment to Policy for 2026: Ability to grant the LTIP in “Phantom Shares”. Move to a Restricted Share Plan rather than Performance Share Plan. Operation in 2026 is as follows: All awards will be subject to a business threshold performance underpin “the business underpin” based on the selection of key performance indicators (KPIs) aligned to our 5-year business plan. These metrics will be assessed over the 3-year vesting period. As at the date of this report, the committee has not finalised the KPIs but are likely to include production growth, reserves replacement, operating cash flow per barrel, cost of production per barrel, EBITDA margin and cumulative cash dividend. Final KPIs and weightings will be confirmed in due course. A personal performance underpin will also apply to awards at the end of the 3-year vesting period. A two-year holding period will apply to awards from the date of vesting. Malus and Claw-back will continue to apply to LTIP awards. In addition, to ensure that remuneration outcomes are not unreasonable the Remuneration Committee will review any share price windfall gains at the end of the vesting period, and make any discretionary adjustments, as required, in line with market best practice. | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 91 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | | --- | --- | --- | | | | | | Shareholding requirement | Executive Directors are given five years from the date of the policy implementation or date of appointment, if later, to satisfy the following shareholding requirements: • CEO: 200% of base salary • Other Executive Directors: 150% of base salary The Committee determined that the shareholding requirement would continue to apply for one year post cessation of employment for the Executive Directors and at 50% of the requirement between one- and two-years post-cessation. | | | Non-Executive Director fees1 | Non-executive fees as at 1 January 2025 were, as reported in the 2024 report: • Chairman: US$ 916,734 • Non-executive Director Fees: US$ 181,959 • Senior Independent Director: US$ 205,817 • Committee Chairmanship: US$ 50,445 • Finance Committee Chairmanship2: US$ 67,260 • Committee membership: US$ 33,630 | From 1 January 2026, based on the 5% adjustment, maximum non- executive director fees will be: • Chairman: US$ 962,571 • Non-executive Director Fees: US$ 191,057 • Senior Independent Director: US$ 216,108 • Committee Chairmanship: US$ 52,968 • Finance Committee Chairmanship2: US$ 70,623 • Committee membership: US$ 35,312 | | 1. Non-Executive Directors are paid a base fee and additional fees for chairmanship / membership of Committees and Senior Independent Directorship.  In special circumstances, additional Director fees can be paid for Board commissioned specific longer-term activities led by the Director.  All fees are shown on a gross basis i.e. before withholding tax. 2. Only applicable if the Finance Committee chairperson also holds additional responsibilities such as membership on other board committees. | | It is the Committee’s intention that commitments made in line with its current remuneration policy and policies prior to admission will be honoured. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 92 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Directors’ Remuneration Report continued #### The Remuneration Policy #### Our remuneration philosophy and principles of remuneration The Policy aims to attract, motivate, and retain talent to execute our business strategy in a sustainable manner over the long term, align the interests of the Executive Directors, senior managers, and employees to the long-term interests of shareholders and support a high- performance culture with appropriate reward for superior performance without creating incentives that will encourage excessive risk taking or unsustainable Company performance.  Overall remuneration levels have been set at a level that is considered by the Committee to be appropriate for the size, nature, and aspirations of the business, having taken specialist, independent advice where necessary, to ensure that the policies and remuneration structure are appropriate for the listed company environment.  As noted above, the Committee intends to review the Company’s remuneration philosophy and principles of remuneration in 2026/27. The Policy aims to reflect our remuneration philosophy, which is to: • provide a competitive, affordable reward proposition, differentiating pay by relevant performance indicators; • achieve optimal attraction, retention and motivation via regular market benchmarking of rewards; and • establish performance as a basis for employee reward. The guiding principles behind the setting and implementation of our remuneration policy are as follows: | | | | --- | --- | | | | | Principle | Explanation | | Aligned | Contributes to the Company’s business strategy and to the achievement of its objectives, values, interests, value creation and long-term sustainability. There should be suitable provision of equity awards over the longer term, focusing the Executive Directors on delivering the business strategy, allowing them to build a meaningful holding in the Company to further align their interests with those of shareholders | | Balanced | There should be an appropriate balance between fixed and performance-related elements of the remuneration package. | | Competitive | Remuneration packages should be competitive, considering the level of remuneration paid in respect of comparable positions in similar companies within the industry. | | Equitable | Fair pay, based on the relative value of the jobs and other appropriate criteria that reflect compliance with applicable regulations, and corporate culture and values. There should be an appropriate level of gearing in the package to ensure that Executive Directors receive an appropriate proportion of the value created for shareholders whilst reflecting pay and conditions throughout the remainder of the Group, where the Company operates and where it is listed. | | Inclusive | Gender-neutral, reflecting equal remuneration for the same duties or duties of equal value, and does not differentiate or discriminate based on gender. | | Risk-weighted | Remuneration should not raise environmental, social or governance risks by inadvertently motivating irresponsible behaviour.  More generally, the overall remuneration policy should not encourage inappropriate operational risk. | | Transparent | Clear, comprehensible, and simple enough to facilitate understanding of the different components of remuneration, while clearly distinguishing between fixed remuneration and variable remuneration. | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 93 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### How our remuneration structure supports the business strategy In line with our remuneration principles, the Committee will manage incentive plans for the Executive Directors such that they are closely linked to the business success, as outlined below: | | | | | --- | --- | --- | | | | | | Build a sustainable business - Support increased access to energy to drive social development | Drive social development. | Annual bonus Annual Bonus The Committee, on behalf of the Board, oversees the corporate performance scorecard development and assessment, ensuring that it reflects the company’s strategic framework and incorporates the business imperatives required to drive its execution. Whilst many scorecard elements are financial and operational at the Executive Director level, they do contain several quality targets around Health & Safety and Environment, Social and Governance (ESG), designed to ensure we deliver the longer- term goals as a responsible and sustainable company. This scorecard is devolved down into the management line with an increasing emphasis on the quality and technical component elements needed to sustain corporate progress.  The content of the annual scorecard has evolved to mitigate short-term pressures and exploit short-term opportunities – all aligned to deliver the longer-term strategic objectives. | | Focus on environmental care and reporting. | | Maximise returns for all stakeholders. | | Deliver Energy Transition - Generate consistent and profitable long-term cash flow to support growth of gas and renewables opportunities by developing our upstream business | Generate consistent and profitable long-term cash flow by developing our upstream business. | | Create long-term, highly visible revenue streams by developing Nigeria’s gas resources. | | Develop our gas-to-power business segment and achieve a world-class capability in renewable energies. | | Deliver shareholder value | Share price growth and dividends (TSR) | LTIP The value that is delivered through the LTIP is impacted by the share price growth and dividend equivalents over the three year period. As such, Executives are incentivized to deliver shareholder value. | | Alignment to shareholder interests | Shareholding requirement Success will deliver growing management share-ownership with extended retention periods, claw-back in case of misstatement, ability to override formulaic outcomes if they are out of line with corporate performance and sizable personal retained shareholdings. This is all working towards aligning the Company’s executive leadership with the interests of shareholders. | #### The wider employee population The General Remuneration Policy (the General Policy) is applicable to all employees and senior managers of the Company and is directed towards the recurrent generation of value for the Company, the alignment of the interests of the employees and shareholders with prudent risk management.  Seplat’s general remuneration policy aims to attract, engage, motivate, and retain talent to execute our business strategy in a sustainable manner, over short-, mid- and long-term goals. #### Employee value proposition The Group aims to provide competitive remuneration package for all employees.  The policy, therefore, is to provide industry-competitive remuneration and various incentive schemes to retain and attract high performing employees, carrying out market benchmarking annually to ensure this. To connect remuneration to business performance across the entire organisation, the Executive Directors’ annual scorecard is devolved down into the management line with an increasing emphasis on the quality and technical component elements needed to sustain corporate progress.  The Company also continues to cascade the LTIP to management grades below Executive Directors, ensuring a consistent reward framework. #### Workforce policies Seplat operates a few policies which apply to both our directors and employees including diversity, conflict of interests and share dealing. The Group also operates variable pay plans on a discretionary basis, with pension provision offered to all Executives and employees. #### Talent development and people management We support our employee development via various learning initiatives such as individual-tailored training programmes, subscriptions to various professional bodies and necessary expenditure for planned learning.  We also continue to manage our people well for long-term sustainable results through active intrapreneurial engagement with line managers. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 94 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Directors’ Remuneration Report continued #### Reward structure cascade The table below illustrates the cascade of our reward structure from Executive Directors to the wider employee population.  As shown below, senior management and key employees participate in the LTIP and annual bonus schemes.  Additionally, pension contribution levels are consistent for all employee levels. | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | Number of participants | Element of pay | Employee level - % of salary | | | | | CEO | Executive Directors | Senior management (14-18) | Other key employees | | Executive Directors, senior management, other key employees | LTIP | 150% | 120% | 30% – 90% | n/a | | Executive Directors | Annual bonus – Deferred shares | 37.5% | 25% | n/a | n/a | | All employees | Annual bonus – Cash | 112.5% | 75% | 35 -75% | 5 – 25% | | All employees | Pension | 17% | 17% | 17% in Nigeria | 17% in Nigeria | | All employees | Benefits | All employees | | | | | All employees | Salary | #### Employee engagement The Remuneration Committee oversees the compensation of the Chairman, Executive Directors, and senior management, having regard to remuneration trends across the Company.  The Remuneration Committee and management are committed to fair pay practices across the organisation.  The Group operates an extensive range of mechanisms and instruments for workforce engagement which cover all employee populations, including a Joint Consulting Committee. The Company also holds regular meetings of the Employee Forum and conducts an annual online survey to gather employee views on a range of matters. In addition, when setting the remuneration policy and making decisions on remuneration, the Committee references several factors including the general workforce pay structure, workforce policies, talent development needs and wider stakeholder impact. #### Gender pay gap and CEO pay ratio The Committee considered disclosing the CEO pay ratio and the Company’s gender pay gap for 2025.  However, given the Company’s main operations are based in Nigeria whilst the UK workforce consists of significantly fewer than 30 employees, the results would neither be representative of our business nor statistically significant, with little to no insight to shareholders.  We will reassess whether to include this disclosure in future years. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 95 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Annual Report on Remuneration #### Single total figure of remuneration Executive Directors The table below sets out the single total figure of remuneration and breakdown for each Executive Director in respect of the 2025 financial year, on a receivable basis in accordance with the policy as approved by shareholders.  Comparative figures for the 2024 financial year have also been provided. | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Base salary¹ | Benefits² | Pension³ | Bonus 4 | Total Pay | Number of LTIP 5 | | Executive Directors | Period | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | shares vesting | | Roger Brown (CEO) | 2025 | 1,117 | 390 | 190 | 1,307 | 3,003 | 2,779,181 | | 2024 | 1,093 | 467 | 186 | 1,726 | 3,472 | 1,733,345 | | Samson Ezugworie (COO)6 | 2025 | 810 | 169 | 138 | 631 | 1,747 | 1,509,650 | | 2024 | 792 | 209 | 135 | 782 | 1,918 | 514,575 | | Eleanor Adaralegbe (CFO)7 | 2025 | 770 | 151 | 131 | 601 | 1,653 | 581,735 | | 2024 | 467 | 171 | 79 | 553 | 1,270 | 282,017 | 1. Salaries for Executive Directors are set in USD – 2025 annual base salaries were $1,116,687.80 (inclusive of residency allowance) for the CEO, $809,512.00 for the COO, and $700,000 for the CFO, all inclusive of housing and 13th month allowances. 2. The taxable benefits for each Executive Director comprise those which are quantifiable.  Benefits in 2024 include insurance, which was to the value of $33,246, $25,489, and $22,561 are for the CEO, COO and CFO respectively.  Note that the insurance benefit is not taxable in Nigeria. 3. Pension contributions are provided as a cash supplement/contribution to retirement savings account. 4. Bonus relates to the year it was earned and includes the deferred proportion of the award. 5. 2023 LTIP awards vesting in 2026 is shown in 2025 as the performance period ended on 31 December 2025.  Relevant share price is $3.70, being 2025 Q4 average share price of £2.743 per share at £1: $1.3488.. 6. The COO joined the Company in July 2022 and did not receive a 2022 LTIP Award.  LTIP represented under 2024 for the COO relates to sign-on bonus award received in 2022, with final vesting date of 01 July 2024. Relevant share price is $2.51, being the closing share price on final vesting date of £1.985 per share at £1: $1.3488. 7. The CFO joined the Board on 01 May 2024 and all values stated for 2024 relates to her 8-months’ period of service as CFO in 2024. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 96 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Directors’ Remuneration Report continued #### Non-Executive Directors The table below sets out the single total figure of remuneration and breakdown for each Non-Executive Director that served during 2025 on a paid basis in accordance with the policy as approved by shareholders. | | | | | | --- | --- | --- | --- | | | | | | | Name | 2025 fees1 (US$’000) | 2024 fees1 (US$’000) | Role | | Udoma Udo Udoma, CON | 917 | 742 | Independent Board Chairman (from 01 April 2024) | | Bello Rabiu2,3 | 421 | 458 | Senior Independent Non-executive Director (until 23 April 2025) Chairman, Nomination & Governance Committee (until 23 April 2025) Member, Remuneration Committee and Finance Committee (until 23 April 2025) | | Bashirat Odunewu 4,5 | 423 | 281 | Independent Non-executive Director (until 24 April 2025) Senior Independent Non-executive Director (from 25 April 2025) Chairman, Board Finance & Audit Committee Member, Nomination & Governance Committee and Statutory Audit Committee | | Nathalie Delapalme 5 | 276 | 260 | Non-executive Director Chairman, Sustainability Committee Member, Risk and HSSE Committee (from 09 September 2025) and Energy Transition Committee | | Olivier Cleret de Langavant5 | 261 | 235 | Non-executive Director Chairman, Risk Management & HSSE Committee (from 25 April 2025) Member, Risk Management & HSSE Committee (until 24 April 2025) and Sustainability Committee | | Emma FitzGerald | 300 | 293 | Independent Non-executive Director Chairman, Remuneration Committee Member, Board Finance & Audit Committee and Energy Transition Committee | | Ernest Ebi, MFR | 283 | 268 | Non-executive Director Member, Risk Management & HSSE Committee, Energy Transition Committee and Sustainability Committee | | Kazeem Raimi | 249 | 235 | Non-executive Director Member, Risk Management & HSSE Committee, Energy Transition Committee and Statutory Audit Committee | | Koosum Kalyan5 | 294 | 277 | Independent Non-executive Director Chairman, Nomination & Governance Committee (from 25 April 2025) Member, Nomination & Governance Committee (until 24 April 2025), Remuneration Committee and Sustainability Committee | | Christopher Okeke5 | 316 | 270 | Independent Non-executive Director Chairman, Energy Transition Committee Member, Nomination & Governance Committee, Board Finance & Audit Committee (from 02 July 2025) and Remuneration Committee | | Babs Omotowa3 | 250 | 217 | Independent Non-executive Director (from 01 April 2024) Chairman, Risk Management & HSSE Committee (from 11 April 2024) Member, Energy Transition Committee and Board Finance & Audit Committee (from 11 April 2024) | 1. The above captures the gross pay in line with the director’s letter of appointment i.e. before withholding tax is withheld. 2. Bello Rabiu was Senior Independent Non-executive Director until 23 April 2025. 3. Following their recent appointments to the Board of NNPC Limited by the President of the Federal Republic of Nigeria, Mr. Bello Rabiu and Mr. Babs Omotowa notified the Board of their resignations, which took effect from 23 April 2025, and received exit payments in line with their respective letters of appointment. 4. Bashirat Odunewu was appointed as Senior Independent Non-executive Director from 25 April 2025, succeeding Bello Rabiu. 5. Committee roles for Bashirat Odunewu, Nathalie Delapalme, Olivier Cleret de Langavant, Koosum Kalyan and Christopher Okeke were reviewed during the year. #### Additional information regarding single figure table The Committee considers that the performance conditions for all incentives are suitably demanding, having regard to the business strategy, shareholder expectations, the cyclical nature of the markets in which the Group operates and external advice.  To the extent that any performance condition is not met, the relevant part of the award will lapse.  There is no retesting of performance. #### Annual performance incentive Seplat promotes a culture of high performance and uses a scorecard to assess the annual bonus outcome.  The Company performance scorecard is reviewed annually to ensure strong alignment with Company strategic priorities, prevailing market practice and the operating environment.  The Committee calibrated the Executive Directors’ scorecard around targets linked to production, operational efficiency, technical growth projects, financial, health and safety and environmental, social and governance (“ESG”). | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 97 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Achievement of corporate performance conditions The achievement against the targets described above is set out in the table below, illustrating that overall, the annual bonus reward level for Executive Directors was between on-target (50% maximum) and maximum: | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Performance measure | Total weighting | Specific | Performance achieved against targets | | | | | | Below threshold (30% of maximum) | Threshold to Target (30% - 49% of maximum) | Target to Maximum (50%-99% of maximum) | Maximum (100% of maximum) | Resulting level of award | | Safety | 10% | Lost Time Injury Frequency Rate | | | ü | | 7.9% (out of 10%) | | ESG | 20% | Environment | | | | ü | 20% (out of 17.5%) | | Social Development | | | | ü | | Governance & People | | | | ü | | Financial performance | 20% | Profitability | | | | ü | 14.5% (out of 20%) | | Cash Generation | | | ü | | | Cost Leadership | | ü | | | | Upstream | 25% | Production | | | | ü | 19.1% (Out of 25%) | | Wells Delivery | ü | | | | | Operational Efficiency | | | | ü | | Midstream Gas | 25% | Gas Sales and Plant Utilisation | | | | ü | 16.5% (out of 17.5%) | | New Business Opportunity | | ü | | | | Total: | | | | | | | 78% (out of 100%) | In respect of the 2025 financial year, the bonus awards payable to Executive Directors were approved by the Committee having reviewed the Company’s underlying performance, such that it was comfortable to not exercise discretion in relation to the formulaic outcomes set out below.  The resulting bonus figures are included in the single figure table. #### Annual bonus pay-out The table below sets out the annual bonus earned for the year: | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | Roger Brown (CEO) | | Samson Ezugworie (COO) | | Eleanor Adaralegbe (CFO) | | | Achieved (% of max) | Bonus earned (US$’000) | Achieved (% of max) | Bonus earned (US$’000) | Achieved (% of max) | Bonus earned (US$’000) | | 78% out of 100% | 1,307 | 78% out of 100% | 631 | 78% out of 100% | 601 | In line with policy, 25% of the current Executive Directors’ bonuses will be deferred into shares and will be released 2 years after the end of the performance period, subject to continued employment. #### Long-term Incentives vesting in 2025 The 2023 LTIP awards made to the CEO, COO and CFO (while she was below-board) on 16 May 2023 will vest on 16 May 2026; however, the three-year performance period for these awards ended on 31 December 2025.  The performance conditions for the 2023 LTIP is relative TSR measured against a bespoke group of E&P companies and absolute TSR including reference to oil price growth, underpinned by operational and technical bonus scorecard targets. The Company’s TSR was positioned between the median and upper quartile of the TSR comparator group, and the Company outperformed oil price growth by at least 10% and achieved absolute TSR above 100% leading to a vesting outcome of 100%, prior to the assessment of the broad underpin of the qualitative review of the Company’s operations.  The Remuneration Committee conducted their qualitative review of Seplat’s operations in line with the LTIP underpin and determined that and determined the Company’s operations to be effective and reflective of the underlying performance over the three-year period ended 31 December 2025, so no downward discretion was applied to the formulaic outcomes.  Therefore, the overall 2023 LTIP vesting level is 100% of maximum. | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | TSR performance (Seplat v Comparator Group) | | | | Oil Price Growth | TSR performance (absolute) | Operational and technical scorecard underpin | | | Seplat TSR growth | Median TSR | Upper quartile TSR | Vesting of Base Award based on relative TSR performance | Multiplier for absolute TSR performance & performance versus share price growth | Vesting reduction due to qualitative review of the Company’s operations | Overall LTIP vesting as % of Maximum Award | | (25% vesting) | (100% vesting) | | 264.8% | (29.0)% | 10.2% | 100.0% | (28.8)% | 1.2 | 0% | 100.0% | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 98 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Directors’ Remuneration Report continued The following table presents the number of 2023 LTIP awards that will vest, based on the assessment of the performance conditions and the resulting value of awards on vesting for each Executive Director. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Role | Number of 2022 LTIP awards granted | Number of 2022 LTIP awards vesting in May 2025 | Value of vested awards (US$’000)1 | Value attributable to share price growth (US$’000)1 | | Roger Brown (CEO) | 2,779,181 | 2,779,181 | 10,978 | 6,632 | | Samson Ezugworie (COO) | 1,509,650 | 1,509,650 | 5,963 | 3,602 | | Eleanor Adaralegbe (CFO)2 | 581,735 | 581,735 | 2,298 | 1,388 | 1. Based on 2025 Q4 average closing price of US$3.70, and includes dividend-equivalents 2. Eleanor was a below-board employee at the time of award in 2023. The Committee was comfortable that the vesting value and value attributable to share price growth was commensurate with the underlying performance over the three-year period and as such, did not exercise any discretion to change the outcomes of the 2023 LTIP. The Committee also noted that the vested awards were subject to an additional two year lock-up period. #### Summary of application of discretion In summary, the Committee is satisfied that the formulaic outcomes described above are a fair reflection of the performance of management in the year in the context of the wider business performance. Therefore, no discretion has been applied to the variable pay outcomes. #### 2025 Long-term incentives The table below sets out the details of the long-term incentive awards in respect of the 2025 financial year.  The awards were granted on 22 May 2025. The shares are due to vest on 22 May 2028 and vesting will be determined according to the achievement of performance conditions that will be tested at the end of the three-year performance period on 31 December 2027. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | Relative TSR measure | | | Role | Type of award | Basis on which award made | Face value of award subject to Relative TSR measure (US$’000)\* | Number of shares awarded | Percentage of Relative TSR vesting at threshold performance (median performance) | Maximum percentage of face value of Relative TSR element that could vest (upper quartile) | | Roger Brown (CEO) | Conditional shares | Annual | 2,792 | 1,039,838 | 25% | 100% | | Samson Ezugworie (COO) | Conditional shares | Annual | 1,619 | 603,041 | | Eleanor Adaralegbe (CFO) | Conditional shares | Annual | 1,540 | 573,607 | \* Face value of award is based on the US$ grant price. The level of vesting outcome under the primary performance conditions (above) will be moderated by a broad underpin, operated as a qualitative review of Seplat’s operations by the Remuneration Committee at the end of the vesting period, with the application of downward-discretion, where appropriate. In line with the Company’s operation of policy, the share price used to calculate the number of shares awarded was the five-day average share price prior to the date on which the LTIP Awards were granted.  There is straight-line vesting between the threshold and maximum in relation to the Relative TSR measure, and vesting will be 0% where Relative TSR performance is below threshold. The comparator group to be used for assessing relative TSR for the 2025 awards consists of the following companies:  Africa Oil, BM Energy, Centrica, Capricorn Energy, DNO, Diversified Energy Company, Energean Oil & Gas, Enquest, Frontera Energy, Gulf Keystone Petroleum Ltd, Harbour Energy, Ithaca Energy PLC, Kosmos Energy, Maurel et Prom, Murphy Oil, Pantheon Resources, Parex Resources, PetroTal, Serica Energy, Total Energies Gabon, Tullow Oil and Vermillion Energy. #### 2024 Deferred Annual Bonus share awards The table below sets out the details of the 2024 Deferred Annual Bonus share awards that were granted on 22 May 2025.  No further performance conditions will apply, other than continued employment, except in the case of normal retirement in Nigeria, in which case the service condition is waived. The normal vesting date of the Award will be 31 December 2026 (two years following the end of the performance year in respect of which the Award is made). | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | Role | Type of award | Basis on which award made | Deferred Bonus Shares | Face value of award (US$’000)1 | Performance conditions | | Roger Brown (CEO) | Conditional shares | Annual | 176,233 | 432 | Continued employment | | Samson Ezugworie (COO) | Conditional shares | Annual | 79,847 | 196 | | Emeka Onwuka (former CFO) | Conditional shares | Annual | 84,677 | 207 | 1. The share price used to calculate the face value of awards was 31 December 2024 of US$2.45. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 99 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Payments for loss of office During the year, Bello Rabiu and Babs Omotowa stepped down from the Board on 23 April 2025, and received a payment of US$252,741 and US$149,833 respectively, being 6-month total fees, in line with the remuneration policy. #### Payments to past Directors In line with the 2023 LTIP vesting, 1,575,125 shares will vest to Emeka Onwuka (former CFO) on 16 May 2026.  No other payments were made to past directors during the 2025 financial year. Full details of any payments made in 2026 to Directors who left the Board, if any, will be set out in the Directors’ Remuneration Report for 2026. #### Fees retained for external non-executive directorships Executive Directors may hold positions in other companies as Non-Executive Directors and retain the fees. #### Statement of Executive Directors’ shareholdings The table below sets out the number of shares of the Company in which current Directors had a beneficial interest and details of long- term incentive interests as at 31 December 2025. | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Director | Shares required to be held % of salary | Beneficially Owned 1 | Share plan Interests subject to performance conditions 2 | Share plan Interests not subject to performance conditions 3 | Vested but unexercised share plan interests4 | Actual shareholding (% of salary) | Shareholding requirement met5 | Total interests currently held (US$) | | Roger Brown (CEO) | 200% | 4,878,671 | 5,386,215 | 176,233 | 3,962,931 | 4929% | Yes | 55,038 | | Samson Ezugworie (COO) | 150% | 630,955 | 3,021,567 | 79,847 | 0 | 1766% | Yes | 14,297 | | Eleanor Adaralegbe (CFO) | 150% | 659,691 | 1,818,520 | 84,677 | 185,443 | 1367% | Yes | 10,528 | 1. Beneficial interests include shares held directly or indirectly by connected persons. 2. 2023, 2024 & 2025 LTIP awards, which are yet to vest as at 31 December 2025. 3. 2024 Deferred Bonus shares. 4. 2021 & 2022 LTIP Shares vested, but with two-year holding requirements. 5. The total of beneficially owned shares, interests not subject to performance conditions and vested but unexercised interests are included in the calculation and the share price of $3.83 on 31 December 2025 was used. #### Statement of Non-executive Directors’ shareholdings Details of the current Non-Executive Directors’ interests in shares as at 31 December 2025 are set out below: | | | | --- | --- | | | | | Director | Shared held as at 31 December 2025 | | Udoma Udo Udoma, CON | 55,071 | | Nathalie Delapalme | 0 | | Olivier Cleret de Langavant | 0 | | Emma FitzGerald | 0 | | Ernest Ebi, MFR | 50,000 | | Kazeem Raimi | 6,557 | | Bashirat Odunewu | 0 | | Koosum Kalyan | 0 | | Christopher Okeke | 0 | There has been no changes in the interests of any director between 31 December 2025 and 28 February 2026. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 100 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Directors’ Remuneration Report continued #### Comparison of overall performance and pay The graph below shows the value of US$100 invested in the Company’s shares since listing compared to the median of the FTSE All Share Exploration & Production companies. The graph shows the Total Shareholder Return generated by both the movement in share value and the reinvestment over the same period of dividend income. The Committee considers that the FTSE All Share Exploration & Production companies are an appropriate comparator group as it contains a number of the UK companies that are constituents of Seplat’s TSR comparator group. This graph has been calculated in accordance with the Regulations. ![15083]() Source: Workspace by LSEG. #### CEO historical remuneration The table below sets out the total remuneration delivered to the CEO between 2014 and 2025 valued using the methodology applied to the single total figure of remuneration. | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | CEO | Roger Brown³ | | | | | | Austin Avuru | | | | | | | | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | | Total Cash (US$ '000) | 3,003 | 3,472 | 3,295 | 2,291 | 2,105 | 1,670 | 1,848 | 2,585 | 2,921 | 2,567 | 2,435 | 3,004 | 2,866 | | Number of LTIP Shares Vesting | 2,779,181 | 1,733,345 | 2,193,586 | 579,251 | 560,337 | 659,263 | 1,084,316 | 1,310,031 | 1,220,374 | 1,120,500 | 575,595 | 0 | 0 | | Share price at performance year end ($) | 370% | 263% | 156% | 115% | 114% | 80% | 80% | 150% | 163% | 142% | 97% | N/A² | N/A² | | Annual bonus payment level achieved (% of maximum opportunity) | 78% | 79% | 76% | 65% | 72% | 31% | 31% | 45% | 68% | 49% | 35% | 46% | 53% | | LTIP vesting level achieved (% of maximum opportunity) | 100% | 100% | 100% | 45% | 69% | 87% | 87% | 81% | 75% | 100% | 97% | N/A² | N/A² | 1. Includes vesting in relation to the one-off Global Offer Bonus award in 2014 and 2015. 2. No LTIP awards vested in 2014 and 2015 – vesting of the first LTIP awards (awarded in 2014) occurred in 2017 (however the performance period for these awards ended on 31 December 2016 so it is included in the 2016 column). There were no equity-based arrangements operating prior to listing. 3. Mr. Austin Avuru retired as CEO on 31 July 2020. Mr. Roger Brown was appointed to the Board as his successor on 1 August 2020, transitioning from his role as CFO. The Single Figure details above for Roger Brown include amounts paid in relation to his role as CEO only. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 101 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Change in the Directors’ remuneration compared with employees The table below shows the percentage change in the current Executive Director and Non-Executive Director total remuneration from 2023-2024, 2022 to 2023, 2021 to 2022 and 2020 to 2021, alongside the change for the average of employees within the Company: | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | 2024 to 2025 | | | 2023 to 2024 | | | 2022 to 2023 | | | 2021 to 2022 | | | | Salary / fees | Taxable benefits | Short-term variable pay | Salary / fees | Taxable benefits | Short-term variable pay | Salary/ fees | Taxable benefits | Short-term variable pay | Salary/ fees | Taxable benefits | Short-term variable pay | | Roger Brown (CEO) | 2% | (22%) | (24%) | 4% | 3% | 0% | 15% | 42% | 79% | 8% | 10% | (3%) | | Samson Ezugworie (COO) | 2% | (38%) | (19%) | 2% | (38%) | (19%) | 159% | 62% | 220% | n/a | n/a | n/a | | Eleanor Adaralegbe (CFO) | 10% | (26%) | 4% | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | | Udoma Udo Udoma, CON2 | 24% | n/a | n/a | 5076% | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | | Bello Rabiu 3 | (8%) | n/a | n/a | 42% | n/a | n/a | 8% | n/a | n/a | 109% | n/a | n/a | | Bashirat Odunewu4.5 | 51% | n/a | n/a | 3% | n/a | n/a | 69% | n/a | n/a | n/a | n/a | n/a | | Nathalie Delapalme 5 | 6% | n/a | n/a | 3% | n/a | n/a | 4% | n/a | n/a | 4% | n/a | n/a | | Olivier Cleret de Langavant5 | 11% | n/a | n/a | 27% | n/a | n/a | 12% | n/a | n/a | 2% | n/a | n/a | | Emma FitzGerald | 2% | n/a | n/a | 3% | n/a | n/a | 4% | n/a | n/a | 155% | n/a | n/a | | Ernest Ebi, MFR | 6% | n/a | n/a | 14% | n/a | n/a | 65% | n/a | n/a | n/a | n/a | n/a | | Kazeem Raimi | 6% | n/a | n/a | 6% | n/a | n/a | 55% | n/a | n/a | n/a | n/a | n/a | | Koosum Kalyan5 | 6% | n/a | n/a | 24% | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | | Christopher Okeke 5 | 17% | n/a | n/a | 1786% | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | | Babs Omotowa 6 | 15% | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | | Average of Employees7 | 20% | 25% | 9% | 34% | 34% | 36% | 15% | 15% | (12%) | 8% | 8% | (12%) | 1. The Directors’ year-on-year change has been expressed in a currency in which their pay has been set i.e. USD for the Executive Directors based on the single figure of remuneration, USD for the Chairman, USD for Non-executive Directors in 2023, and GBP up to 2022. 2. Udoma Udo Udoma became Board Chairman in April 2024, so change in remuneration compares 9-month chairman value in 2024 to 12-month values in 2025. 3. Bello Rabiu stepped down from the Board on 25 April 2025, and received 6-month loss-of office payment.  So change in remuneration compares 12-month values in 2024 to 10-month values in 2025. 4. Following the exit of Mr. Bello Rabiu from the Board, Bashirat Odunewu was appointed Senior Independent Non-executive Director. 5. Bashirat Odunewu, Nathalie Delapalme, Olivier Cleret de Langavant, Koosum Kalyan and Christopher Okeke commenced additional Committee responsibilities in April, July and September 2025. 6. Babs Omotowa joined the Board on 01 April 2024, stepped down 23 April 2025 and received 6-month loss-of office payment. Change in remuneration compares 9-month chairman value in 2024 to 10-month values in 2025. 7. Average employees pay year-on-year change is expressed in Naira as a significant majority of employees are paid in Naira.  The numbers are provided for all employees of Seplat. #### Relative importance of the spend on pay The table below sets out the overall spend on pay for all employees compared with the dividends distributed to shareholders: | | | | | | --- | --- | --- | --- | | | | | | | Significant contributions | 2025 ($m) | 2024 ($m) | % change | | Overall spend on pay | 89.041 | 74.35 | 20 | | Distributions to shareholders (dividends) | 140.199 | 91.361 | 53 | #### Statement of implementation of policy in following year Please see At-A-Glance section. #### Service agreements and letters of appointment The Committee’s policy is that a 12-month notice period will apply for Executive Directors unless the Committee determines otherwise. | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | Executive Directors | Date of Executive service contract | Nature of contract | Notice period from Company | Notice period from Director | Compensation provisions for early termination | | Roger Brown | 20 May 2013 | Rolling | 12 months | 12 months | Payment in lieu of notice equal to 12 months’ salary and benefits, including any payments accrued at the date of termination. | | Samson Ezugworie | 1 July 2022 | Rolling | 12 months | 12 months | | Eleanor Adaralegbe | 1 May 2024 | Rolling | 12 months | 12 months | The Non-Executive Directors of the Company do not have service contracts. The Non-Executive Directors are appointed by letters of appointment, which are kept at Seplat’s registered office along with Executive Director service contracts.  As required by Nigerian law, the Company follows the provisions set out in its Memorandum and Articles of Association and annually places one-third of its Independent Non-Executive Directors for re-election. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 102 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Directors’ Remuneration Report continued | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | Non-Executive Directors | Date of letter of appointment | Nature of contract | Notice period from Company | Notice period from Director | Compensation provisions for early termination | | Udoma Udo Udoma | 1 December 2023 | Initial Term subject to retirement by rotation and extension | 6 months | 6 months | 6 months’ fees if not re-elected or retired. | | Nathalie Delapalme | 18 July 2019 | Initial Term subject to retirement by rotation and extension | 6 months | 6 months | 6 months’ fees if not re-elected or retired. | | Emma FitzGerald | 1 August 2021 | Initial Term subject to retirement by rotation and extension | 6 months | 6 months | 6 months’ fees if not re-elected or retired. | | Ernest Ebi | 18 May 2022 | Continuous Term | 6 months | 6 months | 6 months’ fees if removed or retired. | | Kazeem Raimi | 18 May 2022 | Continuous Term | 6 months | 6 months | 6 months’ fees if removed or retired. | | Bashirat Odunewu | 18 May 2022 | Initial Term subject to retirement by rotation and extension | 6 months | 6 months | 6 months’ fees if not re-elected or retired. | | Koosum Kalyan | 28 February 2023 | Initial Term subject to retirement by rotation and extension | 6 months | 6 months | 6 months’ fees if not re-elected or retired. | | Christopher J.N Okeke | 1 December 2023 | Initial Term subject to retirement by rotation and extension | 6 months | 6 months | 6 months’ fees if not re-elected or retired. | | Larry Ettah | 1 January 2026 | Initial Term subject to retirement by rotation and extension | 6 months | 6 months | 6 months’ fees if not re-elected or retired. | | Tony O. Elumelu | 22 January 2026 | Initial Term subject to retirement by rotation and extension | 6 months | 6 months | 6 months’ fees if not re-elected or retired. | #### Current Board Composition and terms of reference of the Remuneration Committee The members of Seplat’s Board Remuneration Committee are as follows: • Emma FitzGerald (Chairperson) • Bello Rabiu (until 23 April 2025) • Koosum Kalyan • Christopher J.N Okeke • Larry Ettah (from 25 February 2026) The Board has delegated to the Committee, under agreed terms of reference, responsibility for the remuneration policy and for determining specific packages for the Executive Directors, the Chairman and other members of the senior management team.  The terms of reference for the Committee are available on the Company’s website, www.seplatenergy.com, and from the Company Secretary at the registered office. The Committee receives assistance from the Director, Corporate Services, who attends meetings by invitation.  The Executive Directors attend by invitation on occasions, except when issues relating to their own remuneration are being discussed.  The Committee met five times during the financial year. #### Advisers to the Remuneration Committee The Committee continues to engage the services of PricewaterhouseCoopers LLP (‘PwC’) as independent remuneration adviser.  Other services received by the Company from PwC during the financial year included those in relation to Audit services.  During the financial year, PwC UK supported the Committee on aspects of the remuneration policy for Executive Directors, Chairman and members of the Executive Team.  The Committee is satisfied that advice received from PwC UK during the year was objective and independent. PwC UK is a member of the Remuneration Consultants Group and the voluntary code of conduct of that body is designed to ensure objective and independent advice is given to remuneration committees. #### Shareholder voting at General Meeting At the AGM held on 14 May 2025, the Company received a favourable vote on its remuneration policy and the remuneration report which were part of the same resolution. Dr. Emma FitzGerald Chairperson of the Remuneration Committee and Independent Non-Executive Director. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 103 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Statutory Audit #### Committee #### report In the financial year ended 31 December 2025, the Committee held five meetings, the dates and attendance records of which can be seen in the table on the bottom left. In compliance with Section 404(7) of the Companies and Allied Matters Act 2020 (‘CAMA’), we, the members of the Statutory Audit Committee, have reviewed the financial statements of the Company for the year ended 31 December 2025 and reports thereon, and confirm as follows: • The accounting and reporting policies of the Company are in compliance with legal requirements and agreed ethical practices. • The scope and planning of audit requirements were, in our opinion, adequate and compliant with legal requirements and best practice. • We have reviewed the findings on the management letter, in conjunction with the external auditor, and we are satisfied with the response of management in dealing with such findings. • The Company’s systems of accounting and internal controls are in compliance with legal requirements and best practice. • We have, in response to these matters, made the required recommendations to the auditors of the Company. In addition to the foregoing, we, the members of the Statutory Audit Committee, conducted the following business during the year: • review of the 2025 external audit plan and the 2026 internal audit plan, including an assessment of the external auditors’ independence. • review of the proposed 2026 budget and work programme. ![Mr. Abayomi Adeyemi, FCA, CFA.jpg]() Mr Abayomi Adeyemi, FCA, CFA Chairman of the Statutory Audit Committee FRC/2014/CISN/00000005607 Mr Abayomi Adeyemi, FCA, CFA Chairman of the Statutory Audit Committee FRC/2014/CISN/00000005607 | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | 5 Statutory Audit Committee meetings in 2025 | | | | | | | 2025 Members | 15/01 | 24/02 | 22/04 | 21/07 | 20/10 | | Mr Abayomi Adeyemi, Chairman/ Shareholder member, | | | | | | | Mrs Hauwa Umar, Shareholder member | | | | | | | Mr Nornah Awoh, Shareholder member | | | | | | | Mrs Bashirat Odunewu 1, Director Member | | | | | | | Mr Kazeem Raimi2, Director Member | | | | | | 1. Senior Independent Non-Executive Director 2. Non-Executive Director | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 104 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Report of the Directors The Directors are pleased to present to the shareholders of the Company their report with the audited financial statements for the year ended 31 December 2025. Principal activity The Company is principally engaged in oil and gas exploration and production. Operating results | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | ₦ million | | $’000 | | | | 2025 | 2024 Restated | 2025 | 2024 Restated | | Revenue | 4,135,376 | 1,615,571 | 2,725,859 | 1,116,168 | | Operating profit | 1,024,622 | 483,356 | 675,232 | 326,659 | | Profit before taxation | 755,505 | 394,669 | 497,843 | 266,724 | | Profit for the year | 241,580 | 207,869 | 159,089 | 140,481 | #### Dividend During the year, the Directors recommended and paid to members quarterly interim dividends of USD 4.6 cents per share, declared in April and July in line with our normal dividend distribution timetable. Interim dividend of USD 5 cents per share and a special dividend of USD 2.5 cents per share totalling USD 7.5 cents per share were declared in 3Q 2025 in line with our updated dividend policy. In addition to this, the Board of Seplat is recommending a final dividend of USD 5.0 cents per share and a special dividend of USD 3.3 cents per share. The final dividend is subject to approval of shareholders, at the AGM which will be held on 20 May 2026 in Lagos, Nigeria #### Unclaimed dividend The total amount outstanding as at 31 December 2025 is US$284,365.91 and ₦1,997,232,083.07.  A list of shareholders and corresponding unclaimed dividends is available on the Company’s website: www.seplatenergy.com #### Changes in property, plant, and equipment Movements in property, plant and equipment and significant additions thereto are shown in Note 19 to the financial statements. #### Rotation of Directors In accordance with the provisions of Section 285 of the Companies and Allied Matters Act, 2020, one third of the Directors of the Company shall retire from office. The Directors to retire every year shall be those who have been longest in office since their last election. However, in accordance with Article 131 of the Company’s Articles of Association, the Executive Directors and any Director appointed by a Founder Shareholder shall not be subject to retirement by rotation or taken into consideration in determining the number of Directors to retire each year. Apart from the Executive Directors and Directors appointed by the Founder Shareholders, all other Directors are appointed for fixed terms and are eligible for re- appointment/retirement by rotation. The Directors who are eligible for re-appointment this year are Mr Udoma Udo Udoma and Mr Christopher Okeke. #### Board changes Appointments Mr Larry Ettah joined the Board on 1 January 2026 as an Independent Non-Executive Director. Mr Larry Ettah is a highly respected Nigerian business leader with nearly four decades of corporate experience. He spent 30 years at UAC Nigeria Plc (UACN), rising from Management Trainee in 1988 to Group Managing Director/CEO, a role he held from 2007 to 2018. As CEO, he reshaped UACN's portfolio through strategic partnerships with global firms such as Tiger Brands, Imperial Logistics, and Famous Brands. He also led key acquisitions including Livestock Feeds Plc and Portland Paints Plc, repositioning the conglomerate for sustainable growth across multiple sectors. Following his retirement from UACN, Mr Ettah founded Barracuda Capital Partners Ltd in 2018, where he serves as Executive Chairman. He holds several board roles, including Founding Director of Coronation Merchant Bank Ltd and Non-Executive Director of Mixta Africa Plc, and until February 2025, he co-chaired the board of LEAP Africa. He has chaired and served on the boards of several publicly listed companies and advised major consumer goods firms. He has played influential roles in industry associations such as Nigeria Employers' Consultative Association (NECA), Manufacturers Association of Nigeria (MAN), and Lagos Chamber of Commerce and Industry (LCCI), and contributed to national economic policy through presidential and technical advisory committees. Mr Ettah holds a B.Sc. in Industrial Chemistry and an MBA from the University of Benin, complemented by extensive executive education from leading global institutions including Harvard, Stanford, Oxford, INSEAD, IMD, and the University of Michigan. His international exposure, strong governance expertise, and broad sector experience underpin his reputation as a strategic, principled, and effective boardroom leader. Overall, he is recognized for his vision, leadership, and commitment to corporate excellence and economic development. Mr Tony Elumelu was appointed to the Board as a Non-Executive Director on 22 January 2026.  Mr Elumelu is a distinguished African investor and philanthropist, globally recognized as one of the most prominent voices on Africa’s transformation agenda. He is the Founder and Chairman of Heirs Holdings, a diversified investment company with interests across strategic sectors of the African economy, including energy, power, banking, insurance, technology, real estate, hospitality, and healthcare. He also serves as Chairman of United Bank for Africa (UBA) Group, Heirs Energies, Transcorp Group, whose subsidiaries include Transcorp Power, and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand. In 2010, he established The Tony Elumelu Foundation (TEF), the leading philanthropy dedicated to empowering African entrepreneurs across all 54 African countries. His global influence has been widely acknowledged, including recognition as one of TIME Magazine’s 100 Most Influential People in the World (2020) and the conferment of the Commander of the Order of the Federal Republic (2022). He also serves on several global boards, including UNICEF’s Generation Unlimited Global Leadership Council and the International Monetary Fund’s Advisory Council on Entrepreneurship and Growth | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 105 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Retirements and Resignations Mr Bello Rabiu retired from the Board on 23 April 2025 following his appointment to the Board of NNPC Limited by the President of the Federal Republic of Nigeria. Mr Rabiu who joined the Board on 9 July 2021 as an Independent Non-Executive Director, was appointed as the Senior Independent Non-Executive Director on 1 April 2024. Mr Rabiu dedicated his time and contributed immensely his experience and wealth of knowledge towards the growth of the Company. Mr Babs Omotowa retired from the Board on 23 April 2025 following his appointment to the Board of NNPC Limited by the President of the Federal Republic of Nigeria. Mr Omotowa joined the Board as an Independent Non-Executive Director on 1 April 2024. During his time on the Board, Mr Omotowa was committed to the excellence and growth of the Company and wasted no effort in contributing his wealth of industry experience to the Company. Mr Olivier Cleret De Langavant resigned from the Board on 22 January 2026. Mr Langavant joined the Board on 28 January 2020 representing Maurel & Prom. Following the sale of Maurel & Prom’s shares to Heirs in December 2025, Mr Langavant resigned from the Board effective 22 January 2026. The appointment and removal or reappointment of Directors is governed by its Articles of Association and the Companies and Allied Matters Act, 2020. It also sets out the powers of Directors. #### Corporate Governance The Board of Directors is committed to sound corporate governance and ensures that the Company complies with the Nigerian and UK corporate governance regulations as well as international best practice. The Board is aware of the Corporate Governance Guidelines issued by the Securities and Exchange Commission, the Nigerian Code of Corporate Governance 2018, issued by the Financial Reporting Council of Nigeria and the UK Corporate Governance Code 2024, issued by the UK Financial Reporting Council and ensures that the Company complies with them. The Board is responsible for keeping proper accounting records with reasonable accuracy. It is also responsible for safeguarding the assets of the Company through prevention and detection of fraud and other irregularities. In order to carry out its responsibilities, the Board has established six Board Committees and the Statutory Audit Committee and has delegated aspects of its responsibilities to them. All seven Committees have terms of reference that guide their members in the execution of their duties, and these terms of reference are available for review by the public. All the Committees present a report to the Board with recommendations on the matters within their purview. #### Directors’ Interest in Shares In accordance with Section 301 of the Companies and Allied Matters Act, 2020, the interests of the Directors (and of persons connected with them) in the share capital of the Company (all of which are beneficial unless otherwise stated) are as follows: | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | 31 December 2024 | 31 December 2025 | 25 February 2026 | | | | | No. of Ordinary Shares | No. of Ordinary Shares | As a percentage of Ordinary Shares in issue | No. of Ordinary Shares | As a percentage of Ordinary Shares in issue | | Udoma Udo Udoma | 55,071 | 55,071 | 0.01% | 55,071 1 | 0.01% | | Roger Brown | 4,006,169 | 4,878,671 | 0.81% | 4,878,671 | 0.81% | | Samson Ezugworie | 547,983 | 630,955 | 0.11% | 630,955 | 0.11% | | Eleanor Adaralegbe | 234,209 | 659,691 | 0.11% | 659,691 | 0.11% | | Bashirat Odunewu | 0 | 0 | —% | 0 | —% | | Nathalie Delapalme | 0 | 0 | —% | 0 | —% | | Emma FitzGerald | 0 | 0 | —% | 0 | —% | | Kazeem Raimi | 6,577 | 6,577 | —% | 6,577 | —% | | Ernest Ebi | 50,000 | 50,000 | 0.01% | 50,000 | 0.01% | | Koosum Kalyan | 0 | 0 | —% | 0 | —% | | Christopher Okeke | 0 | 0 | —% | 0 | —% | | Larry Ettah | n/a | n/a | n/a | 0 | —% | | Tony Elumelu2 | n/a | n/a | n/a | 0 | —% | | Babs Omotowa | 20,000 | n/a | n/a | n/a | n/a | | Bello Rabiu | 20,000 | n/a | n/a | n/a | n/a | | Oliver De Langavant | 0 | 0 | —% | 0 | —% | | Total | 4,940,009 | 6,280,965 | 1.05% | 6,280,965 | 1.05% | 1. Udoma Udo Udoma indirectly holds 22,571 of his 55,071 shares through Tierce Investments Ltd. 2. On 31 December 2025, Heirs Energies Limited and Heirs Holdings Limited (in aggregate referred to as “Heirs”) acquired 120,400,000 shares from Maurel & Prom. Mr Tony Elumelu is the Ultimate Beneficial Owner of Heirs which holds 20.07% of the Company’s issued share capital. #### Directors’ Interest in Contracts In relation to the reporting period, no director has direct or indirect interest in contracts with which the Company was involved. #### Substantial Interest in Shares 1 At 25 February 2026, the following shareholders held more than 5.0% of the issued share capital of the Company: | | | | | --- | --- | --- | | | | | | Shareholder | Number of holdings | % | | Heirs Group (Heirs Energies & Heirs Holdings) | 120,400,000 | 20.07 | | Petrolin Group | 81,015,319 | 13.50 | | Sustainable Capital | 60,536,012 | 10.09 | | Professional Support | 50,019,178 | 8.34 | 1. As at 25 February 2026, no other individual or entity apart from those listed above as substantial shareholders held 5% and above of the issued and fully paid shares of the Company | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 106 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Report of the Directors continued #### Free Float With a free float of 33.8% as at 31 December 2025, Seplat Energy PLC is compliant with the Nigerian Exchange’s free float requirements for companies listed on the Premium Board. #### Share Dealing Policy We confirm that to the best of our knowledge that there has been compliance with the Company’s Share Dealing Policy during the period. #### Shareholding Analysis The distribution of shareholders at 31 December 2025 is as stated below: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Share range | Number of shareholders | % of shareholders | Number of shares held | % of shareholding | | 1-10,000 | 12,969 | 96.91 | 3,304,158 | 0.60 | | 10,001-50,000 | 221 | 1.65 | 5,093,039 | 0.80 | | 50,001-100,000 | 61 | 0.46 | 4,689,878 | 0.80 | | 100,001-500,000 | 79 | 0.59 | 16,485,454 | 2.70 | | 500,001-1,000,000 | 19 | 0.14 | 13,406,157 | 2.20 | | 1,000,001-5,000,000 | 26 | 0.19 | 50,398,019 | 8.40 | | > 5,000,000 | 7 | 0.05 | 506,567,856 | 84.40 | | Total | 13,382 | 100.00 | 599,944,561 | 100.00 | 1. Includes shares held by Computer Share on the London Stock Exchange #### Share Capital History | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | Year | Authorised increase | Cumulative | Issued increase/ cancelled | Cumulative | Consideration | | Jun-09 | – | 100,000,000 | 100,000,000 | 100,000,000 | cash | | Mar-13 | 100,000,000 | 200,000,000 | 100,000,000 | 200,000,000 | stock split from N1.00 to 50k | | Jul-13 | 200,000,000 | 400,000,000 | 200,000,000 | 400,000,000 | bonus (1 for 2) | | Aug-13 | 600,000,000 | 1,000,000,000 | 153,310,313 | 553,310,313 | cash | | Dec-14 | – | 1,000,000,000 | – | 553,310,313 | No change | | Dec-15 | – | 1,000,000,000 | 10,134,248 | 563,444,561 | staff share scheme | | Dec-16 | – | 1,000,000,000 | – | 563,444,561 | No change | | Dec-17 | – | 1,000,000,000 | – | 563,444,561 | No change | | Feb-18 | – | 1,000,000,000 | 25,000,000 | 588,444,561 | staff share scheme | | Dec-19 | - | 1,000,000,000 | - | 588,444,561 | No change | | Dec-20 | - | 1,000,000,000 | - | 588,444,561 | No change | | Dec-21 | - | 1,000,000,000 | - | 588,444,561 | No change | | Dec-22 | - | 1,000,000,000 | (411,555,439) | 588,444,561 | cancellation\* | | Dec-23 | - | - | - | 588,444,561 | No change | | Dec-24 | - | - | - | 588,444,561 | No change | | May-25 | - | - | 11,500,000 | 599,944,561 | staff share scheme\*\* | \* By virtue of s.124, CAMA 2020 and Regulation 13, Companies Regulations 2021, CAC mandated companies with unissued shares to issue all unissued/unallotted shares not later than 31 December 2023. The consequence of non-compliance is that any unissued share capital at the relevant date will not be recognised as forming part of the share capital of the company until it is issued or reduced through the share capital reduction process. In compliance with the above directive and having obtained Shareholders’ approval at the AGM held on 18th May 2022, the Company cancelled 411,555,439 unissued shares. \*\* Following Shareholder approval at the 2025 AGM, the Issued Shares of the Company increased from 588,444,561 to 599,944,561 by the creation of 11,500,000 additional Shares which were issued and allotted to Stanbic IBTC Trustees Limited, the Trustees for the shares under the Company’s Long Term Incentive Plan (LTIP) | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 107 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Donations and sponsorships The following donations were made by the Group during the year (2024: N162,670,722, $109,936) | | | | | --- | --- | --- | | | | | | Beneficiary | NG₦ | $ | | Brevity Anderson Ltd | 12,352,404 | 8,142 | | Businessday Media Ltd | 8,992,126 | 5,927 | | Capital Market Correspondents Association Of Nigeria | 1,133,027 | 747 | | Centre For Financial Journalism Ltd | 1,115,769 | 735 | | Chartered Institute Of Directors Nigeria | 1,105,303 | 729 | | Edo State Government Ministry Of Mining | 11,651,649 | 7,680 | | Falcon Golf Development Company Limited | 21,378,241 | 14,092 | | Ikoyi Club | 2,234,624 | 1,473 | | Imo Economic Summit Ltd | 20,877,228 | 13,761 | | Independent Petetroleum Producers Group (IPPG) | 4,778,834 | 3,150 | | Lekki Scrabble Club | 999,140 | 659 | | Nairametrics Financial Advocates Ltd | 4,268,311 | 2,813 | | New Telegraph Sponsorship 2025 | 1,375,942 | 907 | | Nigeria Oil & Gas Industry Games | 1,340,511 | 884 | | Nigerian Bar Association | 2,340,925 | 1,543 | | Nigerian Institute Of Public Relations | 3,184,082 | 2,099 | | Nigerian Society Of Engineers Inauguration Support | 4,815,788 | 3,174 | | Nigerian Society Of Engineers Sapele Branch | 1,425,444 | 940 | | Onwuka Sopuruchi Alfred | 1,638,457 | 1,080 | | Others | 3,849,472 | 2,537 | | Owerri Sports Club | 4,181,276 | 2,756 | | Q21 Solution Limited | 11,339,537 | 7,475 | | Sapele Athletic Club | 9,394,750 | 6,193 | | Seplat Staff Cooperative Multipurpose Society Ltd | 3,157,880 | 2,082 | | Society For Corporate Governance Nigeria | 4,474,913 | 2,950 | | Society Of Petroleum Engineers Nigeria Council | 13,361,612 | 8,807 | | The Institute Of Chartered Accountants Of Nigeria | 1,405,667 | 927 | | The Institute Of Chartered Secretaries And Administrators Of Nigeria | 4,474,913 | 2,950 | | The Nigerian Society Of Engineers | 2,134,159 | 1,407 | | Vanguard Media Limited | 1,340,770 | 884 | | Women In Management (Wimbiz) | 3,172,476 | 2,091 | | Total | 169,295,230 | 111,592 | #### Employment and Employees Employee involvement and training: The Company continues to observe industrial relations practices such as the Joint Consultative Committee and briefing employees on the developments in the Company during the year under review. Various incentive schemes for staff were maintained during the year while regular training courses were carried out for the employees. Educational assistance is provided to members of staff. Different cadres of staff were also assisted with payment of subscriptions to various professional bodies during the year. The Company provides appropriate HSE training to all staff, and Personal Protective Equipment (‘PPE’) to the appropriate staff. Health, safety and welfare of employees: The Company continues to enforce strict health and safety rules and practices at the work environment which are reviewed and tested regularly. The Company provides free medical care for its employees and their families through designated hospitals and clinics. Fire prevention and fire-fighting equipment is installed in strategic locations within the Company’s premises. The Company operates Group life insurance cover for the benefit of its employees. It also complies with the requirements of the Pension Reform Act, 2004 regarding its employees. Employment of disabled or physically challenged persons: The Company has a policy of fair consideration of job applications by disabled persons having regard to their abilities and aptitude. The Company’s policy prohibits discrimination of disabled persons in the recruitment, training and career development of its employees. As at the end of the reporting period, the Group has no disabled persons in employment. Auditor The auditor, PricewaterhouseCoopers (“PwC”), has indicated its willingness to continue in office in accordance with Section 401(2) of the Companies and Allied Matters Act, 2020. A resolution will be proposed at the AGM for the re-appointment of PwC as the Company’s auditor and for authorisation to the Board of Directors to fix the auditors’ remuneration. By Order of the Board Edith Onwuchekwa FRC/2013/NBA/00000003660 Company Secretary Seplat Energy Plc 1, Lekki-Epe Expressway, Victoria Island, Lagos 26 February 2026 | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 108 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Sustainability performance at scale Roger Brown Chief Executive Officer 2025 saw us make great strides in our mission to deliver positive sustainability performance at scale. A key part of this was disaggregating our Scopes 1, 2 and 3 emissions data across onshore, offshore and Group, allowing us to better understand our emissions profile and where we can implement positive changes. In support of this, we have created ambitious new targets for Scopes 1 and 2, as we seek to continuously reduce the negative impact that our direct operations have on the environment and our local communities. Number of trees planted 200,208 #### Number of man-hours spent on HSE training 50,500 #### Environmental #### Carbon intensity for onshore operated assets 24.3 #### kgC0 2 #### /boe #### Reduction in onshore gross Scope 1 and 2 emissions (relative to 2020 base year) 36.8% #### % of women employees in the workforce 18.1% #### Employee turnover rate 6.3% Progress in end of routine flaring on operated onshore assets ![2199023256096]() | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 109 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Sustainability performance in our focus areas Below are the short-term, medium-term and long-term targets and performance achieved as of 31 December 2025. | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | | | Description of performance measure Our commitments/targets are set for only our onshore operated assets | | | | | | Performance | | | | | | | | | | | | | Base year | | | | | | | | | | | | | | | 2025 | | | 2024 | | | Commentary | | | | | | | | | | | | | | | | | | | Gross Scope 1 emissions reduction (ktCO2e) | | | Onshore: End of routine flares (EORF) by 2026, 70% Scope 1 emissions reduction from our 2020 baseline | | | 1,422 | | | 899 | | | 1,028 | | | 37% reduction achieved in 2025 compared to base year (2020) and 13% reduction compared to 2024 | | | | Offshore | | | | | | 4,792 | | | — | | | Emissions reduction programme in planning phase | | | | Group | | | | | | 5,691 | | | 1,028 | | | | | Methane emissions reduction (tC02e) | | | Onshore: 40-50% reduction from 2020 baseline in methane emissions by 2026 | | | 301 | | | 270 | | | 250 | | | We have achieved 10% reduction from our baseline of 2020. Although higher than 2024 influenced by increased gas production in 2025. | | | | Offshore | | | | | | 319 | | | — | | | Emissions reduction programme in planning phase | | | | Group | | | | | | 589 | | | 250 | | | | | Scope 3 emissions- reporting (number of categories reported) | | | Report on eight Scope 3 emissions categories by 2026 report | | | 2 | | | 6 | | | 6 | | | We are reporting 6 categories for Scope 3 in our 2025 Annual Report including Purchased Goods and Services, Waste Generated in Operations, Business Travel, Employee Commuting, Use of Sold Products and Investments. We are currently working on consolidating the remaining two categories | | Afforestation (number of trees planted) | | | Tree4Life project- plant 1 million trees by 2030 | | | — | | | 200,208 | | | 30,820 | | | Planted 200,208 trees during the period and trained 230 community members on sustaining long-term forest maintenance and stakeholder partnerships | | Biodiversity | | | Complete biodiversity assessment of Seplat offshore areas and develop a consolidated Biodiversity Action Plan (BAP) for Seplat Group | | | In 2025, we successfully completed biodiversity assessment and developed a comprehensive BAP for Seplat onshore operations, incorporating findings from the biodiversity assessment study. While we are in the planning phase for offshore operations | | | | | | | | | | | Water & wastewater management | | | Drive water consumption accuracy and commence measurement in offshore operations | | | Maintained water consumption measurement across Seplat onshore operations, measurement further audited to verify data accuracy in 2025 | | | | | | | | | | | Diversity & inclusion (% women) | | | Onshore: 30% women in overall workforce by 2030 from our 2023 baseline | | | 24% | | | 24% | | | 25% | | | We continued the implementation of  targeted initiatives, including flexible work arrangements and tailored recruitment and retention programmes | | | | Offshore | | | 14% | | | 14% | | | — | | | | | | | Group | | | — | | | 18% | | | — | | | | | Diversity & inclusion (% women) | | | 40% women in the senior leadership team (SLT) by 2030 from our 2023 baseline | | | 28% | | | 45% | | | 29% | | | In 2025, a new SLT was constituted as part of the integration process | | Employee health & safety | | | Achieve ISO 45001 certification for OMLs 4, 38, 41 & 53 (2026) | | | Achieved ISO 45001 certification for onshore assets in August 2025 | | | | | | | | | | | Employee health & safety | | | Achieve ISO 55001 certification for OML 53 by 2026 | | | Successfully integrated the WA and EA management systems into a unified ISO 55001 asset management system, with onshore assets completing the recertification audit in 2025 | | | | | | | | | | | Employee health & safety (Total Recordable Incident Rate(TRIR)) | | | Onshore TRIR threshold of less than 0.348 incidents by 2030 from 2023 baseline | | | 0.461 | | | 0.09 | | | 0.455 | | | | | | | Offshore | | | | | | 0.434 | | | — | | | Nine medical cases and one restricted work-day case | | | | Group | | | — | | | 0.298 | | | — | | | | | Critical incident risk management | | | Achieve ISO 14001 certification (OHS) for OMLs 4, 38, 41 & 53 | | | Stage 2 and certification audit expected Q2 2026 | | | | | | | | | | | Critical incident risk management | | | Achieve ISO 45001 certification (OHS) for OMLs 4, 38, 41 & 53 | | | Achieved ISO 45001 certification for onshore assets in August 2025 | | | | | | | | | | | Human capital management (%) | | | Improve employee engagement score to 79% by 2030 (2023 baseline) | | | 77% | | | 84% | | | 80% | | | Surpassed our 2024 performance; reflects the effectiveness of our ongoing integration initiatives and the commitment of our teams | | Corporate social investment (CSI) | | | Deliver CSI initiatives in health, education and access to energy | | | • 1,048 teachers trained in the 2025 edition of the Seplat Teachers Empowerment Programme (STEP) • 7,175 students impacted during the 2025 Pearls Quiz • 5 fully equipped STEAM labs with 5.5kva installed solar power in 5 secondary schools • 13,726 impacted in the 2025 Eye Can See programme • Delivered a solar mini grid at Ologbo N’ugu, Edo State, providing energy access to 138 households and business | | | | | | | | | | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 110 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Sustainability disclosures #### Basis of preparation Our operations are closely linked to the natural environment, making it essential to assess and manage the risks, opportunities, dependencies and impacts associated with climate change and nature. This consideration is foundational to our entire business model, as reflected in the integration of disclosures throughout the sustainability report. These disclosures are prepared as part of the Annual Report and are provided alongside and should be read in conjunction with the  consolidated financial statements. Additionally, we incorporate other essential matters such as health, safety, security, climate change, critical risk incident management, community relations, supply chain management and diversity and inclusion. We take pride in being early adopters of the International Sustainability Standards Board (ISSB) standards, having done so in 2023. #### Statement of compliance with the ISSB The sustainability-related financial disclosures of Seplat Energy have been prepared in accordance with IFRS Sustainability Disclosure Standards as issued by the ISSB, in line with the adoption roadmap issued by the Financial Reporting Council of Nigeria. All sustainability-related financial disclosures contained in this Annual Report for the year ended 31 December 2025 as referenced below have been prepared based on the requirements of IFRS Sustainability Disclosure Standards, IFRS S1 and S2, as effective from 1 January 2024. This Annual Report contains highlights of the disclosures on the sustainability- and climate-related risks and opportunities that could reasonably be expected to affect the Company’s prospects in line with the governance, strategy, risk management and metrics and targets requirements of IFRS S1 and S2. #### Scope of our sustainability reporting Our sustainability performance indicators are aligned with our objectives and reflect the potential impacts of our activities. Specifically: • Health, safety, climate and ecological impact metrics cover Seplat Energy subsidiaries, companies in joint arrangements and associated companies, as detailed in note 3.6 • The waste management, EORF roadmap, net zero target and other targets cover Seplat Energy’s operated assets • Social investment, people, diversity and inclusion, as well as ethics and anti-corruption data, relate to Seplat Energy and its subsidiaries • We use the equity approach to calculate greenhouse gas (GHG) emissions, acid gases and water Performance disclosures are based on these parameters. For all other data, the perimeter aligns with relevant legislation and comprises companies consolidated line by line to prepare Seplat Energy’s consolidated financial statements. Last year, we reported the acquisition of MPNU, now called SEPNU (Seplat Producing Nigeria Unlimited). The reporting data provided in this report includes the consolidated Group except where we have stated otherwise. #### Reporting frameworks This sustainability related financial disclosures have been prepared in accordance with IFRS Sustainability Disclosure Standards as issued by the ISSB (S1 and S2) and which forms part of the Group’s Annual Report as at 31 December 2025 In preparing these disclosures, the Group has also considered applicable regulatory guidance and industry practices including but not limited to : • SASB Oil & Gas Extraction & Production Standard • The International Integrated Reporting Framework (IR) • Companies and Allied Matters Act, 2020 • Financial Reporting Council of Nigeria (Amendment) Act, 2023 • UK Financial Conduct Authority (FCA), Listing Rules • International Petroleum Industry Environmental Conservation Association • Greenhouse Gas Protocol • United Nations Global Compact #### Reporting period Sustainability disclosures cover the same reporting period as the Group’s consolidated financial statements. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | | IFRS S1 | | IFRS S2 | | Section | | Disclosures | | Disclosures | | Governance | || P.[74](#i66125f98400d44deabf9a9f141bf2d2c_265)-[79](#i66125f98400d44deabf9a9f141bf2d2c_280), [112](#i66125f98400d44deabf9a9f141bf2d2c_5511) || P.[112](#i66125f98400d44deabf9a9f141bf2d2c_5511) | • Board oversight of sustainability- and climate-related risks and opportunities • Management’s role in assessing sustainability- and climate-related risks and opportunities | | | | Strategy | | P. [141](#i66125f98400d44deabf9a9f141bf2d2c_214) | P. [20](#i66125f98400d44deabf9a9f141bf2d2c_73) | P.147 | P.130 | • Sustainability-related risks and opportunities • Business model and value chain • Strategy and decision making • Financial position, performance and cashflow | | P. [141](#i66125f98400d44deabf9a9f141bf2d2c_214) | P. [20](#i66125f98400d44deabf9a9f141bf2d2c_73) | P.148 | P.148, 149 | P.130 | • Climate-related risks and opportunities • Business model and value chain • Strategy and decision making • Climate resilience • Financial position, performance and cashflow | | Risk management | | P. 140, 141 | P.141 | P.137-139 | P.46 - 55 | • Our approach to identifying, assessing and managing risks and opportunities • How we identify and assess sustainability- related risks • Management of sustainability-related risks • Integration of sustainability-related risks into our risk management processes | | P. 141, 151 -152 | P.137 -139 | P.46 - 55 | P.151 - 152 | • How we identify and assess climate- related risks • Management of climate-related risks • Integration of climate-related risks into our risk management processes • Our risks most sensitive to climate change | | Metrics and targets | || P.54-P.63 || P. 151 -152 | • Performance in relation to sustainability-related risks and opportunities • Metrics and targets used to assess climate-related risks and opportunities | | | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 111 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Planning horizons Development of conventional oil and gas assets is fundamentally a long-cycle business. Recognising the capital-intensive nature of our assets and the evolving corporate and regulatory landscape, we adopt short-term and medium-term planning frameworks that support long-term value creation. ![]() ST | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Definition: 0 - 2 years We establish yearly operational and financial performance targets but maintain flexibility within these plans to address challenges and guarantee the most effective and efficient progress toward achieving our five-year objectives. | | Link to planning horizon and decision making: Decision making in the short term is focused on maintaining current operations, addressing immediate challenges and achieving short-term financial targets. We establish annual, quantifiable objectives while preserving adaptability to address emerging challenges. Short-term planning guides our progress toward medium- and long-term goals, offering measurable targets for continuous monitoring and evaluation. Before each financial year, we formulate a business plan subject to our JV partners’ approvals, and a corporate scorecard that is subject to Board review and approval. These plans outline annual targets to enhance production delivery and efficiency, contributing to our overarching goals. Achievement against these targets determines bonus percentages for executive directors and staff across the organisation. Executive directors receive compensation through a Long-Term Incentive Plan (LTIP) to discourage short-term decision making and prioritise long-term Company performance. Regular business review meetings between the SLT and senior managers assess progress against annual targets. Flexibility in short-term planning is essential to adapt to unforeseen challenges, ensuring the delivery of high-quality and resilient services in the most efficient manner possible. This flexibility may be reduced, or additional investments may be required, in order to manage project delays and prioritise spending to address unexpected challenges. Capacity to adjust or adapt our strategy and business model to climate change over the various timeframes Our immediate focus is maintaining financial stability amid currency fluctuations and volatile oil prices. We closely monitor our Naira revenue stream to match our significant Naira cost base, ensuring resilience against short-term currency risks. Additionally, we continuously assess the performance of our assets and evacuation routes, allowing us to swiftly adjust our capital allocation strategy to optimise cash generation and maintain financial flexibility. | | | | | | | | | | | | Definition: 2 - 5 years Medium-term planning involves balancing our short-term operational needs and long-term strategic vision. Our medium-term goals contribute to the achievement of our broader strategic objectives. | | Link to planning horizon: Our ten-year business plan established objectives for 2021–2030, and we are formulating our strategy for 2030-2050. Our long-term delivery strategy is seamlessly integrated into our medium- term targets, guiding us as we progress our overarching long-term plans. Capacity to adjust or adapt our strategy and business model to climate change over the various timeframes We are steadfast in our commitment to enhancing our adaptability to climate change over the medium term. This involves refining our capital allocation strategy and closely monitoring emerging climate-related risks and opportunities, such as shifts in regulatory frameworks or advancements in renewable energy technologies. By integrating climate considerations into our decision-making process, we are actively future proofing our business model and positioning ourselves to capitalise on emerging trends, thereby maximising long-term value for our stakeholders. | | | | | | | | | | | | Definition: >5 years Long-term planning encompasses our strategic initiatives that align with Seplat’s vision and purpose. It involves decisions related to significant investments, research and development, market positioning and other transformative endeavours. | | Link to planning horizon: We employ adaptive planning and extensively envision the future to ensure our businesses survive in the face of potential risks. This approach ensures we can deliver for our stakeholders over the long term. Capacity to adjust or adapt our strategy and business model to climate change over the various timeframes Looking further ahead, we recognise the imperative of integrating climate resilience into our long- term strategic planning. We commit to investing in sustainable initiatives that mitigate our environmental impact and enhance our resilience to climate-related disruptions. This includes diversifying our revenue streams, investing in renewable energy projects and implementing innovative technologies to reduce our carbon footprint. By proactively adapting our business model to address climate change, we aim to ensure our operations’ long-term sustainability and success. | ![]() MT ![]() LT | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 112 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability governance ![IFRS Governance Header.jpg]() #### Governance #### Governance and processoverview #### Governance of sustainability- and climate-related risks The Board of Seplat Energy is ultimately accountable for overseeing the Company’s sustainability and climate strategy, ensuring that these considerations are fully integrated into our overall risk management and financial decision-making frameworks in line with IFRS S1 and IFRS S2 requirements. To effectively manage and oversee sustainability- and climate-related risks, the Board has established dedicated committees that meet quarterly and has delegated the implementation of the strategic framework to the CEO. #### Roles, responsibilities and reporting The day-to-day execution of Seplat Energy’s sustainability strategy is led by the CEO and supported by the SLT through a dedicated Sustainability Management Committee (SMC). The execution of the sustainability initiatives are handled by different teams within the organisation. The table below summarises Seplat’s governance levels and their responsibilities. The SMC meets monthly and reports its findings and recommendations to the SLT and the Board. This process ensures that emerging risks, such as those identified through regular skill and competency assessments and benchmarking against industry best practices, are promptly addressed. | | | | | --- | --- | --- | | | | | | Governance level | Governance entities | Roles | | Board | Sustainability Committee | • Oversees the company’s sustainability goals, which are firmly embedded within Seplat’s governance structure • Focuses on setting and monitoring sustainability targets, including evaluating material sustainability risks and opportunities | | Risk Management and HSE Committee | • Incorporates sustainability- and climate-related risk assessments into the enterprise risk management framework • Evaluates management's mitigation measure quarterly and provides recommendations for further enhancements | | Energy Transition Committee | • Oversees the strategic planning and implementation of initiatives related to the energy transition, including capital allocation decisions and investments in low- carbon technologies | | Board Finance and Audit Committee | • Oversees and evaluates the effectiveness and compliance with corporate governance policies | | Management | Sustainability Management Committee | • Designs and monitors activities integrating sustainability- and climate-risk considerations into our operations • Proposes and tracks KPIs that measures short-, medium- and long-term performance against sustainability targets • Coordinates and ensures transparent reporting of environmental, social and governance (ESG)- and climate-related performance • Provides the required management interface between the SLT and the Board • SMC members include: CEO, CFO, COO, Directors – New Energy, External Affairs and Social Performance, Strategy, Planning and Business Development, Corporate Services and Legal and Company Secretary | | Teams | Finance | Manages budget allocation for sustainability initiatives and tracks financial performance against these budgets | | Operations | Implements sustainable practices in day-to-day operations, such as emissions reduction projects, water management and waste reduction | | Human resources | Incorporates sustainability into hiring, training and employee engagement | | Legal and compliance | Ensures compliance with environmental regulations and reporting requirements | | Risk management | Identifies, monitors and tracks mitigation sustainability and climate- related risks within the overall risk management framework | | External affairs and social performance | Focuses on the social aspects of a company’s operations and their impact on various stakeholders | | Strategy | Aligns sustainability objectives with overarching business goals and co-ordinates performance management | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 113 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | ![IFRS Governance Header continued.jpg]() Governance #### Skills, competencies and continuous improvement The Board Sustainability Committee, in collaboration with the SLT and the SMC, regularly evaluates the skills and competencies required to oversee sustainability- and climate-related risks. This includes: • Conducting periodic skills gap analyses as an input for building relevant capacities • Implementing tailored training programmes focused on new developments in sustainability reporting standards, emerging regulations and best practices in climate risk management • Integrating feedback from external advisors and industry peers ensures our governance practices remain robust and forward looking Members of the Board Sustainability Committee are expected to possess a combination of the following skills, competencies and experience to fulfil their responsibilities to the Board effectively: • A proven track record of practical stakeholder engagement skills • Strong competence in sustainability advocacy, policy formulation and strategic thinking, as well as financial reporting and disclosure • A deep understanding of the sustainability reporting environment • The ability to assess sustainability- and climate-related risks effectively. Through a clear allocation of responsibilities, rigorous oversight mechanisms and continuous enhancement of skills and competencies, Seplat Energy ensures that sustainability- and climate-related risks are managed effectively and transparently. This comprehensive approach meets the requirements of IFRS S1 and S2 and reinforces our commitment to sustainable long-term value creation. Board and committee meetings are held at least quarterly, with additional sessions convened as needed to address emerging risks or regulatory changes. This ensures that our governance framework remains responsive, and that all material sustainability- and climate-related information is consistently communicated to stakeholders. #### Board Committees’ governance activities Details of the Board committees’ activities during the year are provided in the committee reports Sustainability Management Committee (refer to page [78](#i66125f98400d44deabf9a9f141bf2d2c_277)) Risk Management and HSE Committee (refer to page [76](#i66125f98400d44deabf9a9f141bf2d2c_271)) Energy Transition Committee (refer to page [74](#i66125f98400d44deabf9a9f141bf2d2c_265)) #### Remuneration Committee and alignment with sustainability and climate goals The Remuneration Committee plays a critical role in ensuring that our remuneration policy drives the successful execution of Seplat Energy’s strategic objectives, including our commitment to sustainability and the energy transition. Oversight by the Board ensures that incentive structures are closely linked to both short- term performance and long-term sustainability targets in accordance with the principles of IFRS S1 and S2. #### Integration of sustainability- and climate-related KPIs The Committee sets and regularly reviews the corporate scorecard — a comprehensive framework that integrates a range of performance indicators, including specific ESG and climate- related KPIs designed to: • Measure and incentivise progress towards our sustainability objectives and energy transition goals • Incorporate forward-looking climate-risk assessments and scenario analysis that align with evolving international standards For instance, in 2025, 30% of the KPIs on our corporate scorecard were dedicated to sustainability targets. Of this, a 5% component was explicitly tied to the completion of Seplat’s EORF programme for onshore assets, with all key milestones achieved during the year. This direct link demonstrates our commitment to integrating environmental performance with executive remuneration. #### Quantitative weightings and broader objectives Sustainability objectives are not only embedded in the Company’s operational targets but also our remuneration framework, which applies to all Seplat staff, and represent more than a quarter weighing of the performance conditions for the Group with respect to delivery on its annual objectives. The Remuneration Committee, overseen by the Board, has implemented a corporate scorecard that incorporates specific climate-related KPIs designed to measure and incentivise progress in line with our sustainability objectives. • Climate and environmental targets: This is evidenced by the 5% weighting of our flaring programme milestones and other climate-related KPIs and 2.5% for Seplat’s reforestation (Tree4Life) programme • Social objectives: A 7.5% weighting on social targets covering community development and employee engagement • Safety standards: Recognised with a 10% weighting, ensuring operational safety remains a priority • Governance: 5% for closed audit actions This multi-faceted approach underscores our proactive strategy, ensuring that all levels of management are accountable for progress on sustainability- and climate-related initiatives. #### Continuous improvement and external alignment The Remuneration Committee continually refines the corporate scorecard based on evolving industry practices and external disclosure requirements, including those outlined in IFRS S1 and S2. By integrating external benchmarks and forward-looking climate scenarios, we ensure that our incentive structures remain robust and aligned with global best practices. Through the diligent work of the Remuneration Committee, Seplat Energy demonstrates its commitment to aligning executive and employee incentives with achieving sustainability- and climate- related goals. This alignment is a key component of our broader corporate strategy and governance framework, ensuring that financial incentives drive meaningful, long-term environmental and social impact. Detailed performance indicators are shown in the 2025 Annual Report and summarised on pages [42](#i66125f98400d44deabf9a9f141bf2d2c_136) to 44 reflecting our ongoing commitment to transparency and accountability. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 114 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability metrics and targets #### Valuing the environment and climate As Nigeria’s foremost indigenous energy company, Seplat Energy remains committed to minimising the environmental footprint of its operations while advancing sustainable energy solutions. We aim to responsibly meet rising energy needs by implementing robust emissions‑reduction measures and progressively integrating renewable energy into our portfolio. This approach underscores our dedication to addressing climate change while supporting long‑term national development. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Our goal | UN SDGs | | | | | A strategy for sustainable growth | | | | | | Environmental performance metrics | | | | | Climate change Climate change is a material issue for Seplat Energy, influencing both our risk profile and strategic direction. We are committed to the principles of the Paris Agreement and recognise our responsibility to address climate risks while maximising social benefits. We are managing the transition to a low-carbon economy through robust emission-reduction initiatives and proactive adaptation strategies. By addressing climate change, we not only mitigate potential regulatory and market risks but also position ourselves to seize emerging opportunities in the evolving energy landscape. Our short- and medium-term priorities • Commitment to integrate renewable energy sources into operations • Commitment to reduce overall energy consumption and associated GHG emissions • Report additional Scope 3 emissions categories Target • Achieve carbon neutrality on our operated assets by 2050 | | | | | | --- | --- | --- | --- | | | | | | | Metric | Unit | 2025 | 2024 | | GHG intensity | kgCO₂e/ boe | 24.3 | 32.3 | | Gross Scope 1 | tCO₂e | 2,257,048 | 600,721 | | OML 4, 38 and 41 | tCO₂e | 261,372 | 398,616 | | OML 53 | tCO₂e | 126,558 | 56,340 | | OPL 283 | tCO₂e | 27,804 | 9,389 | | OML 40 | tCO₂e | 151,705 | 135,292 | | AGPC | tCO₂e | 5,459 | – | | OML 67, 68, 70 and 104 | tCO₂e | 1,682,639 | – | | Offices | tCO₂e | 1,511 | 1,084 | | CO2 | tCO₂e | 1,978,948 | 470,896 | | OML 4, 38 and 41 | tCO₂e | 165,463 | 299,127 | | OML 53 | tCO₂e | 103,674 | 43,918 | | OPL 283 | tCO₂e | 23,482 | 7,877 | | OML 40 | tCO₂e | 133,329 | 118,904 | | AGPC | tCO₂e | – | – | | OML 67, 68, 70 and 104 | tCO₂e | 1,551,509 | – | | Offices | tCO₂e | 1,491 | 1,070 | | CH4 1 | tCO₂e | 266,565 | 127,588 | | OML 4, 38 and 41 | tCO₂e | 95,823 | 98,974 | | OML 53 | tCO₂e | 22,833 | 12,400 | | OPL 283 | tCO₂e | 163 | 54 | | OML 40 | tCO₂e | 18,112 | 16,152 | | AGPC | tCO₂e | – | – | | OML 67, 68, 70 and 104 | tCO₂e | 129,624 | – | | Offices | tCO₂e | 10 | 7 | | Flaring | tCO₂e | 1,364,073 | 494,694 | | OML 4, 38 and 41 | tCO₂e | 168,708 | 307,908 | | OML 53 | tCO₂e | 97,413 | 46,526 | | OPL 283 | tCO₂e | 27,595 | 9,138 | | OML 40 | tCO₂e | 132,466 | 131,123 | | AGPC | tCO₂e | 3 | – | | OML 67, 68 ,70 and 104 | tCO₂e | 937,889 | – | | Offices | tCO₂e | – | – | | Process emissions | tCO₂e | 9,061 | 6,579 | | OML 4, 38 and 41 | tCO₂e | 7,793 | 6,579 | | OML 53 | tCO₂e | – | – | | OPL 283 | tCO₂e | – | – | | OML 40 | tCO₂e | – | – | ![]() Notes to data tables • Our reporting methodology adheres to the 2015 GHG Protocol Corporate Accounting and Reporting Standard. This methodology is based on guidance from the IPIECA for sustainability reporting in the oil and gas industry. We report all relevant GHG protocol emissions within Scope 1 and 2. , • We use the equity method to calculate our GHG emissions • Data is presented on working interest basis • Scope 1 emissions arise from flaring, combustion emissions, process emissions and fugitive emissions from well sites, flow stations, gas production facilities and office locations • Scope 2 emissions arise from purchased electricity consumption at corporate and field logistics offices • Our GHG accounting system follows the methodologies outlined in the API compendium 2021 • Our reporting boundaries are detailed on page 110 • Read more about our carbon intensity metrics on pages 115. • Gross Scope 1 emissions consist of CO2, CH4 and N20 • Flaring makes up around 60% of our operated asset GHG emissions • Flare volumes are aggregated on a facility level and include a combination of metered direct measurements and estimates from regulator approved individual well test programmes • We monitor acid gas (non-GHG emissions) at production facilities to assess compliance against NUPRC regulatory limits (SOx 125µg/m3, NOx 200µg/m3, COx 10ppm and SPM 250µg/ m3). To improve comparability to other organisations, we intend to report acid gas (non-GHG emissions) in tonnes as per the IFRS Sustainability Disclosure Standards in future reporting as we established a local methodology for determining quantitative emissions in tonnes was not available | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 115 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | | | --- | --- | --- | --- | | | | | | | Metric | Unit | 2025 | 2024 | | AGPC | tCO₂e | – | – | | OML 67, 68 ,70 and 104 | tCO₂e | 1,268 | – | | Offices | tCO₂e | NA | – | | Vented emissions | tCO₂e | – | – | | OML 4, 38 and 41 | tCO₂e | – | – | | OML 53 | tCO₂e | – | – | | OPL 283 | tCO₂e | – | – | | OML 40 | tCO₂e | – | – | | AGPC | tCO₂e | – | – | | OML 67, 68, 70 and 104 | tCO₂e | – | – | | Offices | tCO₂e | – | – | | Other combustion emissions | tCO₂e | 770,016 | 34,142 | | OML 4, 38 and 41 | tCO₂e | 16,335 | 23,834 | | OML 53 | tCO₂e | 21,153 | 4,400 | | OPL 283 | tCO₂e | – | 251 | | OML 40 | tCO₂e | 366 | 4,573 | | AGPC | tCO₂e | – | – | | OML 67, 68 ,70 and 104 | tCO₂e | 730,651 | – | | Offices | tCO₂e | 1,511 | 1,084 | | Fugitive emissions | tCO₂e | 1,835,648 | 94,504 | | OML 4, 38 and 41 | tCO₂e | 68,536 | 60,295 | | OML 53 | tCO₂e | 7,992 | 5,414 | | OPL 283 | tCO₂e | – | – | | OML 40 | tCO₂e | 69,510 | 28,794 | | AGPC | tCO₂e | 5,459 | – | | OML 67, 68, 70 and 104 | tCO₂e | 1,682,639 | – | | Offices | tCO₂e | 1,511 | – | | Gross Scope 2 | tCO₂e | 1,500 | 1,105 | | OML 4, 38 and 41 | tCO₂e | 82 | 75 | | OML 53 | tCO₂e | 9 | 7 | | OPL 283 | tCO₂e | 17 | 10 | | OML 40 | tCO₂e | – | 21 | | AGPC | tCO₂e | 29 | – | | OML 67, 68, 70 and 104 | tCO₂e | – | – | | Offices | tCO₂e | 1,363 | 993 | | Gross Scope 3 | tCO₂e | 5,696,201 | 4,849,879 | | Category 1: Purchased Goods and Services (currently as Drilling Operations) | tCO₂e | 14,138 | 17,322 | | Category 5: Waste Generated in Operations | tCO₂e | 805 | 1,461 | | Category 6: Business Travel | tCO₂e | 1,613 | 1,441 | | Category 7: Employee Commute | tCO₂e | 614 | 321 | | Category 11: Use of Sold Products | tCO₂e | 5,673,572 | 4,826,782 | | Category15: Investments (AGPC) | tCO₂e | 5,459 | 2,552 | #### Scope 1 and 2 emissions In 2025, our onshore Scope 1 emissions (equity interest), which include direct emissions, reduced by 14% to 389,441 tCO2e from 452,152 tCO2e in 2024. This reduction was primarily driven by progress in our EORF despite increased production from our onshore operated facilities. Notwithstanding this year-on-year increased production, our long-term emission reduction initiatives have resulted in an overall reduction of 37% compared to our base year of 2020 for the onshore operations. We remain committed to further optimising operational efficiency, eliminating routine flaring and implementing targeted strategies to drive sustained reductions in our carbon footprint. For onshore Scope 2 emissions, which cover indirect emissions from the consumption of purchased electricity, we also achieved a marginal reduction from 1,074 tCO2e to 908 tCO2e in 2025. From our offshore operations, Scope 1 emissions accounted for 1,682,639 tCO2e in 2025, while Scope 2 emissions were 545 tCO2e. #### Scope 3 emissions We have made progress in calculating and reporting our Scope 3 emissions. In 2025, we continued to report emissions from six (6) categories from our onshore operations. Looking ahead, we aim to report on the remaining material Scope 3 categories by 2026, following the ongoing supplier engagement process and the establishment of necessary data collection mechanisms. This approach will enable us to gather accurate information across all relevant categories, providing a clearer understanding of our overall emissions impact. Once we establish our complete Scope 3 numbers, we will leverage these findings to identify the key areas where we can make the most significant impact. By understanding the main drivers of our emissions, we can concentrate our efforts on the areas where we can effectively influence reductions towards achieving our long-term sustainability goals. #### End of routine flaring In keeping with our commitment to end routine flaring across our operated onshore assets by year-end 2025, we successfully commissioned all EORF projects in Q4 2025. All installed facilities in the western asset (WA) are operational and undergoing 90-day reliability runs with flare results of 0.0 – 0.7 MMscf across WA flow stations. Total WA flare is down from an average of 24MMscf/d in FY 2024 to 9 MMscf/d in Q4 2025. This represents a reduction in flare volumes from 9% of total produced gas in FY 2024 to 3% of total produced gas in Q4 2025. AG flares reduced from 18MMscf/ d in FY 2024 (39% of AG production) to 2MMscf/d (5% of AG production) in Q4 2025. The successful routing of C2 and C3 components of Oben GP gas plant to SIGP in December was instrumental to reducing Oben GP flares to as low as 0.5MMscf/d while performance tuning ongoing to ensure sustenance of <0.5MMscf/d is ongoing. At the eastern assets(EA), the Ohaji EORF projects was completed and commissioned at year end with full value realization expected in 2026. Sapele Integrated Gas Plant (SIGP) also delivered positive contributions to the onshore assets in 2025. Commercial operations were achieved on both mechanical refrigeration supporting gas production, which has steadily improved through the year and is currently producing at 40 - 50 MMscfd gross, further aided by commissioning of the SAPCOM power project. Beyond the contribution to gas sales, SIGP contributes to reducing our Scope 1 emissions, thus saving on gas flare penalties. The plant has also added 7,000 bopd in gross condensates production capacity (3,150 bopd net to Seplat) to our WA’s liquids production. Overall, the onshore assets achieved significant year- on-year reductions of approximately 15%, delivering on our promise to attain zero routine flaring from 2026 onwards. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 116 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability metrics and targets continued | | | | | | --- | --- | --- | --- | | | | | | | Metric | Unit | 2025 | 2024 | | VOCs | ppm | 23.7 | 4.5 | | OML 4, 38 and 41 | ppm | 10.3 | 2.4 | | OML 53 | ppm | 1.4 | 1.3 | | OPL 283 | ppm | – | 0.8 | | AGPC | ppm | – | – | | OML 40 | ppm | 11.4 | – | | OML 67, 68, 70 and 104 | ppm | 0.6 | – | | NOx | µg/m3 | 52.0 | 1.0 | | OML 4, 38 and 41 | µg/m3 | – | – | | OML 53 | µg/m3 | 0.1 | 0.1 | | OPL 283 | µg/m3 | 0.1 | 0.9 | | AGPC | µg/m3 | – | – | | OML 40 | µg/m3 | 50.0 | – | | OML 67, 68, 70 and 104 | µg/m3 | 1.8 | – | | SOx | µg/m3 | 0.1 | – | | OML 4, 38 and 41 | µg/m3 | – | – | | OML 53 | µg/m3 | – | – | | OPL 283 | µg/m3 | – | <0.01 | | AGPC | µg/m3 | – | – | | OML 40 | µg/m3 | – | – | | OML 67, 68, 70 and 104 | µg/m3 | 0.1 | – | | COx | µg/m3 | 5.1 | 1.7 | | OML 4, 38 and 41 | µg/m3 | – | – | | OML 53 | µg/m3 | 1.8 | 1.7 | | OPL 283 | µg/m3 | – | <0.01 | | AGPC | µg/m3 | – | – | | OML 40 | µg/m3 | – | – | | OML 67, 68, 70 and 104 | µg/m3 | 3.3 | – | | Suspended particulate matter released | µg/m3 | 48.6 | – | | OML 4, 38 and 41 | µg/m3 | 14.7 | 11.1 | | OML 53 | µg/m3 | 11.7 | 0.2 | | OPL 283 | µg/m3 | – | 0.6 | | AGPC | µg/m3 | – | – | | OML 40 | µg/m3 | 2.7 | – | | OML 67, 68, 70 and 104 | µg/m3 | 19.5 | – | #### Advancing our leak detection and repair #### (LDAR) programme In 2025, Seplat onshore assets continued its campaign towards full-scale compliance to NUPRC guidelines on methane emissions by continuing the LDAR programme in line with regulatory requirements. The first ever third-party lead, facility-wide fugitive leak detection campaign across all WA facilities was successfully completed in Q4 2025. NUPRC accredited third-party OGI consultants deployed in October 2025 for a facility wide fugitive leak detection campaign with NUPRC nominees witnessing the exercise to assure full compliance. The LDAR report has been issued to the Commission in April 2026 (per the requirements of the regulation). Remediation of identified fugitive leaks (and other non-compliances) from the 2025 fugitive leak identification campaigns is ongoing. #### Centralised power generation for energy efficiency The centralised power system for Amukpe, the final element of Phase 1, is poised to be completed by Q3 2026. Phase 2 activities are planned for commencement in 2026, including projects to convert existing diesel generators to either liquefied petroleum gas (LPG) or compressed natural gas (CNG). #### Solar generation at the Amukpe warehouse The solar system in the warehouse was completed in 2025. Further upgrades are planned for 2026 in line with the projected incremental load requirements of the warehouse. #### Carbon credits and pricing Seplat continues to develop a diversified carbon credit portfolio spanning engineered emissions-reduction projects and nature- based solutions. The Ohaji Gas Flare Reduction Project is Seplat’s most advanced and near-term monetisable emissions-reduction initiative. The project successfully passed eligibility and financial additionality assessments for monetisation under the German compliance market (EUFQD) in November 2024. However, subsequent closure of that market in August 2025 necessitated a strategic pivot. The project is now being developed under the Verra framework and is expected to deliver emissions reductions during its initial crediting period, while positioning the credits for potential participation in compliance-driven markets such as the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). Following facility completion and the commencement of flare-reduction activities, emissions monitoring will support third-party validation and future credit issuance. ![Valuing and protecting the environment-1.jpg]() ANOH gas plant | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 117 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | | | --- | --- | --- | --- | | | | | | | Metric | Unit | 2025 | 2024 | | Total water consumed | m³ | 196,844 | 43,105 | | OML 4, 38 and 41 | m³ | 86,445 | 41,339 | | OML 53 | m³ | 31,239 | 1,766 | | OPL 283 | m³ | 32,727 | — | | OML 40 | m³ | — | na | | OML 67, 68, 70 and 104 | m³ | 46,134 | — | | Offices | m³ | 299 | na | | Volume of produced water | m³ | 4,729,115 | 1,214,639 | | OML 4, 38 and 41 | m³ | 741,175 | 787,372 | | OML 53 | m³ | 99,534 | 10,215 | | OPL 283 | m³ | 13,091 | 6,503 | | OML 40 | m³ | 449,250 | 410,549 | | OML 67, 68, 70 and 104 | m³ | 3,426,066 | 0 | | Offices | m³ | 0 | 0 | | Percentage discharged (produced water) | % | – | – | | OML 4, 38 and 41 | % | 26% | — | | OML 53 | % | 3% | — | | OPL 283 | % | 100% | 100% | | OML 40 | % | 63% | 45% | | OML 67, 68, 70 and 104 | % | 100% | — | | Offices | % | — | — | | Percentage injected (produced water) | % | — | — | | OML 4, 38 and 41 | % | 74% | 73% | | OML 53 | % | 97% | — | | OPL 283 | % | — | — | | OML 40 | % | 37% | — | | OML 67, 68 ,70 and 104 | % | — | — | | Offices | % | — | — | | Percentage recycled (produced water) | % | — | — | | OML 4, 38 and 41 | % | — | — | | OML 53 | % | — | — | | OPL 283 | % | — | — | | OML 40 | % | — | — | | OML 67, 68 ,70 and 104 | % | — | — | | Offices | % | — | — | | Hydrocarbon content in discharged water | % | — | — | | OML 53 | % | — | — | | OPL 283 | % | — | 3% | | OML 40 | % | — | — | | OML 67, 68 ,70 and 104 | % | — | — | | Offices | % | — | — | | Number and duration of non- technical delays | days | – | 1 | | OML 53 | days | — | — | | OPL 283 | days | — | — | | OML 40 | days | — | — | | OML 67, 68, 70 and 104 | days | — | — | | Offices | days | 0 | 0 | In parallel, the Tree4Life initiative is an afforestation and reforestation programme under the Verra VM0047 methodology progressing through early development and data-gathering phases. However, early assessments indicate meaningful carbon sequestration potential over an estimated 50-year lifespan. The project is a strategic, longer-dated asset supporting Seplat’s decarbonisation, ESG positioning and internal offset requirements, with optional future credit value contingent on tree growth and survival rate. The formal approval of Nigeria’s National Carbon Market Framework significantly reduces regulatory uncertainty and positions carbon credits as monetisable assets, with energy- sector mitigation projects explicitly prioritised. Seplat is well advanced under this framework. The Group continues to prioritise projects and initiatives that contribute to reducing its carbon footprint, while also leveraging opportunities within the carbon market. In addition, we are working towards incorporating carbon pricing into our project evaluation procedures. #### Emissions latent in reserves During the reporting period, Seplat engaged Ryder Scott, our reserves auditor, to prepare a forward-looking GHG emissions forecast associated with upstream operations from operated onshore and offshore assets. This forecast aligns with the year- end 2025 proved (1P) reserves production outlook. The assessment covers emissions from flaring (routine, non-routine, and safety), fuel gas combustion, and fugitive methane releases. Venting was excluded due to the absence of historical venting data, with Seplat’s stated zero-venting policy assumed to remain in place. The forecast period begins in 2026 (the first reserves forecast year) and extends through year-end 2035 production. Emissions were estimated using internationally recognised methodologies, including the Intergovernmental Panel on Climate Change (IPCC) 2006 Guidelines and the American Petroleum Institute (API) compendium of GHG emissions methodologies for the oil and natural gas industry. Onshore assets (WA: OML 4, 38, 41; EA: OML 53 and Elcrest; OML 40) reflect: • Fuel gas combustion scaled to forecast gas production, with modest efficiency improvements assumed. • A step-change reduction in flaring after 2025, consistent with EORF targets, while retaining residual non-routine flaring. • Fugitive emissions scaled to throughput, incorporating LDAR maturity effects. OML 55 and OML 56 were excluded as they are not operated by Seplat. Offshore assets (OML 67, 68, 70, and 104) rely primarily on historical operating relationships and throughput scaling. Since the offshore flaring regime remains under review, the forecast does not assume an onshore-style flare-out post-2025. Instead, it preserves the historical distribution among routine, non-routine, and safety flaring streams. Across the forecast horizon, Scope 1 emissions are driven mainly by offshore fuel gas combustion, which is significantly higher than onshore fuel categories and remains the dominant contributor. Within the onshore portfolio, flaring (WA, EA, and Elcrest) is the primary emissions source, though its contribution declines after 2025 under the applied reduction assumptions. OML 53 increase in 2027 over 2026 is driven by the ramp-up to full production on the ANOH gas project. Consequently, fuel gas combustion and fugitive emissions account for a larger share of onshore emissions in later years. Offshore emissions remain throughput-driven, maintaining historical operating relationships and flaring splits, consistent with the absence of an offshore specific flare out assumption as of the reporting date. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 118 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability metrics and targets continued | | | | | | --- | --- | --- | --- | | | | | | | Metric | Unit | 2025 | 2024 | | Waste | tonnes | 1,249 | 730 | | Non-hazardous(compost) waste | tonnes | 1,199 | 250 | | Non-hazardous waste | tonnes | — | 339 | | Non-hazardous(mixed recyclables) waste | tonnes | — | 89 | | Hazardous waste\* | tonnes | 50 | 52 | | Number of hydrocarbon spills | No | 36 | — | | OML 4, 38 and 41 | No | 10 | — | | OML 53 | No | — | — | | OML 40 | No | — | — | | OPL 283 | No | 1 | — | | OML 67, 68 ,70 and 104 | No | 25 | — | | Volume of hydrocarbon spills | bbls | 343 | — | | OML 4, 38 and 41 | bbls | 217 | — | | OML 53 | bbls | — | — | | OML 40 | bbls | — | — | | OPL 283 | bbls | 32 | — | | OML 67, 68, 70 and 104 | bbls | 95 | — | | Percentage of hydrocarbon spills recovered | % | — | — | | OML 4, 38 and 41 | % | 91% | — | | OML 53 | % | — | — | | OML 40 | % | — | — | | OPL 283 | % | 80% | — | | OML 67, 68, 70 and 104 | % | 98% | — | | Number of near-misses | number | — | — | | OML 4, 38 and 41 | number | — | — | | OML 53 | number | — | — | | OML 40 | number | 5 | — | | OPL 283 | number | — | — | | OML 67, 68, 70 and 104 | number | — | — | 1. CH4 data for OML 4, 38, and 41, along with emission data for OML 40, have been revised for 2024 to reflect the reconciled figures for the year \* Our waste data is aggregated from well sites and production facilities in our Western and Eastern operations and excludes waste from our corporate offices \*\* Blank cells are due to unavailability of comparable data for prior period Non-hazardous (compost) waste: biodegradable consisting of food and garden waste. Non-hazardous (mixed recyclables) waste: non-biodegradable waste comprising of plastics, paper, cardboard, glass and metal waste. Hazardous waste includes waste oil, oil contaminated waste and waste chemicals. The graphs below show the forecasted trend of the emissions latent in proved reserves as at the end of 2025 for the onshore and offshore assets. Emissions latent in proved reserves-onshore assets (tCO2e) ![9972]() — OML 4, 38 & 41    — OML 53    — OML 40 Emissions latent in proved reserves-offshore assets (tCO2e) ![10076]() #### Water and wastewater management Water and wastewater management are material to Seplat Energy, given our operational reliance on water resources and the environmental implications of our waste streams. We implement stringent water management practices and state-of-the-art treatment processes to safeguard local water supplies and comply with environmental regulations. This proactive approach not only protects critical resources but also reinforces our commitment to sustainable operational practices. Our short- to medium-term priorities • Conclude water management strategy for operated assets • Meter all water sources in the operated assets to achieve 100% coverage #### Water resource management In 2025, Seplat strengthened water management across its onshore operated assets by improving monitoring of water consumption and usage through the implementation of a corporate water management strategy that tracks withdrawal, consumption and efficiency in line with ISO 14046 – water footprint, reinforcing responsible resource use even in low-stress water zones. A 2025 water footprint audit was completed across WA and EA operational landscapes, while a water footprint audit for the offshore is planned in 2Q 2026. Seplat’s implemented strategy also enhances contributions and alignment towards achievement of UN SDG 6: Clean water and sanitation, in particular targets 6.3 and 6.4, with associated reductions in freshwater consumption and resource-use moderation. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 119 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Produced water We have established a comprehensive produced water strategy to evaluate the environmental impacts of produced water management practices. Across OMLs 4, 38, and 41, this strategy adopts a holistic approach, beginning with production treatment at the Amukpe Liquid Treatment Facility (LTF). The primary goal is to remove water content while ensuring that the output meets the Escravos terminal's standard of 0.5% basic sediment and water. Any volumes that fall short of this requirement are sent to the Forcados terminal, where the terminal operator oversees additional water-handling procedures before crude lifting. Furthermore, the water extracted at the LTF is treated to specifications before being injected into water disposal wells. OMLs 4, 38, 41 and 53 have achieved zero discharge of produced water and hydrocarbons because of this meticulous process. In OML 53, the water produced by Jisike is managed by the terminal operator, while the Waltersmith refinery handles that from Ohaji. At the Umuseti production facility, produced water undergoes primary treatment through API skimmers and a water clarifier, before being directed to a water retention pond adjacent to the pit flare, where it naturally evaporates. For our offshore assets, the produced water for OMLs 67, 68 and 70 is managed at the Qua Iboe Terminal. The process employs multiple measures to ensure complete separation of hydrocarbon stream, with the processed produced water treated to less than 0.01% impurities before being discharged to sea. For OML 104 (Yoho), produced water processing is completed on the Yoho production platform, through a produced water treatment system to high quality (regulatory standard or better) before being discharged to sea. #### Waste management Seplat deployed a standardised waste management framework across onshore operational sites, compliant with ISO 14001 and national regulatory requirements. In 2025, we maintained oversight and engagement with our licensed waste management contractors with implemented facility audits to verify compliance and sustain high environmental performance in the management of all waste streams. We also conducted regular monitoring and reporting to regulators, along with employee training and awareness campaigns on waste handling and safety protocols, to ensure responsible waste management and to eliminate the risk of contamination to air, soil, and water during waste sorting and handling across our facilities. #### Ecological impact Materiality Minimising our ecological impact is a priority for Seplat Energy. We are committed to conducting our operations in a way that preserves biodiversity and minimises environmental disruption. Through rigorous environmental assessments and sustainable practices, we will manage the ecological risks associated with our activities, ensuring that we contribute positively to environmental stewardship and maintain our operational legitimacy. Our short- to medium-term priorities • Establish biodiversity action plan priorities for conservation • Protect and enhance biodiversity in Seplat-operated areas • Minimise disruption to wildlife populations • Implement reforestation programme • Seplat Tree4Life – commencement of pilot phase Our targets • Plant a million trees by 2030 #### Biodiversity and conservation partnerships Seplat is committed to enhancing and conserving biodiversity within its operational areas. This aligns with its corporate sustainability objectives and its biodiversity policy, which supports UN SDG 15. #### Tree4life programme Afforestation plays a vital role in promoting biodiversity conservation, and we are fully committed to this endeavour. We continued the efforts on Tree4life project by planting 200,208 trees against 100,000 tree corporate target in partnership with the Nigerian Conservation Foundation (NCF). Trained 230 community members while sustaining long-term forest maintenance and stakeholder partnerships. Over 300 million Naira ($0.2 million) in direct and indirect economic empowerment from wages and provision of logistics generated from Tree4Life programme. We have also committed to upscale our efforts to plant one million trees by 2030. The trees selected for planting have undergone careful consideration, including for climate suitability, adaptability to the planting environment, growth rate and carbon sequestration potential. #### Environmental policy and management framework In 2024, Seplat introduced a water management policy to establish its commitment and create a strong framework for aligning our business operations with strategies that ensure effective water management (in terms of the volumes withdrawn or consumed), protection of water quality, maintenance of equitable distribution and reliable access for all. This policy aligns with Seplat’s environmental management system as well as established principles governing sustainable use of water resources. #### Environmental Impact Assessment and Environmental Management Plan Seplat, through rigorous environmental management actions, minimises and, where feasible, eliminates negative impacts on ecosystems and communities from its activities. We conduct thorough environmental impact assessments prior to project delivery consistent with the EIA Act 1992, as well as, environmental evaluations for existing operating facilities. We also continue to implement environmental management plans for all of our operations. We continue to assess environmental risks, adopt best practices for waste management, and utilise technologies that reduce emissions and energy consumption. Additionally, Seplat continues to implement rigorous monitoring, and mitigation plans consistent with regulatory standards and best available practices, to address its impact on air, water and soil, to ensure biodiversity protection, and gain stakeholders’ support. Regular audits, compliance with applicable standards, and continuous improvement of Seplat’s environmental stewardship, which further supports our drive towards sustainable operations. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 120 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability metrics and targets continued #### Site planning and conservation measures As part of its field development and project design process, Seplat conducts thorough EIAs to identify potential risks, select low- impact drilling locations, and harness the best available technology to minimise negative impact to the environment. We have also implemented water conservation techniques, proper waste management and site restoration practices. Additionally, adopting a biodiversity and habitat policy and strategies forms an integral part of our project design concepts and site selection for our projects. #### Compliance and regulatory adherence Seplat has developed and implemented policies and procedures that align with national and international legislations, standards, guidelines and principles applicable to our business sector. As part of our commitment to continuous improvement, we are also working towards standardisation of our operations in alignment with ISO requirements. We carry out periodic inspections, reviews and assurances of critical HSE work processes, including via regulatory compliance audits such as those required by ISO 45001 and 14001, regulatory facility inspections and OSCP activation across operating facilities. Further strengthening Seplat's adherence to local and international regulations. #### Environmental incident reporting and compliance In line with our environmental permits and applicable regulatory obligations, all instances involving the unpermitted release of hydrocarbons or chemicals into the environment continued to be managed through our established reporting and response framework, with timely notification to the relevant regulators, including the NUPRC, the National Oil Spill Detection and Response Agency (NOSDRA), Federal Ministry of Environment, and State Ministries of Environment. In 2025, we recorded 12 recordable process safety (API RP 754) Loss of primary containment (LOPC) events, comprising eight Tier 1 and four Tier 2 events. Onshore and offshore assets each accounted for six LOPCs, with four Tier 1 and two Tier 2 events respectively. These included hydrocarbon spills and gas releases. We continued to strengthen spill response, regulatory engagement, and remediation oversight, while maintaining our oil spill contingency plan to support effective management of spill scenarios across our areas of operation. #### Risk management and regulatory compliance Through the implementation of its HSE policy, Seplat maintains robust risk management processes for its operations, demonstrating full commitment to risk mitigation and adherence to regulatory compliance. Through our operations management system (OMS) framework, Seplat continued in 2025 to strengthen the systems and controls used to identify, assess and manage both catastrophic and tail-end risks across the life cycle of our assets. A major milestone during the year was the achievement of ISO 45001 certification, reinforcing the maturity of our occupational health and safety management system and our commitment to continual improvement. In 2025, Seplat recorded 34.1 million man- hours worked, comprising 11.1 million onshore and 23.0 million offshore. Following the last Lost Time Injury (LTI) recorded on 13 September, the Company achieved 11.4 million LTI-free man-hours by year-end, demonstrating continued focus on personal safety and frontline risk control. Our risk management approach remained underpinned by established processes including HAZOP, HAZID, LOPA, Control of Work / Work execution management, SIMOPS co-ordination, and structured incident investigation protocols. The IRP continued to provide governance for significant incidents, while Tripod-Beta methodology awareness further strengthened our incident investigation and organisational learning capability. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 121 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Committed to the wellbeing of our people, partners and communities A diverse, skilled and motivated workforce is the foundation of our success. We treat everyone who works with us with respect and are committed to supporting their growth, development and overall wellbeing. This commitment enables us to better identify, manage and mitigate risks across our business. Beyond our internal focus, we actively contribute to Nigeria’s social and economic progress — creating shared value through strong partnerships, responsible operations and meaningful engagement with our stakeholders. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | Our goal | UN SDGs | | | | | | | Deliver robust social development | | E_SDG goals_4-cmyk.svg | | | | | | Social performance metrics | | | | | | | | | | | | | --- | --- | --- | --- | | | | | | | Metric | Unit | 2025 | 2024 | | TRIR (per million man- hours) | rates | | | | OML 4, 38 and 41 | | 110 | 300 | | OML 53 | | — | 2,900 | | OPL 283 | | — | 530 | | OML 40 | | — | — | | OML 67, 68 ,70 and 104 | | 430 | — | | Offices | | — | — | | Fatalities | number | | | | OML 4, 38 and 41 | | — | — | | OML 53 | | — | — | | OPL 283 | | — | — | | OML 40 | | — | — | | OML 67, 68 ,70 and 104 | | — | — | | Offices | | — | — | | NMFR (per million man- hours) | rates | | | | OML 4, 38 and 41 | | 340 | 190 | | OML 53 | | — | — | | OPL 283 | | 52,000 | — | | OML 40 | | — | — | | OML 67, 68 ,70 and 104 | | 1,780 | — | | Offices | | — | — | | HSE training | number | 4,440,000 | 5,275,000 | | Process safety event (PSE) rates for LOPC of greater consequence (Tier 1 count per million man-hours) | rates | | | | | | | | | --- | --- | --- | --- | | | | | | | Metric | Unit | 2025 | 2024 | | Women as a percentage of workforce | % | 18% | 24% | | Women as a percentage of SLT | % | 45% | 21% | | Percentage of employee per age group | | | | | Under 30 | % | 4% | 3% | | 30 -50 | % | 62% | 74% | | Over 50 | % | 34% | 24% | | New hires | number | 76 | 25 | | Percentage of new hires by gender | | | | | Male | % | 79% | 76% | | Female | % | 21% | 24% | | Percentage of new hires by age group | | | | | Under 30 | % | 68% | 4% | | 30 -50 | % | 30% | 84% | | Over 50 | % | 1% | 12% | | Resignation of staff | % | 6% | 4% | | Trainings on unconscious basis | hours/ employee | 0 | 3 | | Local community engagement (operations) | % | 0 | 0.01 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 122 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability metrics and targets continued #### Health, safety and security Materiality The health, safety and security of our employees, contractors and local communities are paramount at Seplat Energy. We consider these areas material to our operations as they directly affect our ability to operate safely and efficiently. Our comprehensive safety protocols and security measures are designed to prevent incidents, protect human life and safeguard our assets, thereby ensuring operational resilience and the continuity of our business. Our short- to medium-term priorities • Maintain zero LTI • Achieve zero serious injuries in the workplace • Increase the reporting of near-miss incidents Our targets • TRIR of less than 0.348 incidents #### Health and safety performance In 2025, Seplat recorded a total of 11.4 million man-hours worked without recording any LTIs on our operated onshore and offshore assets between September and December. This was after the LTI recorded in September 2025, which halted the 29.1 million man- hours worked without LTI on our operated onshore assets over three years. TRIR for 2025 was 0.298 (2024: 0.456) and a Lost- Time Injury Frequency of 0.025 (2024: 0.0). #### HSE training In 2025, we continued to strengthen our HSE capability across our workforce through targeted training and awareness programmes aligned to operational risk, emergency preparedness and management system maturity. These interventions supported both office and field personnel and reinforced the embedment of our ISO 45001-certified occupational health and safety management system. Key highlights included: • Over 50,500 person-hours of HSE training delivered across the organisation • 4,440 training attendances recorded across 17 structured programmes • Delivery of specialised training in ergonomics, industrial hygiene, process safety, radiation safety, emergency response, incident investigation and work execution management • Strengthened emergency readiness through Fire Team, MEMIR, IMS 100/200/300, Fire Fighting Awareness, and First Aid & CPR training • Enhanced incident investigation capability through Tripod- Beta methodology awareness, supporting stronger learning and prevention #### Critical incident risk management Materiality Effective critical incident management is important to Seplat Energy as it ensures our preparedness and responsiveness in the face of unexpected events. A robust incident management framework enables us to minimise the impact of operational disruptions and environmental emergencies, thereby protecting our people, assets and reputation. This capability is essential for maintaining stakeholder confidence and ensuring the continuity of our operations under all circumstances. Our short- to medium-term priorities • Achieve Asset Management Systems (ISO 55001 standards) certification: OML 53 by 2026 Our targets • Fewer than a two-incident threshold of Tier 1 & 2 incidents according to API RP 754 #### Process safety In 2025, we continued to advance the maturity of our Process Safety Management systems by building on the foundation laid in previous years. Our efforts focused on strengthening the reliability of critical safeguards, improving barrier health, safety case revalidation and ensuring full alignment with industry standards to protect people, assets and the environment. Across all operations of both onshore and offshore assets, we sustained a proactive approach to maintaining safety-critical elements and ensuring they remain capable of performing as intended. Onshore operations recorded significant progress in asset integrity and process safety assurance. Key activities completed during the year included: process safety awareness training for selected frontline staff to reinforce operational vigilance and we successfully performed an asset integrity process safety Audit across all onshore facilities as well as pre‑startup audits for major projects that ensured safe operations. Several asset integrity improvement works were completed, such as Sapele West flowlines integrity assessment, and others. Offshore assets also saw substantial improvements aimed at strengthening the integrity of critical safeguards and operational safety. Major activities included updates to the performance criteria for critical safeguards and safety case revalidation as well as several asset integrity works. We undertook emergency response drills, SIMOPS reviews, and pre‑ and post‑shutdown process safety assessments, which further enhanced offshore preparedness and risk control. While overall 2025 performance remained stable, the increase in Tier 1 and Tier 2 LOPC non-third-party) incidents is influenced by the addition of offshore facilities acquired during the year 2024, broadening our reporting coverage. All events were thoroughly investigated, and corrective and preventive measures are being tracked to address root causes and drive long‑term risk reduction. We remain fully committed to strengthening operational discipline, improving barrier reliability and sustaining a culture that continuously enhances process safety performance across all assets. #### Emergency preparedness Our incident preparedness and response framework integrates our emergency response plan (ERP) and the crisis management plan, both of which are structured in alignment with the principles of our incident management system. These plans are overseen by our corporate HSE function and implemented by dedicated crisis management teams and emergency management teams, ensuring a co-ordinated and efficient approach to handling emergencies. #### HSE audits We performed a series of internal audits, as well as audits of our contractors' HSE management systems, to ensure continuous improvement and assurance in our HSE culture. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 123 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Asset integrity management Much of our infrastructure has been in operation for over 40 years, making it vulnerable to deterioration and corrosion. We employ a combination of prescriptive and risk-based approaches to manage the integrity of our assets. By proactively identifying all key asset integrity exposures, we have implemented remediation projects to address these concerns. In 2025, we undertook several key asset integrity risk remediation projects across our onshore and offshore assets, which included: • Completing the remedial works on the Amukpe buffer tank bund wall • Completing remedial works on telecom masts • Safe decommissioning of corroded Sapele base office telecom mast and installation of new 25m lattice tower • Replacing two high-risk flowlines (Sapele 2L and Ovhor 15S) • Completing all quarterly Oben NAG flowlines inspections in 2025 to proactively identify defects • Carrying out repairs on four of Oben NAG flowlines and restoring the integrity of the flowlines (at the defect sections) using revoseal composite wrap/clamps instead of carbon steel sectional replacement • Completing the Sapele-West liquid flowlines UT/LRUT/PAUT inspection and identified key defects for remediation • Completing planned in-plot and dead legs piping inspection at Oben Gas Plant, Sapele FS and Amukpe FS/AG • Completing fabric maintenance across two Manifolds and 45 well heads across Oben facilities, Oben Gas Plant and Amukpe AG compressor stations • Completing statutory cathodic protection surveys and remedial works across our Western and Eastern Assets facilities • Relocating the Rapele LACT unit offices and access control away from NUPRC Right of Way ROW • Completing underwater structures for asset integrity assessment • Completing the Amukpe Flow Station storm water design studies • Investigating and identifying wells with sustained annulus pressures in order to come up with adequate mitigations for continued safe operation of candidate wells • Commencing well securing campaign with DH plugs and NRVs • Accelerated asset integrity restoration activities for risers, pipings and structures, completing over 1,000 cumulative repairs and replacements. Sustained platform-based coating activities across the field • Successfully executed two nested turnaround maintenances covering six locations (EAP, Idoho, Ubit, Oso, Usari and Edop). Carried out various integrity and reliability campaigns including shutdown valve upgrades, vessel desanding and valve replacements • Completing four robotic tanks inspections at QIT • Completing concrete work repairs on bund walls of eight tanks • Commissioned corrosion inhibitor injection system at Ubit GH We are committed to utilising best-in-class technologies to prevent corrosion-related flowline leaks. In 2025, we used a new protective sleeving technology to successfully effect repairs on four Oban NAG flowlines using revoseal composite wrap/clamps instead of carbon steel sectional replacement without shutdown and so avoiding a potential minimum deferment cost of approximately $230k. In addition to established corrosion- monitoring methodologies, such as intelligent pigging and cathodic protection, we also deploy long-range ultrasonic testing (LRUT), phased array ultrasonic testing (PAUT) and install fixed UT sensors on selected flowlines. This proactive monitoring of corrosion rates and wall-thickness loss allows us to identify high- risk flowlines and take necessary actions, such as increasing surveillance or implementing total replacements. #### ISO 55001 As outlined in our Asset Management policy, we remain dedicated to the responsible, safe, sustainable and cost-effective management of our assets, infrastructure and facilities. To reinforce this commitment, we benchmarked our asset management system against leading international standards and initiated the ISO 55001 certification process in 2021. In 2022, we achieved the ISO 55001:2014 asset management system (AMS) certification for our WA, becoming the first energy company in Africa to reach this milestone. Key achievement summary • Successfully integrated the WA and EA management systems into a unified ISO 55001 AMS, with both assets undergoing recertification audit in April 2025 • A total of ten minor nonconformities were raised during the April 2025 recertification audit • Achieved 100% closure of all identified minor nonconformities within the stipulated corrective action timeframe by December 2025 #### Security Nigeria presents significant operational challenges from a non- technical risk perspective, with militancy and organised crime posing significant risk to our operations, while criminal activities, notably kidnappings for ransom, pose the greatest threat to our staff. Our security function strives to mitigate these risks to ‘as low as reasonably practicable’ (ALARP) in a highly dynamic environment that constantly challenges the ALARP assertion. We conduct regular security awareness sessions for staff and develop security plans with appropriate measures to safeguard Company assets and operations. Third-party infractions on our pipelines, such as illegal connections for crude oil theft, directly impact pipeline integrity and pose the risk of environmental pollution. These activities are exacerbated by deepened economic challenges and high unemployment rates among local communities. We are adopting a multifaceted approach involving security measures, community and government engagement and the implementation of technical solutions to address the challenge. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 124 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability metrics and targets continued #### Risk management and regulatory compliance In 2025, Seplat continued to strengthen the systems and controls used to identify, assess and manage both catastrophic and tail- end risks across the life cycle of our assets using our OMS framework. A major milestone during the year was the achievement of ISO 45001 certification, reinforcing the maturity of our occupational health and safety management system and our commitment to continual improvement. In 2025, Seplat recorded 34.1 million man-hours worked, comprising 11.1 million onshore and 23.0 million offshore. Following the last LTI recorded on 13 September 2025, the Company achieved 11.4 million LTI-free man-hours by year-end, demonstrating continued focus on personal safety and frontline risk control. Our risk management approach remained underpinned by established processes including HAZOP, HAZID, LOPA, Control of Work / Work Execution Management, SIMOPS co-ordination, and structured incident investigation protocols. The Incident Review Panel (IRP) continued to provide governance for significant incidents, while Tripod-Beta methodology awareness further strengthened our incident investigation and organisational learning capability. #### Human capital management At Seplat Energy, we view human capital management as a critical driver of our innovation, operational excellence and competitive advantage. Investing in the development and wellbeing of our workforce is material to our success, as it enhances our ability to attract, retain and develop the talent we need to meet current and future challenges. Our commitment to robust training, diversity and employee engagement ensures that our team remains agile and capable in a dynamic industry. Our targets • Improve employee engagement score to 79% from a baseline of 77% In 2025, we exceeded our employee engagement target, achieving 84% engagement compared to the previous figure of 80%. This success reflects the effectiveness of our ongoing initiatives and the commitment of our teams to foster a positive and engaging workplace. Please see our 2025 Social Performance Report for more details on our initiatives. #### Diversity and inclusion At Seplat Energy, diversity and inclusion are material to our continued success and innovation. We believe that fostering an inclusive environment, where diverse perspectives are valued and integrated, drives better decision making and strengthens our organisational culture. Our commitment to diversity not only enhances our competitiveness in a global market but also reinforces our reputation as an equitable and forward-thinking company. Our targets • 40% women in the SLT by 2030 We are deeply committed to promoting gender equality. We actively encourage our female employees to enhance their skills and broaden their networks through various workshops, seminars and sponsorship opportunities for industry conferences. Our targeted initiatives are designed to identify and support high- potential female employees in our succession planning process. Additionally, we offer training and upskilling opportunities for all our employees. As of 2025, our SLT comprised five women (2024: four), making up 45% of its members, while women represent 18% of our workforce. We aim to achieve 30% female representation across the Company by 2030. Our women’s network, SWAN, is critical in empowering female employees and addressing gender disparities within the energy sector. SWAN organises events throughout the year to foster a supportive and inclusive environment for women at Seplat. Recently, we partnered with organisations such as the Women in Energy Network to enhance gender sensitivity by improving our facilities across operational sites. Please read our accompanying Social Performance Report for more details on our diversity and inclusion activities. #### Human rights and community relations Respecting human rights and nurturing strong community relations is at the core of our efforts to drive social development. We understand that our operations can significantly impact local communities and indigenous populations, and managing these relationships effectively is material to our success. By engaging transparently and collaboratively, we mitigate social risks and foster an environment of mutual trust and sustainable development, which is critical for retaining our social licence to operate. Our short- to medium-term priorities • Deliver education support programmes, healthcare initiatives and access to energy in our communities Our targets • Benefit at least 300 teachers in STEP annually • Impact at least 5,000 students across our communities through the Pearls Quiz and scholarship programmes annually • Deliver four STEAM labs every year • Help at least 8,000 people a year across our communities through the Eye Can See programme • Deliver sustainable energy systems in four schools every year #### Community engagement and support We recognise the vital role of collaborating with and supporting the communities where we operate. Our commitment is evident through various initiatives designed to uplift local populations, which we detail in our 2025 Social Performance Report and in the Social section of our website. As a proudly Nigerian operator, we are fully aware of the need to uphold the high operational and governance standards expected in our industry. We are dedicated to maintaining these standards while actively engaging with our communities. Our objective is to create a positive impact on our stakeholders and the communities we serve. To achieve this, we have implemented various engagement processes and due diligence practices that ensure effective collaboration with all our stakeholders, including local communities. By working together, we can significantly contribute to these communities' wellbeing. In 2025, we successfully launched and handed over a solar mini grid, providing reliable electricity to 138 households and businesses. Our Eye Can See programme provided critical eye care to 13,726 beneficiaries, including 441 surgeries and the distribution of 10,200 corrective glasses. We also equipped five STEAM laboratories, with 5.5kva installed solar power in public secondary schools as we focused on improving education facilities and providing clean as well as sustainable energy for schools. These initiatives underscore our commitment to sustainability, social responsibility and creating long-term value for all stakeholders. | | | | --- | --- | | | | | | Please read more in our 2025 Social Performance Report. | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 125 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Local communities: stakeholder engagement and relationship management activities We are committed to strong and transparent relationships with the communities in which we operate. We prioritise fairness, open dialogue, co-operation and shared development alongside local communities. Our engagement process begins with initial discussions at a project's outset and continues throughout all phases, including operation and decommissioning. This ongoing dialogue is vital in helping us avoid delays or disruptions caused by community concerns. Our engagement activities encompass proactive conversations, project kick-off meetings, town hall sessions, monitoring and inspection events, decommissioning discussions, land acquisition talks and open forums for community input. #### Conflict resolution and peace-building mechanisms Our approach to managing grievances emphasises identifying complaints and taking appropriate actions that align with our commitment to serving the needs of our local communities. We have assembled a dedicated team focused on grievance management and conflict resolution. We also engage a reliable and impartial third-party mediator to resolve disputes and ensure fair outcomes. For intra-community conflicts and land disputes, we often collaborate with traditional rulers to foster understanding and resolution. Additionally, state governments play a crucial role in addressing boundary disputes and claims related to multiple ownership of wellheads. #### Supply chain management Materiality Effective supply chain management is important to Seplat Energy as it ensures the integrity and sustainability of our operational network. We are committed to maintaining rigorous oversight of our supply chain, emphasising ethical practices and adherence to environmental and social standards. By doing so, we reduce operational risks and enhance the resilience of our business, ensuring that all aspects of our value chain contribute positively to our overall performance. Our short- to medium-term priorities • Ensure that all suppliers adhere to Seplat’s ethical policies • Foster supplier diversity by supporting local and women- owned businesses • Collaborate with suppliers to build their capacity in sustainability and responsible business practices Our targets • Inclusion of our key suppliers in our Scope 3 emissions reporting by 2026 #### Our approach to a sustainable supply chain Seplat remains committed to building a sustainable, ethical, and resilient supply chain that supports national development, strengthens local capacity and drives long‑term operational excellence. Our experienced supply chain team continuously evaluates the supply chain ecosystem to identify risks and opportunities across the value chain. We aim to set the industry benchmark for end‑to‑end supply chain excellence by aligning our commercial objectives with our core values. A key priority on our sustainability journey is supplier diversity, with a strong emphasis on developing local community suppliers and women‑owned businesses. By supporting these groups to meet Seplat’s standards, we strengthen their capabilities, enhance their revenue potential and ensure consistent, effective performance management. Our due diligence process for engaging third‑party vendors is thorough and comprehensive. We apply a standardised technical evaluation template that assesses regulatory compliance, financial stability, technical competence and historical performance in HSE practices. Recently, we expanded our evaluation criteria to include ESG requirements, significantly enhancing our risk‑screening process. For certain contract categories, we also conduct audits of vendor operations to ensure full alignment with our expectations. During contract performance reviews, we further assess contractors’ compliance with labour law practices to promote responsible and ethical operations. Additionally, all contractors are required to sign off on Seplat’s sustainable procurement policy and vendor code of conduct as part of every contract, reinforcing our commitment to high standards of integrity and sustainability across our supply chain. As part of our green partnership initiative, we commenced engagements with our priority group suppliers to track and monitor their Scope 3 emissions. This enables us to collaboratively identify emission‑reduction opportunities and strengthen environmental accountability throughout the supply chain. Through the integration of ESG principles, strategic supplier engagement, capability development and targeted sustainability initiatives, we ensure that Seplat’s supply chain continues to deliver value responsibly, efficiently and in alignment with global best practices. #### Vendor engagement programmes In 2025, Seplat strengthened its supplier engagement framework despite the organisational shifts brought about by the Seplat and SEPNU integration programme. Although the annual vendors’ forum — typically the Company’s primary engagement platform for sharing operational updates, reinforcing performance expectations and gathering vendor feedback — was postponed, Seplat ensured uninterrupted communication with suppliers through several targeted interactions designed to maintain transparency and operational stability. A key engagement of the year was the SEPNU supplier town hall held on 23 January, 2025, at Eko Hotels in Lagos. Taking place shortly after the official take-off of the new SEPNU organisation post change in control, the event provided much‑needed clarity on the implications of the MPNU divestment. More than 250 suppliers attended the session, where Seplat communicated transition milestones, addressed pending payment issues through the rollout of new invoicing procedures and clarified contract statuses, growth plans, purchase orders and communication channels. The session concluded with an interactive Q&A, whose outcomes were consolidated into a frequently asked questions document to guide supplier interactions moving forward. This engagement played a crucial role in sustaining confidence and minimising disruptions across Seplat’s supply chain. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 126 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability metrics and targets continued The year also featured the second edition of the Seplat Vendors’ Merit Awards, where 18 outstanding suppliers were recognised across 10 categories of business excellence. The awards underscored Seplat’s commitment to fostering high performance and reinforcing supplier alignment with its values. Additionally, in November 2025, Seplat engaged its PG1 suppliers under the Green partnership initiative, sharing its five‑year decarbonisation roadmap and promoting collaborative action toward emissions reduction and greener operations. Beyond these major events, Seplat maintained continuous engagement through contractor sessions in Owerri and Eket, ongoing collaboration with NCDMB to deepen local content development and routine touchpoints aimed at improving transparency, performance, and operational alignment across its vendor network. #### Contractor empowerment programme The Seplat contractor empowerment programme, launched in 2016, continued in 2025 as a strategic driver of local capacity development, aimed at strengthening the skills, competitiveness and technical readiness of Nigerian contractors within Seplat’s supply chain. The programme targets especially community‑based contractors, equipping them with the tools, knowledge and support needed to meet international standards and compete effectively for industry opportunities. In 2025, Seplat delivered two major contractor engagement activities. The Owerri technical sessions brought together 68 community vendors, offering practical training on procurement processes, bid responsiveness, and digital literacy - core areas that have historically limited community contractors’ ability to participate effectively in tenders. Additionally, the December 2025 ‘Meet‑the‑Buyer’ event in Eket engaged over 1,100 vendors, providing guidance on contracting processes, compliance expectations and available funding support. This large‑scale outreach strengthened vendor readiness, improved understanding of Seplat’s procurement requirements and deepened engagement with host community suppliers. A major milestone in 2025 was the launch of the 18‑month Nigerian content digitisation initiative, delivered in partnership with the Nigerian Content Development & Monitoring Board (NCDMB). Designed to strengthen Nigeria’s human capital and prepare the workforce for a digitally enabled oil and gas industry, the programme began in November 2025 and spans all six geopolitical zones. A total of 120 participants, 20 from each zone, were selected through a rigorous, transparent process that prioritised candidates with strong potential to contribute to the sector’s digital transformation. Training activities focus on building critical digital competencies and preparing professionals for emerging opportunities in the energy value chain. These initiatives collectively enhanced contractor performance, improved bid competitiveness, and supported sustainable business growth. They also reinforced Seplat’s commitment to Nigerian content development and local economic advancement. In 2025, our local procurement spend consistently remained around 95%, further demonstrating Seplat’s investment in local supplier participation and national capacity building. #### Inclusion of our key suppliers in our Scope #### 3 emissions Seplat’s green partnership initiative is a strategic programme designed to reduce GHG emissions across its supply chain by engaging suppliers in the measurement, tracking and management of their environmental impact. As part of the company’s broader sustainability and Nigerian content strategy, the initiative focuses on equipping suppliers, especially indigenous firms, with the knowledge, tools and technical support needed to meet evolving decarbonisation expectations. In 2025, the initiative gained significant momentum through training, technology development and targeted supplier engagement. A significant milestone was achieved in November 2025, when Seplat met with its priority group 1 (PG1) suppliers to discuss the green partnership initiative and share its five‑year decarbonisation plan. This engagement reinforced the need for collaboration in reducing emissions, enhancing energy efficiency, and embedding greener operational practices. Through this initiative, Seplat is building a more climate‑conscious supply chain, strengthening local capacity and positioning its suppliers as active partners in Nigeria’s transition to a low‑carbon future. Seplat continued to focus on helping suppliers understand and reduce their Scope 3 emissions, which make up a substantial portion of the company’s overall carbon footprint. To support this, Seplat worked with consultants to design and develop a specialised digital tool (BOONTU) in 4Q 2025 to gather suppliers’ data and to measure and track their emissions. The tool is set for deployment in 1Q 2026, aligning with Seplat’s long‑term plan to strengthen emissions transparency across its value chain. To prepare suppliers, Seplat delivered training on both the updated supplier policy, now enhanced with sustainability requirements and the practical use of the BOONTU platform. These sessions ensured suppliers gained the technical capability needed to input accurate data and understand their emissions baselines. The initiative also includes technical support sessions, supplier categorisation based on technical complexity and upgrades to Seplat’s internal reporting tools to improve transparency and streamline emissions management across different supplier groups. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 127 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Upholding the highest standards of governance To ensure sustainable performance and continue creating long-term value for our stakeholders, we remain committed to exemplary governance and accountability. Integrity guides how we operate and how we engage with our partners, forming the foundation of our business practices. This disciplined approach strengthens our ability to anticipate and manage risks, uphold our licence to operate and safeguard the reputation we have built. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Our goal | UN SDGs | | | | | Deliver leading corporate governance | | | | | | | | | --- | --- | | | | | Alignment to our strategy | | | Green-1.png | Drive social development | | Green-2.png | Focus on environmental care and reporting | | Green-3.png | Maximise returns for all stakeholders | | Green-4.png | Pillar 1: Upstream | | Green-5.png | Pillar 2: Midstream gas | | Green-6.png | Pillar 3: New energy | | Alignment to our stakeholders | | | | Workforce | | | Shareholders and providers of capital | | | Joint venture partners | | | Suppliers and contractors | | | Host communities | | | Customers | | | Government and regulators | ![Living by the strictest governance standards headshot Udoma.jpg]() Mr Udoma Udo Udoma, CON Independent Chairman | | | --- | | | | | #### Governance performan #### ce met #### rics | | | | | | --- | --- | --- | --- | | | | | | | Metric | Unit | 2025 | 2024 | | Ethics and compliance training | number | 4 | 2 | | Regulatory update sessions | number | Published 7 volumes of Legislative, Regulatory and Judicial Reports; 4 quarterly compliance messages from the CEO | Published 4 volumes of Legislative, Regulatory and Judicial Reports; 4 quarterly compliance messages from the CEO | | Board training on sustainability | number | 2 | 0 | | Board of Directors by gender | | | | | Board of Directors - men\* | % | 58% | 64% | | Board of Directors - women\* | % | 42% | 36% | | Workforce who have received anti-corruption training | number | 1537 | 429 | \*Data as of 31 December 2024 and 2025 | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 128 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability metrics and targets continued #### Business ethics and transparency Materiality Upholding robust business ethics and ensuring transparency in all our dealings is material to our integrity and long-term success. Our commitment to ethical conduct builds trust with investors, regulators and the communities in which we operate. Our short- to medium-term priorities • Zero tolerance for bribery and corruption, ensuring full compliance with local and international regulations • Commitment to whistleblower protection • Achieve 100% compliance with conflict-of-interest disclosures for all relevant stakeholders within the organisation #### Our Code of Business Conduct Our Code of Business Conduct, available in multiple languages, is the cornerstone of our commitment to safety, integrity and transparency. It sets out the general business principles and commitments we uphold with our stakeholders and clearly outlines the values that guide our day-to-day decision making and interactions. The Code details our expectations for directors, senior management and employees, and extends to our suppliers, contractors, consultants and business partners, ensuring that everyone involved adheres to the highest ethical standards. Our progress in embedding these principles is regularly reviewed by our Executive and Audit committees, ensuring that our commitment remains robust, current and fully aligned with best practices and international standards. #### Ethical standards and a culture of integrity We are committed to conducting our business fairly, transparently, and with the highest ethical and legal standards. Our anti-bribery and corruption policy underscores this commitment, demonstrating our zero tolerance for bribery and corruption in all its forms. This policy, which is regularly updated, strictly prohibits facilitation payments, misappropriation, kickbacks and any form of extortion. It also outlines clear guidelines on the giving and receiving of gifts and hospitality, managing interactions with public officials and making political and charitable donations. Comprehensive reporting, documentation and whistleblowing mechanisms are in place, ensuring that any violation is met with immediate disciplinary action. Our policy portal provides easy access to these rules for all employees, supported by our Integrity and Compliance Managers who work closely with regional teams to identify and address local risks. Similarly, our anti-fraud policy is a cornerstone of Seplat Energy’s commitment to integrity and transparency. This policy provides all stakeholders with clear guidance on recognising, preventing and responding to fraud and misconduct. It delineates the responsibilities of employees, directors and third parties in upholding our anti-fraud stance, and includes mechanisms for fraud risk management — from early detection to prompt investigation and reporting to law enforcement agencies when necessary. The policy outlines potential fraud indicators, offers whistleblower protection and details the steps to be taken following any findings of misconduct. By fostering a culture of accountability and ethical behaviour, we ensure that our operations remain secure, our reputation intact and our business resilient in the face of fraud-related risks. #### Managing our supplier relationship We enforce our anti-bribery and corruption policy throughout our supply chain by relying on key principles that promote transparency, accountability and ethical conduct. We conduct vendor registration using Dun & Bradstreet to verify company ownership and prevent conflicts of interest, as mandated by our policy. Employees are required to complete conflict of interest declarations, while a rigorous bidder selection process — guided by our internal protocols — ensures fairness and prevents power abuse. Tender management is carried out transparently through platforms such as the E-Tender Portal and NipeX, with strict adherence to taxation compliance, including the provision of mandatory tax clearance certificates. To further reinforce our commitment to integrity and ethical standards, we implement checks and balances in our contracting processes, include the ABC Policy in our contract documents and provide regular refresher training sessions for both employees and suppliers. #### Regulatory compliance Regulatory compliance is fundamental to our operations and long- term sustainability. We recognise that strict adherence to local, national and international regulations not only minimises legal and financial risks but also underpins our reputation as a responsible operator. Our priorities • Ensure full compliance with all local, national and international regulations that govern Seplat’s operations #### Government regulations and policy proposals addressing environmental and social factors We actively engage with government regulations and policy proposals that shape the environmental and social landscape of the oil and gas industry. We strive to align our corporate positions with regulatory developments while advocating for policies that effectively balance sustainability, economic growth and energy security. We support Nigeria’s Petroleum Industry Act (PIA), which enhances governance, fiscal transparency and community development, ensuring that host communities benefit from oil and gas activities. Additionally, we embrace climate-related policies, including Nigeria’s commitment to achieving net zero by 2060 and the evolving carbon-pricing frameworks. On the social front, we uphold local content regulations, promote workforce diversity initiatives and engage with host communities. Our advocacy efforts involve collaboration with industry groups, policy makers and various stakeholders to ensure a regulatory environment that is practical, progressive and conducive to business. This approach enables compliance and supports long- term resilience in the industry. #### Reporting and disclosures Over the following pages, we will outline our response to the IFRS S1 and S2 disclosure frameworks, including how we consider the risks and opportunities presented by climate change when developing and implementing our strategy. We also detail how we determine the materiality of issues relevant to Seplat Energy and its stakeholders, as well as providing extensive information about our management of risk. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 129 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability risk management #### Material issues determination Materiality assessment provides a strategic lens for identifying and prioritising the sustainability topics most relevant to our business and stakeholders. It informs our focus areas, supports decision making and underpins clear and relevant reporting aligned with evolving expectations. Building on the materiality assessment conducted in 2024, we undertook a review of the Group’s material topics following the acquisition of SEPNU. This process incorporated both internal and external perspectives to ensure alignment with evolving business priorities and stakeholder expectations. Extensive consultations were carried out with key internal stakeholders across the organisation, complemented by an external survey to capture broader stakeholders’ views on both financial and impact materiality. In parallel, we reviewed the evolving sustainability landscape, including emerging ESG topics, relevant reporting frameworks, regulatory developments and industry trends. As a result of this review, three additional material topics were identified, increasing the total number of Group material topics to 14 (2024: 11). The survey results closely reflected the 2024 findings, indicating strong alignment and continuity in stakeholder priorities over the period. In line with IFRS S1 and S2 standards, all identified topics were subjected to a financial materiality assessment, evaluating their current and potential impact on the Group’s revenue over the near to medium term. Based on this holistic assessment, all 14 identified topics were determined to be material to the Group, reflecting their significance from both quantitative and qualitative perspectives, encompassing financial, societal and environmental impacts. Our stakeholder engagement encompassed a broad and diverse group, including suppliers and contractors, joint venture partners, internal ESG stakeholders, investors and lenders, senior leadership, board members, government and regulators, host communities, customers, statutory audit committee members and auditors. #### Overview of materiality assessment and reporting process Materiality in the context of the International Sustainability Standards Board (ISSB) sustainability disclosures refers to the process of determining which sustainability-related information is significant enough to be disclosed in general purpose financial report. In line with the IFRS sustainability disclosure standards, the Group applies a structured process to identify, assess, and disclosure material sustainability-related risks and opportunities, as outlined below: ![Material Issues.jpg]() 1. Identify stakeholders As the first step in our materiality assessment, the Group determines who the stakeholders are, including investors, lenders, other creditors, regulators, customers and the community, to understand their information needs. 2. Define materiality criteria The Group establishes criteria for what constitutes material information. This often includes factors such as the potential impact on financial performance, regulatory requirements and stakeholder concerns. 3. Assess sustainability risks and opportunities In evaluating sustainability risks and opportunities that could affect the Group’s performance, the Group considers ESG factors. 4. Engage with stakeholders Conduct consultations and surveys with stakeholders to gather insights on what they consider material. This engagement helps the Group to align its disclosures with stakeholder expectations. 5. Prioritise issues Assess sustainability topics in line with IFRS standards, rank and develop the materiality matrix to determine Group material issues. 6. Document the process Maintain clear documentation of the materiality assessment process, including the criteria used, stakeholder engagement, and the rationale for the identified material issues. 7. Disclose material information Finally, disclose the identified material sustainability information in the organization’s financial statements and sustainability reports, ensuring compliance with ISSB standards. 8. Review and update When there are significant changes in the business environment, stakeholder expectations, or regulatory requirements, the Group reviews and reassesses its material topics. For example, following the acquisition of SEPNU, we conducted a Group-wide review to ensure our priorities remain relevant and aligned. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 130 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability risk management continued We assessed sustainability-related topics for materiality by considering stakeholder impacts and financial significance, using both quantitative and qualitative criteria. • Impact materiality reflects the significance of the Group’s activities on the environment and society. To assess this, we conducted a structured survey to capture stakeholder perspectives on the importance and severity of each topic’s actual or potential impacts • Financial materiality assessment: Following the impact assessment, topics were subjected to a financial materiality test to evaluate their potential effect on the Group’s financial performance over the near to medium term. This assessment was primarily guided by a quantitative threshold of 0.5% of Group revenue, with topics meeting or exceeding this level considered financially material. Qualitative factors were also considered, where relevant, to ensure alignment with IFRS materiality principles. The financial effects of the material sustainability-related and climate-related opportunities are presented below The following are the rankings of the identified material issues: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Material topics | 2025 ranking | 2024 ranking | Impact materiality | Financial materiality\*\* | | Health, Safety & Security | | 2 | | | | | | | Critical Risk Incident Management | | 3 | | | | | | Business Ethics & Transparency | | 1 | | | | | Legal & Regulatory Compliance | | 4 | | | | | Human Rights & Community Relations | | 5 | | | | | | Ecological Impact | | 7 | | | | | Climate Change and Energy Transition | | 6 | | | | | | | Business Resilience\* | | | | | | | | Litigation and Disputes\* | | | | | | | | | Human Capital Management | | 9 | | | | | | Water & Wastewater Management | | 8 | | — | | Labour Practices\* | | | | | | | | Supply Chain Management | | 10 | | | | | | | Diversity & Inclusion | | 11 | | — | \*  Newly introduced topic in 2025 assessment \*\*  Financial Materiality is defined as follows: I    represent impact <= materiality threshold II  represent impact <= 5x materiality threshold III  represent impact > 5x materiality threshold | | | | --- | --- | | | | | l | Environment | | l | Social | | l | Governance | | | | | --- | --- | | | | | Material topics | Current year financial impacts | | Health, Safety & Security | The group invested $67.0 million on initiatives to safeguard health and safety of personnel, maintain asset integrity, and ensure sustainability of operating environment | | Critical Risk Incident Management | Recorded Yoho fire incident which led to a loss of 10.0 kbopd production during 4Q 2025, equivalent to approximately $65.0 million deferred revenue | | Business Ethics & Transparency | No events impacting the group in the period | | Legal & Regulatory Compliance | No production interruptions from enforcement or compliance actions impacting the group in the period | | Human Rights & Community Relations | Invested $12.4 million in our host communities (JV) and contributed $23.0 million into the Host Community Trust Development Fund (HCTDF), supporting freedom to operate | | Ecological Impact | Continued Tree 4 life project and other corporate social initiatives, included within the $12.4 million (JV cost) community investment | | Climate Change and Energy Transition | Invested $6.0 million in EORF projects on our operated onshore assets, included in cashflow statement within capital expenditure on oil & gas properties. c.$9.0 million savings on potential gas penalties avoided | | Business Resilience\* | In 2025, we paid $31.3 million to complete our hedging programme, included in the cashflow statement | | Litigation and Disputes\* | In 2025, the group recorded a total cost of $10.0 million on legal fees, included within professional fees | | Human Capital Management | Information on costs incurred on employees is presented in Note 13.1 | | Water & Wastewater Management | All associated costs are captured under operating and maintenance expenses in Note 10 | | Labour Practices\* | Information on costs incurred on employees is presented in Note 13.1 | | Supply Chain Management | No events impacting the group in the period | | Diversity & Inclusion | No events impacting the group in the period | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 131 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Materiality matrix ![Materiality Matrix.jpg]() Rating scale of 1 - 5, where ‘1’ represents Not Material, ‘3’ represents Moderately Material and ‘5’ represents Very Material | | | | --- | --- | | | | | | Health, Safety & Security | | | Critical Incident Risk Management | | | Business Ethics & Transparency | | | Legal & Regulatory Compliance | | | Human Rights & Community Relations | | | Ecological Impact | | | Climate Change & Energy Transition | | | Business Resilience | | | Litigation and Disputes | | | Human Capital Management | | | Water & Wastewater Management | | | Labour Practices | | | Supply Chain Management | | | Diversity & Inclusion | ![]() #### Top material topics The top seven material topics remained consistent across the 2024 and 2025 surveys, indicating strong alignment and continuity in stakeholder priorities over the period. • Business Ethics & Transparency • Health, Safety & Security • Critical Risk Incident Management • Regulatory Compliance • Human Rights & Community Relations • Climate Change and Energy Transition • Ecological Impact • Overall, ratings across the 14 material topics averaged between moderately material (3) and very material (5), indicating their overall importance both in terms of near-term financial impact and impacts on society and the environment • While Diversity & Inclusion and Water and Wastewater Management do not present a direct financial impact based on quantitative thresholds in this assessment period, our qualitative considerations indicate that these topics remain material to our business due to their influence on costs, risk exposure, talent attraction and engagement, operational resilience, regulatory compliance and long-term organisational positioning and growth. The Group will continue to monitor and strengthen its approach to these areas in line with its strategic objectives. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Alignment to our strategy | | | Alignment to our stakeholders | | | | | | Focus on environmental care and reporting | | | Workforce | | | | | Maximise returns for all stakeholders | | | Shareholders and providers of capital | | | | | Drive social development | | | Joint venture partners | | | | | Pillar 1: Upstream | | | Suppliers and contractors | | | | | Pillar 2: Midstream Gas | | | Host communities | | | | | Pillar 3: New Energy | | | Customers | | | | | | | | Government, regulators and auditors | | | | Alignment with the UN SDGs | | | | | | | | UN SDGs for materiality.jpg | | | | | | | | | | | | | | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 132 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability risk management continued | | | --- | | | | Environmental | Climate change | | | | | --- | --- | --- | | | | | | Alignment to strategy | | UN SDGs | | | | | | Stakeholder groups | | Key performance metric | | | | Carbon intensity (kgCO2e/boe) for operated assets | Approach As an energy company, we prioritise reducing our carbon footprint by investing in EORF, mini grid solar, adopting energy-efficient practices, and minimising methane flaring to mitigate our environmental impact. Impact Neglecting climate change can lead to regulatory scrutiny, reputational damage and financial risks. We actively reduce carbon emissions to ensure sustainable operations and contribute to a better future. Sustainability-related risks and opportunities • Climate change adaptation • Climate change mitigation • Energy transition | | | --- | | | | | Water and waste management | | | | | --- | --- | --- | | | | | | Alignment to strategy | | UN SDGs | | | | | | Stakeholder groups | | Key performance metric | | | | Water usage; waste generation | Approach Our environmental sustainability depends on adequate water resources and waste management. We implement stringent water treatment processes and use proper disposal methods for hazardous waste generated during our operations. Impact We acknowledge that our actions can harm the environment, resulting in fines and biodiversity loss. We strive to minimise our ecological impact while responsibly protecting local communities and ecosystems. Sustainability-related risks and opportunities • Pollution of water | | | --- | | | | | Ecological impact | | | | | --- | --- | --- | | | | | | Alignment to strategy | | UN SDGs | | | | | | Stakeholder groups | | Key performance metric | | | | Number of environmental incidents or spills | Approach As a company that operates mainly onshore in the Niger Delta, we are committed to addressing the ecological impact of our activities. We aim to minimise oil spills, mitigate habitat destruction and implement reforestation programmes to restore damaged areas. Impact By acknowledging that our actions can harm the environment, leading to fines and biodiversity loss, we strive to minimise our ecological impact and protect local communities and ecosystems responsibly. Sustainability-related risks and opportunities • Pollution of air • Pollution of soil | | | --- | | | | | | | | --- | | | | Social | Health, safety and security | | | | | --- | --- | --- | | | | | | Alignment to strategy | | UN SDGs | | | | | | Stakeholder groups | | Key performance metric | | | | LTI; TRIR | Approach Safety and wellbeing are paramount in our industry. We implement health protocols and wellness initiatives to protect employees, while prioritising security for our workers and local communities. Impact Neglecting health, safety and security can lead to accidents and severe consequences. We commit to prioritising these areas to protect our workers and communities, and maintain our Company’s reputation. Sustainability-related risks and opportunities • Employee health and safety | | | --- | | | | | Human rights and community relations | | | | | --- | --- | --- | | | | | | Alignment to strategy | | UN SDGs | | | | | | Stakeholder groups | | Key performance metric | | | | Human rights and community relations | Approach We prioritise human rights and positive community relations for sustainable operations. Our commitment includes engaging with local communities, addressing grievances and implementing social projects to enhance livelihoods and foster trust. Impact Neglecting these principles could lead to protests, social unrest, project delays and reputational damage, which would negatively impact our success. Therefore we are committed to upholding these values in all our operations. Sustainability-related risks and opportunities • Rights of indigenous people • Economic and social development of our communities | | | --- | | | | | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 133 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | --- | | | | Social continued | Critical incident risk management | | | | | --- | --- | --- | | | | | | Alignment to strategy | | UN SDGs | | | | | | Stakeholder groups | | Key performance metric | | | | Training and readiness assessments for emergency response teams | Approach In a region with security challenges, we prioritise risk management by creating emergency response plans, implementing security protocols for personnel and assets and collaborating with local authorities and joint venture partners to reduce risks. Impact Security incidents such as sabotage or theft can disrupt our operations, endanger the safety of our personnel and cause damage to our infrastructure, resulting in production losses and reputational harm to our Company. Sustainability-related risks and opportunities • Process safety | | | --- | | | | | Human capital management | | | | | --- | --- | --- | | | | | | Alignment to strategy | | UN SDGs | | | | | | Stakeholder groups | | Key performance metric | | | | Employee turnover rate; Employee engagement scores | Approach Human capital management is crucial in the energy sector. We focus on talent acquisition, employee engagement, positive culture, recognition and succession planning to ensure operational efficiency and future leadership development. Impact Inadequate human capital management within our Company can result in talent shortages, decreased productivity and heightened safety risks, negatively affecting our business operations in the oil and gas industry. Sustainability-related risks and opportunities • Working conditions | | | --- | | | | | Labour practices | | | | | --- | --- | --- | | | | | | Alignment to strategy | | UN SDGs | | | | SDG-76.svg | | Stakeholder groups | | Key performance metric | | | | Employee engagement index | Approach Robust Labour Practices & Union Relations are critical to sustaining stable operations in the energy sector. We focus on fair employment practices, constructive engagement with employee representatives, compliance with labour laws, and the promotion of safe and equitable working conditions. Our approach emphasizes transparent communication, effective grievance mechanisms, and collective bargaining processes to foster a productive and engaged workforce. Impact Ineffective labour practices within the company can result in workforce dissatisfaction, industrial actions, operational disruptions; the corollary of which is reduced productivity. Sustainability-related risks and opportunities • Workforce stability and productivity | | | --- | | | | | Supply chain management | | | | | --- | --- | --- | | | | | | Alignment to strategy | | UN SDGs | | | | | | Stakeholder groups | | Key performance metric | | | | Supplier compliance with labour and environmental standards; Number of sustainability training programmes conducted for strategic vendors | Approach We prioritise ethical sourcing and responsible supply chain management. Through supplier due diligence, local procurement and strict adherence to labour and environmental standards, we aim to minimise risks effectively. Impact Ethical lapses or non-compliance within our Company’s supply chain can harm our reputation, disrupt our operations and result in legal or regulatory penalties. Sustainability-related risks and opportunities • Management of relationships with suppliers, including payment practices | | | --- | | | | | Diversity and inclusion | | | | | --- | --- | --- | | | | | | Alignment to strategy | | UN SDGs | | | | | | Stakeholder groups | | Key performance metric | | | | Percentage of women employees in the workforce, the Board and in senior management; Diversity and inclusion training (hours) | Approach Promoting diversity and inclusion is vital for our success. We implement inclusive practices, gender initiatives and local content development to enhance engagement, attract talent and strengthen stakeholder relationships. Impact Neglecting diversity and inclusion initiatives can have negative consequences for our Company, including decreased employee morale, hindered innovation, and strained community relations. Sustainability-related risks and opportunities • Workplace culture and policy | | | --- | | | | | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 134 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability risk management continued | | | --- | | | | Governance | Regulatory compliance | | | | | --- | --- | --- | | | | | | Alignment to strategy | | UN SDGs | | | | | | Stakeholder groups | | Key performance metric | | | | Training and readiness assessments for emergency response teams | Approach Compliance with the legal and regulatory frameworks is fundamental for our Company’s operation in Nigeria’s energy sector. We stay updated on evolving regulations, obtain the necessary permits and licences, and implement internal controls to ensure adherence to legal requirements. Impact Non-compliance with legal and regulatory requirements poses significant risks, including fines, legal disputes, project delays and reputational damage. Vigilance in strict compliance is vital for our Company’s success. Sustainability-related risks and opportunities • Management of legal and regulatory framework | | | --- | | | | | Business ethics and transparency | | | | | --- | --- | --- | | | | | | Alignment to strategy | | UN SDGs | | | | | | Stakeholder groups | | Key performance metric | | | | Percentage of workforce who have received anti-corruption training; confirmed incidents of corruption | Approach Maintaining high business ethics and transparency is vital for earning stakeholders’ trust. We implement ethical guidelines, promote transparent financial reporting and ensure accountability for misconduct to achieve this goal. Impact Breaching ethics or lacking transparency erodes trust, harms our Company’s reputation and invites legal consequences. Sustainability-related risks and opportunities • Bribery and corruption | | | --- | | | | | Business resilience | | | | | --- | --- | --- | | | | | | Alignment to strategy | | UN SDGs | | | | SDG-75.svg | | Stakeholder groups | | Key performance metric | | | | Delivery of the business plan and corporate scorecard | Approach In an increasingly volatile environment, we continue to prioritise business resilience by strengthening our capacity to anticipate and respond to disruption in markets, operations and technology. Through robust risk management, crisis readiness, and adaptive strategies, we safeguard operations and sustain long‑term value creation. Impact Weak business resilience can disrupt operations, constrain cashflow generation, trigger losses, and erode investor confidence, undermining long‑term business growth. Sustainability-related risks and opportunities • Market volatility and oil price fluctuations impacting revenues and investment capacity • Hedging and diversified energy portfolios reduce oil price exposure | | | --- | | | | | Litigation and disputes | | | | | --- | --- | --- | | | | | | Alignment to strategy | | UN SDGs | | | | | | Stakeholder groups | | Key performance metric | | | | Contingent liabilities arising from litigation | Approach Disputes and Litigation are managed through our established legal and governance frameworks. We prioritize the early identification of potential legal risks, effective case management and timely resolution of disputes. Our approach ensures continuous engagement with relevant stakeholders, strict adherence to regulatory requirements, and appropriate disclosure of material matters to mitigate adverse outcomes. Impact Disputes and litigation within the Company can result in financial losses, operational disruptions and reputational damage, potentially affecting business performance and stakeholder confidence. Sustainability-related risks and opportunities • Financial exposure from legal claims and settlement • Reputational impact and stakeholder confidence • Enhanced governance and risk management through dispute resolution | | | --- | | | | | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 135 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Risk Disclosures #### Sustainabilityrisk oversight We use a combination of controls, processes and procedures to support the oversight of sustainability- and climate-related risks and opportunities. These controls and procedures are integrated with other internal functions to ensure a holistic and co-ordinated approach at all levels of the organisation. As part of our commitment to ensuring alignment with emerging trends and mandates, Seplat has integrated ESG and sustainability matters into our Enterprise Risk Management (ERM) framework and register, following guidance from the Risk Committee. Seplat maintains a risk universe, which aids in identifying critical risks associated with factors that influence our business strategy and objectives. In 2024, Seplat conducted a comprehensive review and update of the Seplat risk universe into five risk categories, one of which is climate change and energy transition. This update formally integrated sustainability-related risks, such as environmental damage and its ecological impacts and climate- related risks into the risk universe to ensure a more focused attention on this risk category. We have identified our sustainability-related risks as applicable to our material issues, which have been described on pages 141 to 145. These sustainability-related risks have been prioritised relative to other types of risks applicable to Seplat’s business using our risk assessment approach as disclosed on page 54 (Mapping our risk). #### Assessment and identification of sustainability and climate-related risks and opportunities Seplat evaluates sustainability-related risks by soliciting input from key stakeholders and aligning these risks with its Enterprise Risk Register to evaluate their significance to the company. During the year 2025, as part of the overall review of the entire risk universe, sustainability-related risks, were re-assessed with the associated critical risk events and impact themes identified. With the MPNU acquisition, we also expanded our focus to evaluate sustainability- related risks within our offshore operations. The key measures identified as necessary to manage and mitigate sustainability-related risk reflect the core elements of the company’s overall corporate strategy, which entails evaluating and taking up opportunities aimed at decarbonising our operations and diversifying our business into lower-carbon and renewable energy products. Seplat conducts risk assessments across various dimensions, encompassing financial, HSSE (Health, Safety, Security and Environment), project lead time, reputational, climate change, and information technology impacts. Each risk category’s severity and potential consequences are evaluated, resulting in an overall score integrated into Seplat’s risk matrix. Furthermore, a risk likelihood versus impact assessment is performed based on Seplat’s risk heat map, considering the probability and consequence of risk events occurring. Seplat has established key performance indicators (KPIs) to track its performance against material sustainability-related risks and opportunities, with progress disclosed in its sustainability report. In our future report, we aim to assess the efficacy of the safeguards and mitigations implemented to address each identified sustainability risk. Furthermore, we intend to formulate a resilient and adaptable improvement strategy, considering the evolving sustainability regulatory framework, emerging global sustainability risk factors and stakeholder expectations. Read more on page 147. #### Establishment of objectives and targets Once risks and opportunities are identified, management sets clear objectives and targets for sustainability and climate, often aligning with the company’s strategic goals and commitments. #### Implementation of controls and procedures Following this, we establish controls and procedures to manage and mitigate identified risks while capitalising on opportunities, including various measures such as implementing energy-efficient technologies, conducting audits and ensuring regulatory compliance. ![IFRS S1-1.jpg]() Colleagues at Seplat House, Lagos | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 136 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability risk management continued ![IFRS S1 Heade continuedr.jpg]() Risk Disclosures #### Functional roles in sustainability management Different teams within the organisation, such as Finance, Operations, Human Resources, Legal, Compliance and Risk Management, have responsibility for different aspects of managing sustainability initiatives across various aspects of the business. Please see pages 112 to 113 for accountability for sustainability-related issues at senior leadership and Board level. #### Monitoring and reporting Regular monitoring and reporting mechanisms are established to track progress towards sustainability and climate-related objectives and targets, including KPIs specific to sustainability and climate performance. Management uses feedback from monitoring and reporting to adjust and continuously improve performance against sustainability and climate-related objectives. This feedback loop helps refine controls, processes and procedures over time. Furthermore, we engage with our stakeholders to gather insights and feedback on sustainability efforts, which supports alignment between sustainability goals and stakeholder expectations. We use a combination of controls, processes and procedures to support the oversight of sustainability and climate-related risks and opportunities. These controls and procedures are integrated with other internal functions to ensure a holistic and co-ordinated approach at all levels of the organisation. #### Materiality assessment and risk management In 2024, we conducted a materiality assessment, and this proactive approach ensured that necessary adjustments to our disclosure process, including criteria, methods and actions in response to new information and changing circumstances, are duly accounted for. The KPIs established by the business are inextricably linked to the sustainability topics determined by our materiality assessment. This exercise formed the bedrock of our assessment in 2025 as we revalidated our assessment for our onshore business and carried out a materiality assessment for the offshore business. We remain committed to continuously evaluating our resources, capabilities and organisational structures to ensure we can effectively focus on taking advantage of the identified opportunities to create value. #### Continuous improvement and adaptation Seplat aims to enhance its approach to assessing sustainability- related risks through various strategies, including scenario analysis, benchmarking and collaboration with experts, ensuring a proactive risk management strategy. We are committed to disclosing criteria, methodologies and impacts of sustainability-related risks and opportunities, along with regular updates, through periodic materiality assessments and performance tracking. ![IFRS S1-2.jpg]() Idanre Hills | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 137 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Risk Disclosures We recognise that as an energy company operating in the Niger Delta, our business is exposed to significant risks from climate change. Reducing the carbon intensity of our operations by eliminating routine flaring, while growing our natural gas, LPG and renewable business to supply Nigerians with reliable and sustainable energy, will allow us to both mitigate some of our exposure to climate-related risks and position us to play a leading role in realising the many opportunities presented by Nigeria’s energy transition. #### Introduction In accordance with best practice, we consider climate-related risks under two broad categories: physical risk and transition risk. The physical and transition risks we have identified, our assessment of their impacts on our Company and the actions we are taking to mitigate these risks, are summarised in the Climate Risk table below. This is followed by a separate section describing in more detail our understanding of the physical risks to our business. In addition to recognising the risks, we see climate change and the associated energy transition as offering significant new strategic and commercial opportunities. These opportunities abound from supplying the reliable, sustainable energy Nigeria will need in the decades ahead, underpinned by robust demand for natural gas. Liquified Natural Gas (LNG) and Liquified Petroleum Gas (LPG) are likely to play an increasingly important role in Nigeria’s energy mix over the next decades in generating electricity, alleviating severe energy poverty, reducing dependence on biomass for cooking and achieving a just energy transition. We proactively established the New Energy business to focus on growing our gas businesses as well as to explore opportunities in the renewable energy space. We assess climate-related risks and opportunities using the same planning horizons and materiality considerations. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | Risk | | | Type | Impact on Seplat | Timeframe | Mitigation actions | | Physical | Chronic | | Sea-level rise, drought, variable rainfall patterns | Direct impact on Seplat has so far been limited but, over time, loss of farmland and productivity due to drought and intrusion of seawater into fresh water in the Niger Delta and other parts of Nigeria could lead to increased conflicts over land and food security, in turn, leading to increased militancy against oil infrastructure | Medium and long term | • Periodic assessment of physical risks to our assets, operations and host communities and positive engagement with local communities has lessened the risk of Seplat being the direct target of militancy • Adding the Amukpe-Escravos Pipeline provides a second and more secure export route for production from our Western Assets • Development of a physical climate risk management plan | | Acute | | Flooding, heavy rainfall | Impassable roads, storm damage, interruptions to operations and maintenance, reduced production, higher operating costs | Short, medium and long term | • Seplat’s operations are spread across the offshore, Eastern and Western Niger Delta thus reducing the concentration of exposure to specific weather events • Our robust Environmental Management System (EMS) and Emergency Response Plan (ERP) allow us to deal effectively with any short-term storm damage or interruptions | | Transition | Market | | Increased uncertainty & volatility for oil and gas prices | Significantly lower prices could negatively impact revenues, profits and cashflow. Significantly higher prices could negatively impact the Nigerian economy and make our gas-to-power, LNG, CNG & LPG business less competitive because prices are unaffordable for our consumers | Short, medium and long term | • A scenario analysis on page 150 shows that the Company’s oil and gas portfolio is resilient to both lower prices and lower demand for oil and gas • We also hedge our crude prices in advance, providing additional protection against price volatility • Our growing gas businesses will add further resilience while our New Energy business will provide diversification • We have long-term agreements in place to sell our gas production into the domestic market and are working with the Nigerian government and other stakeholders to ensure the business model for the Company’s gas business is robust | | | Reduced demand for our oil and gas | Limiting global warming to 1.5°C or 2°C requires global demand for both oil and gas to decline sharply. This could affect our ability to sell our products on the world market and increase uncertainty around the strategy for our domestic gas business | Medium and long term | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 138 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability risk management continued Risk Disclosures | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | Risk | | | Type | Impact on Seplat | Timeframe | Mitigation actions | | Transition | Policy | | Increased costs of raw materials | Climate change is likely to have a growing impact on trade patterns; the energy transition will have a significant impact on demand for specific metals, other commodities and products. These impacts may translate into higher prices for steel, chemicals and other materials we use in our business | Short, medium and long-term | • The risk is factored into the business planning process for the New Energy business. We aim to convert all our operational vehicles as soon as practicable to gas/ CNG from our field; steady transition to use of gas, wind and solar power across our locations • Deployment of biofuels from organic waste | | | Repricing and stranding of assets | If there is growth in stakeholder expectations that oil and gas demand will fall in line with global decarbonisation goals, there could be a negative impact on the valuation of our assets and share price and raise fears of our longer-term production becoming stranded | Medium and long-term | • A scenario analysis on page 150 shows that our portfolio is resilient to reduced demand for oil • We are also actively working on developing our gas resources in the offshore business to provide additional diversification within the offshore space • Our growing gas business is expected to play a significant role in Nigeria’s energy transition as a substitute for biomass and addressing energy poverty | | | Cost of capital | Our cost of capital may increase if investors perceive the climate-related financial, reputational or other risks of investing in our business are growing or if we are assessed negatively relative to our peers | Medium and long-term | • Our strategy, built on playing a leading role in Nigeria’s energy transition, together with our decarbonisation plan, are designed to bolster the resilience of our business and our reputation and ensure that investors maintain a positive view of Seplat in absolute terms and relative to our peers | | | Cost of carbon | Seplat is not currently affected by regulatory emissions pricing, taxation or emissions trading schemes, and we expect that it is likely to be some time before global carbon pricing becomes a practical reality. We are however aware of the carbon tax policy drive by Nigeria's National Council on Climate Change (NCCC), which is in line with the Energy Transition Plan (ETP) of the Federal Government. We understand that this policy drive will not take effect in the near future, implying no impact to us currently. However, we recognise that such costs could be passed down through the supply chain and result in increased operational costs | Medium and long-term | • We are mitigating our exposure to carbon pricing by eliminating Scope 1 & 2 emissions from our upstream and midstream operations as far as possible via our end of routine flaring programme, replacing diesel with gas generators, upgrading compressors, using solar power, enhanced methane leak detection and repair. In 2025, we completed our EORF projects at a cost of $32 million reducing gas flare penalties by $4 million on our onshore operations. We have also commissioned GHG emission reduction projects with plans to spend around $3.4 million toward them in the coming year • We are also developing the capability to measure and manage the Company’s Scope 3 emissions. | | | Increased regulation and reporting requirements | Nigeria’s Climate Change Act and other Nigerian and UK regulations introduce new obligations that Seplat must comply with. These include a requirement to implement GHG emission reduction measures in line with Nigeria’s decarbonisation goals, a need for enhanced measurement and reporting of GHG emissions, and new climate change reporting requirements for UK-listed companies aligned with FCA Listing Rules and the TCFD recommendations | Short, medium and long-term | • Stay within the regulatory GHG emission limits and eliminate routine flaring ahead of Nigeria’s target date of 2030 • Fully aligned with the UK climate reporting requirements, while enhancing our ESG performance and our wider non-financial reporting by working with ESG rating agencies and other third parties | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 139 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Risk Disclosures | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | Risk | | | Type | Impact on Seplat | Timeframe | Mitigation actions | | Transition | Technology | | Substitution of oil and gas with low-carbon forms of energy | Further rapid development of renewable energy technologies, including for batteries and other forms of energy storage, together with falling prices could drive renewables to become an ever larger share of the global energy mix and impact on demand for our oil and gas | Medium and long term | • Seplat is playing a leading role in Nigeria’s energy transition with investments in new energy and diversifying into renewables | | | Cost of GHG emissions reduction and reporting technology | Adopting technology to reduce emissions, particularly routine flaring, will have implications for capital and operating expenditure | Short and medium term | • Our emission reduction plans are already well- advanced with short and medium-term costs factored into budgets. We forecast a $16 million - $20 million increase in profit before tax from reduced gas flare penalties on operated onshore assets and sales of previously flared gas in 2026 relative to 2024 performance. | | | Unsuccessful investment in New Energy business | Entering into new and untested markets inevitably comes with downside commercial risks | Medium and long term | • We are taking a proactive but prudent approach to developing the company’s New Energy business. This includes the use of feasibility studies and pilot projects to evaluate the technological and commercial viability of initiatives prior to making final investment decisions and scaling up | | Reputation | | Shifts in customer preferences and stigmatisation | Like other fossil fuel companies, Seplat is at risk of being associated with the negative impacts of climate change | Short, medium and long term | • Clearly communicating our role in Nigeria’s energy transition to our stakeholders, setting and then achieving ambitious targets to decarbonise our business and aligning with best practice in climate- related disclosures | | Litigation | | | Growing numbers of legal cases being brought against fossil fuel companies | Increased scientific and judicial understanding of the link between GHG emissions and physical climate impacts and a growing body of regulation raises the risks of fossil fuel companies being sued in the courts. | Medium and long term | • Seplat’s historic emissions are relatively low compared to other fossil fuel companies with additional benefits from our EORF projects in the onshore business with efforts ongoing to replicate same in the offshore space. • Seplat is determined to comply with existing and emerging regulatory requirements, decarbonisation targets, and climate disclosure rules. | ![IFRS S2-1.jpg]() Colleagues at Temple Towers, Lagos | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 140 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability risk management continued Risk Disclosures #### Focuson Physical Climate Risk Nigeria is vulnerable to the physical impacts of climate change. It ranks 155th in the 2025 Notre Dame Global Adaptation Index (ND- GAIN). The physical impacts include increased flooding, rise in sea level and coastal erosion in the South, chronic droughts in the North, and variability in rainfall patterns throughout the country. The effects include displacement of local populations, reduced agricultural productivity, increased intrusion of seawater into freshwater, and the risk of increased internal conflicts over land and food security. | | | | --- | --- | | | | | ND-GAIN Country index rank 155 Score: 38.6 | ND-GAIN Matrix.png | | Vulnerability: 0.481 | | Readiness: 0.253 | “The high vulnerability score and low readiness score of Nigeria places it in the upper-left quadrant of the ND-GAIN Matrix. It has both a great need for investment and innovations to improve readiness and a great urgency for action. Nigeria is the 64th most vulnerable country and the 180th most ready country.” - Notre Dame Report Apart from our offices in Lagos, Abuja, Aberdeen, and London, Seplat’s operations are in the Niger Delta (Edo, Delta, Imo, and parts of Rivers States) and our Offshore operations are located off the shores of Akwa-Ibom state in Nigeria. Spanning over thousands of square kilometres, the delta is the largest wetland in Africa and among the three largest in the world. It is vulnerable to impacts from climate change, particularly flooding, and is dependent on low-lying mangroves for flood protection. Nevertheless, to date, these dangers have not significantly impacted Seplat’s operations. Heavy rains and flooding have, on occasion, made roads impassable causing delays to the transportation of equipment and personnel to or from our areas of operation. Heavy rains can also affect our overall productivity, particularly due to delays in carrying out maintenance, or from having to divert resources to repair storm damage(s). However, any increases in our operating costs from these types of incidents have so far not been material. We are in the process of developing a more comprehensive physical climate risk management plan to ensure that we are prepared for increased extreme weather events. #### Leveraging climate-related opportunities Seplat’s New Energy and Midstream Gas business is emblematic of our proactive approach to seizing climate-related opportunities. We adapt to emerging environmental trends through strategic investments and innovative initiatives and actively leverage them to drive growth and sustainability. In line with our Pillar 3 strategy, we are looking at renewable energy and clean technologies. We believe that this approach will help us diversify and become more resilient in the changing energy landscape. By taking advantage of these climate-related opportunities, we hope to contribute to sustainable development and environmental stewardship in Nigeria while positioning ourselves as leaders in this field. #### Risk Management – enhanced understanding of climate-risk We recognise that climate change and the energy transition have become critical considerations for the global economy, for Nigeria, and for our business. This has informed the recognition and active monitoring of the Climate Change and Energy Transition related risks at Enterprise level and why climate change considerations increasingly influence our strategic thinking, risk management processes, and operations on a day-to-day basis. However, in Nigeria, as in many other parts of the world, energy poverty is a fundamental challenge. The inseparability of these issues is clearly reflected in Seplat’s strategic goal to provide accessible, affordable, and reliable energy as an intrinsic part of its role in helping to transform lives through energy. Our processes for identifying and assessing climate-related risks are built on our increasing awareness of the nature of these risks and underpins the categorisation of our risk universe to 5 categories of risk including climate change and energy transition to: 1. Identify and assess the risks under each of the categories recommended by the IFRS S2 2. Assign a risk rating to each of the categories of risk using the Seplat 5x5 Risk Assessment framework. This combines the likelihood of a risk being realised with the impact on Seplat if the risk materialises; and 3. Consider how these risks can be managed and mitigated. In the year 2025, the climate-related risks were rated as ‘High’, consistent with the prior year. This reflects our continued efforts in managing the risk and ensuring that we are taking action to mitigate the impact of climate- related risks. The key measures identified as necessary to manage and mitigate climate-related risks reflect the core elements of our overall corporate strategy: decarbonising our operations and diversifying our business into lower-carbon and renewable energy products. These have already been described in detail in the preceding sections of this report and are also summarised in the Climate Risk Table in the Strategy section of this report. #### Identification of sustainability and climate-related risks and opportunities We evaluate sustainability-related risks and opportunities in the context of our internal operations, relationships within the value chain, relevant regulations, disclosures from peers, and expert insights. This information is tied to material disclosures through both qualitative and quantitative criteria. The results are then analysed using a matrix, where logic and judgement are applied to identify the most significant risks and opportunities. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 141 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Risk Disclosures #### Identification of sustainability and climate-related risks and opportunities We evaluate sustainability-related risks and opportunities in the context of our internal operations, relationships within the value chain, relevant regulations, disclosures from peers, and expert insights. This information is tied to material disclosures through both qualitative and quantitative criteria. The results are then analysed using a matrix, where logic and judgement are applied to identify the most significant risks and opportunities. | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | Environment | | | | | | | | | | | | | | | | | | | | | Material matters | | | | | | | | | | | | | | | | | | | | | Climate change | | | Ecological impact | | Water and wastewater management | | | | | | | | | | | | | | | | Sustainability and Climate-related Risks and Opportunity Topics | | | | | | | | | | | | | | | | | | | | | Climate Change Mitigation | Climate Change Adaptation | Energy | Pollution of Air | Pollution of Soil | Waste Management | | | | | | | | | | | | | | | | Current effects | | | | | | | | | | | | | | | | | | | | | Increased compliance costs due to regulations Pressure from stakeholders for sustainable practices | Operational disruptions due to extreme weather events Higher costs associated with adapting to climate impacts | Price volatility affecting operational planning Regulatory changes impacting business operations | Regulatory fines and penalties impacting profitability Negative health impacts affecting workforce productivity | Legal liabilities and remediation costs Damage to reputation due to environmental incidents | Regulatory scrutiny affecting operational permits Increased costs associated with water scarcity | | | | | | | | | | | | | | | | Anticipated effects | | | | | | | | | | | | | | | | | | | | | Potential shift in investment towards renewable energy sources Scope to broaden market positioning and enhance reputation as an asset operator | Increased investment in resilient infrastructure and technologies Strengthened community relations through proactive adaptation efforts | Increased investment in renewable energy projects Opportunities for technological innovations in energy efficiency | Increased operational costs for compliance with air quality standards Opportunities for investment in clean technologies to improve air quality | Enhanced focus on sustainable agricultural practices in surrounding communities Potential partnerships with local communities for soil restoration initiatives | Investment in water recycling and management technologies to ensure sustainability Opportunities for innovation in wastewater treatment and management | | | | | | | | | | | | | | | | Areas of concentration | | | | | | | | | | | | | | | | | | | | | Operations in Nigeria, particularly in regions vulnerable to climate impacts Facilities involved in oil and gas production | Production sites and infrastructure in climate-sensitive areas Local communities affected by climate change | Oil and gas production areas in Nigeria Facilities involved in energy production | Processing plants and production facilities Urban areas near production sites | Land surrounding production facilities Agricultural areas impacted by operations | Water sources and treatment facilities Areas reliant on local water resources | | | | | | | | | | | | | | | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 142 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability risk management continued Risk Disclosures | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | Environment | | | | | | | | | | | | | | | | | | | | | Risks | | | | | | | | | | | | | | | | | | | | | High Financial Costs Operational Disruptions Supply Chain Vulnerabilities Technological Challenges | Regulatory Compliance Costs Market Transition Risks Reputational Risks Legal Liabilities | Price Volatility Regulatory Changes Supply Chain Disruptions Environmental Impact and Compliance Risks | Regulatory Fines and Penalties Health Impacts on Workers and Communities Reputational Damage Legal Liabilities | Regulatory Fines and Penalties Decreased Land Value Health Risks to Communities Legal Liabilities | Regulatory Compliance Costs Water Scarcity and Availability Pollution of Water Sources Legal Liabilities | | | | | | | | | | | | | | | | Opportunities | | | | | | | | | | | | | | | | | | | | | Proactive Risk Management Innovation in Sustainable Practices Strengthened Community Relations Regulatory Compliance and Incentives | Investment in Low- Carbon Technologies Diversification into Renewable Energy Enhanced Operational Efficiency Leadership in Sustainability | Investment in Renewable Energy Sources Technological Innovations Development of New Markets Strategic Partnerships and Collaborations | Investment in Clean Technologies Development of Air Quality Monitoring Systems Adoption of Sustainable Practices Opportunities for Innovation in Emissions Reduction | Investment in Soil Remediation Technologies Development of Sustainable Agricultural Practices Opportunities for Bioremediation Solutions Collaboration with Environmental Organisations | Investment in Water Recycling Technologies Development of Sustainable Water Management Practices Opportunities for Innovation in Wastewater Treatment Collaboration with Local Communities and Stakeholders | | | | | | | | ![IFRS S2-2.jpg]() Mangrove forest, Epe, Lagos | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 143 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Risk Disclosures | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | Social | | | | | | | | | | | | | | | | | | | | | | | | Material matters | | | | | | | | | | | | | | | | | | | | | | | | Health, safety and security | Critical incident risk management | Human capital management | Diversity and inclusion | Human rights and community relations | | Supply chain management | | | | | | | | | | | | | | | | | | Sustainability and climate-related risks and opportunities | | | | | | | | | | | | | | | | | | | | | | | | Employee Health and Safety | Process safety | Working Conditions | Workplace Culture and Policy | Communities' Economic and Social Development | Rights of Indigenous People | Management of Relationships with Suppliers | | | | | | | | | | | | | | | | | | Current effects | | | | | | | | | | | | | | | | | | | | | | | | Increased workplace accidents affecting productivity Compliance costs related to health and safety regulations | Inadequate emergency response plans affecting safety Lack of communication during incidents leading to confusion | High turnover rates due to poor working conditions Legal risks associated with non-compliance | Poor employee engagement affecting productivity Ineffective communication leading to misunderstandings | Economic displacement of local communities Social inequality and unrest affecting operations | Social unrest affecting operations in local communities Legal challenges impacting project timelines | Disruptions in supply chain affecting production Payment disputes impacting supplier trust | | | | | | | | | | | | | | | | | | Anticipated effects | | | | | | | | | | | | | | | | | | | | | | | | Enhanced safety protocols leading to improved employee morale and retention Investment in health and wellness programs improving overall workforce productivity | Investment in crisis management training improving response times Development of advanced incident reporting systems enhancing safety | Improved working conditions leading to higher employee satisfaction and retention Opportunities for creating a positive workplace culture enhancing brand reputation | Investment in diversity and inclusion programmes enhancing workplace culture Opportunities for employee feedback mechanisms improving morale | Investment in local economic development projects benefiting communities Development of community engagement programmes enhancing relationships | Strengthened relationships with Indigenous communities through respectful engagement Opportunities for collaboration on community development initiatives | Strengthened supplier relationships leading to improved quality and reliability Opportunities for fair payment practices enhancing supplier loyalty | | | | | | | | | | | | | | | | | | Areas of concentration | | | | | | | | | | | | | | | | | | | | | | | | All operational facilities and sites Work environments across various locations | All operational facilities and sites Areas with high operational risks | All facilities and operational sites Locations with significant labor forces | All operational areas and corporate governance All facilities and operational sites | Areas surrounding operational facilities Regions with significant community interactions | Areas with Indigenous populations near operations Regions where indigenous rights are a concern | Supply chain networks across Nigeria Facilities reliant on local suppliers | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 144 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability risk management continued Risk Disclosures | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | Social | | | | | | | | | | | | | | | | | | | | | | | | Risks | | | | | | | | | | | | | | | | | | | | | | | | Workplace Accidents and Injuries Compliance with Health and Safety Regulations Mental Health Issues Legal Liabilities | Inadequate Emergency Response Plans Lack of Communication During Incidents Regulatory Non- Compliance Legal Liabilities | Poor Ergonomics and Workplace Design Inadequate Lighting and Ventilation Exposure to Hazardous Materials High Stress Levels | Lack of Diversity and Inclusion Poor Employee Engagement Ineffective Communication Legal Liabilities from Non- Compliance | Economic Displacement of Local Communities Social Inequality and Unrest Environmental Degradation Negative Impact on Community Health | Violation of Land Rights Cultural Erosion Lack of Consultation and Engagement Legal Liabilities from Non- Compliance | Disruption of Supply Chain Payment Delays and Disputes Quality Control Issues Reputational Damage from Poor Practices | | | | | | | | | | | | | | | | | | Opportunities | | | | | | | | | | | | | | | | | | | | | | | | Investment in Safety Training Programmes Development of Health and Wellness Initiatives Implementation of Advanced Safety Technologies Opportunities for Continuous Improvement in Safety Practices | Investment in Crisis Management Training Development of Advanced Incident Reporting Systems Enhanced Collaboration with Emergency Services Implementation of Proactive Risk Assessment Strategies | Investment in Ergonomic Solutions Development of Health and Safety Programmes Opportunities for Workplace Wellness Initiatives Implementation of Flexible Work Arrangements | Investment in Diversity and Inclusion Programmes Development of Positive Workplace Culture Initiatives Opportunities for Employee Feedback Enhanced Training on Company Policies and Values | Investment in Local Economic Development Projects Development of Community Engagement Programmes Opportunities for Sustainable Development Initiatives Enhanced Corporate Social Responsibility Programmes | Investment in Respectful Land Use Agreements Development of Cultural Preservation Initiatives Opportunities for Meaningful Stakeholder Engagement Enhanced Partnerships with Indigenous Communities | Investment in Strong Supplier Relationships Development of Fair Payment Practices Opportunities for Collaborative Quality Improvement Implementation of Supplier Performance Metrics | | | | | | | | | ![IFRS S2-3.jpg]() Sapele Integrated Gas Plant | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 145 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Risk Disclosures | | | | | --- | --- | --- | | | | | | Governance | | | | | | | | | | | | Material matters | | | | | | | | | | | | Business ethics and transparency | | Regulatory compliance | | | | | | | | | | Sustainability and climate-related risks and opportunities | | | | | | | | | | | | Business Ethics and Transparency | Bribery and Corruption | Regulatory compliance | | | | | | | | | | Current effects | | | | | | | | | | | | Reputational damage from unethical practices Legal liabilities impacting financial performance | Reputational damage Legal liabilities and penalties impacting operations | Legal penalties and fines impacting profitability Reputational damage due to non-compliance Operational disruptions due to non-compliance | | | | | | | | | | Anticipated effects | | | | | | | | | | | | Increased stakeholder trust through transparent operations Opportunities for ethical business practices enhancing market competitiveness | Investment in anti-corruption training enhancing compliance Development of strong compliance programmes improving trust | Investment in compliance training programmes enhancing operations Development of robust compliance management systems improving governance Opportunities for process improvement enhancing efficiency | | | | | | | | | | Areas of concentration | | | | | | | | | | | | Corporate governance and operational practices All operational areas and stakeholder interactions | Corporate governance and operational practices All operational areas and stakeholder interactions | All operational facilities and locations in Nigeria Areas with significant regulatory oversight All operational areas and stakeholder interactions | | | | | | | | | | Risks | | | | | | | | | | | | Corruption and Fraud Lack of Transparency in Operations Reputational Damage Legal Liabilities from Non-Compliance | Legal Liabilities and Penalties Reputational Damage Loss of Business Opportunities Erosion of Trust with Stakeholders | Legal Penalties and Fines Operational Disruptions due to Non-Compliance Reputational Damage Increased Scrutiny from Regulators | | | | | | | | | | Opportunities | | | | | | | | | | | | Investment in Ethics Training Programmes Development of Clear Communication Channels Opportunities for Stakeholder Engagement Enhanced Reporting and Accountability Mechanisms | Investment in Anti-Corruption Training Development of Strong Compliance Programmes Opportunities for Ethical Business Practices Implementation of Whistleblower Mechanisms | Investment in Compliance Training Programmes Development of Robust Compliance Management Systems Opportunities for Process Improvement Enhanced Stakeholder Trust through Transparency | | | | | \* Sustainability and climate-related risks associated with newly identified material issues in the 2026 materiality assessment will be updated for the 2026 annual report in 2027 ![IFRS S2-4.jpg]() Seplat ESG day | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 146 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability risk management continued Risk Disclosures Geographically, the Niger Delta is susceptible to various environmental and socio-economic challenges, including ecological degradation, community unrest and regulatory scrutiny. Our operations in this area are thus exposed to climate-related risks such as extreme weather events, sea level rise, and climate- focused changes in regulatory frameworks. However, the Niger Delta also presents opportunities for us to demonstrate leadership in sustainability, community engagement and environmental stewardship. By implementing innovative technologies, adopting best practices in environmental management and engaging openly and honestly with local communities, we can mitigate risks and capitalise on opportunities to create long-term value for our stakeholders, while promoting sustainable development in the region that ensures our continuing social licence to operate. Adapting to the uncertainties of #### sustainability and climate-related risks We recognise the dynamic nature of these risks and have established robust mechanisms to navigate uncertainties effectively. Firstly, we conduct comprehensive risk assessments to identify, evaluate and prioritise sustainability and climate-related risks across our operations and value chain (details of our value chain are provided on page [20](#i66125f98400d44deabf9a9f141bf2d2c_73)). This proactive approach enables us to anticipate potential challenges and develop contingency plans to mitigate adverse impacts. Secondly, we invest in ongoing monitoring and surveillance systems to track environmental indicators, regulatory developments, and community sentiment, allowing for timely adjustments to our risk management strategies. Through continuing dialogue with stakeholders, including local communities, regulatory authorities and investors, we ensure transparency and responsiveness in addressing emerging risks and concerns. Thirdly, we emphasise innovation and diversification of our operations and revenue streams. We are exploring alternative energy sources, adopting cleaner technologies, and implementing efficiency measures to reduce our environmental footprint and enhance resilience to climate-related challenges. Through continuous improvement initiatives and adaptive management approaches, we remain agile in responding to evolving sustainability and climate-related challenges, thereby safeguarding our long-term viability and creating value for all stakeholders. ![IFRS S2-5.jpg]() Colleagues at Temple Towers, Lagos | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 147 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability strategy #### Strategy #### Driving sustainable growth at scale Our strategy is based on sustainable growth and delivering energy transition at scale for Nigeria. Our drive towards integration along the energy value chain through our upstream, midstream gas and new energy businesses is a response to our belief that while oil remains crucial for Nigeria’s development, gas will drive energy transition and renewable energy is the future. Therefore, when we identify the opportunities and risks we will encounter in the future, we consider how we can increase value for all stakeholders in the most sustainable way. Considering sustainability-related risks and opportunities in our strategy and decision making Sustainability-related risks are multidimensional, ranging from the impacts of climate change on our markets to the impact of our interactions with local communities. At a global level, we recognise the risks associated with climate change and the urgent need for energy transition that it imposes on world energy markets. With uncertainties around long-term future demand for fossil fuels, as well as shorter-term geopolitical impacts on pricing, we must look at future opportunities as the energy mix changes towards sustainable sources. But in our consideration of sustainability, we must look at global challenges through the lens of Africa, where more than 600 million people have no access to electricity and more than 900 million use biomass for cooking, with consequently poor social, economic and health outcomes across many of the United Nations’ SDG. Although gas is a fossil fuel, we strongly believe that its extraction and use can deliver many positive sustainability gains across Nigeria and Africa if it is used to increase energy access, reduce the use of biomass for cooking and reduce the use of oil and coal for power generation. We strongly believe these gains will deliver disproportionate benefits for Africans, compared to the increase in emissions involved. Environmental risks and opportunities are discussed in our climate-related risk disclosures (IFRS S2), and include physical risks driven by climatic events such as extreme rainfall and flooding. The effects of these physical risks could include interruptions to operations and damage to infrastructure, and so the strategic priorities for our upstream business are the diversification of export routes to protect against disruption and assuring asset integrity. As we make investments to diversify and secure our evacuation channels, from a business planning and project evaluation perspective we also increase our range of sensitivities to reflect the impact of downtime due to infrastructure unavailability. The geopolitics of energy transition will increasingly influence our investment choices and energy mix as we evolve the business through a reduction in the carbon intensity of the upstream business, increased gas utilisation (CNG, LPG) and new investments in gas-to-power and renewables. Our long-term planning includes strategic scenarios at different long-term oil prices, which reflect potential variance in long-term oil demand. We will integrate our pathway to net zero into our plans, considering our resources, pipeline projects and opportunities, productive capacity and business capabilities. At the social level, our strategy is situated within the domestic context of Nigeria. Energy poverty and low human and economic capital have remained a persistent challenge in the country and pose a threat to meaningful growth and sustainable development. Conversely, there is an opportunity to drive social development through increased access to affordable, reliable and sustainable energy. Therefore, our investments in social programmes such as access to energy, health, education and entrepreneurship reinforce our strategic focus on UN SDG 3 (Good health and wellbeing), SDG 4 (Quality education), SDG 7 (Affordable and clean energy) and SDG 8 (Decent work and economic growth) in our commitment to sustainable development in Nigeria. At the governance and policy levels, these sustainability-related risks have driven increased regulatory scrutiny and new reporting requirements. Our strategic framework includes the well-defined pillar of Environmental care and reporting, and through this we are committed to global reporting standards and will continue to report on our progress transparently. Critical to this is the establishment of comprehensive baselines from which to set credible medium- to long-term targets that we will articulate and communicate in due course. We have developed and will continue to drive the implementation of robust policies that govern how we conduct our business internally and how we interact with external stakeholders and the natural environment. During the year, we updated our assessment of material sustainability issues across Seplat Energy, including those relating to our recently integrated offshore assets. This Group-wide review ensured that both existing and emerging risks and opportunities were identified and prioritised, reinforcing our commitment to embedding sustainability at the heart of our strategy and operational decision making. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 148 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability strategy continued #### Strategy #### Tackling climate change Central to our strategy to build a sustainable business is a commitment to focus on environmental care and reporting, committing to global standards and transparently reporting our progress. In 2025, we completed all our EORF projects across our operated onshore assets, and we achieved zero-routine flaring operations on our WA. In early 2026, we have also started to progress towards zero-routine flaring operations on our operated EA. This is contributing to reducing our carbon intensity even as we constantly evaluate opportunities to profitably enter power and renewable energy markets. Our adoption of IFRS S2 in 2023 demonstrates our commitment to reporting our impact on the natural environment and its impact on our Company. While recognising the risks of climate change, our focus on developing Nigeria’s natural gas resources demonstrates our commitment to increasing energy access while decarbonising Nigeria’s current energy consumption, which is dominated by the use of oil-based fuels to power small-scale generators and the use of biomass for cooking. We believe that tackling these significant energy challenges in Nigeria will deliver substantial gains across the United Nations’ 17 SDGs, and the use of gas as a transition fuel should be understood in the context of the development benefits it can deliver in Nigeria and Africa. #### Climate-related risks and opportunities Our strategy aims to position Seplat Energy as a leader in Nigeria’s energy transition, while reducing our vulnerability to climate-related risks. We evaluate climate-related risks in two primary categories: physical risks and transition risks, with an emerging focus on climate litigation. In doing so, we employ a comprehensive range of macroeconomic and externally sourced metrics to evaluate our climate-related risks and opportunities. Details of our risk assessment have been included in our Risk Report on pages 135-146, and we outline our current and anticipated indirect and direct mitigation and adaption efforts on pages 137-139. In the short term, our primary objective is to eradicate all routine flaring from our existing onshore operated assets by the end of 2025. Looking ahead to the medium term, we aim to integrate renewable energy sources into our operations, while our long-term goal is to achieve net zero emissions by 2050. These progressive targets underscore our dedication to reducing our environmental impact and increasing the sustainability of our operations. #### Using scenario analysis to assess our resilience We conducted our annual scenario analysis for the 2025 financial year to assess shifts in the macroeconomic outlook, technology developments, policy and legal implications. The climate resilience assessment encompasses all of Seplat’s cash-generating portfolios, including all producing assets. To demonstrate the resilience of the organisational strategy and financial plans to a range of plausible climate-related scenarios, Seplat Energy adopted the International Energy Agency’s (IEA) Global Energy and Climate (GEC) model for the impact assessment of climate-related risks and opportunities on Seplat’s strategy. The GEC model uses macro drivers, techno-economic inputs and policies as input data to design and arrive at the three scenarios. In designing and developing these scenarios, multiple factors, including macroeconomic and financial conditions, climate change policies, risks and opportunities, were incorporated. Each energy transition scenario yields a range of commodity prices, environmental fees and taxes. These scenarios reflect changes to oil prices, with fixed gas prices based on contractual terms, and crude production forecasts based on the Company’s Competent Person’s Report (CPR). The NPV15 (net present value at 15% discount rate) of Seplat Energy’s portfolio under the selected scenarios remains positive. Apart from oil price, the assumptions applied in these scenarios are consistent with those used in conducting impairment assessments for the Group’s oil and gas properties in the financial statements. Seplat Energy’s 2025 economic assumptions used in the long-term business plan capture all the elements that could result in uncertainties in the evaluation. We have also considered the impacts of exchange rates, fiscal policies, oil and gas prices and the effects of planned as well as unplanned maintenance activities in our analysis. We plan to factor carbon pricing into future scenario analyses, as NCCC finalises the specific tax rates and operational guidelines, in line with Nigeria’s ETP. The climate-related scenarios consider both energy transition and physical risks. The decision to apply our chosen climate-related scenarios is embedded in the definitions of each of these scenarios, as shown below: Net zero emissions (NZE) by 2050 scenario The NZE scenario maps out a pragmatic but ambitious global pathway for the energy sector to achieve net zero CO2 emissions by 2050 and is consistent with a long-term goal of limiting the rise in global average temperatures to 1.5°C (with a 50% probability). This recognises that each country will have its own pathway, depending on their circumstances. In the NZE scenario, global emissions fall by over half by 2035 from their 2024 level and reach net zero by 2050. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 149 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Strategy Current policies scenario The current policies scenario (CPS) considers a snapshot of policies and regulations that are already in place and offers a cautious perspective on the speed at which new energy technologies are deployed and integrated into the energy system. It projects slower growth in the adoption of new technologies in the energy system than seen in recent years. Consequently, the CPS projects a somewhat bigger continuing role for traditional fuels. Stated Policies Scenario Stated policies scenario (STEPS) considers the application of a broader range of policies, including those that have been formally put forward but not yet adopted, as well as other official strategy documents that indicate the direction of travel. It does not, however, assume that aspirational targets are met. It offers a more dynamic perspective on energy technology and market trends and projects a slightly more rapid introduction of new energy technologies than the CPS. On one hand, two of the three scenarios (CPS and STEPS) are exploratory scenarios, as they do not assume that aspirational targets or objectives are met. The NZE scenario, on the other hand, provides a pathway that assumes an aspirational target of net zero emissions by mid-century. These three scenarios provide a framework for evaluating the choices that decision makers face and the potential consequences of those choices for the global energy system. Each scenario has a fuel price outcome (including crude oil price) as presented in the World Energy Outlook 2025 and is based on the latest and most comprehensive data on policies, technologies and markets, together with rigorous modelling. For this assessment, the IEA price by scenarios has been tested against our strategic business plan to ascertain the resilience of our business to climate-related issues and the impact on the corporate bottom line (net cashflows). The climate resilience assessment was conducted across all Seplat’s cash-generating units (CGUs), including all producing assets and office locations. The time horizons used for the analysis include: Short term: 0 - 2 years Medium term: 2 - 5 years Long term: More than 5 years In November 2021, at the United Nations Climate Change Conference (COP26), President Muhammadu Buhari announced that Nigeria is committed to achieving net zero emissions by 2060. The target acknowledges the challenges related to energy shortages, poor grid infrastructure and limited electricity penetration in Nigeria. The immediate goal is to create a more attractive fiscal, regulatory and risk environment that encourages more investment in Nigeria’s energy sector so that our country’s critical energy challenges can be addressed. In response to these national priorities, we are committed to reducing our carbon footprint and have set a net zero target of 2050. This target aligns our climate goals with the Paris Agreement, which aims to limit global warming to below 2oC above pre-industrial levels. We are fully committed to the transition of our business towards supplying cleaner, more sustainable forms of energy. This commitment is rooted in our recognition of the global and local impacts of long-term climate change and the short-term volatility of weather it creates, but with an equal recognition that Nigeria and wider Africa need reliable and affordable energy to develop and industrialise and that gas offers many benefits as the logical transition fuel. We have also considered that the ecologically significant region of the Niger Delta, in which we operate, faces heightened vulnerability to the impacts of climate change, with a specific emphasis on the risk of flooding. The Delta relies heavily on its low-lying mangroves, which are crucial for flood protection. Recognising the ecological importance and susceptibility to environmental shifts, our comprehensive climate resilience assessment evaluates and addresses the potential challenges of climate change across the diverse ecological landscapes in which we operate. IEA Scenarios as Proxies for Climate-related Risks and Opportunities ![]() NZE CPS STEPS ![]() Strategic Planning & Risk Management ![]() Financial Impact ![]() Seplat’s net cashflows | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 150 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability strategy continued Strategy #### Assessing the resilience of our portfolio IEA’s oil price by scenario and the Seplat business plan price profile Oil price scenarios ($/bbl) ![9895604676157]() Using the IEA’s oil‑price scenarios as the basis for evaluation, all assets in Seplat’s portfolio were assessed to determine NPV15. When compared with the Company’s long‑term business plan (BP) assumptions, the portfolio demonstrates resilience under two of the IEA scenarios: the STEPS and the CPS. Under the CPS, oil prices are projected to rise steadily, reaching approximately $89/bbl in 2035 and $106/bbl in 2050. The STEPS scenario anticipates moderate downward pressure on prices, stabilising at around $76/bbl by 2050. In both scenarios, the NPV15 of all Seplat assets exceeds the BP base case, reflecting the positive impact of higher price trajectories relative to the Company’s business planning assumptions. In contrast, the NZE scenario presents a more challenging outlook. The scenario assumes a sharp decline in global oil demand, with prices expected to fall to $33/bbl in 2030 and $25/bbl in 2050. Under this scenario, Seplat’s portfolio shows reduced resilience when benchmarked against the BP case, driven primarily by the significantly more pessimistic price assumption. To mitigate transition risks associated with a lower‑carbon future, Seplat continues to prioritise investments in gas development, consistent with Nigeria’s recognition of natural gas as a transition fuel. The Company currently supplies a substantial share of domestic gas‑to‑power demand, supporting approximately 30% of the gas used for electricity generation in Nigeria. Seplat remains committed to expanding its gas business and unlocking the sizeable gas resources within its asset base to support long‑term value creation, energy security and a lower‑carbon energy mix. Impact on the value of the IEA scenarios on Seplat Energy’s portfolio ![9895604676141]() | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | n | NZE | n | STEPS | n | CPS | — | Seplat Business | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 151 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Climate-related physical risk assessment In 2025, we complemented the results of our 2024 climate-related physical risk assessment by conducting same for our offshore assets. We conducted a comprehensive review to evaluate the effects of various changing climatic conditions, such as changes in fluvial flood, pluvial flood, water stress, annual precipitation, heavy precipitation, high temperature, on our  assets. across the Niger Delta region of Nigeria. We utilized IPCC climate modelling data that encompasses three future climate scenarios (RCP 2.6 – SSP 126, RCP 4.5 – SSP 245, and RCP 8.5 – SSP 585) for the timeframes of 2030, 2040, and 2050. #### Onshore assets assessment For our onshore assets, seventeen hazards were analysed, with six identified as the most relevant to Seplat's onshore assets in the Niger Delta. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 17 Hazards analysed • Heatwave • Cold wave • Wildfire • High temperature • Temperature variability • Flooding • Sea level rise • Drought • Precipitation variability • Water stress • Ocean acidification • Heavy precipitation • High wind • Changing wind patterns • Cyclones, hurricanes and typhoons, tornadoes and storm • Landslide • Avalanche | Analysis for each site, and each climate hazard: • RCP2.6, 4.5 and 8.5 scenarios • 2030, 2040 & 2050 | | Physical Risk Type | Hazards | Corresponding indicators | Vulnerability | | Water related hazards | Acute | Fluvial Flooding | Fluvial flooding (100 year) return period) | Infrastructure Damage Operational disruption | | Acute | Pluvial Flooding | Pluvial flooding (100- year return period) | Infrastructure Damage Operational disruption | | Acute | Water stress | Water stress (Ratio of total water withdrawals to available renewable surface and groundwater supplies (%)) | No evaluation of vulnerability as the production seems not deeply linked to water need | | Extreme weather events | Acute | Annual precipitation | Cumulative precipitation (mm/year) | Destruction of assets (corrosion) | | Acute | Heavy precipitation | Heavy precipitation (>50 mm/day)   - number of days | Destruction of assets (corrosion) | | Temperature related hazards | Chronic | High temperature | Maximum temperature (Annual maximum of the daily maximum temperature) | Operational inefficiency | • In the short to medium term, the identified risks are associated with factors that Seplat is already aware of, regardless of their connection to climate change, and the company is actively managing these risks. For instance, certain assets (OML 40) face significant risks from annual precipitation and pluvial flooding, while others (OML 4, 38, 41, 53) have moderate risk exposure to maximum temperatures and heavy rainfall. Recently, the Niger Delta has seen a notable increase in pluvial flooding, extreme temperatures, and annual precipitation. Our comprehensive Environmental Management System (EMS) and Emergency Response Plan (ERP) enable us to effectively address any short-term storm damage or disruptions. • In the long term, the analysis indicates that although we have assessed current known risk factors and our existing asset portfolio, the frequency and intensity of these risks may rise by 2050. The predictability level suggests that immediate investment in climate adaptation measures for the assets is not necessary at this time. Instead, we are positioned to monitor the assets and evaluate the need for adaptation actions, such as addressing the potential impact of water scarcity on various assets. • Our plan considers the effects of mitigation measures in the short to medium term. We will persist in monitoring and evaluating the future vulnerability of our assets to changing climate conditions over the long term to determine the necessity for any additional adaptation actions and associated metrics. • Furthermore, the effects of physical climate change on our operations are expected to extend beyond the boundaries of our assets. A comprehensive assessment of this risk must also take into account the overall impact on supply chains, resource availability, and markets. Our assets address this risk as part of extensive risk and threat management processes mandated by our HSSE Framework, which is integrated into the broader Seplat’s Enterprise Risk Management Framework. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 152 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Sustainability strategy continued #### Offshore assets assessment For our offshore assets, thirteen hazards were analysed, with four identified as the most relevant to Seplat's offshore assets in the Niger Delta. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 13 Hazards analysed • Temperature, water and wind related indicators • Water stress • Coastal, riverine and pluvial flooding • Forest Fire Danger Index • Frost index • Landslide susceptibility • Earthquake • Soil erosion • River discharge indicators • Tropical cyclones • Sea level rise • Solar capacity factor • Other natural disasters | Analysis for each site, and each climate hazard: • RCP2.6, 4.5 and 8.5 scenarios • 2030, 2040 & 2050 | | Physical Risk Type | Hazards | Corresponding indicators | Vulnerability | | Flooding | Chronic | Sea level rise | Sea level rise (cm) | Operational disruption, cost escalation | | Acute | Pluvial flooding | Pluvial flooding (100- year return period) (m) | Operational disruption | | MetOcean | Chronic | Sea temperature | Sea surface temperature (oC) | Destruction of assets (corrosion) | | Precipitation | Acute | Annual precipitation | Cumulative precipitation (mm/year) | | • In the short to medium term, the assessment identified several risks in which our offshore assets have medium to high exposure to. For example, the assessment indicated that all our offshore locations have medium to high exposure to intensifying rainfall which increases the likelihood of the capacity of drainage system being exceeded. This risk exposure is consistent across the short, and medium term for all three scenarios assessed. The assessment acknowledged the existence of adequate control measures but admonished strengthening them ahead of longer term changes in projected precipitation. The analysis also indicates 13 offshore locations have low risk exposure to pluvial flooding while two locations have medium to high risk. That said, solid measures such as, elevated placement of critical equipment at coastal terminals and FSOs designed to operate safely in harsh marine conditions, are in place to control this risk. • In the long term, the analysis indicates that although we have current known risk factors with medium to high exposure (particularly rising sea temperature), existing mitigation and adaptation efforts are adequate. The analysis however also indicates that these measures can be improved upon such as implementing advanced cooling techniques to manage the impact of rising sea surface temperatures in the long term as well as evaluating drainage capacities against projected rainfall intensities to ensure resilience against pluvial flooding. • Overall, our offshore assets maintains strong resilience, but long-term climate changes will require strategic adaptation investments—particularly in drainage, cooling capacity, and corrosion/fouling management—to safeguard operational continuity and manage cost escalation in the decades ahead. • This assessment evaluated $991.5 million worth of physical assets for our offshore operations representing 32% of the carrying value of group our oil & gas properties (onshore and offshore) as of December 31, 2025. • Our plan considers the effects of mitigation measures in the short to medium term. We will persist in monitoring and evaluating the future vulnerability of our assets to changing climate conditions over the long term to determine the necessity for any additional adaptation actions and associated metrics. #### Reserves valuation and capital expenditures Testing the sensitivity of hydrocarbon reserve levels to future price projection scenarios that account for price on carbon emissions did not highlight significant climate-related risks. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 153 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | ### Financial ### Statements | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 154 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Statement of Directors’ Responsibilities #### For the year ended 31 December 2025 The Companies and Allied Matters Act, 2020, requires the Directors to prepare financial statements for each financial year that gives a true and fair view of the state of financial affairs of the Group at the end of the year and of its profit or loss. The responsibilities include ensuring that the Group: 1) keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Group and comply with the requirements of the Companies and Allied Matters Act, 2020; 2) establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and 3) prepares its financial statements using suitable accounting policies supported by reasonable and prudent judgments and estimates and are consistently applied. The Directors accept responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgements and estimates, in conformity with International Financial Reporting Standards (IFRS), the requirements of the Companies and Allied Matters Act, 2020 and Financial Reporting Council of Nigeria Act, No. 6, 2011. The Directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the Group and of its financial performance and cashflows for the year. The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control. Nothing has come to the attention of the Directors to indicate that the Group will not remain a going concern for at least 12 months from the date of this statement. Signed on behalf of the Directors by: | | | | --- | --- | | | | | U.U. Udoma Chairman FRC/2013/NBA/00000001796 26 February 2026 | R.T. Brown Chief Executive Officer FRC/2014/PRO/DIR/003/00000017939 26 February 2026 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 155 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Statutory Audit Committee report #### For the year ended 31 December 2025 To the members of Seplat Energy Plc: In accordance with the provisions of Section 404 (7) of the Companies and Allied Matters Act, CAMA 2020, we the members of the Statutory Audit Committee of Seplat Energy Plc hereby report on the financial statements of the Group for the year ended 31 December 2025 as follows: • That the scope and plan of the audit for the year ended 31 December 2025 were adequate; • We have reviewed the financial statements and are satisfied with the explanations and comments obtained; • We have reviewed the external auditors’ management letter for the year and are satisfied with the management’s responses and that management has taken appropriate steps to address the issues raised by the Auditors; • We are of the opinion that the accounting and reporting policies of the Company are in accordance with legal requirements and ethical practices. The external Auditors confirmed having received full co-operation from the Company’s management in the course of the statutory audit and that the scope of their work was not restricted in any way. ![image.png]() Mr Abayomi Adeyemi, FCA, CFA Chairman, Statutory Audit Committee FRC/2014/CISN/00000005607 26 February 2026 #### Statutory Audit Committee members | | | | --- | --- | | | | | Mr Abayomi Adeyemi | Chairman / Shareholder member | | Mrs Hauwa Umar | Shareholder member | | Mr Nornah Awoh | Shareholder member | | Mrs Bashirat Odunewu | Independent Non-Executive Director | | Mr Kazeem Raimi | Non-Executive Director | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 156 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Statement of corporate responsibility for financial reports #### For the year ended 31 December 2025 In line with the provision of S.405 of CAMA 2020, we have reviewed the audited financial statements of the Group for the year ended 31 December 2025 and based on our knowledge confirm as follows: • The audited financial statements do not contain any untrue statement of material fact or omit to state a material fact, which would make the statements misleading • The audited financial statements and all other financial information included in the statements fairly present, in all material respects, the financial condition and results of operation of the Company as of and for, the period ended 31 December 2025 • The Company’s internal controls have been designed to ensure that all material information included relating to the Company and its subsidiaries is received and provided to the Auditors in the course of the audit • The Company’s internal controls were evaluated within ninety days of the financial reporting date and are effective as of 31 December 2025 • That we have disclosed to the Company’s Auditor’s and the Audit Committee the following information: • There are no significant deficiencies in the design or operation of the Company’s internal controls which could adversely affect the Company’s ability to record, process, summarise and report financial data, and have discussed with the Auditors any weaknesses in internal controls observed in the cause of the audit. • There is no fraud involving management or other employees which could have any significant role in the Company’s internal control. • There are no significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of this audit, including any corrective actions with regard to any observed deficiencies and material weaknesses | | | | --- | --- | | | | | R.T. Brown FRC/2014/PRO/DIR/003/00000017939 Chief Executive Officer 26 February 2026 | E. Adaralegbe FRC/ /2017/ICAN/00000017591 Chief Financial Officer 26 February 2026 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 157 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Management's annual assessment of, and report on, Seplat Energy Plc’s internal control over financial reporting #### Annual Report and Financial Statements for the year ended 31 December 2025 To comply with the provisions of Section 1.3 of SEC Guidance on Implementation of Sections 88 – 91 of The Investments and Securities Act 2025, we hereby make the following statements regarding the Internal Controls of Seplat Energy Plc for the year ended 31 December 2025: 1. Seplat Energy Plc’s management is responsible for establishing and maintaining a system of internal control over financial reporting (ICFR) that provides reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards. 2. Seplat Energy Plc’s management used the Committee of Sponsoring Organization of the Treadway Commission (COSO) Internal Control-Integrated Framework to conduct the required evaluation of the effectiveness of the entity's ICFR. 3. Seplat Energy Plc’s management has assessed that the entity's ICFR as of the end of 31 December 2025 is effective. 4. Seplat Energy Plc’s external auditor Messrs PricewaterhouseCoopers that audited the financial statements, included in the Annual Rreport, has issued an attestation report on management's assessment of the entity's internal control over financial reporting. The attestation report of Messrs PricewaterhouseCoopers that audited its financial statements will be filed as part of Seplat Energy Plc’s Annual Report. | | | | --- | --- | | | | | Udoma Udo Udoma, CON Chairman FRC/2013/NBA/00000001796 | Roger Brown Chief Executive Officer FRC/2014/PRO/DIR/003/00000017939 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 158 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Certification of management’s assessment on internal control over financial reporting #### Annual Report and Financial Statements for the year ended 31 December 2025 To comply with the provisions of Section 1.1 of SEC Guidance on Implementation of Sections 88 – 91 of The Investments and Securities Act 2025, I hereby make the following statements regarding the internal controls of Seplat Energy Plc for the year ended 31 December 2025. I, Roger Brown, certify that: a) I have reviewed this management assessment on internal control over financial reporting of Seplat Energy Plc; b) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; c) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the entity as of, and for, the periods presented in this report; d) The entity’s other certifying officer and I: 1. are responsible for establishing and maintaining internal controls; 2. have designed such internal controls and procedures, or caused such internal controls and procedures to be designed under our supervision, to ensure that material information relating to the entity, and its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 3. have designed such internal control system, or caused such internal control system to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 4. have evaluated the effectiveness of the entity's internal controls and procedures as of a date within 90 days prior to the report and presented in this report our conclusions about the effectiveness of the internal controls and procedures, as of the end of the period covered by this report based on such evaluation. e) The entity's other certifying officer and I have disclosed, based on our most recent evaluation of internal control system, to the entity's Auditors and the Audit committee of the entity's Board of Directors (or persons performing the equivalent functions): 1. All significant deficiencies and material weaknesses in the design or operation of the internal control system which are reasonably likely to adversely affect the entity’s ability to record, process, summarise and report financial information; and 2. Any fraud, whether or not material, that involves management or other employees who have a significant role in the entity's internal control system. f) The entity's other certifying officer(s) and I have identified, in the report whether or not there were significant changes in internal controls or other facts that could significantly affect internal controls subsequent to the date of their evaluation including any corrective actions with regard to significant deficiencies and material weaknesses. Roger Brown Chief Executive Officer FRC/2014/PRO/DIR/003/00000017939 26 February 2026 | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 159 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Certification of management’s assessment on internal control over financial reporting #### Annual Report and Financial Statements for the year ended 31 December 2025 To comply with the provisions of Section 1.1 of SEC Guidance on Implementation of Sections 88 – 91 of The Investments and Securities Act 2025, I hereby make the following statements regarding the internal controls of Seplat Energy Plc for the year ended 31 December 2025. I, Eleanor Adaralegbe, certify that: a) I have reviewed this management assessment on internal control over financial reporting of Seplat Energy Plc; b) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; c) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the entity as of, and for, the periods presented in this report; d) The entity’s other certifying officer and I: 1. are responsible for establishing and maintaining internal controls; 2. have designed such internal controls and procedures, or caused such internal controls and procedures to be designed under our supervision, to ensure that material information relating to the entity, and its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 3. have designed such internal control system, or caused such internal control system to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 4. have evaluated the effectiveness of the entity's internal controls and procedures as of a date within 90 days prior to the report and presented in this report our conclusions about the effectiveness of the internal controls and procedures, as of the end of the period covered by this report based on such evaluation. e) The entity's other certifying officer and I have disclosed, based on our most recent evaluation of internal control system, to the entity's Auditors and the Audit Committee of the entity's Board of Directors (or persons performing the equivalent functions): 1. All significant deficiencies and material weaknesses in the design or operation of the internal control system which are reasonably likely to adversely affect the entity’s ability to record, process, summarize and report financial information; and 2. Any fraud, whether or not material, that involves management or other employees who have a significant role in the entity's internal control system. f) The entity's other certifying officer(s) and I have identified, in the report whether or not there were significant changes in internal controls or other facts that could significantly affect internal controls subsequent to the date of their evaluation including any corrective actions with regard to significant deficiencies and material weaknesses. Eleanor Adaralegbe Chief Financial Officer FRC/2017/ICAN/00000017591 26 February 2026 | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 160 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Independent practitioner’s report ![01.jpg]() | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 161 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Independent practitioner’s report continued ![02.jpg]() | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 162 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Independent auditor’s report ![1.jpg]() | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 163 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | ![2.jpg]() | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 164 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Independent auditor’s report continued ![3.jpg]() | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 165 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | ![4.jpg]() | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 166 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Independent auditor’s report continued ![5.jpg]() | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 167 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | i ![6.jpg]() | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 168 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Consolidated statement of profit or loss and other comprehensive income For the year ended 31 December 2025 | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | | | | | Restated \*\* | | Restated \*\* | | | Notes | ₦ million | ₦ million | $'000 | $'000 | | Revenue from contracts with customers | 9 | 4,135,376 | 1,651,571 | 2,725,859 | 1,116,168 | | Cost of sales | 10 | (2,763,104) | (1,130,149) | (1,821,317) | (763,783) | | Gross profit | | 1,372,272 | 521,422 | 904,542 | 352,385 | | Other income/(loss) - net | 11 | 87,459 | 54,955 | 57,497 | 37,140 | | Gain on bargain purchase | 12 | – | 149,153 | – | 100,801 | | General and administrative expenses | 13 | (378,532) | (215,659) | (249,513) | (145,748) | | Impairment loss on financial assets | 14 | (23,857) | (15,640) | (15,726) | (10,570) | | Fair value losses | 15 | (32,720) | (10,875) | (21,568) | (7,349) | | Operating profit | | 1,024,622 | 483,356 | 675,232 | 326,659 | | Finance income | 16 | 18,532 | 19,525 | 12,216 | 13,196 | | Finance costs | 16 | (281,207) | (138,694) | (185,359) | (93,732) | | Finance cost-net | 16 | (262,675) | (119,169) | (173,143) | (80,536) | | Share of (loss)/profit from joint venture accounted for using the equity method | 24.4.2.2 | (6,442) | 30,482 | (4,246) | 20,601 | | Profit before taxation | | 755,505 | 394,669 | 497,843 | 266,724 | | Income tax expense | 17 | (513,925) | (186,800) | (338,754) | (126,243) | | Profit for the year | | 241,580 | 207,869 | 159,089 | 140,481 | | Attributable to: | | | | | | | Equity holders of the parent | | 243,179 | 220,532 | 160,143 | 149,039 | | Non-controlling interests | 24.3.4 | (1,599) | (12,663) | (1,054) | (8,558) | | | | 241,580 | 207,869 | 159,089 | 140,481 | | Earnings per share for the year | | | | | | | Basic earnings per share ₦/$ | 40 | 409.92 | 374.77 | 0.27 | 0.25 | | Diluted earnings per share ₦/$ | 40 | 409.92 | 374.77 | 0.27 | 0.25 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | Profit for the year | | 241,580 | 207,869 | 159,089 | 140,481 | | Other comprehensive income: | | | | | | | Items that may be reclassified to profit or loss (net of tax): | | | | | | | Foreign currency translation difference | 33 | (183,231) | 1,141,883 | 654 | (583) | | Items that will not be reclassified to profit or loss: | | | | | | | Remeasurement loss on defined  benefits obligations | 37.2 | (6,516) | (5,105) | (4,295) | (3,450) | | Deferred tax credit on remeasurement loss | 17 | 5,806 | 1,685 | 3,827 | 1,139 | | Other comprehensive (loss)/income for the year | | (183,941) | 1,138,463 | 186 | (2,894) | | Total comprehensive income for the year (net of tax) | | 57,639 | 1,346,332 | 159,275 | 137,587 | | Attributable to: | | | | | | | Equity holders of the parent | | 47,770 | 1,358,995 | 160,329 | 146,145 | | Non-controlling interests | 24.3 | 9,869 | (12,663) | (1,054) | (8,558) | | | | 57,639 | 1,346,332 | 159,275 | 137,587 | \*\* See Note 8 for disclosure on restated balance. Notes 1 to 46 on pages 173 to 267 are an integral part of these financial statements. The above year end consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 169 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Consolidated statement of financial position As at 31 December 2025 | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | | | | | Restated \*\* | | Restated \*\* | | | Notes | ₦ million | ₦ million | $'000 | $'000 | | Assets | | | | | | | Non-current assets | | | | | | | Oil & gas properties | 19.1 | 4,477,741 | 4,983,767 | 3,119,818 | 3,246,077 | | Other property, plant and equipment | 19.2 | 517,515 | 661,811 | 360,573 | 431,057 | | Right-of-use assets | 21 | 163,697 | 201,182 | 114,054 | 131,036 | | Intangible assets | 22 | 812,866 | 1,017,699 | 566,355 | 662,859 | | Other assets | 20 | 130,343 | 139,431 | 90,815 | 90,815 | | Investment accounted for using equity method | 24.4.1 | 372,835 | 374,641 | 259,769 | 244,015 | | Long-term prepayments | 23 | 22,462 | 48,018 | 15,650 | 31,276 | | Deferred tax assets | 17.4 | 289,581 | 353,954 | 201,762 | 230,541 | | Total non-current assets | | 6,787,040 | 7,780,503 | 4,728,796 | 5,067,676 | | Current assets | | | | | | | Inventory | 25 | 489,087 | 525,978 | 340,766 | 342,585 | | Trade and other receivables | 26 | 683,086 | 1,156,593 | 475,932 | 753,321 | | Short-term prepayments | 23 | 47,729 | 52,596 | 33,254 | 34,257 | | Contract assets | 27 | 29,159 | 23,918 | 20,315 | 15,579 | | Derivative financial assets | 28.1 | 17,352 | — | 12,090 | — | | Restricted cash | 29.2 | 181,347 | 202,983 | 126,351 | 132,209 | | Cash and cash equivalents | 29 | 476,970 | 721,385 | 332,326 | 469,862 | | Total current assets | | 1,924,730 | 2,683,453 | 1,341,034 | 1,747,813 | | Asset held for sale | 30 | 17,611 | 18,838 | 12,270 | 12,270 | | Total assets | | 8,729,381 | 10,482,794 | 6,082,100 | 6,827,759 | | Equity and liabilities | | | | | | | Equity attributable to shareholders | | | | | | | Issued share capital | 31 | 300 | 297 | 1,868 | 1,864 | | Share premium | 31.3 | 150,802 | 87,375 | 560,371 | 518,564 | | Share-based payment reserve | 31.4 | 24,985 | 15,558 | 42,961 | 36,747 | | Treasury shares | 31.5 | (100,270) | (3,570) | (69,350) | (5,609) | | Capital contribution | | 5,932 | 5,932 | 40,000 | 40,000 | | Retained earnings | | 342,409 | 312,635 | 1,248,293 | 1,228,817 | | Foreign currency translation reserve | 33 | 2,198,082 | 2,393,009 | 2,887 | 2,233 | | Non-controlling interest | 24.3.3 | 20,996 | 11,127 | 14,625 | 15,679 | | Total shareholder's equity | | 2,643,236 | 2,822,363 | 1,841,655 | 1,838,295 | | Non-current liabilities | | | | | | | Interest-bearing loans and borrowings | 34 | 1,339,135 | 1,409,480 | 933,028 | 918,036 | | Lease liabilities | 35 | 67,027 | 88,530 | 46,700 | 57,663 | | Provision for decommissioning obligation | 36 | 1,168,622 | 1,194,818 | 814,225 | 778,221 | | Deferred tax liability | 17.5 | 1,742,201 | 2,176,045 | 1,213,860 | 1,417,323 | | Defined benefit plan | 37.2 | 3,904 | 76,900 | 2,720 | 50,087 | | Total non-current liabilities | | 4,320,889 | 4,945,773 | 3,010,533 | 3,221,330 | | Current liabilities | | | | | | | Interest-bearing loans and borrowings | 34 | 104,154 | 690,270 | 72,568 | 449,593 | | Lease liabilities | 35 | 29,162 | 26,679 | 20,318 | 17,377 | | Derivative financial liability | 28.2 | 9,041 | 6,073 | 6,299 | 3,955 | | Trade and other payables | 38 | 1,310,242 | 1,790,227 | 912,886 | 1,166,026 | | Other provisions | 39 | 4,901 | 5,088 | 3,415 | 3,314 | | Current tax liabilities | 17.2 | 307,756 | 196,321 | 214,426 | 127,869 | | Total current liabilities | | 1,765,256 | 2,714,658 | 1,229,912 | 1,768,134 | | Total liabilities | | 6,086,145 | 7,660,431 | 4,240,445 | 4,989,464 | | Total shareholders' equity and liabilities | | 8,729,381 | 10,482,794 | 6,082,100 | 6,827,759 | Notes 1 to 46 on pages 173 to 267  are an integral part of these financial statements. \*\* See Note 8 for disclosure on restated balance. The financial statements of Seplat Energy Plc   and its subsidiaries (the Group) for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the Directors on 26 February 2026 and were signed on its behalf by: | | | | | --- | --- | --- | | | | | | U. U. Udoma | R.T Brown | E. Adaralegbe | | FRC/2013/NBA/00000001796 | FRC/2014/PRO/DIR/00000017939 | FRC/2017/ICAN/006/00000017591 | | Chairman | Chief Executive Officer | Chief Financial Officer | | 26 February 2026 | 26 February 2026 | 26 February 2026 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 170 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Consolidated statement of changes in equity As at 31 December 2025 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | Issued share capital | Share premium | Share- based payment reserve | Treasury shares | Capital contribution | Retained earnings | Foreign currency translation reserve | Non- controlling interest | Total equity | | | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Balance at 1 January 2024 | 297 | 90,138 | 12,255 | (1,612) | 5,932 | 230,708 | 1,251,127 | 23,790 | 1,612,635 | | Profit for the year - restated\*\* | – | – | – | – | – | 220,532 | – | (12,663) | 207,869 | | Other comprehensive (loss)/income - restated | – | – | – | – | – | (3,420) | 1,141,882 | – | 1,138,462 | | Total comprehensive income for the year - restated | – | – | – | – | – | 217,112 | 1,141,882 | (12,663) | 1,346,331 | | Transactions with owners in their capacity as owners: | | | | | | | | | | | Dividend paid | – | – | – | – | – | (135,185) | – | – | (135,185) | | Share-based payments | – | – | 30,211 | – | – | – | – | – | 30,211 | | Vested shares | – | – | (26,908) | 26,908 | – | – | – | – | – | | PAYE tax withheld on vested shares | – | (2,763) | – | – | – | – | – | – | (2,763) | | Shares re-purchased | – | – | – | (28,866) | – | – | – | – | (28,866) | | Total | – | (2,763) | 3,303 | (1,958) | – | (135,185) | – | – | (136,603) | | At 31 December 2024 - restated\*\* | 297 | 87,375 | 15,558 | (3,570) | 5,932 | 312,635 | 2,393,009 | 11,127 | 2,822,363 | | Balance at 1 January 2025 | 297 | 87,375 | 15,558 | (3,570) | 5,932 | 312,635 | 2,393,009 | 11,127 | 2,822,363 | | Profit for the period | – | – | – | – | – | 243,179 | – | (1,599) | 241,580 | | Other comprehensive (loss)/ income | – | – | – | – | – | (710) | (194,699) | 11,468 | (183,941) | | Reclassification of foreign currency translation reserve (Note 24.1) | – | – | – | – | – | – | (228) | – | (228) | | Total comprehensive income for the year | – | – | – | – | – | 242,469 | (194,927) | 9,869 | 57,411 | | Transactions with owners in their capacity as owners: | | | | | | | | | | | Dividend paid | – | – | – | – | – | (212,695) | – | – | (212,695) | | Share-based payments | – | – | 36,510 | – | – | – | – | – | 36,510 | | Vested shares | – | – | (27,083) | 27,083 | – | – | – | – | – | | PAYE tax withheld on vested shares | – | – | – | (13,443) | – | – | – | – | (13,443) | | Shares issued \* | 3 | 63,427 | – | (63,430) | – | – | – | – | – | | Share re-purchased | – | – | – | (46,910) | – | – | – | – | (46,910) | | Total | 3 | 63,427 | 9,427 | (96,700) | – | (212,695) | – | – | (236,538) | | At 31 December 2025 | 300 | 150,802 | 24,985 | (100,270) | 5,932 | 342,409 | 2,198,082 | 20,996 | 2,643,236 | Notes 1 to 46 on pages 173 to 267  are an integral part of these financial statements. \* During the period, the Company issued additional 11,500,000 shares to be utilised for the shares under the Company's LTIP Plan. The shares are currently held by the LTIP Trustee and were admitted on the Nigerian and London Stock Exchanges. As a result the issued share capital of the Company has increased to 599,944,561. \*\* See Note 8 for disclosure on restated balance. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 171 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | Issued share capital | Share premium | Share- based payment reserve | Treasury shares | Capital contribution | Retained earnings | Foreign currency translation reserve | Non- controlling interest | Total equity | | | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | | Balance as at 1 January 2024 | 1,864 | 520,431 | 34,515 | (4,286) | 40,000 | 1,173,450 | 2,816 | 24,237 | 1,793,027 | | Profit for the year - restated | – | – | – | – | – | 149,039 | – | (8,558) | 140,481 | | Other comprehensive (loss)/income | – | – | – | – | – | (2,311) | (583) | – | (2,894) | | Total comprehensive income for the year - restated | – | – | – | – | – | 146,728 | (583) | (8,558) | 137,587 | | Transactions with owners in their capacity as owners: | | | | | | | | | | | Dividend paid | – | – | – | – | – | (91,361) | – | – | (91,361) | | Share-based payments | – | – | 20,417 | – | – | – | – | – | 20,417 | | Vested shares | – | – | (18,185) | 18,185 | – | – | – | – | – | | PAYE tax withheld on vested shares | – | (1,867) | – | – | – | – | – | – | (1,867) | | Share repurchased | – | – | – | (19,508) | – | – | – | – | (19,508) | | Total | – | (1,867) | 2,232 | (1,323) | – | (91,361) | – | – | (92,319) | | As at 31 December 2024-restated | 1,864 | 518,564 | 36,747 | (5,609) | 40,000 | 1,228,817 | 2,233 | 15,679 | 1,838,295 | | Balance at 1 January 2025 | 1,864 | 518,564 | 36,747 | (5,609) | 40,000 | 1,228,817 | 2,233 | 15,679 | 1,838,295 | | Profit for the period | – | – | – | – | – | 160,143 | – | (1,054) | 159,089 | | Other comprehensive income | – | – | – | – | – | (468) | 654 | – | 186 | | Total comprehensive income/(loss) for the period | – | – | – | – | – | 159,675 | 654 | (1,054) | 159,275 | | Transactions with owners in their capacity as owners: | | | | | | | | | | | Dividend paid | – | – | – | – | – | (140,199) | – | – | (140,199) | | Share-based payments | – | – | 24,066 | – | – | – | – | – | 24,066 | | Vested shares | – | – | (17,852) | 17,852 | – | – | – | – | – | | PAYE tax withheld on vested shares | – | – | – | (8,861) | – | – | – | – | (8,861) | | Shares issued | 4 | 41,807 | – | (41,811) | – | – | – | – | – | | Share repurchased | – | – | – | (30,921) | – | – | – | – | (30,921) | | Total | 4 | 41,807 | 6,214 | (63,741) | – | (140,199) | – | – | (155,915) | | As at 31 December 2025 | 1,868 | 560,371 | 42,961 | (69,350) | 40,000 | 1,248,293 | 2,887 | 14,625 | 1,841,655 | Notes 1 to 46 on pages 173 to 267  are an integral part of these financial statements. \*\* See Note 8 for disclosure on restated balance. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 172 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Consolidated statement of cash flows For the year ended 31 December 2025 | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | | | Notes | ₦ million | ₦ million | $'000 | $'000 | | Cash flows from operating activities | | | | | | | Cash generated from operations | 18 | 2,536,812 | 567,459 | 1,672,154 | 383,499 | | Income tax paid | 17.2 | (641,027) | (100,672) | (422,537) | (68,036) | | PAYE tax on vested shares paid | 31.2 | (13,443) | (2,763) | (8,861) | (1,867) | | Contribution to plan assets | 37 | (75,457) | (1,317) | (49,738) | (890) | | Restricted cash | 29.3 | 8,887 | 3,399 | 5,858 | 2,297 | | Hedge premium paid | 28.3 | (47,506) | (7,398) | (31,314) | (5,000) | | Net cash inflows from operating activities | | 1,768,266 | 458,708 | 1,165,562 | 310,003 | | Cash flows from investing activities | | | | | | | Payment for acquisition of oil and gas properties | 19.1 | (396,135) | (297,483) | (260,955) | (202,553) | | Payment for investment in joint venture | 24.4.2.3 | (30,342) | – | (20,000) | – | | Proceeds from disposal of oil and gas properties | 19.1 | – | 9,134 | – | 6,173 | | Payment for acquisition of other property, plant and equipment | 19.2 | (8,845) | (8,273) | (5,830) | (5,591) | | Proceeds from disposal of other property, plant and equipment | 19.3.1 | – | 12 | – | 8 | | Receipts from other asset\*\*\* | 20 | – | 16,123 | – | 10,896 | | Payment for acquisition of subsidiary | 7.1 | (494,896) | (1,029,964) | (326,214) | (672,300) | | Cash acquired from acquiree | 7 | – | 279,885 | – | 182,693 | | Deposit for asset held for sale | 38 | 2,124 | 12,629 | 1,400 | 8,535 | | Interest received | 16 | 18,532 | 19,526 | 12,216 | 13,196 | | Net cash outflows used in investing activities | | (909,562) | (998,411) | (599,383) | (658,943) | | Cash flows from financing activities | | | | | | | Principal repayments of loans and borrowings | 34.1 | (1,562,982) | (56,981) | (1,030,250) | (38,509) | | Proceeds from loans and borrowings | 34.1 | 1,024,036 | 961,792 | 675,000 | 650,000 | | Dividend paid | 41 | (212,695) | (135,185) | (140,199) | (91,361) | | Shares purchased for employees\* | 31.2 | (46,910) | (28,866) | (30,921) | (19,508) | | Payment of financing charges from the issue of shares | | (352) | – | (232) | – | | Interest paid on lease liability | 35 | (11,465) | (4,017) | (7,557) | (2,715) | | Lease payment-principal portion | 35 | (39,305) | (6,401) | (25,908) | (4,326) | | Payments of other financing charges\*\* | 34.1 | (70,932) | (31,775) | (46,755) | (21,474) | | Interest paid on loans and borrowings | 34.1 | (152,600) | (92,504) | (100,587) | (62,516) | | Net cash (outflows)/inflows used in financing activities | | (1,073,205) | 606,063 | (707,409) | 409,591 | | Net (decrease)/increase in cash and cash equivalents | | (214,501) | 66,360 | (141,230) | 60,651 | | Cash and cash equivalents at beginning of the year | | 721,385 | 404,825 | 469,862 | 450,109 | | Effects of exchange rate changes on cash and cash equivalents | | (29,914) | 250,200 | 3,694 | (40,898) | | Cash and cash equivalents at end of the year | 29 | 476,970 | 721,385 | 332,326 | 469,862 | \* Shares purchased for employees of $ 30.9 million, ₦ 46.9 billion represent shares purchased for the Company’s LTIP scheme. \*\* Other financing charges of $46.8 million , ₦70.9 billion  largely relates to the transactional costs incurred on the new $650 million bond issued during the period and withholding tax on bond coupon payment. \*\*\* Receipt from other asset relates to proceeds from the financial interest in OML 55. \*\*\*\* See Note 8 for disclosure on restated balance. Notes 1 to 46 on pages 173 to 267  are an integral part of these financial statements. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 173 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Notes to the consolidated financial statements For the year ended 31 December 2025 #### 1.    Corporate structure and business Seplat Energy Plc (formerly called Seplat Petroleum Development Company Plc, hereinafter referred to as ‘Seplat’ or the ‘Company’), the parent of the Group, was incorporated on 17 June 2009 as a private limited liability company and re-registered as a public company on 3 October 2014, under the Companies and Allied Matters Act, CAP C20, Laws of the Federation of Nigeria 2004. The Company commenced operations on 1 August 2010. The Company is principally engaged in oil and gas exploration and production and gas processing activities. The Company’s registered address is: 1, Lekki-Epe Expressway, Victoria Island, Lagos, Nigeria. The Company acquired, pursuant to an agreement for assignment dated 31 January 2010 between the Company, SPDC, TOTAL and AGIP, a 45% participating interest in OML 4, OML 38 and OML 41 located in Nigeria. On 7 November 2010, Newton Energy Limited (‘Newton Energy’), an entity previously beneficially owned by the same shareholders as Seplat, became a subsidiary of the Company. On 1 June 2013, Newton Energy acquired from Pillar Oil Limited (‘Pillar Oil’) a 40% participant interest in producing assets: the Umuseti/Igbuku marginal field area located within OPL 283 (the ‘Umuseti/Igbuku Fields’). On 27 March 2013, the Group incorporated a subsidiary, MSP Energy Limited. The company was incorporated for oil and gas exploration and production. On 11 December 2013, the Group incorporated a new subsidiary, Seplat East Swamp Company Limited with the principal activity of oil and gas exploration and production. On 11 December 2013, Seplat Gas Company Limited (‘Seplat Gas’) was incorporated as a private limited liability company to engage in oil and gas exploration and production and gas processing. On 21 August 2014, the Group incorporated a new subsidiary, Seplat Energy UK Limited (formerly called Seplat Petroleum Development UK Limited). The subsidiary provides technical, liaison and administrative support services relating to oil and gas exploration activities. In 2015, the Group purchased a 40% participating interest in OML 53, onshore northeastern Niger Delta (Seplat East Onshore Limited), from Chevron Nigeria Ltd for $259.4 million. In 2017, the Group incorporated a new subsidiary, ANOH Gas Processing Company Limited. The principal activity of the company is the processing of gas from OML 53 using the ANOH Gas Plant. The Group divested some of its ownership interest in this company to Nigerian Gas Processing and Transportation Company (NGPTC) which was effective from 18 April 2019, hence this investment qualifies as a joint arrangement and has continued to be recognised as investment in joint venture. On 16 January 2018, the Group incorporated a subsidiary, Seplat West Limited (‘Seplat West’). Seplat West was incorporated to manage the producing assets of Seplat Energy Plc. On 31 December 2019, Seplat Energy Plc acquired 100% of Eland Oil and Gas Plc’s issued and yet to be issued ordinary shares. Eland is an independent oil and gas company that holds interest in subsidiaries and joint ventures that are into production, development and exploration in West Africa, particularly the Niger Delta region of Nigeria. On acquisition of Eland Oil and Gas Plc (Eland), the Group acquired an indirect interest in existing subsidiaries of Eland. Eland Oil & Gas (Nigeria) Limited is a subsidiary acquired through the purchase of Eland and is into exploration and production of oil and gas. Westport Oil Limited, which was also acquired through purchase of Eland, is a financing company. Elcrest Exploration and Production Company Limited (Elcrest), which became an indirect subsidiary of the Group, purchased a 45% interest in OML 40 in 2012. Elcrest is a joint venture between Eland Oil and Gas (Nigeria) Limited (45%) and Starcrest Nigeria Energy Limited (55%). It has been consolidated because Eland is deemed to have power over the relevant activities of Elcrest to affect variable returns from Elcrest at the date of acquisition by the Group. (See details in Note 4.1.v.) The principal activity of Elcrest is exploration and production of oil and gas. Wester Ord Oil & Gas (Nigeria) Limited, which also became an indirect subsidiary of the Group, acquired a 40% stake in a licence, Ubima, in 2014 via a joint operations agreement. The principal activity of Wester Ord Oil & Gas (Nigeria) Limited is exploration and production of oil and gas. In 2022, Wester Ord Oil and Gas (Nigeria) divested its interest in Ubima. Other entities acquired through the purchase of Eland are Tarland Oil Holdings Limited (a holding company), Brineland Petroleum Limited (dormant company) and Destination Natural Resources Limited (dormant company). On 1 January 2020, Seplat Energy Plc transferred its 45% participating interest in OML 4, OML 38 and OML 41 (‘transferred assets’) to Seplat West Limited. As a result, Seplat Energy Plc ceased to be a party to the Joint Operating Agreement in respect of the transferred assets and became a holding company. Seplat West Limited became a party to the Joint Operating Agreement in respect of the transferred assets and assumed its rights and obligations. On 20 May 2021, following a special resolution by the Board in view of the Company’s strategy of transitioning into an energy company promoting renewable energy, sustainability, and new energy, the name of the Company was changed from Seplat Petroleum Development Company Plc to Seplat Energy Plc under the Companies and Allied Matters Act 2020. On 7 February 2022, the Group incorporated a subsidiary, Seplat Energy Offshore Limited. The company was incorporated for oil and gas exploration and production. On 5 July 2022, the Group incorporated a subsidiary, Turnkey Drilling Services Limited. The company was incorporated for the purpose of drilling chemicals, material supply, directional drilling, drilling support services and exploration services. On 26 April 2023, Seplat Gas Company Limited was changed to Seplat Midstream Company Limited. This subsidiary was incorporated to engage in oil and gas exploration and production and gas processing. The company is yet to commence operations. On 14 June 2023, the Group entered into a joint venture agreement with Pol Gas Limited which birthed Pine Gas Processing Limited. Both parties subscribed to an equal proportion of ordinary shares. The company was incorporated for processing natural gas, storage, marketing, transportation, trading, supply and distribution of natural gas and petroleum products derived from natural gas. The company is yet to commence operations. On 7 August 2024, the Group incorporated a subsidiary, Seplat Energy Investment Limited. The company was incorporated for oil and gas exploration and production. On 12 December 2024, the Group acquired 100% of Mobil Producing Nigeria Unlimited and changed the name on 19 December 2024 to Seplat Energy Producing Nigeria Unlimited. The company was acquired for the purpose of oil and gas exploration and production. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 174 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued The Company together with its subsidiaries as shown below are collectively referred to as the Group. | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | Subsidiary | Date of incorporation | Country of incorporation and place of business | Percentage holding | Principal activities | Nature of holding | | Eland Oil & Gas Limited | 28 August 2009 | United Kingdom | 100% | Holding company | Direct | | Eland Oil & Gas (Nigeria) Limited | 11 August 2010 | Nigeria | 100% | Oil & gas exploration and production | Indirect | | Elcrest Exploration and Production Nigeria Limited | 6 January 2011 | Nigeria | 45% | Oil & gas exploration and production | Indirect | | Westport Oil Limited | 8 August 2011 | Jersey | 100% | Financing | Indirect | | Brineland Petroleum Limited | 18 February 2013 | Nigeria | 49% | Dormant | Indirect | | Newton Energy Limited | 1 June 2013 | Nigeria | 99.9% | Oil & gas exploration and production | Direct | | Seplat East Swamp Company Limited | 11 December 2013 | Nigeria | 99.9% | Oil & gas exploration and production | Direct | | Seplat Midstream Company Limited | 11 December 2013 | Nigeria | 99.9% | Oil & gas exploration and production and gas processing | Direct | | Tarland Oil Holdings Limited | 16 July 2014 | Jersey | 100% | Holding company | Indirect | | Wester Ord Oil and Gas Limited | 16 July 2014 | Jersey | 100% | Holding company | Indirect | | Wester Ord Oil & Gas (Nigeria) Limited | 18 July 2014 | Nigeria | 100% | Oil & gas exploration and production | Indirect | | Seplat Energy UK Limited | 21 August 2014 | United Kingdom | 100% | Technical, liaison and administrative support services relating to oil & gas exploration and production | Direct | | Seplat East Onshore Limited | 12 December 2014 | Nigeria | 99.9% | Oil & gas exploration and production | Direct | | Seplat West Limited | 16 January 2018 | Nigeria | 99.9% | Oil & gas exploration and production | Direct | | Seplat Energy Offshore Limited | 7 February 2022 | Nigeria | 100% | Oil & gas exploration and production | Direct | | Seplat Energy Investment Limited | 7 August 2024 | Nigeria | 100% | Oil & gas exploration and production | Direct | | Seplat Energy Producing Nigeria Unlimited | 19 December 2024 | Nigeria | 100% | Oil & gas exploration and production | Indirect | During the year, the Company approved the winding up of Turnkey Drilling Services Limited and MSP Energy Limited on 8 September 2025. The Directors appointed Mr Uchechukwu Wigwe as the sole liquidator of the companies for the purpose of the voluntary winding-up. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 175 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### 2.    Significant changes in the current accounting period The following significant changes occurred during the reporting period ended 31 December 2025: • During the year under review, two (2) Directors - Mr Bello Rabiu, the Senior Independent Non-Executive Director (SID) and Mr Babs Omotowa, resigned from the Company effective 23 April 2025 following their appointment to the Board of NNPC by the President of the Federal Republic of Nigeria. • On 25 April 2025, Mrs Bashirat Odunewu was appointed to replace Mr Bello Rabiu as the Senior Independent Non- Executive Director. • The Company approved the winding up of Turnkey Drilling Services Limited and MSP Energy Limited and the appointment of Mr Uchechukwu Wigwe as the sole liquidator for the purpose of the  voluntary winding-up of Turnkey Drilling Services Limited and MSP Energy Limited. #### 3.    Summary of significant accounting policies 3.1  Introduction to summary of significant accounting policies This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial statements. These accounting policies have been applied to all the periods presented, unless otherwise stated. The consolidated financial statements are for the Group consisting of Seplat Energy Plc and its subsidiaries. 3.2  Basis of preparation The consolidated financial statements of the Group for the year ended 31 December 2025 have been prepared in accordance with International Financial Reporting Standards (‘IFRS Accounting Standards’) and interpretations issued by the IFRS Interpretations Committee (IFRS IC). The financial statements comply with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). Additional information required by national regulations is included where appropriate. The financial statements comprise the statement of profit or loss and other comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and the notes to the financial statements. The financial statements have been prepared under the going concern and historical cost convention, except for financial instruments measured at fair value on initial recognition, derivative financial instruments, assets held for sale and other assets and defined benefit plans – plan assets measured at fair value. The financial statements are presented in Nigerian Naira and United States Dollars, and all values are rounded to the nearest million (₦ million) and thousand ($'000) respectively, except when otherwise indicated. Nothing has come to the attention of the Directors to indicate that the Group will not remain a going concern for at least 12 months from the date of these financial statements. The accounting policies adopted are consistent with those of the previous financial year end, except for the adoption of new and amended standards which are set out below. 3.3  New and amended standards adopted by the Group The Group applied for the first-time certain standards and amendments which are effective for annual periods beginning on or after  1 January 2025 . The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. a)          Lack of exchangeability – Amendments to IAS 21 For annual reporting periods beginning on or after 1 January 2025, Lack of Exchangeability-Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity’s financial performance, financial position and cash flows. The amendments did not have a material impact on the Group’s financial statements. b)          Disclosures about Uncertainties in the Financial statement The IASB issued Disclosures about Uncertainties in the Financial Statements, which added illustrative examples to the guidance accompanying several IFRS Accounting Standards. There are six examples and the objective of those examples is to illustrate how an entity applies the requirements in IFRS Accounting Standards to report the effects of uncertainties in its financial statements. Although the examples are climate-related, the principles in the examples can be applied to other uncertainties. The guidance has a similar authority to agenda decisions from the IFRS IC. Depending on how an entity has applied and considered the consistency between financial and non-financial reporting in the past, the impact of these examples, and whether they result in additional disclosures, might differ. The Group has carefully considered how the principles in the examples impact the disclosures in its financial statements and concluded that the amendments do not have a material impact on the Group’s financial statements. 3.4  Standards issued but not yet effective The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements, are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. Details of these new standards and interpretations are set out below: a)          Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The IASB has made limited scope amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures. The amendments clarify the accounting treatment for sales or contribution of assets between an investor and their associates or joint ventures. They confirm that the accounting treatment depends on whether the non-monetary assets sold or contributed to an associate or joint venture constitute a ‘business' (as defined in IFRS 3 Business Combinations). | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 176 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued Where the non-monetary assets constitute a business, the investor will recognise the full gain or loss on the sale or contribution of assets. If the assets do not meet the definition of a business, the gain or loss is recognised by the investor only to the extent of the other investor's interests in the associate or joint venture. The amendments apply prospectively.  There is currently no effective date for these amendments. b)          IFRS 18-Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements (PFS) and the notes. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. c)          IFRS 19-Subsidiaries without Public Accountability: Disclosures In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS Accounting Standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS Accounting Standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted. The amendments are not expected to have a material impact on the Group’s financial statements. d)          Amendments to the Classification and Measurement of Financial Instruments — Amendments to IFRS 9 and IFRS 7 In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include: • A clarification that a financial liability is derecognised on the ‘settlement date’ and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date • Additional guidance on how the contractual cash flows for financial assets with environmental, social and governance (ESG) and similar features should be assessed • Clarifications on what constitute ‘non-recourse features’ and what are the characteristics of contractually linked instruments • The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI) The Amendments are effective for annual periods starting on or after 1 January 2026 with early adoption permitted for classification of financial assets and related disclosures only. The Group is currently assessing the amendments to determine any impact they will have on the Group’s financial statements. e)          Annual Improvements to IFRS Accounting Standards-Volume 11 In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS Accounting Standards. The amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosure and its accompanying Guidance on Implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows. The amendments will be effective for reporting periods beginning on or after 1 January 2026. Earlier application is permitted and must be disclosed. The amendments are not expected to have a material impact on the Group’s financial statements. f)          Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 In December 2024, the IASB issued Amendments to IFRS 9 and IFRS 7-Contracts Referencing Nature-dependent Electricity. The amendments apply only to contracts that reference nature- dependent electricity, and: • Clarify the application of the ‘own-use’ requirements for in- scope contracts • Amend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts • Add new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows. The amendments will take effect for annual reporting periods starting on or after 1 January 2026. Early adoption is allowed, but it must be disclosed. The amendments concerning the own-use exception are to be applied retrospectively, while the hedge accounting amendments should be applied prospectively to new hedging relationships designated from the initial application date. Additionally, the IFRS 7 disclosure amendments must be implemented alongside the IFRS 9 amendments. If an entity does not restate comparative information, it cannot present comparative disclosures. The Group does not expect that the amendments will have a material impact on its financial statements. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 177 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 3.5  Restatement of comparative information Certain comparative amounts in the primary financial statements have been restated, as a result of the measurement period adjustment in 2024. Measurement period adjustment In December 2024, the Group acquired 100% of the issued share capital of Mobil Producing Nigeria Unlimited (MPNU). At initial recognition, the acquisition accounting resulted in a provisional gain on bargain purchase of $86 million, based on information available at the 31 December 2024 reporting date . During the measurement period, binding agreements dated 25 June 2025 and 19 November 2025 were executed, confirming additional consideration of $68.7 million. Management determined that this additional consideration related to obligations and conditions that existed at the acquisition date, but whose measurement had not been finalised. The Group in addition to the revision of the purchased consideration also revalued the asset and liabilities of SEPNU, within the measurement period and this led to a total gain on bargain purchase of $100.8 million. In accordance with IFRS 3.45–49, the additional consideration and valuation of asset and liabilities qualifies as a measurement-period adjustment. Consequently, the Group retrospectively adjusted the acquisition accounting as if the final information had been available at the acquisition date. 3.6  Basis of consolidation i.          Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The consolidated financial information comprises the financial statements of the Company and its subsidiaries as at 31 December 2025. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); • Exposure, or rights, to variable returns from its involvement with the investee; and • The ability to use its power over the investee to affect its returns. Subsidiaries are consolidated from the date on which control is obtained by the Group and are deconsolidated from the date control ceases. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement(s) with the other vote holders of the investee • Rights arising from other contractual arrangements • The Group’s voting rights and potential voting rights ii.        Change in the ownership interest of subsidiary The acquisition method of accounting is used to account for business combinations by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss and other comprehensive income, statement of changes in equity and statement of financial position respectively. Intercompany transaction balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. iii.        Disposal of subsidiary Where the Group disposes a subsidiary, it: • Derecognises the assets (including goodwill) and liabilities of the subsidiary; • Derecognises the carrying amount of any non-controlling interests; • Derecognises the cumulative translation differences recorded in equity; • Recognises the fair value of the consideration received; • Recognises the fair value of any investment retained; • Recognises any surplus or deficit in profit or loss; and • Reclassifies the parent’s share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities. iv.        Joint arrangements Under IFRS 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Interest in the joint venture is accounted for using the equity method, after initially being recognised at cost in the consolidated statement of financial position. All other joint arrangements of the Group are joint operations. A joint operation (JO) involves joint control and often joint ownership by the Group and other venturers of assets contributed to, or acquired for the purpose of, the joint venture, without the formation of a corporation, partnership or other entity. Where the Group’s activities are conducted through JOs, the Group recognises its share of the jointly controlled assets and liabilities it has incurred, its share of any liabilities jointly incurred with other venturers, income from the sale or use of its share of the joint venture’s output, together with its share of the expenses incurred by the joint venture, and any expenses it incurs in relation to its interest in the joint venture and a share of production. v.          Associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investment in associates is accounted for using the equity method of accounting (see (vi) below) after initially being recognised at cost. vi.        Equity method Under the equity method of accounting, the Group’s investments are initially recognised at cost and adjusted thereafter to recognise the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Where the Group’s share of loss in an equity accounting investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other party. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 178 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued Unrealised gains on transactions between the Group and its associate and joint venture are eliminated to the extent of the Group’s interest in the entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted investees are changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of equity accounted investments is tested for impairment in accordance with the policy described in Note 3.14. vii.        Changes in ownership interest The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in a separate reserve within equity attributable to owners of the Group. When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. viii.        Accounting for loss of control When the Group ceases to consolidate a subsidiary because of a joint control, it does the following: • deconsolidates the assets (including goodwill), liabilities and non-controlling interest (including attributable other comprehensive income) of the former subsidiary from the consolidated financial position; • any retained interest (including amounts owed by and to the former subsidiary) in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate or a joint venture; • any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss or transferred directly to retained earnings if required by other IFRS Accounting Standards; • the resulting gain or loss, on loss of control, is recognised together with the profit or loss from the discontinued operation for the period before the loss of control; and • the gain or loss on disposal will comprise the gain or loss attributable to the portion disposed of and the gain or loss on remeasurement of the portion retained. The latter is disclosed separately in the notes to the financial statements. If the ownership interest in a joint venture is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate. ix.          Non-controlling interest The Group recognises non-controlling interests in an acquired entity either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. This decision is made on an acquisition-by-acquisition basis. x.          Gain on bargain purchase A gain on bargain purchase arises when the fair value of the identifiable net assets acquired in a business combination exceeds the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree, if any. The Group recognises any gain on a bargain purchase immediately in profit or loss. The gain is measured as the excess of the fair value of the identifiable net assets acquired over the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree, if any. 3.7  Functional and presentation currency Items included in the financial statements are measured using the currency of the primary economic environment in which the Company operates (‘the functional currency’), which is the US Dollar. The financial statements are presented in Nigerian Naira and US Dollars. The Company has chosen to show both presentation currencies and this is allowable by the regulator. i.        Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end are generally recognised in profit or loss. They are deferred in equity if attributable to net investment in foreign operations. Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other income or other expenses. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss or other comprehensive income depending on where fair value gain or loss is reported. ii.        Group companies The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the reporting date. • Income and expenses for statement of profit or loss and other comprehensive income are translated at average exchange rates (unless this is not-a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and all resulting exchange differences are recognised in other comprehensive income. • Equity items for each statement of financial position presented are translated at the historical rates. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 179 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognised in profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. 3.8  Oil and gas accounting i.        Pre-licensing costs Pre-licence costs are expensed in the period in which they are incurred. ii.        Exploration licence cost Exploration licence costs are capitalised within intangible assets. Licence costs paid in connection with a right to explore in an existing exploration area are capitalised and amortised on a straight-line basis over the life of the licence. Licence costs are reviewed at each reporting date to confirm that there is no indication that the carrying amount exceeds the recoverable amount. This review includes confirming that exploration drilling is still under way or firmly planned, or that it has been determined, or work is under way to determine that the discovery is economically viable based on a range of technical and commercial considerations and sufficient progress is being made to establish development plans and timing. If no future activity is planned or the licence has been relinquished or has expired, the carrying value of the licence is written off through profit or loss. The exploration licence costs are initially recognised at cost and subsequently amortised on a straight-line basis on the economic life. They are subsequently carried at cost less accumulated amortisation and impairment losses. The amortisation rate for the intangible asset is 5% with useful life of 20 years. iii.        Acquisition of producing assets Upon acquisition of producing assets which do not constitute a business combination, the Group identifies and recognises the individual identifiable assets acquired (including those assets that meet the definition of, and recognition criteria for, intangible assets in IAS 38 Intangible Assets) and liabilities assumed. The purchase price paid for the group of assets is allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase. iv.        Exploration and evaluation expenditures Geological and geophysical exploration costs are charged to profit or loss as incurred. Exploration and evaluation expenditures incurred are accumulated separately for each area of interest. Such expenditures comprise net direct costs and an appropriate portion of related overhead expenditure, but do not include general overheads or administrative expenditure that is not directly related to a particular area of interest. Each area of interest is limited to a size related to a known or probable hydrocarbon resource capable of supporting an oil operation. Costs directly associated with an exploration well, exploratory stratigraphic test well and delineation wells are temporarily suspended (capitalised) until the drilling of the well is complete and the results have been evaluated. These costs include employee remuneration, materials and fuel used, rig costs, delay rentals and payments made to contractors. If hydrocarbons (‘proved reserves’) are not found, the exploration expenditure is written off as a dry hole and charged to profit or loss. If hydrocarbons are found, the costs continue to be capitalised. Suspended exploration and evaluation expenditure in relation to each area of interest is carried forward as an asset provided that one of the following conditions is met: • the costs are expected to be recouped through successful development and exploitation of the area of interest or, alternatively, by its sale; • exploration and/or evaluation activities in the area of interest have not, at the reporting date, reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves; and • active and significant operations in, or in relation to, the area of interest. Exploration and/or evaluation expenditures which fail to meet at least one of the conditions outlined above are written off. In the event that an area is subsequently abandoned or exploration activities do not lead to the discovery of proved or probable reserves, or if the Directors consider the expenditure to be of no value, any accumulated costs carried forward relating to the specified areas of interest are written off in the year in which the decision is made. While an area of interest is in the development phase, amortisation of development costs is not charged pending the commencement of production. Exploration and evaluation costs are transferred from the exploration and/or evaluation phase to the development phase upon commitment to a commercial development. v.        Development expenditures Development expenditure incurred by the Group is accumulated separately for each area of interest in which economically recoverable reserves have been identified to the satisfaction of the Directors. Such expenditure comprises net direct costs and, in the same manner as for exploration and evaluation expenditure, an appropriate portion of related overhead expenditure directly related to the development property. All expenditure incurred prior to the commencement of commercial levels of production from each development property is carried forward to the extent to which recoupment is expected to be derived from the sale of production from the relevant development property. 3.9  Revenue recognition (IFRS 15) IFRS 15 uses a five-step model for recognising revenue to depict transfer of goods or services. The model distinguishes between promises to a customer that are satisfied at a point in time and those that are satisfied over time. It is the Group’s policy to recognise revenue from a contract when it has been approved by both parties, rights have been clearly identified, payment terms have been defined, the contract has commercial substance, and collectability has been ascertained as probable. Collectability of customer’s payments is ascertained based on the customer’s historical records, guarantees provided, the customer’s industry and advance payments made if any. Revenue is recognised when control of goods sold has been transferred. Control of an asset refers to the ability to direct the use of and obtain substantially all of the remaining benefits (potential cash inflows or savings in cash outflows) associated with the asset. For crude oil, this occurs when the crude products are lifted by the customer (buyer) Free on Board at the Group’s loading facility. Revenue from the sale of oil is recognised at a point in time when performance obligation is satisfied. For gas sales, revenue is recognised when the product passes through the custody transfer point to the customer. Revenue from the sale of gas is recognised over time using the practical expedient of the right to invoice. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 180 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued The surplus or deficit of the product sold during the period over the Group’s share of production is termed as an overlift or underlift. With regard to underlifts, if the overlifter does not meet the definition of a customer or the settlement of the transaction is non-monetary, a receivable and other income is recognised. Initially, when an overlift occurs, cost of sale is debited, and a corresponding liability is accrued. Overlifts and underlifts are initially measured at the market price of oil at the date of lifting, consistent with the measurement of the sale and purchase. Subsequently, they are remeasured at the current market value. The change arising from this remeasurement is included in the profit or loss as other income/expenses - net. In instances where Seplat controls the storage of crude and petroleum products at a terminal, surplus or deficit of the product sold over the Group’s share of production is termed an overlift or inventory. Definition of a customer A customer is a party that has contracted with the Group to obtain crude oil or gas products in exchange for a consideration, rather than to share in the risks and benefits that result from sale. The Group has entered into collaborative arrangements with its joint arrangement partners to share in the production of oil. Collaborative arrangements with its joint arrangement partners to share in the production of oil are accounted for differently from arrangements with customers as collaborators share in the risks and benefits of the transaction and, therefore, do not meet the definition of customers. Revenue arising from these arrangements is recognised separately in other income. Contract enforceability and termination clauses It is the Group’s policy to assess that the defined criteria for establishing contracts that entail enforceable rights and obligations are met. The criteria provide that the contract has been approved by both parties, rights have been clearly identified, payment terms have been defined, the contract has commercial substance, and collectability has been ascertained as probable. Revenue is not recognised for contracts that do not create enforceable rights and obligations to parties in a contract. The Group also does not recognise revenue for contracts that do not meet the revenue recognition criteria. In such cases where consideration is received it recognises a contract liability and only recognises revenue when the contract is terminated. The Group may also have the unilateral rights to terminate an unperformed contract without compensating the other party. This could occur where the Group has not yet transferred any promised goods or services to the customer and the Group has not yet received, and is not yet entitled to receive, any consideration in exchange for promised goods or services. Identification of performance obligation At inception, the Group assesses the goods or services promised in the contract with a customer to identify as a performance obligation, each promise to transfer to the customer either a distinct good or series of distinct goods. The number of identified performance obligations in a contract will depend on the number of promises made to the customer. The delivery of barrels of crude oil or units of gas are usually the only performance obligation included in oil and gas contract with no additional contractual promises. Additional performance obligations may arise from future contracts with the Group and its customers. The identification of performance obligations is a crucial part in determining the amount of consideration recognised as revenue. This is due to the fact that revenue is only recognised at the point where the performance obligation is fulfilled. Management has therefore developed adequate measures to ensure that all contractual promises are appropriately considered and accounted for accordingly. Transaction price is the amount allocated to the performance obligations identified in the contract. It represents the amount of revenue recognised as those performance obligations are satisfied. Complexities may arise where a contract includes variable consideration, significant financing component or consideration payable to a customer. Variable consideration not within the Group’s control is estimated at the point of revenue recognition and reassessed periodically. The estimated amount is included in the transaction price to the extent that it is highly probable that a significant reversal of the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. As a practical expedient, where the Group has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the Group’s performance completed to date, the Group may recognise revenue in the amount to which it has a right to invoice. Significant financing component (SFC) assessment is carried out (using a discount rate that reflects the amount charged in a separate financing transaction with the customer and also considering the Group’s incremental borrowing rate) on contracts that have a repayment period of more than 12 months. As a practical expedient, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between when it transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Instances when SFC assessment may be carried out include where the Group receives advance payment for agreed volumes of crude oil or receives take or pay deficiency payments on gas sales. Take or pay gas sale contracts ideally provide that the customer must sometimes pay for gas even when not delivered to the customer. The customer, in future contract years, takes delivery of the product without further payment. The portion of advance payments that represents significant financing component will be recognised as interest expense. Consideration payable to a customer is accounted for as a reduction of the transaction price unless the payment to the customer is in exchange for distinct goods or services that the customer transfers to the Group. Breakage The Group enters into take or pay contracts for sale of gas where the buyer may not ultimately exercise all of their rights to the gas. The take or pay quantity not taken is paid for by the buyer and called the take or pay deficiency payment. The Group assesses if there is a reasonable assurance that it will be entitled to a breakage amount. Where it establishes that a reasonable assurance exists, it recognises the expected breakage amount as revenue in proportion to the pattern of rights exercised by the customer. However, where the Group is not reasonably assured of a breakage amount, it would only recognise the expected breakage amount as revenue when the likelihood of the customer exercising its remaining rights becomes remote. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 181 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Contract modification and contract combination Contract modifications relate to a change in the price and/or scope of an approved contract. Where there is a contract modification, the Group assesses if the modification will create a new contract or change the existing enforceable rights and obligations of the parties to the original contract. Contract modifications are treated as new contracts when the performance obligations are separately identifiable and the transaction price reflects the standalone selling price of the crude oil or the gas to be sold. Revenue is adjusted prospectively when the crude oil or gas transferred is separately identifiable and the price does not reflect the standalone selling price. Conversely, if there are remaining performance obligations which are not separately identifiable, revenue will be recognised on a cumulative catch-up basis when crude oil or gas is transferred. The Group combines contracts entered into at near the same time (less than 12 months) as one contract if they are entered into with the same or related party customer, the performance obligations are the same for the contracts and the price of one contract depends on the other contract. Portfolio expedients As a practical expedient, the Group may apply the requirements of IFRS 15 to a portfolio of contracts (or performance obligations) with similar characteristics if it expects that the effect on the financial statements would not be materially different from applying IFRS to individual contracts within that portfolio. Contract assets and liabilities The Group recognises contract assets for unbilled revenue from crude oil and gas sales. The Group recognises contract liability for consideration received for which performance obligation has not been met. Disaggregation of revenue from contract with customers The Group derives revenue from three types of products oil: gas and natural gas liquid. The Group has determined that the disaggregation of revenue based on the criteria of type of products meets the disaggregation of revenue disclosure requirement of IFRS 15. It depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See further details in Note 6.1.1. 3.10  Property, plant and equipment Oil and gas properties and other plant and equipment are stated at cost, less accumulated depreciation, and accumulated impairment losses. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, the initial estimate of any decommissioning obligation and, for qualifying assets, borrowing costs. The purchase price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Expenditure on major maintenance refits or repairs comprises the cost of replacement assets or parts of assets, inspection costs and overhaul costs. Where an asset or part of an asset that was separately depreciated and is now written off is replaced and it is probable that future economic benefits associated with the item will flow to the entity, the expenditure is capitalised. Inspection costs associated with major maintenance programmes are capitalised and amortised over the period to the next inspection. Overhaul costs for major maintenance programmes are capitalised as incurred as long as these costs increase the efficiency of the unit or extend the useful life of the asset. All other maintenance costs are expensed as incurred. Depreciation Oil and gas production assets are depreciated on a unit-of- production basis over estimated proved reserves. Specifically, well assets are depreciated over proved developed reserves while production facilities are depreciated over proved reserves. Gas plants and other property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives. Depreciation commences when an asset is available for use. Assets under construction are not depreciated. Other property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives. Depreciation commences when an asset is available for use. The depreciation rate for each class is as follows: | | | | --- | --- | | | | | Plant and machinery | 10%-20% | | Motor vehicles | 25%-30% | | Office furniture and IT equipment | 10%-33.33% | | Building | 4% | | Land | - | | Intangible assets | 5% | | Leasehold improvements | Over the unexpired portion of the lease | The expected useful lives and residual values of property, plant and equipment are reviewed on an annual basis and, if necessary, changes in useful lives are accounted for prospectively. Gains or losses on disposal of property, plant and equipment are determined as the difference between disposal proceeds and carrying amount of the disposed assets. These gains or losses are included in the statement of profit or loss. An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognised. 3.11  Right-of-use assets The Group recognises right-of-use assets at the commencement date of a lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, decommissioning costs (if any), and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. Short-term leases and leases of low value The Group applies the short-term lease recognition exemption to its short-term leases (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered of low value (i.e. low-value assets). Low-value assets are assets with lease amount of less than $5,000 when new. Lease payments on short- term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 182 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued 3.12  Lease liabilities At the commencement date of a lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. The weighted average incremental borrowing rate for the Group is 10.5%. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. The lease term refers to the contractual period of a lease. The Group has elected to exclude non-lease components in calculating lease liabilities and instead treats the related costs as an expense in the statement of profit or loss. 3.13  Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds. These costs may arise from specific borrowings used for the purpose of financing the construction of a qualifying asset, and those that arise from general borrowings that would have been avoided if the expenditure on the qualifying asset had not been made. The general borrowing costs attributable to an asset’s construction are calculated by reference to the weighted average cost of general borrowings that are outstanding during the period. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the statement of profit or loss in the period in which they are incurred. 3.14  Finance income and costs Finance income Finance income is recognised in the statement of profit or loss as it accrues using the effective interest rate (EIR), which is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the amortised cost of the financial instrument. The determination of finance income takes into account all contractual terms of the financial instrument as well as any fees or incremental costs that are directly attributable to the instrument and are an integral part of the EIR but not future credit losses. Finance costs Finance costs includes borrowing costs, interest expense calculated using the effective interest rate method, finance charges in respect of lease liabilities, the unwinding of the effect of discounting provisions, and the amortisation of discounts and premiums on debt instruments that are liabilities. The Group applies the IBOR reform Phase 2 amendments which allow as a practical expedient for changes to the basis for determining contractual cash flows to be treated as changes to a floating rate of interest, provided certain conditions are met. The conditions include that the change is necessary as a direct consequence of IBOR reform and that the transition takes place on an economically equivalent basis. 3.15  Impairment of non-financial assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently. Other non–financial assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Individual assets are grouped for impairment assessment purposes at the lowest level at which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. This should be at a level not higher than an operating segment. If any such indication of impairment exists or when annual impairment testing for an asset group is required, the entity makes an estimate of its recoverable amount. Such indicators include changes in the Group’s business plans, changes in commodity prices, evidence of physical damage and, for oil and gas properties, significant downward revisions of estimated recoverable volumes or increases in estimated future development expenditure. The recoverable amount is the higher of an asset’s fair value less costs of disposal (FVLCD) and value in use (VIU). The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case, the asset is tested as part of a larger cash-generating unit to which it belongs. Where the carrying amount of an asset group exceeds its recoverable amount, the asset group is considered impaired and is written down to its recoverable amount. Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. In calculating VIU, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset/CGU. In determining FVLCD, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. Impairment – exploration and evaluation assets Exploration and evaluation assets are tested for impairment once commercial reserves are found before they are transferred to oil and gas assets, or whenever facts and circumstances indicate impairment. An impairment loss is recognised for the amount by which the exploration and evaluation assets’ carrying amount exceeds their recoverable amount. The recoverable amount is the higher of the exploration and evaluation assets’ fair value less costs to sell and their value in use. Impairment – proved oil and gas production properties Proven oil and gas properties are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 183 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 3.16  Cash and cash equivalents Cash and cash equivalents in the statement of cash flows comprise cash at banks and at hand and short-term deposits with an original maturity of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. 3.17  Restricted cash Restricted cash represents deposits with banks set aside for the settlement of abandonment and decommissioning liabilities, host community development fund, unclaimed dividends, bank guarantee on garnishees against court judgments and for the purpose of covering the costs payable on the stamping and registering the security documents on loans and borrowings. These amounts are subject to legal restrictions and are therefore not available for general use by the Group. 3.18  Inventories Inventories represent the value of tubulars, casings, spares, wellheads, natural gas liquid and crude stocks. These are stated at the lower of cost and net realisable value. Cost is determined using the invoice value and all other directly attributable costs to bringing the inventory to the point of use determined on a weighted average pricing basis. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated cost necessary to make the sale. 3.19  Prepayments Prepayments are non-financial assets which result when payments are made in advance of the receipt of goods and services. They are recognised when the Group expects to receive future economic benefits equivalent to the value of the prepayments. The receipt or consumption of the services results in a reduction in the prepayment and a corresponding increase in expenses or assets for that reporting period 3.20  Contract asset Contract asset is the entity’s right to consideration in exchange for goods or services that the entity has transferred to the customer. A contract asset becomes a receivable when the entity’s right to consideration is unconditional, which is the case when only the passage of time is required before payment of the consideration is due. The impairment of contract assets is measured, presented and disclosed on the same basis as financial assets that are within the scope of IFRS 9. 3.21  Non-current assets held for sale The Group classifies non-current assets as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset excluding finance costs and income tax expense. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. 3.22  Other asset The Group’s interest in the oil and gas reserves of OML 55 has been classified as other asset. On initial recognition, it is measured at the fair value of future recoverable oil and gas reserves. Subsequently, the other asset is recognised at cost. 3.23  Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The Board of Directors has appointed a Senior Leadership Team to assess the financial performance and position of the Group and makes strategic decisions. The Senior Leadership Team consists of the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Director Offshore, Managing Director Onshore, Technical Director, Gas and New Energy Director, Director, Legal and Company Secretariat, Director, Strategy, Planning & Business Development, Director, External Affairs & Social Performance and Director, Corporate Services. See further details in Note 6. 3.24  Financial instruments IFRS 9 provides guidance on the recognition, classification and measurement of financial assets and financial liabilities; derecognition of financial instruments; impairment of financial assets and hedge accounting. IFRS 9 also significantly amends other standards dealing with financial instruments such as IFRS 7 Financial Instruments: Disclosures. a)    Classification and measurement Financial assets-initial recognition and measurement It is the Group’s policy to initially recognise financial assets at fair value plus transaction costs, except in the case of financial assets recorded at fair value through profit or loss which are expensed in profit or loss. Classification and subsequent measurement are dependent on the Group’s business model for managing the asset and the cash flow characteristics of the asset. Subsequent measurement For the purposes of subsequent measurement, financial assets are classified in four categories: • Financial assets at amortised cost (debt instruments) • Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) • Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) • Financial assets at fair value through profit or loss On this basis, the Group may classify its financial instruments at amortised cost, fair value through profit or loss and at fair value through other comprehensive income. All the Group’s financial assets as at 31 December 2025 satisfy the conditions for classification at amortised cost under IFRS 9 except for derivatives which are classified at fair value through profit or loss. Financial assets at amortised cost Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group’s financial assets include trade receivables, NEPL receivables, NUIMS receivables, other receivables, cash and bank balances and derivatives. They are included in current assets, except for maturities greater than 12 months after the reporting date. Interest income from these assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in finance income/cost. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 184 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued Financial assets at fair value through OCI For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the statement of profit or loss and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. The Group does not have instruments measured at fair value through OCI. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. The Group has derivative instruments under this category. Financial liabilities-initial recognition, measurement and presentation Financial liabilities of the Group are classified and measured at fair value on initial recognition and subsequently at amortised cost net of directly attributable transaction costs, except for derivatives which are classified and subsequently recognised at fair value through profit or loss. Fair value gains or losses for financial liabilities designated at fair value through profit or loss are accounted for in profit or loss except for the amount of change that is attributable to changes in the Group’s own credit risk which is presented in other comprehensive income. The remaining amount of change in the fair value of the liability is presented in profit or loss. The Group’s financial liabilities include trade and other payables and interest- bearing loans and borrowings. Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in two categories: • Financial liabilities at fair value through profit or loss • Financial liabilities at amortised cost Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities at amortised cost This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings b)    Impairment of financial assets Recognition of impairment provisions under IFRS 9 is based on the expected credit loss (ECL) model. The ECL model is applicable to financial assets classified at amortised cost and contract assets under IFRS 15: Revenue from Contracts with Customers. The measurement of ECL reflects an unbiased and probability- weighted amount that is determined by evaluating a range of possible outcomes, time value of money and reasonable and supportable information that is available without undue cost or effort at the reporting date, about past events, current conditions and forecasts of future economic conditions. The Group applies the simplified approach or the three-stage general approach to determine impairment of receivables depending on their respective nature. The simplified approach is applied for trade receivables and contract assets while the general approach is applied to NEPL receivables, NUIMS receivables, other receivables and cash and bank balances. The simplified approach requires expected lifetime losses to be recognised from initial recognition of the receivables. This involves determining the expected loss rates using a provision matrix that is based on the Group’s historical default rates observed over the expected life of the receivable and adjusted forward-looking estimates. This is then applied to the gross carrying amount of the receivable to arrive at the loss allowance for the period. The three-stage approach assesses impairment based on changes in credit risk since initial recognition using the past due criterion and other qualitative indicators such as increase in political concerns or other macroeconomic factors and the risk of legal action, sanction or other regulatory penalties that may impair future financial performance. Financial assets classified as Stage 1 have their ECL measured as a proportion of their lifetime ECL that results from possible default events that can occur within one year, while assets in Stage 2 or 3 have their ECL measured on a lifetime basis. Under the three-stage approach, the ECL is determined by projecting the probability of default (PD), loss given default (LGD) and exposure at default (EAD) for each ageing bucket and for each individual exposure. The PD is based on default rates determined by external rating agencies for the counterparties. The LGD is determined based on management’s estimate of expected cash recoveries after considering the historical pattern of the receivable, and it assesses the portion of the outstanding receivable that is deemed to be irrecoverable at the reporting period. The EAD is the total amount of outstanding receivable at the reporting period. These three components are multiplied together and adjusted for forward-looking information, such as the gross domestic product (GDP) in Nigeria and crude oil prices, to arrive at an ECL which is then discounted back to the reporting date and summed. The discount rate used in the ECL calculation is the original effective interest rate or an approximation thereof. Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the related financial assets and the amount of the loss is recognised in profit or loss. c)    Significant increase in credit risk and default definition The Group assesses the credit risk of its financial assets based on the information obtained during periodic review of publicly available information, industry trends and payment records. Based on the analysis of the information provided, the Group identifies the assets that require close monitoring. Furthermore, financial assets that have been identified to be more than 30 days past due on contractual payments are assessed to have experienced significant increase in credit risk. These assets are grouped as part of Stage 2 financial assets where the three- stage approach is applied. In line with the Group’s credit risk management practices, a financial asset is defined to be in default when contractual payments have not been received at least 90 days after the contractual payment period. Subsequent to default, the Group carries out active recovery strategies to recover all outstanding payments due on receivables. Where the Group determines that there are no realistic prospects of recovery, the financial asset and any related loss allowance is written off either partially or in full. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 185 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | d)    Write-off policy The Group writes off financial assets, in whole or in part, when it has exhausted all practical recovery efforts and has concluded that there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include: • ceasing enforcement activity; and • where the Group's recovery method is foreclosing on collateral and the value of the collateral is such that there is no reasonable expectation of recovering in full. The Group may write-off financial assets that are still subject to enforcement activity. The outstanding contractual amount of such assets written off during the year ended 31 December 2025 was nil (2024: nil). The Group seeks to recover amounts it legally owed in full, but which have been partially written off due to no reasonable expectation of full recovery. e)    Derecognition Financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or when it transfers the financial asset and the transfer qualifies for derecognition. Gains or losses on derecognition of financial assets are recognised as finance income/cost. Financial liabilities The Group derecognises a financial liability when it is extinguished, i.e. when the obligation specified in the contract is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised immediately in the statement of profit or loss. In the context of IBOR reform, the Group’s assessment of whether a change to an amortised cost financial instrument is substantial is made after applying the practical expedient introduced by IBOR reform Phase 2. This requires the transition from an IBOR to an RFR to be treated as a change to a floating interest rate, as described in Note 3.13 above. f)    Modification When the contractual cash flows of a financial instrument are renegotiated or otherwise modified and the renegotiation or modification does not result in the derecognition of that financial instrument, the Group recalculates the gross carrying amount of the financial instrument and recognises a modification gain or loss immediately within finance income/(cost) - net at the date of the modification. The gross carrying amount of the financial instrument is recalculated as the present value of the renegotiated or modified contractual cash flows that are discounted at the financial instrument’s original effective interest rate. g)    Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the statement of financial position when and only when there is legally enforceable right to offset the recognised amount, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right is not contingent on future events and is enforceable in the normal course of business, and in the event of default, insolvency or bankruptcy of the Company or the counterparty. h)    Derivatives The Group uses derivative financial instruments such as forward exchange contracts to hedge its foreign exchange risks as well as put options to hedge against its oil price risk. However, such contracts are not accounted for as designated hedges. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and subsequently remeasured to their fair value at the end of each reporting period. Any gains or losses arising from changes in the fair value of derivatives are recognised within operating profit in the statement of profit or loss for the period. An analysis of the fair value of derivatives is provided in Note 5, Financial risk management. The Group accounts for financial assets with embedded derivatives (hybrid instruments) in their entirety on the basis of their contractual cash flow features and the business model within which they are held, thereby eliminating the complexity of bifurcation for financial assets. For financial liabilities, hybrid instruments are bifurcated into hosts and embedded features. In these cases, the Group measures the host contract at amortised cost and the embedded feature is measured at fair value through profit or loss. For the purpose of the maturity analysis, embedded derivatives included in hybrid financial instruments are not separated. The hybrid instrument, in its entirety, is included in the maturity analysis for non-derivative financial liabilities. i)    Fair value of financial instruments The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When available, the Group measures the fair value of an instrument using quoted prices in an active market for that instrument. A market is regarded as active if quoted prices are readily available and represent actual and regularly occurring market transactions on an arm’s length basis. If a market for a financial instrument is not active, the Group establishes fair value using valuation techniques. Valuation techniques include using recent arm’s length transactions between knowledgeable, willing parties (if available), reference to the current fair value of other instruments that are substantially the same, and discounted cash flow analysis. The chosen valuation technique makes maximum use of market inputs, relies as little as possible on estimates specific to the Group, incorporates all factors that market participants would consider in setting a price, and is consistent with accepted economic methodologies for pricing financial instruments. Inputs to valuation techniques reasonably represent market expectations and measure the risk-return factors inherent in the financial instrument. The Group calibrates valuation techniques and tests them for validity using prices from observable current market transactions in the same instrument or based on other available observable market data. The best evidence of the fair value of a financial instrument at initial recognition is the transaction price – i.e. the fair value of the consideration given or received. However, in some cases, the fair value of a financial instrument on initial recognition may be different to its transaction price. If such fair value is evidenced by comparison with other observable current market transactions in the same instrument (without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets, then the difference is recognised in the income statement on initial recognition of the instrument. In other cases, the difference is not recognised in the income statement immediately but is recognised over the life of the instrument on an appropriate basis or when the instrument is redeemed, transferred, or sold, or the fair value becomes observable. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 186 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued 3.25  Share capital On issue of ordinary shares, any consideration received net of any directly attributable transaction costs is included in equity. Issued share capital has been translated at the exchange rate prevailing at the date of the transaction and is not retranslated after initial recognition. 3.26  Treasury shares Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in the share premium. 3.27  Earnings per share and dividends Basic EPS Basic earnings per share is calculated on the Company’s profit or loss after taxation and based on the weighted average of issued and fully paid ordinary shares at the end of the year. Diluted EPS Diluted EPS is calculated by dividing the profit or loss after taxation by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares (after adjusting for outstanding share options arising from the share-based payment scheme) into ordinary shares. Dividend Dividends on ordinary shares are recognised as a liability in the period in which they are approved. 3.28  Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. 3.29  Post-employment benefits Defined contribution scheme The Group contributes to a defined contribution scheme for its employees in compliance with the provisions of the Pension Reform Act 2014. The scheme is fully funded and is managed by licensed Pension Fund Administrators. Membership of the scheme is automatic upon commencement of duties at the Group. The Group’s contributions to the defined contribution scheme are charged to the statement of profit and loss account in the year to which they relate. The employer contributes 17% while the employee contributes 3% of the qualifying employee's salary. Employee benefits are all forms of consideration given by an entity in exchange for services rendered by employees or for the termination of employment. The Group operates a defined contribution plan and it is accounted for based on IAS 19 Employee Benefits. Defined contribution plans are post-employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods. Under defined contribution plans the entity’s legal or constructive obligation is limited to the amount that it agrees to contribute to the fund. Thus, the amount of post-employment benefits received by the employee is determined by the amount of contributions paid by an entity (and perhaps also the employee) to a post-employment benefit plan or to an insurance company, together with investment returns arising from the contributions. In consequence, actuarial risk (that benefits will be less than expected) and investment risk (that assets invested will be insufficient to meet expected benefits) fall, in substance, on the employee. Defined benefit scheme The Group operates a defined benefit plan covering gratuity (which was discontinued during the year), and pension at exit, which requires contributions to be made to a separately administered fund. The Group also provides certain additional post-employment benefits to employees. These benefits are unfunded. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method and calculated annually by independent actuaries. The liability or asset recognised in the statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets (if any). The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using government bonds. Remeasurement gains and losses, arising from changes in financial and demographic assumptions and experience adjustments, are recognised immediately in the statement of financial position with a corresponding debit or credit to retained earnings through other comprehensive income in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. Past service costs are recognised in profit or loss on the earlier of: • The date of the plan amendment or curtailment; and • The date that the Group recognises related restructuring costs. Net interest is calculated by applying the discount rate to the net defined benefit obligation and the fair value of the plan assets. The Group recognises the following changes in the net defined benefit obligation under employee benefit expenses in general and administrative expenses: • Service costs comprises current service costs, past-service costs, gains and losses on curtailments and non-routine settlements • Net interest cost Termination benefits Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date then they are discounted. 3.30  Provisions Provisions are recognised when • i) the Group has a present legal or constructive obligation as a result of past events; • ii) it is probable that an outflow of economic resources will be required to settle the obligation as a whole; and • iii) the amount can be reliably estimated. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 187 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Provisions are not recognised for future operating losses. In measuring the provision: • risks and uncertainties are taken into account; • the provisions are discounted (where the effects of the time value of money is considered to be material) using a pre-tax rate that is reflective of current market assessments of the time value of money and the risk specific to the liability; • when discounting is used, the increase of the provision over time is recognised as interest expense; • future events, such as changes in law and technology, are taken into account where there is subjective audit evidence that they will occur; and • gains from expected disposal of assets are not taken into account, even if the expected disposal is closely linked to the event giving rise to the provision. Decommissioning Liabilities for decommissioning costs are recognised as a result of the constructive obligation of past practice in the oil and gas industry, when it is probable that an outflow of economic resources will be required to settle the liability and a reliable estimate can be made. The estimated costs, based on current requirements, technology and price levels, prevailing at the reporting date, are computed based on the latest assumptions as to the scope and method of abandonment. Provisions are measured at the present value of management’s best estimates of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as a finance cost. The corresponding amount is capitalised as part of the oil and gas properties and is amortised on a unit-of-production basis as part of the depreciation, depletion and amortisation charge. Any adjustment arising from the estimated cost of the restoration and abandonment cost is capitalised, while the charge arising from the accretion of the discount applied to the expected expenditure is treated as a component of finance costs. If the change in estimate results in an increase in the decommissioning provision and, therefore, an addition to the carrying value of the asset, the Company considers whether this is an indication of impairment of the asset as a whole, and if so, tests for impairment in accordance with IAS 36. If, for mature fields, the revised oil and gas assets net of decommissioning provisions exceed the recoverable value, that portion of the increase is charged directly to expense. 3.31  Contingencies A contingent asset or contingent liability is a possible asset or obligation that arises from past events and whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events. The assessment of the existence of the contingencies will involve management judgement regarding the outcome of future events. 3.32  Income taxation i.          Current income tax The income tax expense or credit for the period is the tax payable on the current period’s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. ii.        Deferred tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the Company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. iii.        Uncertainty over income tax treatments The Group examines where there is an uncertainty regarding the treatment of an item, including taxable profit or loss, the tax bases of assets and liabilities, tax losses and credits and tax rates. It considers each uncertain tax treatment separately or together as a group, depending on which approach better predicts the resolution of the uncertainty. The factors it considers include: • how it prepares and supports the tax treatment; and • the approach that it expects the tax authority to take during an examination. If the Group concludes that it is probable that the tax authority will accept an uncertain tax treatment that has been taken or is expected to be taken on a tax return, it determines the accounting for income taxes consistently with that tax treatment. If it concludes that it is not probable that the treatment will be accepted, it reflects the effect of the uncertainty in its income tax accounting in the period in which that determination is made (for example, by recognising an additional tax liability or applying a higher tax rate). The Group measures the impact of the uncertainty using methods that best predict the resolution of the uncertainty. The Group uses the most likely method where there are two possible outcomes, and the expected value method when there are a range of possible outcomes. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 188 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued The Group assumes that the tax authority with the right to examine and challenge tax treatments will examine those treatments and have full knowledge of all related information. As a result, it does not consider detection risk in the recognition and measurement of uncertain tax treatments. The Group applies consistent judgements and estimates on current and deferred taxes. Changes in tax laws or the presence of new tax information by the tax authority is treated as a change in estimate in line with IAS 8-Accounting Policies, Changes in Accounting Estimates and Errors. Judgements and estimates made to recognise and measure the effect of uncertain tax treatments are reassessed whenever circumstances change or when there is new information that affects those judgements. New information might include actions by the tax authority, evidence that the tax authority has taken a particular position in connection with a similar item, or the expiry of the tax authority’s right to examine a particular tax treatment. The absence of any comment from the tax authority is unlikely to be, in isolation, a change in circumstances or new information that would lead to a change in estimate. 3.33  Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: • fair values of the assets transferred • liabilities incurred to the former owners of the acquired business • equity interests issued by the Group • fair value of any asset or liability resulting from a contingent consideration arrangement, and • fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: • consideration transferred, • amount of any non-controlling interest in the acquired entity, and • acquisition-date fair value of any previous equity interest in the acquired entity. over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. 3.34  Share-based payments Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). Some employees (below senior executive positions) in the Group are granted share appreciation rights, which are settled in cash (cash-settled transactions). a)    Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognised in employee benefits expense together with a corresponding increase in equity (share-based payment reserve), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in profit or loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date and for fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award provided the original terms of the award are met. An additional expense, measured as at the date of modification, is recognised for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. The dilutive effect of outstanding awards is reflected as additional share dilution in the computation of diluted earnings per share. b)    Cash-settled transactions A liability is recognised for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognised in employee benefits expense. The fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The fair value is determined using a binomial model. The approach used to account for vesting conditions when measuring equity-settled transactions also applies to cash-settled transactions. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 189 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### 4.    Significant accounting judgements, estimates and assumptions The preparation of the Group’s consolidated historical financial information requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. 4.1    Judgements In the process of applying the Group’s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated historical financial information: i.    OMLs 4, 38 and 41 OMLs 4, 38 and 41 are grouped together as a cash-generating unit for the purpose of impairment testing. These three OMLs are grouped together because they each cannot independently generate cash flows. They currently operate as a single block sharing resources for generating cash flows. Crude oil and gas sold to third parties from these OMLs are invoiced when the Group has an unconditional right to receive payment. ii.    Deferred tax asset Deferred income tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit through future taxable profits is probable. iii.    Foreign currency translation reserve The Group has used the CBN rate to translate its Dollar currency to its Naira presentation currency. Management has determined that this rate is available for immediate delivery. If the rate was 10% higher or lower, revenue in Naira would have increased/decreased by ₦24.16 billion (2024: ₦ 20.36 billion). See Note 46 for the applicable translation rates. iv.    Consolidation of Elcrest On acquisition of 100% shares of Eland Oil and Gas Plc, the Group acquired indirect holdings in Elcrest Exploration and Production (Nigeria) Limited. Although the Group has an indirect holding of 45% in Elcrest, Elcrest has been consolidated as a subsidiary on the following basis: • Eland Oil and Gas Plc has controlling power over Elcrest due to its representation on the board of Elcrest, and clauses contained in the Share Charge agreement and loan agreement which give Eland the right to control 100% of the voting rights of shareholders. • Eland Oil and Gas Plc is exposed to variable returns from the activities of Elcrest through dividends and interests. • Eland Oil and Gas Plc has the power to affect the amount of returns from Elcrest through its right to direct the activities of Elcrest and its exposure to returns. v.    Revenue recognition Performance obligations The judgments applied in determining what constitutes a performance obligation will impact when control is likely to pass and therefore when revenue is recognised, i.e. over time or at a point in time. The Group has determined that only one performance obligation exists in oil contracts which is the delivery of crude oil to specified ports. Revenue is therefore recognised at a point in time. For gas contracts, the performance obligation is satisfied through the delivery of a series of distinct goods. Revenue is recognised over time in this situation as gas customers simultaneously receive and consume the benefits provided by the Group’s performance. The Group has elected to apply the ‘right to invoice’ practical expedient in determining revenue from its gas contracts. The right to invoice is a measure of progress that allows the Group to recognise revenue based on amounts invoiced to the customer. Judgement has been applied in evaluating that the Group’s right to consideration corresponds directly with the value transferred to the customer and is therefore eligible to apply this practical expedient. Transactions with Joint Operating Agreement (JOA) partners The treatment of underlift and overlift transactions is judgemental and requires consideration of all the facts and circumstances including the purpose of the arrangement and transaction. The transaction between the Group and its JOA partners involves sharing in the production of crude oil, and for which the settlement of the transaction is non-monetary. The JOA partners have been assessed to be partners not customers. Therefore, shortfalls or excesses below or above the Group’s share of production are recognised in other income/ (expenses)-net. vi.    Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The Board of Directors  assesses the financial performance and position of the Group and makes strategic decisions.  The Board has delegated the day-to-day implementation of the Group’s strategic framework to the Chief Executive Officer who is supported by the Senior Leadership Team. See further details in Note 6. vii.    Leases Critical judgements in determining the lease term In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).  For leases of warehouses, retail stores and equipment, the following factors are normally the most relevant • If there are significant penalty payments to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate). • If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate). • Otherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset. Most extension options in office and vehicle leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. 4.2  Estimates and assumptions The key assumptions concerning the future and the other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 190 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued The following are some of the estimates and assumptions made: i.    Defined benefit plans The cost of the defined benefit retirement plan and the present value of the retirement obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and changes in inflation rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. The parameter most subject to change is the discount rate. In determining the appropriate discount rate, management considers market yield on federal government bonds in currencies consistent with the currencies of the post- employment benefit obligation and extrapolated as needed along the yield curve to correspond with the expected term of the defined benefit obligation. The rates of mortality assumed for employees are the rates published in 67/70 ultimate tables, published jointly by the Institute and Faculty of Actuaries in the UK. ii.    Oil and gas reserves Proved oil and gas reserves are used in the units of production calculation for depletion as well as the determination of the timing of well closure for estimating decommissioning liabilities and impairment analysis. There are numerous uncertainties inherent in estimating oil and gas reserves. Assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the economic status of reserves and may ultimately result in the reserves being restated. iii.    Share-based payment reserve Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share award or appreciation right, volatility and dividend yield and making assumptions about them. The Group measures the fair value of equity-settled transactions with employees at the grant date. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in Note 27.4. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Such estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events, that are believed to be reasonable under the circumstances. iv.    Provision for decommissioning obligations Provisions for environmental clean-up and remediation costs associated with the Group’s drilling operations are based on current construction, technology, price levels and expected plans for remediation. Actual costs and cash outflows can differ from estimates because of changes in public expectations, prices, discovery and analysis of site conditions and changes in clean-up technology. v.    Property, plant and equipment The Group assesses its property, plant and equipment, including exploration and evaluation assets, for possible impairment if there are events or changes in circumstances that indicate that carrying values of the assets may not be recoverable, or at least at every reporting date. If there are low oil prices or natural gas prices during an extended period, the Group may need to recognise significant impairment charges. The assessment for impairment entails comparing the carrying value of the cash-generating unit with its recoverable amount, that is, higher of fair value less cost to dispose and value in use. Value in use is usually determined on the basis of discounted estimated future net cash flows. Determination as to whether and how much an asset is impaired involves management estimates on highly uncertain matters such as future commodity prices, the effects of inflation on operating expenses, discount rates, production profiles and the outlook for regional market supply-and-demand conditions for crude oil and natural gas. During the year, the Group carried out an impairment assessment on OML 4, 38 and 41, OML 56, OML 53, OML 40, OML 67, OML 68, OML 70 and OML 104. The Group used the higher of the fair value less cost to dispose and the value in use in determining the recoverable amount of the cash-generating unit. In determining the value, the Group uses a forecast of the annual net cash flows over the life of proved plus probable reserves, production rates, oil and gas prices, future costs (excluding (a) future restructurings to which the entity is not yet committed; or (b) improving or enhancing the asset’s performance) and other relevant assumptions based on the year-end Competent Persons Report (CPR). The pre-tax future cash flows are adjusted for risks specific to the forecast and discounted using a pre-tax discount rate which reflects both current market assessment of the time value of money and risks specific to the asset. Management considers whether a reasonable possible change in one of the main assumptions will cause an impairment and believes otherwise (see Note 16.1). vi.    Useful life of other property, plant and equipment The Group recognises depreciation on other property, plant and equipment on a straight-line basis in order to write-off the cost of the asset over its expected useful life. The economic life of an asset is determined based on existing wear and tear, economic and technical ageing, legal and other limits on the use of the asset, and obsolescence. If some of these factors were to deteriorate materially, impairing the ability of the asset to generate future cash flow, the Group may accelerate depreciation charges to reflect the remaining useful life of the asset or record an impairment loss. vii.    Income taxes The Group is subject to income taxes by the Nigerian tax authority, which does not require significant judgement in terms of provision for income taxes, but a certain level of judgement is required for recognition of deferred tax assets. Management is required to assess the ability of the Group to generate future taxable economic earnings that will be used to recover all deferred tax assets. Assumptions about the generation of future taxable profits depend on management’s estimates of future cash flows. The estimates are based on the future cash flow from operations taking into consideration the oil and gas prices, volumes produced, operational and capital expenditure. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 191 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | viii.    Impairment of financial assets The loss allowances for financial assets are based on assumptions about risk of default, expected loss rates and maximum contractual period. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s past history, existing market conditions as well as forward-looking estimates at the end of each reporting period. Details of the key assumptions and inputs used are disclosed in Note 5.1.3. ix.    Intangible assets The contract-based intangible assets (licence) were acquired as part of a business combination. They are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-line basis over their estimated remaining useful lives of the asset. The fair value of contract-based intangible assets is estimated using the multi-period excess earnings method. This requires a forecast of revenue and all cost projections throughout the useful life of the intangible assets. A contributory asset charge that reflects the return on assets is also determined and applied to the revenue but subtracted from the operating cash flows to derive the pre-tax cash flow. The post-tax cash flows are then obtained by deducting out the tax using the effective tax rate. Discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group’s investors. The cost of debt is based on the interest- bearing borrowings the Group is obliged to service. x.    Inventories-operational spares The Group holds inventories comprising spare parts and consumables used in production and operational activities. These items are not held for resale but are consumed in the maintenance and operation of assets and are accounted for in accordance with IAS 2. Inventories are measured at the lower of cost and net realisable value. For operational spares, net realisable value is assessed with reference to their expected future use in operations and replacement cost. The determination of whether spares are recoverables requires management judgement, particularly in assessing: • Expected future utilisation of the related assets • Forecast production profiles • Technological obsolescence risk • Physical condition and shelf life • Current replacement cost Where spare parts are slow-moving, obsolete or no longer expected to be utilised in operations, a write-down is recognised. Due to the judgement involved in assessing future usage and recoverability, there is estimation uncertainty associated with the carrying amount of operational spares. Changes in operational plans or asset life assumptions could result in a material adjustment to inventory values in future reporting periods. xi.    Investments in debt securities measured at fair value through profit or loss The Group holds a debt investment in Belema Oil as part of its investment in the Seplat East Swamp arrangement. The instrument is classified as fair value through profit or loss (FVTPL) and measured at fair value at each reporting date. The investment is categorised within Level 3 of the fair value hierarchy as the valuation incorporates significant unobservable inputs. Fair value is determined using a discounted cash flow model based on management’s forecast of future cash flows expected to be derived from Belema Oil’s crude production. Key assumptions used in the valuation include: • Forecast crude oil production volumes • Expected pipeline loss rates • Forward crude oil price assumptions • Seplat’s contractual entitlement to up to 85% of crude sales, net of royalty and pipeline losses • An entity-specific discount rate of 15% The valuation is sensitive to changes in these assumptions. Variations in production forecasts, crude prices, pipeline losses or the discount rate could result in a material adjustment to the carrying amount of the investment in future reporting periods. Due to the use of significant unobservable inputs, there is estimation uncertainty associated with this measurement. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 192 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued #### 5.    Financial risk management 5.1  Financial risk factors The Group’s activities expose it to a variety of financial risks such as market risk (including foreign exchange risk, interest rate risk and commodity price risk), credit risk and liquidity risk. The Group’s risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance. Risk management is carried out by the treasury department under policies approved by the Board of Directors. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk and investment of excess liquidity. | | | | | | --- | --- | --- | --- | | | | | | | Risk | Exposure arising from | Measurement | Management | | Market risk – foreign exchange | Future commercial transactions Recognised financial assets and liabilities not denominated in US Dollars. | Cash flow forecasting Sensitivity analysis | Match and settle foreign-denominated cash inflows with the relevant cash outflows to mitigate any potential foreign exchange risk. | | Market risk – interest rate | Long-term borrowings at variable rate | Sensitivity analysis | None | | Market risk – commodity  prices | Derivative financial instruments | Sensitivity analysis | Oil price hedges | | Credit risk | Cash and bank balances, trade receivables and derivative financial instruments. | Ageing analysis Credit ratings | Diversification of bank deposits | | Liquidity risk | Borrowings and other liabilities | Rolling cash flow forecasts | Availability of committed credit lines and borrowing facilities | 5.1.1  Market risk Market risk is the risk of loss that may arise from changes in market factors such as foreign exchange rates, interest rates and commodity prices. i.  Commodity price risk The Group is exposed to the risk of fluctuations on crude oil prices. The uncertainty around the rate at which oil prices increase or decline led to the Group’s decision to enter into an option contract to insure the Group’s revenue against adverse oil price movements. Crude hedge During the last quarter of 2025, the Group entered into an economic crude oil hedge contract with an average strike price of ₦77,751 ($51.25/bbl.) for 12 million barrels at an average premium price of ₦1,817 ($1.20 /bbl.) agreed at the contract dates. These contracts, which will commence on 1 January 2026, are expected to reduce the volatility attributable to price fluctuations of oil. The Group made a prepayment of $12 million in the current year but a premium of $2.3 million barrels will be settled on a deferred basis. An unrealised fair value loss of ₦9.04 billion, $6.3 million has been recognised in 2025. The termination dates are 31 March and 30 June 2026 respectively. Hedging the price volatility of forecast oil sales is in accordance with the risk management strategy of the Group. The maturity of the crude oil hedge contracts the Group holds is shown in the table below: | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Less than 6 months | 6 to 9 months | 9 to 12 months | Above 12 months | Total | Fair value ₦ million | Fair value $'000 | | As at 31 December 2025 | \_ | | | | | | | | Crude oil hedges volume (bbl.) | 12,000,000 | — | — | — | 12,000,000 | 9,041 | 6,299 | | | | | | — | | 9,041 | 6,299 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Less than 6 months | 6 to 9 months | 9 to 12 months | Above 12 months | Total | Fair value ₦ million | Fair value $'000 | | As at 31 December 2024 | | | | | | | | | Crude oil hedges volume (bbl.) | 3,000,000 | – | – | – | 3,000,000 | 6,073 | 3,955 | | | | | | | | 6,073 | 3,955 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 193 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | The following table summarises the impact of the commodity options on the Group’s profit before tax due to a 10% change in market inputs, with all other variables held constant: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit/(loss) before tax | Effect on other components of equity before tax | Effect on profit/(loss) before tax | Effect on other components of equity before tax | | | 2025 | 2025 | 2024 | 2024 | | Increase/decrease in market inputs | ₦ million | ₦ million | ₦ million | ₦ million | | +10% | 904 | — | 607 | — | | -10% | (904) | — | (607) | — | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit/(loss) before tax | Effect on other components of equity before tax | Effect on profit/(loss) before tax | Effect on other components of equity before tax | | | 2025 | 2025 | 2024 | 2024 | | Increase/decrease in market inputs | $'000 | $'000 | $'000 | $'000 | | +10% | 630 | — | 396 | — | | -10% | (630) | — | (396) | — | The Group may be exposed to business risks from fluctuations in the future prices of crude oil and gas. The following table summarises the impact on the Group’s profit before tax of a 10% change in crude oil prices, with all other variables held constant: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit/(loss) before tax | Effect on other components of equity before tax | Effect on profit/(loss) before tax | Effect on other components of equity before tax | | | 2025 | 2025 | 2024 | 2024 | | Increase/decrease in crude oil prices | ₦ million | ₦ million | ₦ million | ₦ million | | +10% | 377,425 | — | 146,635 | — | | -10% | (377,425) | — | (146,635) | — | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit/(loss) before tax | Effect on other components of equity before tax | Effect on profit/(loss) before tax | Effect on other components of equity before tax | | | 2025 | 2025 | 2024 | 2024 | | Increase/decrease in crude oil prices | $'000 | $'000 | $'000 | $'000 | | +10% | 248,782 | — | 99,099 | — | | -10% | (248,782) | — | (99,099) | — | The following table summarises the impact on the Group’s profit before tax of a 10% change in gas prices, with all other variables held constant: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit/(loss) before tax | Effect on other components of equity before tax | Effect on profit/(loss) before tax | Effect on other components of equity before tax | | | 2025 | 2025 | 2024 | 2024 | | Increase/decrease in gas prices | ₦ million | ₦ million | ₦ million | ₦ million | | +10% | 27,942 | — | 18,483 | — | | -10% | (27,942) | — | (18,483) | — | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit/(loss) before tax | Effect on other components of equity before tax | Effect on profit/(loss) before tax | Effect on other components of equity before tax | | | 2025 | 2025 | 2024 | 2024 | | Increase/decrease in gas prices | $'000 | $'000 | $'000 | $'000 | | +10% | 18,418 | — | 12,491 | — | | -10% | (18,418) | — | (12,491) | — | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 194 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued ii.  Cash flow and fair value interest rate risk The Group’s exposure to interest rate risk relates primarily to interest-bearing loans and borrowings. The Group has both variable and fixed interest rate borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk which is partially offset by cash and short-term fixed deposit held at variable rates. Fixed rate borrowings only give rise to interest rate risk if measured at fair value. The Group’s borrowings are not measured at fair value and are denominated in US Dollars. The Group is exposed to cash flow interest rate risk on short-term deposits to the extent that the significant increases and reductions in market interest rates would result in a decrease in the interest earned by the Group. The contractual re-pricing date of the interest-bearing loans and borrowings is between 3-6 months. The exposure of the Group’s variable interest-bearing loans and borrowings at the end of the reporting period is shown below. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Corporate loan | 510,792 | 1,090,122 | 355,889 | 710,028 | The following table demonstrates the sensitivity of the Group’s profit before tax to changes in SOFR rate, with all other variables held constant: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit/(loss) before tax | Effect on other components of equity before tax | Effect on profit/(loss) before tax | Effect on other components of equity before tax | | | 2025 | 2025 | 2025 | 2025 | | Increase/decrease in interest rate | ₦ million | ₦ million | $'000 | $'000 | | +2% | 10,216 | — | 7,118 | — | | -2% | (10,216) | — | (7,118) | — | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit/(loss) before tax | Effect on other components of equity before tax | Effect on profit/(loss) before tax | Effect on other components of equity before tax | | | 2024 | 2024 | 2024 | 2024 | | Increase/decrease in interest rate | ₦ million | ₦ million | $'000 | $'000 | | +2% | 21,802 | – | 14,201 | — | | -2% | (21,802) | – | (14,201) | — | 5.1.2  Foreign exchange risk The Group has transactional currency exposures that arise from sales or purchases in currencies other than the respective functional currency. The Group is exposed to exchange rate risk to the extent that balances and transactions are denominated in a currency other than the US Dollar. The Group holds most of its cash and bank balances in US Dollars. However, the Group maintains deposits in Naira in order to fund ongoing general and administrative activities and other expenditure incurred in this currency. Other monetary assets and liabilities which give rise to foreign exchange risk include trade and other receivables and trade and other payables. The following table demonstrates the carrying value of monetary assets and liabilities exposed to foreign exchange risks for Naira exposures at the reporting date: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Financial assets | | | | | | Cash and cash equivalents | 43,460 | 79,448 | 30,280 | 51,747 | | Trade and other receivables | 133,351 | 67,824 | 92,911 | 44,176 | | Interest-bearing loans and borrowings | 203 | – | 142 | – | | Restricted cash | – | 1,448 | — | 943 | | | 177,014 | 148,720 | 123,333 | 96,866 | | Financial liabilities | | | | | | Trade and other payables | 27,791 | (114,708) | 19,363 | (74,713) | | Lease liability | 58 | – | 40 | – | | Net exposure to foreign exchange risk | 204,863 | 34,012 | 142,736 | 22,153 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 195 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | The following table demonstrates the carrying value of monetary assets and liabilities exposed to foreign exchange risks for Pound exposures at the reporting date: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Financial assets | | | | | | Cash and cash equivalents | 1,983 | 3,017 | 1,381 | 1,965 | | Trade and other receivables | 15,222 | 11,028 | 10,606 | 7,183 | | Interest-bearing loans and borrowings | 332 | – | 231 | – | | | 17,537 | 14,045 | 12,218 | 9,148 | | Financial liabilities | | | | | | Trade and other payables | (19,121) | – | (13,322) | – | | Lease liability | (8,820) | – | (6,145) | – | | Net exposure to foreign exchange risk | (10,404) | 14,045 | (7,249) | 9,148 | The following table demonstrates the carrying value of monetary assets and liabilities exposed to foreign exchange risks for Euro exposures at the reporting date: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Financial assets | | | | | | Trade and other receivables | 147 | – | 992 | – | | Interest-bearing loans and borrowings | 70 | – | 472 | – | | | 217 | – | 1,464 | – | | Financial liabilities | | | | | | Trade and other payables | (1,680) | – | (1,170) | – | | Net exposure to foreign exchange risk | (1,463) | – | 294 | – | Sensitivity to foreign exchange risk is based on the Group’s net exposure to foreign exchange risk due to Naira and Pound denominated balances. If the Naira strengthens or weakens by the following thresholds, the impact is as shown in the table below: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2025 | 2025 | 2025 | 2025 | | Increase/decrease in foreign exchange risk | ₦ million | ₦ million | $'000 | $'000 | | +10% | (18,624) | — | (12,976) | — | | -10% | 22,762 | — | 15,860 | — | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2024 | 2024 | 2024 | 2024 | | Increase/decrease in foreign exchange risk | ₦ million | ₦ million | $'000 | $'000 | | +10% | (5,266) | — | (3,430) | — | | -10% | 6,437 | — | 4,192 | — | If the Pound strengthens or weakens by the following thresholds, the impact is as shown in the table below: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2025 | 2025 | 2025 | 2025 | | Increase/decrease in foreign exchange risk | ₦ million | ₦ million | $'000 | $'000 | | +10% | 946 | — | 659 | — | | -10% | (1,156) | — | (805) | — | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 196 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2024 | 2024 | 2024 | 2024 | | Increase/decrease in foreign exchange risk | ₦ million | ₦ million | $'000 | $'000 | | +10% | (1,277) | – | (832) | – | | -10% | 1,561 | – | 1,016 | – | If the Euro strengthens or weakens by the following thresholds, the impact is as shown in the table below: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2025 | 2025 | 2025 | 2025 | | Increase/decrease in foreign exchange risk | ₦ million | ₦ million | $'000 | $'000 | | +10% | (38) | — | (27) | — | | -10% | 47 | — | 33 | — | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2024 | 2024 | 2024 | 2024 | | Increase/decrease in foreign exchange risk | ₦ million | ₦ million | $'000 | $'000 | | +10% | — | – | — | – | | -10% | — | – | — | – | 5.1.3  Credit risk Credit risk refers to the risk of a counterparty defaulting on its contractual obligations resulting in financial loss to the Group. Credit risk arises from cash and bank balances as well as credit exposures to customers (i.e. Vitol S.A. Shell Western, Pillar, Azura, Geregu Power, Sapele Power and Nigerian Gas Marketing Company (NGMC) receivables), and other parties (i.e., NUIMS receivables, NEPL receivables and other receivables). a)    Risk management The Group is exposed to credit risk from its sale of crude oil to Vito S.A. Exxonmobil, Waltersmith, Chevron and Shell Western. The Group has an off-take agreement with Shell Western Supply and Trading Limited which expires in December 2026. The Group is exposed to further credit risk from outstanding cash calls from NEPL and NUIMS. In addition, the Group is exposed to credit risk in relation to the sale of gas to its customers. The credit risk on cash and bank balances is managed through the diversification of banks in which the balances are held. The risk is limited because the majority of deposits are with banks that have an acceptable credit rating assigned by an international credit agency. The Group’s maximum exposure to credit risk due to default of the counterparty is equal to the carrying value of its financial assets. b)    Impairment of financial assets The Group financial assets that are subject to IFRS 9’s expected credit loss model are listed below. Contract assets are also subject to the expected credit loss model, even though they are not financial assets, as they have substantially the same credit risk characteristics as trade receivables. The impairment of receivables is disclosed in the table below. • JV partner receivables • Trade receivables • Contract assets • Other receivables • Cash and bank balances | | | | | | --- | --- | --- | --- | | | | | | | | Notes | ₦ million | $'000 | | As at 1 January 2025 | | 57,609 | 104,690 | | Increase in provision for Nigerian National Corporation Exploration Limited (NEPL) receivables | 26.2 | 1,813 | 1,195 | | Increase in provision for trade receivables | 26.1 | 21,739 | 14,329 | | Decrease  in provision for other receivables | 26.4 | (2,047) | (1,349) | | Increase in provision for contract asset | 27 | 2,353 | 1,551 | | Impairment charge to the profit or loss | | 23,858 | 15,726 | | As at 31 December 2025 | | 81,467 | 120,416 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 197 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | | | --- | --- | --- | --- | | | | | | | | Notes | ₦ million | US $'000 | | As at 1 January 2024 | | 41,969 | 94,120 | | Decrease in provision for Nigerian National Corporation Exploration Limited (NEPL) receivables | 26.2 | (2,473) | (1,671) | | Decrease in provision for NNPC Upstream Investment Management Services (NUIMS) receivables | 26.3 | (1,126) | (761) | | Increase in provision for trade receivables | 26.1 | 14,137 | 9,554 | | Decrease in provision for receivables from joint venture (ANOH) | 26.5 | (4,433) | (2,996) | | Increase in provision for other receivables | 26.4 | 9,711 | 6,563 | | Decrease in provision for contract asset | 27 | (176) | (119) | | Impairment charge to the profit or loss | | 15,640 | 10,570 | | As at 31 December 2024 | | 57,609 | 104,690 | The parameters applied in assessing impairment for NEPL receivables, NUIMS receivables, other receivables and short-term fixed deposits are summarised below. The probability of default for receivables in Stage 1 are measured using a 12-month Probability of Default (PD), while receivables in Stages 2 and 3 are assessed using lifetime PD. The lifetime PDs reflect the maximum contractual period over which the Group is exposed to credit risk on these financial assets. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | NNPC  Exploration and Production Company Limited (NEPL) receivables | NNPC Upstream Investment Management Services (NUIMS) receivables | Other receivables | Short-term fixed deposits | | Probability of default (PD) | The 12-month sovereign cumulative PD for base case, downturn and upturn respectively is 4.36%, 5.27%, and 3.58%, for Stage 1. The PD for Stage 2 and  3 is 100%. | The 12-month sovereign cumulative PD for base case, downturn and upturn respectively is 4.36%, 5.27%, and 3.58%, for Stage 1. The PD for Stage 2 and 3 is 100%. | The PD for Stage 3 is 100%. | The 12-month sovereign cumulative PD for base case, downturn and upturn respectively is 2.05%, 2.06%, and 2,04%, for Stage 1. The PD for Stage 2 and 3 is 100%. | | Loss given default (LGD) | The 12-month LGD and lifetime LGD were determined using Moody’s recovery rate and mapped based on the priority rating of the receivable, for emerging economies. | The 12-month LGD and lifetime LGD were determined using Moody’s recovery rate and mapped based on the priority rating of the receivable, for emerging economies. | The 12-month LGD and lifetime LGD were determined using management’s estimate of expected cash recoveries. Management’s estimate is based on historical pattern of recoveries. | The 12-month LGD and lifetime LGD were determined using Moody’s recovery rate and mapped based on the priority rating of the receivable, for emerging economies. | | Exposure at default (EAD) | The EAD is the maximum exposure of the receivable to credit risk. | The EAD is the maximum exposure of the receivable to credit risk. | The EAD is the maximum exposure of the receivable to credit risk. | The EAD is the maximum exposure of the short- term fixed deposits to credit risk. | | Macroeconomic indicators | The historical GDP growth rates, inflation rates, Brent oil price and gas price were used. | The historical GDP growth rates, inflation rates, Brent oil price and gas price were used. | The historical GDP growth rates, inflation rates, Brent oil price and gas price were used. | The historical GDP growth rates, inflation rates, Brent oil price and gas price were used. | | Probability weightings | 20%, 35.6%, and 41% were used as the weights for the base, upturn and downturn ECL modelling scenarios respectively. | 20%, 35.6%, and 41% were used as the weights for the base, upturn and downturn ECL modelling scenarios respectively. | 20%, 35.6%, and 41% were used as the weights for the base, upturn and downturn ECL modelling scenarios respectively. | 20%, 35.6%, and 41% were used as the weights for the base, upturn and downturn ECL modelling scenarios respectively. | The Group considers both quantitative and qualitative indicators in classifying its receivables into the relevant stages for impairment calculation as shown below: • Stage 1: This stage includes financial assets that are less than 30 days past due (performing). • Stage 2: This stage includes financial assets that have been assessed to have experienced a significant increase in credit risk using the days past due criteria (i.e. the outstanding receivables amounts are more than 30 days past due but less than 90 days past due) and other qualitative indicators such as the increase in political risk concerns or other macro economic factors and the risk of legal action, sanction or other regulatory penalties that may impair future financial performance. • Stage 3: This stage includes financial assets that have been assessed as being in default (i.e. receivables that are more than 90 days past due) or that have a clear indication that the imposition of financial or legal penalties and/or sanctions will make the full recovery of indebtedness highly improbable. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 198 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued i.    NEPL receivables NEPL receivables represent the outstanding cash calls due to Seplat from its joint venture partner, Nigerian National Petroleum Corporation Exploration Limited. The Group applies the IFRS 9 general model for measuring expected credit losses (ECL). This requires a three-stage approach in recognising the expected loss allowance for NEPL receivables. The ECL recognised for the period is a probability-weighted estimate of credit losses discounted at the effective interest rate of the financial asset. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). The following analysis provides further detail about the calculation of ECLs related to these assets. The Group considers the model and the assumptions used in calculating these ECLs as key sources of estimation uncertainty. There was no write-off during the year (2024: nil). (See details in Note 26.2.) | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2025 | ₦ million | ₦ million | ₦ million | ₦ million | | Gross Exposure at Default (EAD) | 126,606 | — | — | 126,606 | | Loss Allowance | (5,269) | — | — | (5,269) | | Net Exposure at Default (EAD) | 121,337 | — | — | 121,337 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2024 | ₦ million | ₦ million | ₦ million | ₦ million | | Gross Exposure at Default (EAD) | 67,954 | — | — | 67,954 | | Loss Allowance | (4,339) | — | — | (4,339) | | Net Exposure at Default (EAD) | 63,615 | — | — | 63,615 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2025 | $'000 | $'000 | $'000 | $'000 | | Gross Exposure at Default (EAD) | 88,211 | — | — | 88,211 | | Loss Allowance | (3,671) | — | — | (3,671) | | Net Exposure at Default (EAD) | 84,540 | — | — | 84,540 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2024 | $'000 | $'000 | $'000 | $'000 | | Gross Exposure at Default (EAD) | 44,260 | — | — | 44,260 | | Loss Allowance | (2,826) | — | — | (2,826) | | Net Exposure at Default (EAD) | 41,434 | — | — | 41,434 | ii.    NIUMS receivables NUIMS receivables represent the outstanding cash calls due to Seplat from its Joint Operating Agreement (JOA) partner, NNPC Upstream Investment Management Services. The Group applies the general model for measuring expected credit losses (ECL) which uses a three- stage approach in recognising the expected loss allowance for NUIMS receivables. The ECL was calculated based on actual credit loss experience from 2016, which is the date the Group initially became a party to the contract. The following analysis provides further detail about the calculation of ECLs related to these assets. The Group considers the model and the assumptions used in calculating these ECLs as key sources of estimation uncertainty. The tables below show the expected credit losses for the year ended 31 December 2025 and 31 December 2024. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2025 | ₦ million | ₦ million | ₦ million | ₦ million | | Gross Exposure at Default (EAD) | 289,437 | — | — | 289,437 | | Net Exposure at Default (EAD) | 289,437 | — | — | 289,437 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2024 | ₦ million | ₦ million | ₦ million | ₦ million | | Gross Exposure at Default (EAD) | 454,571 | — | — | 454,571 | | Net Exposure at Default (EAD) | 454,571 | — | — | 454,571 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 199 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2025 | $'000 | $'000 | $'000 | US$'000 | | Gross Exposure at Default (EAD) | 201,662 | — | — | 201,662 | | Net Exposure at Default (EAD) | 201,662 | — | — | 201,662 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2024 | $'000 | $'000 | $'000 | $'000 | | Gross Exposure at Default (EAD) | 296,075 | — | — | 296,075 | | Net Exposure at Default (EAD) | 296,075 | — | — | 296,075 | iii.    Trade receivables (Geregu Power, Sapele Power, Nigerian Gas Marketing Company and others) The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. The impairment of trade receivables (Geregu Power, Sapele Power, NGMC and others) was estimated by applying the provision matrix. The expected loss rate was calculated as the percentage of the receivable that is deemed uncollectible during a particular period. The expected loss rates as at 31 December 2025 and 31 December 2024 are as follows: | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Current | 30-60 days | 61-90 days | 91-180 days | 181-365 days | Above 365 days | Total | | 31 December 2025 | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Gross carrying amount | 186,018 | 4,313 | 2,278 | 8,728 | 9,550 | 34,605 | 245,492 | | Expected loss rate | 1% | 4% | 54% | 67% | 89% | 100% | 21% | | Lifetime ECL | (1,550) | (189) | (1,227) | (5,875) | (8,541) | (34,605) | (51,988) | | Total | 184,468 | 4,124 | 1,051 | 2,853 | 1,009 | – | 193,504 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Current | 30-60 days | 61-90 days | 91-180 days | 181-365 days | Above 365 days | Total | | 31 December 2024 | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Gross carrying amount | 520,601 | 5,707 | 3,479 | 8,101 | 11,671 | 17,492 | 567,051 | | Expected loss rate | 0% | 9% | 17% | 41% | 66% | 100% | 6% | | Lifetime ECL | (2,472) | (534) | (603) | (3,291) | (7,742) | (17,492) | (32,134) | | Total | 518,129 | 5,173 | 2,876 | 4,810 | 3,929 | — | 534,917 | ` | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Current | 30-60 days | 61-90 days | 91-180 days | 181-365 days | Above 365 days | Total | | 31 December 2025 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | | Gross carrying amount | 129,604 | 3,005 | 1,587 | 6,081 | 6,654 | 24,111 | 171,042 | | Expected loss rate | 1% | 4% | 54% | 67% | 89% | 100% | 21% | | Lifetime ECL | (1,078) | (132) | (855) | (4,093) | (5,951) | (24,111) | (36,220) | | Total | 128,526 | 2,873 | 732 | 1,988 | 703 | — | 134,822 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Current | 30-60 days | 61-90 days | 91-180 days | 181-365 days | Above 365 days | Total | | 31 December 2024 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | | Gross carrying amount | 339,083 | 3,717 | 2,266 | 5,276 | 7,602 | 11,393 | 369,337 | | Expected loss rate | 0% | 9% | 17% | 41% | 66% | 100% | 5% | | Lifetime ECL | (1,610) | (348) | (393) | (2,143) | (5,043) | (11,393) | (20,930) | | Total | 337,473 | 3,369 | 1,873 | 3,133 | 2,559 | — | 348,407 | iv.    Contract assets The expected credit losses on contract assets was estimated by applying the provision matrix. The expected loss rate was calculated as the percentage of the receivable that is deemed uncollectible during a particular period. The expected loss rates as at 31 December 2025 and 2024 are shown below: | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Current | 1-30 days | 31-60 days | 61-90 days | 181-365 days | Above 365 days | Total | | 31 December 2025 | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Gross carrying amount | 31,623 | — | — | — | — | — | 31,623 | | Expected loss rate | 7.79% | — | — | — | — | — | 7.79% | | Lifetime ECL | (2,464) | — | — | — | — | — | (2,464) | | Total | 29,159 | — | — | — | — | — | 29,159 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 200 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Current | 1-30 days | 31-60 days | 61-90 days | 181-365 days | Above 365 days | Total | | 31 December 2024 | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Gross carrying amount | 23,918 | — | — | — | — | — | 23,918 | | Expected loss rate | 1% | | | | | | 1% | | Lifetime ECL | (255) | — | — | — | — | — | (255) | | Total | 23,663 | — | — | — | — | — | 23,663 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Current | 1-30 days | 31-60 days | 61-90 days | 181-365 days | Above 365 days | Total | | 31 December 2025 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | $'000 | $'000 | | Gross carrying amount | 22,032 | — | — | — | — | — | 22,032 | | Expected loss rate | 7.79% | — | — | — | — | — | 7.79% | | Lifetime ECL | (1,717) | — | — | — | — | — | (1,717) | | Total | 20,315 | — | — | — | — | — | 20,315 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Current | 1-30 days | 31-60 days | 61-90 days | 181-365 days | Above 365 days | Total | | 31 December 2024 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | $'000 | $'000 | | Gross carrying amount | 15,745 | | | — | — | — | 15,745 | | Expected loss rate | 1% | — | — | — | — | — | 1% | | Lifetime ECL | (166) | — | — | — | — | — | (166) | | Total | 15,579 | — | — | — | — | — | 15,579 | v.    Other receivables Other receivables are amounts outside the usual operating activities of the Group. Included in other receivables is a receivable amount on an investment that is no longer being pursued. The Group applied the general approach in estimating the expected credit loss. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2025 | ₦ million | ₦ million | ₦ million | ₦ million | | Gross Exposure at Default (EAD) | — | — | 143,037 | 143,037 | | Loss Allowance | — | — | (86,064) | (86,064) | | Net Exposure at Default (EAD) | — | — | 56,973 | 56,973 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2024 | ₦ million | ₦ million | ₦ million | ₦ million | | Gross Exposure at Default (EAD) | – | – | 182,885 | 182,885 | | Loss Allowance | – | – | (79,667) | (79,667) | | Net Exposure at Default (EAD) | – | – | 103,218 | 103,218 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2025 | $'000 | $'000 | $'000 | $'000 | | Gross Exposure at Default (EAD) | — | — | 99,659 | 99,659 | | Loss Allowance | — | — | (59,964) | (59,964) | | Net Exposure at Default (EAD) | — | — | 39,695 | 39,695 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2024 | $'000 | $'000 | $'000 | $'000 | | Gross Exposure at Default (EAD) | — | — | 119,118 | 119,118 | | Loss Allowance | — | — | (58,258) | (58,258) | | Net Exposure at Default (EAD) | — | — | 60,860 | 60,860 | | | | | | | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 201 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | vi.    Cash and cash equivalents The Group applies the IFRS 9 general model for measuring expected credit losses (ECL) which uses a three-stage approach in recognising the expected loss allowance for cash and cash equivalents. The ECL was calculated as the probability weighted estimate of the credit losses expected to occur over the contractual period of the facility after considering macroeconomic indicators. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2025 | ₦ million | ₦ million | ₦ million | ₦ million | | Gross Exposure at Default (EAD) | 477,322 | — | — | 477,322 | | Loss Allowance | (352) | — | — | (352) | | Net Exposure at Default (EAD) | 476,970 | — | — | 476,970 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2024 | N million | N million | N million | N million | | Gross Exposure at Default (EAD) | 721,761 | — | — | 721,761 | | Loss Allowance | (376) | — | — | (376) | | Net Exposure at Default (EAD) | 721,385 | — | — | 721,385 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2025 | $'000 | $'000 | $'000 | $'000 | | Gross Exposure at Default (EAD) | 332,571 | — | — | 332,571 | | Loss Allowance | (245) | — | — | (245) | | Net Exposure at Default (EAD) | 332,326 | — | — | 332,326 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2024 | $'000 | $'000 | $'000 | $'000 | | Gross Exposure at Default (EAD) | 470,107 | — | — | 470,107 | | Loss Allowance | (245) | — | — | (245) | | Net Exposure at Default (EAD) | 469,862 | — | — | 469,862 | | | | | | | Other cash, bank balances and restricted cash The Group assessed the other cash, bank and restricted cash balances to determine their expected credit losses. Based on the assessment performed, the expected credit loss figures were insignificant and not recognised due to materiality as at 31 December 2025 (2024: nil). The assets are assessed to be in Stage 1. Credit quality of cash and cash equivalents (including restricted cash) The credit quality of the Group’s cash and bank balances is assessed on the basis of external credit ratings (Fitch long-term ratings). As shown below, cash and bank balances are all in Stage 1 based on the ECL assessment: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Dec 2025 | Dec 2024 | Dec 2025 | Dec 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | B- | – | 449,688 | – | 292,895 | | B | 480,551 | — | 334,819 | — | | BBB- | – | 1 | – | 1 | | BBB+ | – | 1,809 | – | 1,179 | | A | – | 376 | – | 245 | | AA | 44 | — | 31 | — | | A+ | 151,893 | 361,729 | 105,830 | 235,605 | | AA- | 731 | 67,543 | 509 | 43,992 | | AAA | 25,484 | 43,666 | 17,756 | 28,441 | | Non-rated | (34) | (64) | (23) | (42) | | | 658,669 | 924,748 | 458,922 | 602,316 | | Allowance for impairment recognised during the year (Note 29.1) | (352) | (376) | (245) | (245) | | Net cash and cash bank balances (Notes 29 and 29.2) | 658,317 | 924,372 | 458,677 | 602,071 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 202 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued c.    Maximum exposure to credit risk – financial instruments subject to impairment The Group estimated the expected credit loss on NEPL receivables, NUIMS receivables and short-term fixed deposits by applying the general model. The gross carrying amount of financial assets represents the Group’s maximum exposure to credit risks on these assets. All financial assets impaired using the general model (NEPL, NUIMS and short-term fixed deposits) are graded under the standard monitoring credit grade (rated B- under Standard and Poor’s unmodified ratings) and are classified under Stage 1, except for the other receivables which are graded under the investment grade (rated AA under Standard and Poor’s unmodified ratings) and classified in Stage 2 and Stage 3. d)    Roll forward movement in loss allowance The loss allowance recognised in the period is impacted by a variety of factors, as described below: • Transfers between Stage 1 and Stage 2 or Stage 3 due to financial instruments experiencing significant increases (or decreases) of credit risk or becoming credit impaired in the period, and the consequent ‘step up’ (or ‘step down’) between 12-month and lifetime ECL; • Additional allowances for new financial instruments recognised during the period, as well as releases for financial instruments derecognised in the period; • Impact on the measurement of ECL due to changes in PDs, EADs and LGDs in the period, arising from regular refreshing of inputs to models; • Discount unwind within ECL due to passage of time, as ECL is measured on a present value basis; • Foreign exchange retranslation for assets denominated in foreign currencies and other movements; and • Financial assets derecognised during the period and write-off of receivables and allowances related to assets. The following tables explain the changes in the loss allowance between the beginning and end of the annual period due to these factors: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | NEPL receivables | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2025 | N million | N million | N million | N million | | Loss allowance as at 1 January 2025 | 4,339 | — | — | 4,339 | | Movements in profit due to increase in receivables | 1,813 | — | — | 1,813 | | Foreign exchange revaluation impact | 285 | — | — | 285 | | Exchange difference | (1,168) | — | — | (1,168) | | Loss allowance as at 31 December 2025 | 5,269 | — | — | 5,269 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2025 | $'000 | $'000 | $'000 | $'000 | | Loss allowance as at 1 January 2025 | 2,826 | — | — | 2,826 | | Movements in profit due to increase in receivables | 1,195 | — | — | 1,195 | | Foreign exchange revaluation impact | (350) | — | — | (350) | | Loss allowance as at 31 December 2025 | 3,671 | — | — | 3,671 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Other receivables | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2025 | N million | N million | N million | N million | | Loss allowance as at 1 January 2025 | — | — | 79,667 | 79,667 | | Movements in profit due to increase in receivables | — | — | (2,047) | (2,047) | | Foreign exchange revaluation impact | | | 3,407 | 3,407 | | Exchange difference | — | — | 5,037 | 5,037 | | Loss allowance as at 31 December 2025 | — | — | 86,064 | 86,064 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2025 | $'000 | $'000 | $'000 | $'000 | | Loss allowance as at 1 January 2025 | — | — | 58,258 | 58,258 | | Movements in profit due to increase in receivables | — | — | (1,349) | (1,349) | | Foreign exchange revaluation impact | — | — | 3,055 | 3,055 | | Loss allowance as at 31 December 2025 | — | — | 59,964 | 59,964 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 203 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Cash and equivalents | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2025 | N million | N million | N million | N million | | Loss allowance as at 1 January 2025 | (376) | — | — | (376) | | Exchange difference | 24 | — | — | 24 | | Loss allowance as at 31 December 2025 | (352) | — | — | (352) | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Cash and equivalents | Stage 1 | Stage 2 | Stage 3 | | | | 12-month ECL | Lifetime ECL | Lifetime ECL | Total | | 31 December 2025 | $'000 | $'000 | $'000 | $'000 | | Loss allowance as at 1 January 2025 | (245) | — | — | (245) | | Loss allowance as at 31 December 2025 | (246) | — | — | (245) | e.    Estimation uncertainty in measuring impairment loss The table below shows information on the sensitivity of the carrying amounts of the Company’s financial assets to the methods, assumptions and estimates used in calculating impairment losses on those financial assets at the end of the reporting period. These methods, assumptions and estimates have a significant risk of causing material adjustments to the carrying amounts of the Group’s financial assets. i.    Expected cash flow recoverable The table below demonstrates the sensitivity of the Company’s profit before tax to a 20% change in the expected cash flows from financial assets, with all other variables held constant: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of profit before tax | Effect on profit before tax | Effect on other components of profit before tax | | | 2025 | 2025 | 2025 | 2025 | | Increase/decrease in estimated cash flows | ₦ million | ₦ million | $’000 | $’000 | | +20% | (16,166) | – | (11,264) | – | | -20% | 16,166 | – | 11,264 | – | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of profit before tax | Effect on profit before tax | Effect on other components of profit before tax | | | 2024 | 2024 | 2024 | 2024 | | Increase/decrease in estimated cash flows | ₦ million | ₦ million | $’000 | $’000 | | +20% | (13,916) | – | (9,064) | – | | -20% | 13,916 | – | 9,064 | – | ii)    Significant unobservable inputs The table below demonstrates the sensitivity of the Company’s profit before tax to movements in the probability of default (PD) and loss given default (LGD) for financial assets, with all other variables held constant: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2025 | 2025 | 2025 | 2025 | | Increase/decrease in loss given default | ₦ million | ₦ million | $'000 | $'000 | | +10% | (3,846) | — | (268) | — | | -10% | 3,846 | — | 268 | — | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2024 | 2024 | 2024 | 2024 | | Increase/decrease in loss given default | ₦ million | ₦ million | $'000 | $'000 | | +10% | (208) | — | (141) | — | | -10% | 208 | — | 141 | — | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 204 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued The table below demonstrates the sensitivity of the Group’s profit before tax to movements in probabilities of default, with all other variables held constant: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2025 | 2025 | 2025 | 2025 | | Increase/decrease in probability of default | ₦ million | ₦ million | $'000 | $'000 | | +10% | (1,068) | — | (744) | — | | -10% | 1,068 | — | 744 | — | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2024 | 2024 | 2024 | 2024 | | Increase/decrease in probability of default | ₦ million | ₦ million | $'000 | $'000 | | +10% | (218) | — | (147) | — | | -10% | 218 | — | 147 | — | The table below demonstrates the sensitivity of the Company’s profit before tax to movements in the forward-looking macroeconomic indicators, with all other variables held constant: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2025 | 2025 | 2025 | 2025 | | Increase/decrease in forward-looking macroeconomic indicators | ₦ million | ₦ million | $'000 | $'000 | | +10% | (613) | – | (427) | – | | -10% | 613 | – | 427 | – | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2024 | 2024 | 2024 | 2024 | | Increase/decrease in forward-looking macroeconomic indicators | ₦ million | ₦ million | $'000 | $'000 | | +10% | (63) | — | (42) | — | | -10% | 63 | — | 42 | — | f. Estimation uncertainty in measuring provision for decommissioning obligations The table below shows information on the sensitivity of the Company’s  provision for decommissioning obligations to the assumptions and estimates used in calculating the present value of the estimated future cost of decommissioning its oil production facilities. These assumptions and estimates have a significant risk of causing material adjustments to the carrying amounts of the Group’s financial liability. Should these estimates vary, the profit or loss and statement of financial position in the following years would be impacted. Estimates could change due to changes in inflation rate, expected cessation of production (CoP) date, discount rate and market prices. The amount and timing of expenses for any period would be affected by changes in these factors and circumstances. Discount rate and CoP date have been identified as the significant assumptions driving the estimate, and the sensitivity analyses are as shown below. | | | | | --- | --- | --- | | | | | | | 2025 | 2025 | | Increase/ (decrease) in discount rate | ₦ million | $'000 | | 1% | 34,918 | 24,329 | | -1% | (30,589) | (21,313) | | | | | | --- | --- | --- | | | | | | | 2025 | 2025 | | Increase/ (decrease) in cessation of production (CoP) date | ₦ million | $'000 | | +5 years | 136,473 | 95,086 | | - 5 years | (145,823) | (101,600) | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 205 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 5.1.4    Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group manages liquidity risk by ensuring that sufficient funds are available to meet its commitments as they fall due. The Group uses both long-term and short-term cash flow projections to monitor funding requirements for activities and to ensure there are sufficient cash resources to meet operational needs. Cash flow projections take into consideration the Group’s debt financing plans and covenant compliance. Surplus cash held is transferred to the treasury department which invests in interest-bearing current accounts and time deposits. The following table details the Group’s remaining contractual maturity for its non-derivative financial liabilities with agreed maturity periods. The table has been drawn based on the undiscounted cash flows of the financial liabilities based on the earliest date on which the Group can be required to pay. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Effective interest rate % | Less than 1 year | 1 - 2 years | 2 - 3 years | 3 - 5 years | Total | | 31 December 2025 | % | ₦ million | ₦ million | ₦ million | | ₦ million | | Non-derivatives | | | | | | | | Fixed interest rate borrowings | | | | | | | | 650 million Senior notes | 9.125% | 85,129 | 85,129 | 85,129 | 1,060,611 | 1,315,998 | | Variable interest rate borrowings: | | | | | | | | Senior reserve based lending (RBL) facility | | | | | | | | The Mauritius Commercial Bank Ltd | 6.5%  + SOFR | 2,582 | 2,583 | 11,224 | 17,888 | 34,277 | | Stanbic IBTC Bank Plc | 6.5%  + SOFR | 2,324 | 2,323 | 10,101 | 16,098 | 30,846 | | Standard Bank of South Africa | 6.5%  + SOFR | 1,292 | 1,292 | 5,612 | 8,943 | 17,139 | | First City Monument Ltd (FCMB) | 6.5%  + SOFR | 1,240 | 1,240 | 5,387 | 8,586 | 16,453 | | Zenith Bank plc | 6.5%  + SOFR | 827 | 827 | 3,591 | 5,724 | 10,969 | | $300 million advance payment facility (APF) | | | | | | | | ExxonMobil Financing | 5% + SOFR + CAS | 41,309 | 451,231 | — | — | 492,540 | | Total variable interest borrowings | | 49,574 | 459,496 | 35,915 | 57,239 | 602,224 | | Other non-derivatives | | | | | | | | Trade and other payables\*\* | | 1,203,071 | — | — | — | 1,203,071 | | Lease liability | | 52,800 | 27,726 | 23,436 | — | 103,962 | | | | 1,255,871 | 27,726 | 23,436 | — | 1,307,033 | | Total | | 1,390,574 | 572,351 | 144,480 | 1,117,850 | 3,225,255 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 206 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | Effective interest rate | Less than 1 year | 1 – 2 year | 2 – 3 years | Total | | ‘31 December 2024 | % | ₦ million | ₦ million | ₦ million | ₦ million | | Non-derivatives | | | | | | | Fixed interest rate borrowings | | | | | | | 650 million Senior notes | 7.75% | 77,342 | 1,036,629 | — | 1,113,971 | | Variable interest rate borrowings | | | | | | | The Mauritius Commercial Bank Ltd | 8%  + SOFR | 23,378 | 6,274 | — | 29,652 | | Stanbic IBTC Bank Plc | 8%  + SOFR | 23,867 | 6,403 | — | 30,270 | | Standard Bank of South Africa | 8%  + SOFR | 13,638 | 3,660 | — | 17,298 | | First City Monument Ltd (FCMB) | 8%  + SOFR | 6,088 | 1,634 | — | 7,722 | | Shell Western Supply & Trading Limited | 10.5%  + SOFR | 2,598 | 2,598 | 18,184 | 23,380 | | $350 million RCF | | | | | | | Citibank N.A. London | 5%  + SOFR | 15,354 | — | — | 15,354 | | Nedbank Limited, London Branch | 5%  + SOFR | 69,090 | — | — | 69,090 | | Stanbic Ibtc Bank Plc | 5%  + SOFR | 76,766 | — | — | 76,766 | | The Standard Bank of South Africa Limited | 5%  + SOFR | — | — | — | — | | RMB International (Mauritius) Limited | 5%  + SOFR | 99,796 | — | — | 99,796 | | The Mauritius Commercial Bank Ltd | 5%  + SOFR | 69,090 | — | — | 69,090 | | JP Morgan Chase Bank, N.A. London | 5%  + SOFR | 46,060 | — | — | 46,060 | | Standard Chartered Bank | 5%  + SOFR | 46,060 | — | — | 46,060 | | Natixis | 5%  + SOFR | — | — | — | — | | Societe Generale Bank, London Branch | 5%  + SOFR | — | — | — | — | | Zenith Bank Plc | 5%  + SOFR | 23,030 | — | — | 23,030 | | Zenith Bank (UK) Limited | 5%  + SOFR | 30,707 | — | — | 30,707 | | United Bank for Africa Plc | 5%  + SOFR | 23,030 | — | — | 23,030 | | First City Monument Bank Limited | 5%  + SOFR | 30,707 | — | — | 30,707 | | BP | 5%  + SOFR | 7,677 | — | — | 7,677 | | $300 million advance payment facility (APF) | | | | | | | ExxonMobil Financing | 5%  + SOFR + CAS | 44,547 | 44,547 | 504,533 | 593,627 | | Total variable interest borrowings | | 651,483 | 65,116 | 522,717 | 1,239,316 | | Other non-derivatives | | | | | | | Trade and other payables\*\* | | 1,534,406 | — | — | 1,534,406 | | Lease liability | | 24,415 | — | — | 24,415 | | | | 1,558,821 | — | — | 1,558,821 | | Total | | 2,287,646 | 1,101,745 | 522,717 | 3,912,108 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 207 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Effective interest rate % | Less than 1 year | 1 - 2 years | 2 - 3 years | 3 - 5 years | Total | | 31 December 2025 | % | $'000 | $'000 | $'000 | $'000 | $'000 | | Non-derivatives | | | | | | | | Fixed interest rate borrowings | | | | | | | | 650 million Senior notes | 9.125% | 59,313 | 59,313 | 59,313 | 738,969 | 916,908 | | Variable interest rate borrowings | | | | | | | | The Mauritius Commercial Bank Ltd | 6.5%  + SOFR | 1,799 | 1,799 | 7,820 | 12,463 | 23,881 | | Stanbic IBTC Bank Plc | 6.5%  + SOFR | 1,619 | 1,619 | 7,038 | 11,216 | 21,492 | | Standard Bank of South Africa | 6.5%  + SOFR | 900 | 900 | 3,910 | 6,231 | 11,941 | | First City Monument Ltd (FCMB) | 6.5%  + SOFR | 864 | 864 | 3,753 | 5,982 | 11,463 | | Zenith Bank plc | 6.5%  + SOFR | 576 | 576 | 2,502 | 3,988 | 7,642 | | $300 million advance payment facility (ADF) | | | | | | | | ExxonMobil Financing | 5% + SOFR + CAS | 28,781 | 314,391 | — | — | 343,172 | | Total variable interest borrowings | | 34,539 | 320,149 | 25,023 | 39,880 | 419,591 | | Other non-derivatives | | | | | | | | Trade and other payables\*\* | | 838,216 | — | — | — | 838,216 | | Lease liability | | 36,788 | 19,318 | 16,329 | — | 72,435 | | | | 875,004 | 19,318 | 16,329 | — | 910,651 | | Total | | 968,856 | 398,780 | 100,665 | 778,849 | 2,247,150 | Derivative liability of $6.299 million, ₦9.04 billion (2024: $3.9 million, ₦6.1 billion) is expected to be settled within the next 12 months. Hence, it would be classified under less than one year for the purpose of liquidity and maturity analysis. 1. Trade and other payables (exclude non-financial liabilities such as provisions, taxes, pension and other non-contractual payables). | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 208 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | Effective interest rate | Less than 1 year | 1 – 2 year | 2 – 3 years | Total | | ‘31 December 2024 | % | $'000 | $'000 | $'000 | $'000 | | Non-derivatives | | | | | | | Fixed interest rate borrowings | | | | | | | 650 million Senior notes | 7.75% | 50,375 | 675,188 | — | 725,563 | | Variable interest rate borrowings | | | | | | | The Mauritius Commercial Bank Ltd | 8%  + SOFR | 15,227 | 4,086 | — | 19,313 | | Stanbic IBTC Bank Plc | 8%  + SOFR | 15,545 | 4,171 | — | 19,716 | | Standard Bank of South Africa | 8%  + SOFR | 8,883 | 2,384 | — | 11,267 | | First City Monument Ltd (FCMB) | 8%  + SOFR | 3,965 | 1,064 | — | 5,029 | | Shell Western Supply & Trading Limited | 10.5%  + SOFR | 1,692 | 1,692 | 11,844 | 15,228 | | $350 million Seplat RCF | | | | | | | Citibank N.A. London | 5%  + SOFR | 10,000 | — | — | 10,000 | | Nedbank Limited, London Branch | 5%  + SOFR | 45,000 | — | — | 45,000 | | Stanbic Ibtc Bank Plc | 5%  + SOFR | 50,000 | — | — | 50,000 | | RMB International (Mauritius) Limited | 5%  + SOFR | 65,000 | — | — | 65,000 | | The Mauritius Commercial Bank Ltd | 5%  + SOFR | 45,000 | — | — | 45,000 | | JP Morgan Chase Bank, N.A. London | 5%  + SOFR | 30,000 | — | — | 30,000 | | Standard Chartered Bank | 5%  + SOFR | 30,000 | — | — | 30,000 | | Zenith Bank Plc | 5%  + SOFR | 15,000 | — | — | 15,000 | | Zenith Bank (UK) Limited | 5%  + SOFR | 20,000 | — | — | 20,000 | | United Bank for Africa Plc | 5%  + SOFR | 15,000 | — | — | 15,000 | | First City Monument Bank Limited | 5%  + SOFR | 20,000 | — | — | 20,000 | | BP | 5%  + SOFR | 5,000 | — | — | 5,000 | | $300 million advance payment facility (ADF) | | | | | | | ExxonMobil Financing | 5%  + SOFR + CAS | 29,015 | 29,015 | 328,617 | 386,647 | | Total variable interest borrowings | | 424,327 | 42,412 | 340,461 | 807,200 | | Other non-derivatives | | | | | | | Trade and other payables\*\* | | 999,403 | — | — | 999,403 | | Lease liability | | 15,902 | — | — | 15,902 | | | | 1,015,305 | — | — | 1,015,305 | | Total | | 1,490,007 | 717,600 | 340,461 | 2,548,068 | 1. Trade and other payables (exclude non-financial liabilities such as provisions, taxes, pension and other non-contractual payables). | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 209 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 5.1.5    Fair value measurements Set out below is a comparison by category of carrying amounts and fair value of all financial instruments: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Carrying amount | | Fair value | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | ₦ million | ₦ million | | Financial assets measured at amortised cost | | | | | | Trade and other receivables\* (Note 26) | 663,315 | 1,148,171 | 663,315 | 1,148,171 | | Cash and cash equivalents (Note 29) | 476,970 | 721,385 | 476,970 | 721,385 | | Restricted cash (Note 29.2) | 181,347 | 202,983 | 181,347 | 202,983 | | | 1,321,632 | 2,072,539 | 1,321,632 | 2,072,539 | | Financial assets measured at fair value | | | | | | Derivative financial assets (Note 28.1) | 17,352 | — | 17,352 | — | | | 17,352 | — | 17,352 | — | | Financial liabilities | | | | | | Interest-bearing loans borrowings\*\* (Note 34) | 1,443,289 | 2,099,750 | 1,462,032 | 2,080,360 | | Trade and other payables\* (Note 38) | 1,307,005 | 1,428,884 | 1,307,005 | 1,428,884 | | Lease liability (Note 35) | 96,188 | 115,209 | 103,962 | 24,415 | | | 2,846,482 | 3,643,843 | 2,872,999 | 3,533,659 | | Financial liabilities at fair value | | | | | | Derivative financial liabilities (Note 28.2) | (9,041) | (6,073) | (9,041) | (6,073) | | | (9,041) | (6,073) | (9,041) | (6,073) | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Carrying amount | | Fair value | | | | 2025 | 2024 | 2025 | 2024 | | | $'000 | $'000 | $’000 | $’000 | | Financial assets at amortised cost | | | | | | Trade and other receivables\* (Note 26) | 462,157 | 747,836 | 462,157 | 747,836 | | Cash and cash equivalents (Note 29) | 332,571 | 469,862 | 332,571 | 469,862 | | Restricted cash (Note 29.2) | 126,351 | 132,209 | 126,351 | 132,209 | | | 921,079 | 1,349,907 | 921,079 | 1,349,907 | | Financial assets at fair value | | | | | | Derivative financial assets (Note 28.1) | 12,090 | — | 12,090 | — | | | 12,090 | — | 12,090 | — | | Financial liabilities | | | | | | Interest-bearing loans borrowings\*\* (Note 34) | 1,005,596 | 1,367,629 | 1,018,655 | 1,355,001 | | Trade and other payables\* (Note 38) | 910,637 | 930,674 | 910,637 | 930,674 | | Lease liability (Note 35) | 67,018 | 75,040 | 72,435 | 15,902 | | | 1,983,251 | 2,373,343 | 2,001,727 | 2,301,577 | | Financial liabilities at fair value | | | | | | Derivative financial liabilities (Note 28.2) | (6,299) | (3,955) | (6,299) | (3,955) | | | (6,299) | (3,955) | (6,299) | (3,955) | \* Trade and other receivables exclude underlift, NGMC VAT receivables, cash advances and advance payments. \*\* In determining the fair value of the interest-bearing loans and borrowings, non-performance risks of the Group as at period-end were assessed to be insignificant. \*\*\* Trade and other payables exclude non-financial liabilities such as  taxes, overlift, pension and other non-contractual payables. Trade and other receivables (excluding prepayments), contract assets and cash and bank balances are financial instruments whose carrying amounts as per the financial statements approximate their fair values. This is mainly due to their short-term nature. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 210 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued 5.1.6    Fair value hierarchy As at the reporting period, the Group had classified its financial instruments into the three levels prescribed under the accounting standards. There were no transfers of financial instruments between fair value hierarchy levels during the year. • Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities. • Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. • Level 3 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The fair value of the financial instruments is included at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Recurring fair value measurements | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | | 31 December 2025 | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | | Financial liabilities: | | | | | | | | Derivative financial instruments | — | 9,041 | — | — | 6,299 | — | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | | 31 December 2024 | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | | Financial liabilities: | | | | | | | | Derivative financial instruments | — | 6,073 | — | — | 3,955 | — | The fair value of the Group’s derivative financial instruments has been determined using a proprietary pricing model that uses marked to market valuation. The valuation represents the mid-market value and the actual close-out costs of trades involved. The market inputs to the model are derived from observable sources. Other inputs are unobservable but are estimated based on the market inputs or by using other pricing models. The derivative financial instruments are in Level 2. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | | 31 December 2025 | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | | Financial liabilities: | | | | | | | | Interest-bearing loans and borrowings | — | 1,462,032 | — | — | 1,018,655 | — | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | | 31 December 2024 | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | | Financial liabilities: | | | | | | | | Interest-bearing loans and borrowings | — | 2,080,360 | — | — | 1,355,001 | — | The fair value of the Group’s interest-bearing loans and borrowings is determined by using discounted cash flow models that use market interest rates as at the end of the period. The interest-bearing loans and borrowings are in Level 2. Non-recurring fair value measurements | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | | 31 December 2025 | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | | Assets | | | | | | | | Non-current asset held for sale | — | 17,611 | — | — | 12,270 | — | The fair value of the property, plant and equipment (oil rig) held for sale is determined using the replacement cost of the asset and the actual values market participants are willing to pay for the asset. These assets are of specialised nature and have been recognised under Level 2. The valuation process The finance & planning team of the Group performs the valuations of financial and non-financial assets required for financial reporting purposes, including Level 3 fair values. The corporate planning team reports to the Director, Strategy, Planning and Business Development who reports directly to the Chief Executive Officer (CEO). Discussions on the valuation process and results are held between the Director and the valuation team at least twice every year. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 211 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 5.1.7  Capital management Risk management The Group’s objective when managing capital is to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, to maintain optimal capital structure and reduce cost of capital. Consistent with others in the industry, the Group monitors capital on the basis of the following: gearing ratio and net debt divided by total capital. Net debt is calculated as total borrowings less cash and bank balances. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | | Restated | | Restated | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Interest-bearing loans and borrowings | 1,443,289 | 2,099,750 | 1,005,596 | 1,368,629 | | Lease liabilities | 96,189 | 112,945 | 67,018 | 73,565 | | Less: cash and cash equivalents | (476,970) | (721,385) | (332,326) | (469,862) | | Net debt | 1,062,508 | 1,491,310 | 740,288 | 972,332 | | Total equity | 2,643,236 | 2,828,983 | 1,841,655 | 1,842,606 | | Total capital | 3,705,744 | 4,320,293 | 2,581,943 | 2,814,938 | | Net debt (net debt/total capital) ratio | 29% | 35% | 29% | 35% | During the year, the Group's strategy, which was unchanged from the prior year, was to maintain a net debt gearing ratio of 15% to 40%. Capital includes share capital, share premiums, capital contribution and all other equity reserves. As the Group continuously reviews its funding and maturity profile, it continues to monitor the market in ensuring that it is well positioned for any refinancing and or buy back opportunities for the current debt facilities. Loan covenants Under the terms of the major borrowing facilities, the Group is required to comply with the following financial covenants: • Total net financial indebtedness to annualised EBITDA is not to be greater than 3:1. • The sources of funds exceed the relevant expenditures in each semi-annual period within the 18 months shown in the Group’s liquidity plan. • The minimum production levels stipulated for each six-month period must be achieved. • The Cash Adjusted Debt Service Cover Ratio should be equal to or greater than 1.20 to 1 for each Calculation Period through to the applicable Termination Date. The Group has complied with these covenants throughout the reporting periods. #### 6.    Segment reporting Business segments are based on the Group’s internal organisation and management reporting structure. The Group’s business segments are the two core businesses: oil and gas. The oil segment deals with the exploration, development and production of crude oil while the gas segment deals with the production and processing of gas. These two reportable segments make up the total operations of the Group. For the year ended 31 December 2025, revenue from the gas segment of the business constituted 9% (2024: 11%) of the Group’s revenue. Management is committed to continued growth of the gas segment of the business, including through increased investment to establish additional offices, create a separate gas business operational management team and procure the required infrastructure for this segment of the business. The gas business is positioned separately within the Group and reports directly to the chief operating decision maker. As the gas business segment’s revenues, results and cash flows are largely independent of other business units within the Group, it is regarded as a separate segment. The result is two reporting segments, oil and gas. There were no inter-segment sales during the reporting periods under consideration, therefore all revenue was from external customers. Amounts relating to the gas segment are determined using the gas cost centres, with the exception of depreciation. Depreciation relating to the gas segment is determined by applying a percentage which reflects the proportion of the net book value of oil and gas properties that relates to gas investment costs (i.e. cost for the gas processing facilities). During the year, adjustments were made to appropriately align cost, revenue, assets and liabilities relating to NGL and the gas business. The segment income for the reporting period now reflects the profit accruing to the oil and gas business respectively. For this purpose, NGL has been categorised under the gas business. The Group accounting policies are also applied in the segment reports. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 212 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued 6.1  Segment profit disclosure | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | | Restated | | Restated | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Oil | 158,922 | 102,408 | 104,603 | 69,209 | | Gas | 82,660 | 105,461 | 54,486 | 71,272 | | Total profit  for the period | 241,582 | 207,869 | 159,089 | 140,481 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | | Restated | | Restated | | | 2025 | 2024 | 2025 | 2024 | | Oil | ₦ million | ₦ million | $'000 | $'000 | | Revenue from contracts with customers | | | | | | Crude oil sales (Note 9) | 3,774,247 | 1,466,349 | 2,487,819 | 990,991 | | Cost of sales and general and administrative expenses | (2,923,539) | (1,314,369) | (1,927,070) | (888,281) | | Other income\* | 73,357 | 223,692 | 48,200 | 151,176 | | Operating profit before impairment | 924,065 | 375,672 | 608,949 | 253,886 | | Impairment reversals/(losses) | (1,008) | (3,412) | (665) | (2,306) | | Fair value loss\*\* | (32,720) | (10,875) | (21,568) | (7,349) | | Operating profit | 890,337 | 361,385 | 586,716 | 244,231 | | Finance income (Note 16) | 18,532 | 19,525 | 12,216 | 13,196 | | Finance expenses (Note 16) | (281,207) | (138,694) | (185,359) | (93,732) | | Profit before taxation | 627,662 | 242,216 | 413,573 | 163,695 | | Income tax expense (Note 17) | (468,740) | (139,808) | (308,970) | (94,486) | | Profit for the year | 158,922 | 102,408 | 104,603 | 69,209 | \* Other income in the Oil business is made up of other income/loss (Note 11). \*\* Fair value losses represent fair value changes during the year from crude oil hedges that the oil business holds. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | Gas | ₦ million | ₦ million | $'000 | $'000 | | Revenue from contracts with customers | | | | | | Gas sales | 279,415 | 184,833 | 184,178 | 124,914 | | Natural gas liquid | 81,714 | 389 | 53,862 | 263 | | Cost of sales and general and administrative expenses | (218,097) | (31,439) | (143,760) | (21,250) | | Other income\* | 14,104 | (19,584) | 9,297 | (13,235) | | Operating profit before impairment | 157,136 | 134,199 | 103,577 | 90,692 | | Impairment losses | (22,849) | (12,228) | (15,061) | (8,264) | | Operating profit | 134,287 | 121,971 | 88,516 | 82,428 | | Share of (loss)/profit from joint venture accounted for using the equity method | (6,442) | 30,482 | (4,246) | 20,601 | | Profit before taxation | 127,845 | 152,453 | 84,270 | 103,029 | | Income tax expense (Note 17) | (45,185) | (46,992) | (29,784) | (31,757) | | Profit for the period | 82,660 | 105,461 | 54,486 | 71,272 | Impairment losses reflect timing of recovery of gas receivables and currency devaluation. See Note 14 for further details. \* Other income in the gas business is made up of other income/loss (Note 11). | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 213 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 6.1.1  Disaggregation of revenue from contracts with customers The Group derives revenue from the transfer of commodities at a point in time or over time and from different geographical regions. | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | | | Oil | Gas | Natural gas liquid | Total | Oil | Gas | Natural gas liquid | Total | | | ₦ million | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | $'000 | | Geographical markets | | | | | | | | | | Canada | 162,654 | — | — | 162,654 | 107,214 | — | — | 107,214 | | Cote D'Ivoire | 132,943 | — | — | 132,943 | 87,630 | — | — | 87,630 | | France | 165,773 | — | — | 165,773 | 109,270 | — | — | 109,270 | | Germany | 189,484 | — | — | 189,484 | 124,900 | — | — | 124,900 | | Ghana | — | — | 35,515 | 35,515 | — | — | 23,410 | 23,410 | | India | 723,902 | — | — | 723,902 | 477,165 | — | — | 477,165 | | Indonesia | 533,113 | — | — | 533,113 | 351,405 | — | — | 351,405 | | Kenya | — | — | 7,499 | 7,499 | — | — | 4,943 | 4,943 | | Malaysia | 97,260 | — | — | 97,260 | 64,110 | — | — | 64,110 | | Netherlands | 255,429 | — | — | 255,429 | 168,367 | — | — | 168,367 | | Nigeria | 140,209 | 279,415 | 38,700 | 458,324 | 92,419 | 184,178 | 25,509 | 302,106 | | Portugal | 189,818 | — | — | 189,818 | 125,119 | — | — | 125,119 | | South Africa | 176,749 | — | — | 176,749 | 116,505 | — | — | 116,505 | | Spain | 300,678 | — | — | 300,678 | 198,194 | — | — | 198,194 | | Italy | 199,747 | — | — | 199,747 | 131,665 | — | — | 131,665 | | Turkey | 130,292 | — | — | 130,292 | 85,883 | — | — | 85,883 | | UK | 93,947 | — | — | 93,947 | 61,926 | — | — | 61,926 | | Uruguay | 61,888 | — | — | 61,888 | 40,794 | — | — | 40,794 | | USA | 213,428 | — | — | 213,428 | 140,682 | — | — | 140,682 | | Vietnam | 3,358 | — | — | 3,358 | 2,214 | — | — | 2,214 | | Senegal | 3,575 | — | — | 3,575 | 2,357 | — | — | 2,357 | | Revenue from contracts with customers | 3,774,247 | 279,415 | 81,714 | 4,135,376 | 2,487,819 | 184,178 | 53,862 | 2,725,859 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Geographical regions | | | | | | | | | | Africa | 453,475 | 279,415 | 81,714 | 814,604 | 298,911 | 184,178 | 53,862 | 536,951 | | Asia | 1,357,634 | — | — | 1,357,634 | 894,893 | — | — | 894,893 | | Europe | 1,525,168 | — | — | 1,525,168 | 1,005,324 | — | — | 1,005,324 | | Americas | 437,970 | — | — | 437,970 | 288,691 | — | — | 288,691 | | Revenue from contracts with customers | 3,774,247 | 279,415 | 81,714 | 4,135,376 | 2,487,819 | 184,178 | 53,862 | 2,725,859 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | | | Oil | Gas | Natural gas liquid | Total | Oil | Gas | Natural gas liquid | Total | | | ₦ million | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | $'000 | | Timing of revenue recognition | | | | | | | | | | At a point in time | 3,774,247 | — | — | 3,774,247 | 2,487,819 | — | — | 2,487,819 | | Over time | — | 279,415 | 81,714 | 361,129 | — | 184,178 | 53,862 | 238,040 | | Revenue from contracts with customers | 3,774,247 | 279,415 | 81,714 | 4,135,376 | 2,487,819 | 184,178 | 53,862 | 2,725,859 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 214 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | | | Oil | Gas | Natural gas liquid | Total | Oil | Gas | Natural gas liquid | Total | | | ₦ million | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | $'000 | | Geographical markets | | | | | | | | | | Bahamas | 550,442 | — | — | 550,442 | 372,001 | — | — | 372,001 | | Nigeria | 65,208 | 184,833 | — | 250,041 | 44,069 | 124,914 | — | 168,983 | | Italy | 93,415 | — | — | 93,415 | 63,132 | — | — | 63,132 | | Switzerland | 274,916 | — | — | 274,916 | 185,795 | — | — | 185,795 | | England | 197,527 | — | — | 197,527 | 133,493 | — | — | 133,493 | | Singapore | 284,840 | — | 389 | 285,229 | 192,501 | — | 263 | 192,764 | | Revenue from contracts with customers | 1,466,348 | 184,833 | 389 | 1,651,570 | 990,991 | 124,914 | 263 | 1,116,168 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Geographical region | | | | | | | | | | Africa | 65,208 | 184,833 | — | 250,041 | 44,069 | 124,914 | — | 168,983 | | Asia | 284,840 | — | 389 | 285,229 | 192,501 | — | 263 | 192,764 | | Europe | 565,858 | — | — | 565,858 | 382,420 | — | — | 382,420 | | Americas | 550,442 | — | — | 550,442 | 372,001 | — | — | 372,001 | | Revenue from contracts with customers | 1,466,348 | 184,833 | 389 | 1,651,570 | 990,991 | 124,914 | 263 | 1,116,168 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Timing of revenue recognition | | | | | | | | | | At a point in time | 1,466,349 | — | 389 | 1,466,738 | 990,991 | — | 263 | 991,254 | | Over time | — | 184,833 | — | 184,833 | — | 124,914 | — | 124,914 | | Revenue from contracts with customers | 1,466,349 | 184,833 | 389 | 1,651,571 | 990,991 | 124,914 | 263 | 1,116,168 | The Group's transactions with its major customers, Shell Western, Chevron, Waltersmith and Exxon, constitutes more than 80% ($924 million, ₦1.4 trillion) of the total revenue from the oil segment and the Group as a whole. Also, the Group’s transactions with Geregu Power, Sapele Power, NGMC, MSNE and Azura ($119.9 million, ₦177.4 billion) accounted for most of the revenue from the gas segment. 6.1.2  Impairment (losses)/reversal on financial assets by reportable segments | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | 2025 | | | 2024 | | | | | | | Oil | Gas | Total | Oil | Gas | Total | | | | | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Impairment (losses)/reversal recognised during the year | | | (1,009) | (22,849) | (23,858) | (3,412) | (12,228) | (15,640) | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 2025 | | | 2024 | | | | | Oil | Gas | Total | Oil | Gas | Total | | | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | | Impairment charge recognised during the year | (665) | (15,061) | (15,726) | (2,306) | (8,264) | (10,570) | 6.2  Segment assets Segment assets are measured in a manner consistent with that of the financial statements. These assets are allocated based on the operations of the reporting segment and the physical location of the asset. The Group had no non-current assets domiciled outside Nigeria. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Oil | Gas | Total | Oil | Gas | Total | | Total segment assets | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | | 31 December 2025 | 7,521,563 | 1,207,818 | 8,729,381 | 5,240,566 | 841,534 | 6,082,100 | | 31 December 2024 | 9,405,931 | 1,076,863 | 10,482,794 | 6,126,366 | 701,393 | 6,827,759 | 6.3  Segment liabilities Segment liabilities are measured in a manner consistent with that of the financial statements. These liabilities are allocated based on the operations of the segment. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Oil | Gas | Total | Oil | Gas | Total | | Total segment liabilities | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | | 31 December 2025 | 5,429,717 | 656,428 | 6,086,145 | 3,783,086 | 457,359 | 4,240,445 | | 31 December 2024 | 7,075,431 | 585,000 | 7,660,431 | 4,608,436 | 381,028 | 4,989,464 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 215 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### 7.    Business combinations Summary of acquisition On 25 February 2022, Seplat Energy Plc (‘Seplat Energy’ or ‘Seplat’), announced that it had entered into an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU). Under the terms of the acquisition, the former owners of MPNU (Mobil Development Nigeria Inc. and Mobil Exploration Nigeria Inc.) are entitled to receive cash as stated below in exchange for MPNU’s shares. The cash consideration payable under the acquisition was wholly funded through a combination of existing cash resources of Seplat and loan facilities available to Seplat.  The transaction was completed on 12 December 2024 (the acquisition date) and from that date Seplat Energy will be expected to align MPNU with its overall strategic goals and ESG objectives. MPNU is a former Nigerian incorporated subsidiary of ExxonMobil with more than 55 years’ operating experience in Nigeria. MPNU’s operated shallow water portfolio primarily comprises a 40% interest in four oil mining leases (OMLs 67, 68, 70 and 104) under a joint operating agreement with Nigerian National Petroleum Corporation (NNPC), along with the Qua Iboe Terminal and a 51% interest in the Bonny River Terminal and the Natural Gas Liquids Recovery Plants at East Area Project (EAP) and Oso. On 19 December 2024, Seplat Energy changed the name of the newly acquired subsidiary to Seplat Energy Producing Nigeria Unlimited (SEPNU); following this change the former name of the acquiree was retired. Asset acquired and liabilities assumed The fair values of the identifiable assets and liabilities of MPNU as at the date of acquisition were: | | | | | --- | --- | --- | | | | | | Assets | ₦ million | $'000 | | Oil and gas property, plant & equipment | 2,488,834 | 1,624,565 | | Other property, plant & equipment | 647,454 | 422,620 | | Right-of-use assets | 114,212 | 74,551 | | Inventories | 694,315 | 453,208 | | Trade and other receivables | 448,438 | 292,714 | | Bank balances | 279,885 | 182,693 | | Restricted cash | 164,652 | 107,475 | | Intangible asset - software | 1,162 | 758 | | Licence-based identifiable intangible asset on acquisition | 857,828 | 559,940 | | | 5,696,780 | 3,718,524 | | Liabilities | | | | Retirement benefit obligation | (71,588) | (46,728) | | Deferred tax liabilities | (1,266,157) | (826,473) | | Deferred tax impact on the fair value adjustment | (951,986) | (621,401) | | Provision for decommissioning obligation | (1,107,702) | (723,043) | | Other provisions | (5,028) | (3,282) | | Lease liabilities | (24,437) | (15,951) | | Trade, other payables and taxes | (389,644) | (254,337) | | | (3,816,542) | (2,491,215) | | Total identifiable net assets at fair value | 1,880,238 | 1,227,309 | | Foreign exchange difference | (5,275) | — | | Gain on bargain purchase arising on acquisition | (149,153) | (100,801) | | Net purchase consideration | 1,725,810 | 1,126,508 | \* This relates to SEPNU final valuation amounts. The net assets recognised in the 31 December 2024 financial statements were based on assessment of their fair value on the date of acquisition using the income, cost and market approach as required by the IFRS 13 fair value assessment. Valuation of Items such as property, plant and equipment valued using the replacement cost approach were concluded within the measurement periods in line with the requirements of IFRS 3 and the fair values have been adjusted. This adjustment impacted the gain on bargain purchase already reported in the 31 December 2024 financial statements (See Note 8.2 for details of adjustments.) Licence-based identifiable intangible asset on acquisition The licence-based intangible asset in relation to MPNU’s OML of $559.94 million, ₦ 857.8 billion was acquired as part of a business combination. It is recognised at its fair value at the date of acquisition and is subsequently amortised on a straight-line based on the timing of projected cash flows of the licences’ estimated useful lives. Trade and other receivables The acquisition date fair value of the trade and other receivables amounts to ($ 292.7 million, ₦448 billion). The gross amount of trade and other receivables is ($390.8 million, ₦600 billion) with impairment allowance of ($98.1 million, ₦150.6 billion). The trade and other receivables relates to amounts due from trade receivables, JV receivable from partners, employee receivables, other receivables, insurance and other claims receivables. It is expected that the full contractual amounts can be collected. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 216 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued Trade, other payables and taxes The acquisition date fair value of the trade and other payables amounts to $254.3 million, ₦389.6 billion. These payables relate to the trade payables, retention from contractors payable upon contract completion, accrued expenses and other regulatory fees payable. It is expected that the full contractual amounts will be settled. Right-of-use assets The Group measured the acquired lease liabilities using the present value of the remaining lease payments and prepaid lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the favourable terms of the lease relative to market terms. The weighted average incremental borrowing rate of Seplat Group-9.66% - was used to present value the expected future cash flows. Gain on bargain purchase arising from acquisition The gain on bargain purchase of $100.80 million, ₦149.2 billion comprises the value of expected synergies arising from the acquisition and a right to proved and unproved reserves, which was not previously recognised. The gain on bargain purchase recognised is not expected to be deductible for income tax purposes. Revenue and profit From the date of acquisition to 31 December 2024, SEPNU contributed $195.9 million, ₦289.8 billion of revenue and $4.7million, ₦6.7 billion to profit before tax from continuing operations of the Group. If the combination had taken place at the beginning of the year 2024, revenue from continuing operations would have been $1.9 billion, ₦2.9 trillion and profit before tax from continuing operations for the Group would have been $86.2 million, ₦127.6 billion. Property, plant & equipment (PPE) From the date of acquisition, SEPNU acquisition increased the Group’s PPE by $2.0 billion, ₦3.1 trillion. The PPE asset acquired include production wells, NGL facilities, WIP capital construction, production platform facilities and Pipeline gathering systems, building, motor vehicles, furniture, fittings and other equipment. Inventories From the date of acquisition, SEPNU acquisition increased the Group’s inventories by $453.2 million, ₦694.3 billion. The inventories includes material and supplies such as casing, tubing, transformer, diffuser, cable, casing, lubricant, valve, etc  and crude/Petroleum products from the fields. Bank balances Bank balances acquired relates to bank balances in various banks used by the acquiree as at the acquisition date. These balances also includes restricted cash deposits set aside as required by law for the Host Community Development Trust Fund (HCDTF) within the designated bank accounts and pre-sale decommissioning and abandonment cash backed fund. Intangible asset-software Software intangible relates to the software licence from SEPNU. This relates to licence cost from the business acquisition, which has been classified as an intangible asset; this increased the Group’s intangible asset by ₦1.1 million, $0.76 million. Retirement benefit obligation This relates to the defined benefit plan for funded pension trust fund for employees at exit. The value has been determined in line with the requirements of IAS 19 based on the values reported on the actuarial valuation reports. Deferred tax liabilities The deferred tax relates to timing differences arising from property, plant and equipment, inventory, annuities and pensions, miscellaneous items and right-of-use asset. This also includes deferred tax impact of all acquiree’s asset and liabilities that has been fair valued in line with the requirement of IFRS 3. Provisions for decommissioning obligations This relates to the provisions made for the abandonment and decommissioning of the oil facilities. The abandonment facilities consist of the wells and the associated infrastructure. Other provisions This relates to estimated liabilities from the litigation and disputes on payee tax liabilities, end of contract provision for the temporary staff, provision for spy police and provision for oil spill penalties. Lease liabilities The lease liabilities relate to aircraft fleets rentals. The carrying amounts have been adjusted for the impact of IFRS 3. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 217 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 7.1.    Summary of acquisition Seplat acquired 100% of the issued share capital of Mobil Producing Nigeria Unlimited (MPNU) for a net purchase consideration of $1.13 billion, ₦1.73 trillion. MPNU is an oil and gas exploration and production company that holds interests in various joint ventures. The assets and liabilities acquired were valued as at the acquisition date – 12 December 2024. Details of the purchase consideration and cash payable on acquisition are as follows: | | | | | --- | --- | --- | | | | | | Purchase consideration | ₦ million | $'000 | | Headline purchase consideration | 1,965,556 | 1,283,000 | | Adjustments per SPA: | | | | Purchase price interest/working capital/others | 705,777 | 460,690 | | Contribution adjustment | 716,549 | 467,721 | | Deep-water carve-out adjustment | 6,837 | 4,463 | | Leakage adjustment | (91,863) | (59,963) | | Contingent payment | 66,196 | 43,209 | | Subtotal | 3,369,052 | 2,199,120 | | Intercompany receivable/interest on primary adjustment amounts/unbilled IT costs | (1,643,242) | (1,072,612) | | Total consideration | 1,725,810 | 1,126,508 | | | | | | --- | --- | --- | | | | | | Analysis of purchase consideration | ₦ million | $'000 | | Deposit paid in February 2023 | 196,556 | 128,300 | | Payment at CIC (12 December 2024) | 1,029,495 | 671,994 | | Deferred amount paid in 2025 | 390,660 | 257,506 | | Final settlement amount paid in 2025 | 104,236 | 68,708 | | Exchange difference | 4,863 | — | | Total consideration | 1,725,810 | 1,126,508 | Adjustments per SPA include locked box adjustments which are calculated as net cash amounts accrued since effective date January 2021, interest accrued in the locked box and Exxon deep-water carve-out operations in Nigeria. Contribution adjustments relates to compensation to the seller for cash retained in MPNU at completion for operational purposes. Deferred payments of $257.5 million, ₦391 billion are sums settled in 2025 and relate to staff payments, environment costs and decommissioning obligations. For the purpose of the acquisition, the Company drew down $350 million from the existing revolving credit facility (RCF), $300 million from the advance payment facility (APF) and utilised existing cash resources. Transactions costs of $30 million, ₦46 billion tied to the acquisition not included in the table above have been recognised in profit or loss for the period ended 31 December 2024, as these costs were incurred by Seplat for the acquisition. They include fees for lawyers, transaction advisers, brokers, IT & personnel costs and services rendered as part of the operations readiness work, amongst others. Contingent consideration In line with SPA, contingent consideration capped at $300 million over five years effective 2022 will be payable (from 2023 to 2027) if the average Brent crude price exceeds $70/bbl and MPNU's working interest exceeds 60kboepd. $43.2 million, ₦66.2 billion contingent payments has now been settled, representing the total contingent consideration which has been included in the final consideration of $1.1 billion, ₦1.7 trillion. Post acquisition settlement reconciliation The completion statement review between the acquirer and the sellers of MPNU was completed in 2025; the parties have addressed discrepancies and have agreed on the final settlements. The review and finalisation of all assets and liabilities relating to the acquisition have been completed. The post acquisition settlement process led to an additional final settlement amount totalling $68.7 million, ₦ 104.2 billion. This amount was subsequently disbursed in the year 2025. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 218 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued #### 8.    Restatement of comparative information On 12 December 2024, Seplat Energy Plc (the ‘Group’) completed the acquisition of 100% of the issued shares of Seplat Energy Producing Nigeria Unlimited (SEPNU).  In line with IFRS 3, the Group recognised the identifiable assets acquired and liabilities assumed at their acquisition‑date fair values as at the acquisition date. However, as at the end of the reporting period (i.e. 31 December 2024), management had not obtained all the information necessary to finalise the fair value measurements of certain identifiable assets and liabilities. Accordingly, provisional fair values for these items were recognised in the 2024 financial statements. In the process of finalising the fair values, the Group has disclosed updated fair values to reflect the measurement period adjustments in accordance with IFRS 3. The Group also identified some omissions which resulted in adjustments to prior figures. 8.1.    IAS 8 restatement i.  Statement of profit or loss extract | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Note(s) | As previously reported | Adjustment | Restated | As previously reported | Adjustment | Restated | | | | ₦ million | ₦ million | ₦ million | $’000 | $’000 | $’000 | | Cost of sales | a | (941,472) | (192,354) | (1,133,826) | (636,270) | (129,997) | (766,267) | | Gross profit | | 710,099 | (192,354) | 517,745 | 479,898 | (129,997) | 349,901 | | General and administrative expenses | b | (217,841) | 2,182 | (215,659) | (147,223) | 1,475 | (145,748) | | Operating profit | | 647,928 | (190,172) | 457,756 | 437,881 | (128,522) | 309,359 | | Finance costs | c | (136,512) | (2,182) | (138,694) | (92,257) | (1,475) | (93,732) | | Finance cost-net | | (116,987) | (2,182) | (119,169) | (79,061) | (1,475) | (80,536) | | Profit before taxation | | 561,423 | (192,354) | 369,069 | 379,421 | (129,997) | 249,424 | | Income tax expense | d | (347,176) | 155,711 | (191,465) | (234,629) | 105,233 | (129,396) | | Profit for the year | | 214,247 | (36,643) | 177,604 | 144,792 | (24,764) | 120,028 | | | | | | | | | | | Earnings per share | | | | | | | | | Basic earnings per share ₦/$ | | 385.61 | (62.27) | 323.34 | 0.26 | (0.04) | 0.22 | | Diluted earnings per share ₦/$ | | 385.61 | (62.27) | 323.34 | 0.26 | (0.04) | 0.22 | | | | | | | | | | | Other comprehensive income: | | | | | | | | | Foreign currency translation difference | | 1,142,124 | (1,378) | 1,140,746 | (583) | — | (583) | | Other comprehensive income/(loss) for the year | | 1,138,704 | (1,378) | 1,137,326 | (2,894) | — | (2,894) | | Total comprehensive income for the year (net of tax) | | 1,352,951 | (38,021) | 1,314,930 | 141,898 | (24,764) | 117,134 | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 219 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | ii.  Statement of financial position extract | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Note(s) | As previously reported | Adjustment | Restated | As Previously Reported | Adjustment | Restated | | | | ₦ ’million | ₦ ’million | ₦ ’million | $’000 | $’000 | $’000 | | Assets | | | | | | | | | Other property, plant and equipment | e | 346,574 | (1,149) | 345,425 | 225,734 | (749) | 224,985 | | Right-of-use assets | b | 198,918 | 2,264 | 201,182 | 129,561 | 1,475 | 131,036 | | Intangible assets | e | 383,257 | 1,149 | 384,406 | 249,627 | 749 | 250,376 | | Total non-current assets | | 6,919,383 | 2,264 | 6,921,647 | 4,506,802 | 1,475 | 4,508,277 | | Inventory | a | 725,565 | (199,587) | 525,978 | 472,582 | (129,997) | 342,585 | | Total current assets | | 2,883,040 | (199,587) | 2,683,453 | 1,877,810 | (129,997) | 1,747,813 | | Total assets | | 9,821,261 | (197,323) | 9,623,938 | 6,396,882 | (128,522) | 6,268,360 | | Equity and liabilities | | | | | | | | | Retained earnings | | 319,013 | (36,643) | 282,370 | 1,233,128 | (24,764) | 1,208,364 | | Foreign currency translation reserve | | 2,393,251 | (1,378) | 2,391,873 | 2,233 | — | 2,233 | | Total shareholders' equity | | 2,828,983 | (38,021) | 2,790,962 | 1,842,606 | (24,764) | 1,817,842 | | Non-current liabilities | | | | | | — | | | Deferred tax liability | d | 1,615,677 | (161,566) | 1,454,111 | 1,052,339 | (105,233) | 947,106 | | Total non-current liabilities | | 4,385,405 | (161,566) | 4,223,839 | 2,856,346 | (105,233) | 2,751,113 | | Current liabilities | | | | | | | | | Lease liabilities | c | 24,415 | 2,264 | 26,679 | 15,902 | 1,475 | 17,377 | | Total liabilities | | 6,992,278 | (159,302) | 6,832,976 | 4,554,276 | (103,758) | 4,450,518 | | Total shareholders' equity and liabilities | | 9,821,261 | (197,323) | 9,623,938 | 6,396,882 | (128,522) | 6,268,360 | iii. Statement of changes in equity extract | | | | | | --- | --- | --- | --- | | | | | | | | | December 2024 | December 2024 | | | Notes | ₦ 'million | $'000 | | Total equity previously reported | | 2,828,983 | 1,842,606 | | Restatement impact | a,b,c,d | (36,643) | (24,764) | | Impact of foreign currency translation | | (1,378) | — | | Total restated equity | | 2,790,962 | 1,817,842 | The impact is presented in the notes below: (a) Restatement of cost of sales The Group upon acquisition of SEPNU utilised inventory acquired in the business combination in its operations during 2024; as a result the inventory fair value uplift of $129.997 million, ₦192 billion recognised in the 2024 financial statements is being unwound and recognised in cost of sales. (b) Restatement of general and administrative expense The Group derecognised the fair value adjustment on right-of-use asset on acquisition of SEPNU. This amounted to $1.47 million, ₦2.18 billion. (c) Restatement of finance cost The Group derecognised $1.47 million, ₦2.18 billion fair value adjustment on lease liability acquired in SEPNU. (d) Restatement of income tax expense The Group restated its income tax expense as a result of the deferred tax impact of  $105 million, ₦155.71 billion due from the unwinding of the inventory fair value uplift. (e) Restatement of other property, plant and equipment The Group classified software assets acquired from SEPNU in other property, plant and equipment. This has now been reclassified to intangible asset in alignment with IFRS Accounting Standards. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 220 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued 8.2  Measurement period adjustments i. Effects of measurement period adjustments on statement of profit and loss | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Note(s) | Restated balance | Adjustment | 2024 Final | Restated balance | Adjustment | 2024 Final | | | | ₦ million | ₦ million | ₦ million | $’000 | $’000 | $’000 | | Revenue from contracts with customers | | 1,651,571 | — | 1,651,571 | 1,116,168 | — | 1,116,168 | | Cost of sales | a | (1,133,826) | 3,677 | (1,130,149) | (766,267) | 2,484 | (763,783) | | Gross profit | | 517,745 | 3,677 | 521,422 | 349,901 | 2,484 | 352,385 | | Other income/(loss) - net | | 54,955 | — | 54,955 | 37,140 | — | 37,140 | | Gain on bargain purchase | h | 127,230 | 21,923 | 149,153 | 85,985 | 14,816 | 100,801 | | General and administrative expenses | | (215,659) | — | (215,659) | (145,748) | — | (145,748) | | Impairment loss on financial assets | | (15,640) | — | (15,640) | (10,570) | — | (10,570) | | Fair value losses | | (10,875) | — | (10,875) | (7,349) | — | (7,349) | | Operating profit | | 457,756 | 25,600 | 483,356 | 309,359 | 17,300 | 326,659 | | Finance income | | 19,525 | — | 19,525 | 13,196 | — | 13,196 | | Finance costs | | (138,694) | — | (138,694) | (93,732) | — | (93,732) | | Finance cost-net | | (119,169) | — | (119,169) | (80,536) | — | (80,536) | | Share of profit from joint venture accounted for using the equity method | | 30,482 | — | 30,482 | 20,601 | — | 20,601 | | Profit before taxation | | 369,069 | 25,600 | 394,669 | 249,424 | 17,300 | 266,724 | | Income tax expense | b | (191,465) | 4,665 | (186,800) | (129,396) | 3,153 | (126,243) | | Profit for the year | | 177,604 | 30,265 | 207,869 | 120,028 | 20,453 | 140,481 | | | | — | | | | | | | Earnings per share | | | | | | | | | Basic earnings per share ₦/$ | | 323.34 | 51.43 | 374.77 | 0.22 | 0.03 | 0.25 | | Diluted earnings per share ₦/$ | | 323.34 | 51.43 | 374.77 | 0.22 | 0.03 | 0.25 | | | | | | | | | | | Other comprehensive income: | | — | | | | | | | Items that may be reclassified to profit or loss (net of tax): | | — | | | | | | | Foreign currency translation difference | | 1,140,746 | 1,137 | 1,141,883 | (583) | — | (583) | | Remeasurement loss on defined benefits obligations | | (5,105) | — | (5,105) | (3,450) | — | (3,450) | | Deferred tax credit on remeasurement gain | | 1,685 | — | 1,685 | 1,139 | — | 1,139 | | Other comprehensive income/(loss) for the year | | 1,137,326 | 1,137 | 1,138,463 | (2,894) | — | (2,894) | | Total comprehensive income for the year (net of tax) | | 1,314,930 | 31,402 | 1,346,332 | 117,134 | 20,453 | 137,587 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 221 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | ii. Effects of measurement period adjustments on the statement of financial position | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Note(s) | Restated balance | Adjustment | 2024 Final | Restated balance | Adjustment | 2024 Final | | | | ₦ ’million | ₦ ’million | ₦ ’million | $’000 | $’000 | $’000 | | Assets | | | | | | | | | Non-current assets | | | | | | | | | Oil & gas properties | c | 5,074,590 | (90,823) | 4,983,767 | 3,305,233 | (59,156) | 3,246,077 | | Other property, plant and equipment | d | 345,425 | 316,386 | 661,811 | 224,985 | 206,072 | 431,057 | | Right-of-use assets | | 201,182 | — | 201,182 | 131,036 | — | 131,036 | | Intangible assets | e | 384,406 | 633,293 | 1,017,699 | 250,376 | 412,483 | 662,859 | | Other assets | | 139,431 | — | 139,431 | 90,815 | — | 90,815 | | Investment accounted for using equity method | | 374,641 | — | 374,641 | 244,015 | — | 244,015 | | Long-term prepayments | | 48,018 | — | 48,018 | 31,276 | — | 31,276 | | Deferred tax assets | | 353,954 | — | 353,954 | 230,541 | — | 230,541 | | Total non-current assets | | 6,921,647 | 858,856 | 7,780,503 | 4,508,277 | 559,399 | 5,067,676 | | Current assets | | — | | | — | | | | Inventory | | 525,978 | — | 525,978 | 342,585 | — | 342,585 | | Trade and other receivables | | 1,156,593 | — | 1,156,593 | 753,321 | — | 753,321 | | Prepayments | | 52,596 | — | 52,596 | 34,257 | — | 34,257 | | Contract assets | | 23,918 | — | 23,918 | 15,579 | — | 15,579 | | Restricted cash | | 202,983 | — | 202,983 | 132,209 | — | 132,209 | | Cash and cash equivalents | | 721,385 | — | 721,385 | 469,862 | — | 469,862 | | Total current assets | | 2,683,453 | — | 2,683,453 | 1,747,813 | — | 1,747,813 | | Asset held for sale | | 18,838 | — | 18,838 | 12,270 | — | 12,270 | | Total assets | | 9,623,938 | 858,856 | 10,482,794 | 6,268,360 | 559,399 | 6,827,759 | | Equity and liabilities | | — | | | | | | | Equity attributable to shareholders | | — | | | | | | | Issued share capital | | 297 | — | 297 | 1,864 | — | 1,864 | | Share premium | | 87,375 | — | 87,375 | 518,564 | — | 518,564 | | Share-based payment reserve | | 15,558 | — | 15,558 | 36,747 | — | 36,747 | | Treasury shares | | (3,570) | — | (3,570) | (5,609) | — | (5,609) | | Capital contribution | | 5,932 | — | 5,932 | 40,000 | — | 40,000 | | Retained earnings | | 282,370 | 30,265 | 312,635 | 1,208,364 | 20,453 | 1,228,817 | | Foreign currency translation reserve | | 2,391,873 | 1,136 | 2,393,009 | 2,233 | — | 2,233 | | Non-controlling interest | | 11,127 | — | 11,127 | 15,679 | — | 15,679 | | Total shareholders' equity | | 2,790,962 | 31,401 | 2,822,363 | 1,817,842 | 20,453 | 1,838,295 | | Non-current liabilities | | — | | | — | — | | | Interest-bearing loans and borrowings | | 1,409,480 | — | 1,409,480 | 918,036 | — | 918,036 | | Lease liabilities | | 88,530 | — | 88,530 | 57,663 | — | 57,663 | | Provision for decommissioning obligation | | 1,194,818 | — | 1,194,818 | 778,221 | — | 778,221 | | Deferred tax liability | b | 1,454,111 | 721,934 | 2,176,045 | 947,106 | 470,217 | 1,417,323 | | Defined benefit plan | | 76,900 | — | 76,900 | 50,087 | — | 50,087 | | Total non-current liabilities | | 4,223,839 | 721,934 | 4,945,773 | 2,751,113 | 470,217 | 3,221,330 | | Current liabilities | | — | | | — | | | | Interest-bearing loans and borrowings | | 690,270 | — | 690,270 | 449,593 | — | 449,593 | | Lease liabilities | | 26,679 | — | 26,679 | 17,377 | — | 17,377 | | Derivative financial liability | | 6,073 | — | 6,073 | 3,955 | — | 3,955 | | Trade and other payables | f | 1,684,706 | 105,521 | 1,790,227 | 1,097,297 | 68,729 | 1,166,026 | | Other provisions | | 5,088 | — | 5,088 | 3,314 | — | 3,314 | | Current tax liabilities | | 196,321 | — | 196,321 | 127,869 | — | 127,869 | | Total current liabilities | | 2,609,137 | 105,521 | 2,714,658 | 1,699,405 | 68,729 | 1,768,134 | | Total liabilities | | 6,832,976 | 827,455 | 7,660,431 | 4,450,518 | 538,946 | 4,989,464 | | Total shareholders' equity and liabilities | | 9,623,938 | 858,856 | 10,482,794 | 6,268,360 | 559,399 | 6,827,759 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 222 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued iii. Effects of restatement on equity | | | | | | --- | --- | --- | --- | | | | | | | | | December 2024 | December 2024 | | | Notes | ₦ 'million | $'000 | | Restated total equity | | 2,790,962 | 1,817,842 | | Bargain purchase as a result of final acquisition fair valuation | h | 21,923 | 14,816 | | Impact of 19 days’ unwinding of fair value uplift/downlift | a,b | 8,342 | 5,637 | | Impact of foreign currency translation | | 1,137 | — | | 2024 Total equity | | 2,822,364 | 1,838,295 | \* This relates to consolidated numbers The details of the items are as follows: (a)  Cost of sales As a result of the final Purchase Price Allocation (PPA) valuation, the Group recognised depreciation expense on other property plant and equipment of $451.42 thousand , ₦667.95 million, depreciation of downlift on oil and gas properties of  $543.71 thousand, ₦804.52 million on oil and gas properties, recognised additional amortisation expense on Licence of $ 3.80 million , ₦5.62 billion and a $6.19 million, ₦4.99 billion fair value downlift on inventory; these represent depreciation and amortisation expense for 19 days on the fair value uplift/downlift on oil & gas properties and Intangible assets and the fair value downlift on inventory acquired in SEPNU. The Group cumulatively adjusted cost of sales by $2.48 million, ₦3.68 billion to recognise these depreciation/amortisation expense. (b) Income tax expense The Group restated its income tax expense as a result of the deferred tax impact of $3.15 million ₦4.67 billion due from the 19-day additional depreciation/amortisation of oil & gas properties, other property, plant and equipment, intangible assets, and right-of-use assets. (c) Oil & gas properties The Group recognized additional fair value uplift of $59.70 million, ₦91.66 billion and a 19-day depreciation expense on the fair value downlift of $543.71 thousand, ₦804.52 million. This resulted in a cumulative adjustment of $59.16 million, ₦90.82 billion on oil & gas properties. (d) Other property, plant and equipment The Group recognized a fair value uplift on other property, plant and equipment of $206.52 million, ₦317.08 billion, a 19-day depreciation expense $451.42 thousand, ₦ 667.95 million and a reclassification of $748.65 thousand, ₦1.15 billion relating to software costs reclassified to intangible assets. The total restatement on other property, plant and equipment is $206.07 million , ₦316.39 billion. (e) Intangible assets The Group recognised additional fair value uplift on Licence of $416 million, ₦639.13 billion , a 19-day amortisation expense on the fair value uplift of $3.80 million, ₦5.62 billion and a reclassification of $748.65 thousand, ₦1.15 billion relating to software costs reclassified from other property, plant and equipment. Intangible assets was restated by $412.48 million, ₦633.29 billion. (f) Trade and other  payables The Group restated its trade and other payables by reversing the fair value uplift on long-term payables of $15 thousand, ₦23.66 million as this had been settled during the year 2025. and an additional consideration payable of $68.71 million. See Note 7.1 for details on additional consideration. (g) Impact on cash flow The depreciation, amortisation, unwinding of fair value uplifts and additional consideration payable impact operating activities in the cash flow statement and these are reflected in the restated cash flow note. See Note 18. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 223 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | (h) Gain on bargain purchase The Group finalised the fair valuation of the SEPNU assets acquired and liabilities assumed. An analysis of this the final fair values is shown below: | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Initial valuation | Final valuation | Adjustment | Initial valuation | Final valuation | Adjustment | | | ₦ 'million | ₦ 'million | ₦ 'million | $'000 | $'000 | $'000 | | Assets | | | | | | | | Oil and gas property, plant & equipment | 2,580,294 | 2,488,834 | (91,460) | 1,684,265 | 1,624,565 | (59,700) | | Other property, plant & equipment | 331,047 | 647,454 | 316,407 | 216,089 | 422,620 | 206,531 | | Right-of-use assets | 114,212 | 114,212 | — | 74,551 | 74,551 | — | | Inventories | 699,307 | 694,315 | (4,992) | 459,401 | 453,208 | (6,193) | | Trade and other receivables | 448,438 | 448,438 | — | 292,714 | 292,714 | — | | Bank balances | 279,885 | 279,885 | — | 182,693 | 182,693 | — | | Restricted cash | 164,652 | 164,652 | — | 107,475 | 107,475 | — | | Intangible asset-software | 1,162 | 1,162 | — | 758 | 758 | — | | Licence-based identifiable intangible asset on acquisition | 220,080 | 857,828 | 637,748 | 143,656 | 559,940 | 416,284 | | | 4,839,077 | 5,696,780 | 857,703 | 3,161,602 | 3,718,524 | 556,922 | | Liabilities | | | | | | | | Retirement benefit obligation | (71,588) | (71,588) | — | (46,728) | (46,728) | — | | Deferred tax liabilities | (1,266,157) | (1,266,157) | — | (826,473) | (826,473) | — | | Deferred tax impact on the fair value adjustment | (226,765) | (951,986) | (725,221) | (148,019) | (621,401) | (473,382) | | Provision for decommissioning obligation | (1,107,702) | (1,107,702) | — | (723,043) | (723,043) | — | | Other provisions | (5,028) | (5,028) | — | (3,282) | (3,282) | — | | Lease liabilities | (24,437) | (24,437) | — | (15,951) | (15,951) | — | | Trade, other payables and taxes | (389,620) | (389,644) | (24) | (254,321) | (254,337) | (16) | | | (3,091,297) | (3,816,542) | (725,245) | (2,017,817) | (2,491,215) | (473,398) | | Total identifiable net assets at fair value | 1,747,780 | 1,880,238 | 132,458 | 1,143,785 | 1,227,309 | 83,524 | | Foreign exchange difference | — | (5,275) | (5,275) | — | — | — | | Gain on bargain purchase arising on acquisition | (127,230) | (149,153) | (21,923) | (85,985) | (100,801) | (14,816) | | Net purchase consideration | 1,620,550 | 1,725,810 | 105,260 | 1,057,800 | 1,126,508 | 68,708 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 224 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued #### 9.    Revenue from contract with customers | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Crude oil sales | 3,774,247 | 1,466,349 | 2,487,819 | 990,991 | | Gas sales | 279,415 | 184,833 | 184,178 | 124,914 | | Natural gas liquid | 81,714 | 389 | 53,862 | 263 | | | 4,135,376 | 1,651,571 | 2,725,859 | 1,116,168 | The major off-takers for crude oil are Shell Western, Chevron, Vitol and Exxon. The major off-takers for gas are Geregu Power, Sapele Power, Nigerian Gas Marketing Company and Azura. The major off-taker for natural gas liquid is ExxonMobil. #### 10.    Cost of sales | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | | Restated | | Restated | | | ₦ million | ₦ million | $'000 | $'000 | | Royalties | 721,119 | 216,047 | 475,330 | 146,009 | | Depletion, depreciation and amortisation (Note 19.4) | 797,123 | 286,744 | 525,429 | 193,797 | | Depreciation of right-of-use assets (Note 19.4) | 36,015 | – | 23,739 | – | | Crude handling fees | 118,074 | 99,007 | 77,829 | 66,911 | | Nigeria Export Supervision Scheme (NESS) fee | 4,310 | 1,039 | 2,841 | 702 | | Niger Delta Development Commission | 62,725 | 16,156 | 41,346 | 10,918 | | Barging/trucking | 39,589 | 25,320 | 26,095 | 17,112 | | Operations & maintenance costs | 984,149 | 485,836 | 648,708 | 328,334 | | | 2,763,104 | 1,130,149 | 1,821,317 | 763,783 | Operational & maintenance expenses relates mainly to maintenance costs, warehouse operations expenses, security expenses, community expenses, clean-up costs, fuel supplies, field staff costs and catering services. Also included in operational & maintenance expenses is gas flare penalty of $39.3 million, ₦59.6 billion (2024: $27.7 million, ₦40.9 billion). Barging and trucking costs relates to the cost on Abiala and Gbetiokun fields in OML 40. #### 11.    Other income/(loss) | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Underlifts | 40,791 | 15,583 | 26,888 | 10,531 | | Realised gain on foreign exchange | 24,129 | 130 | 15,905 | 88 | | Unrealised gain on foreign exchange | 4,165 | 44,790 | 2,746 | 30,270 | | Loss on disposal of property, plant & equipment | – | (308) | – | (208) | | Fair value loss on asset held for sales | – | (15,807) | – | (10,683) | | Gain on liquidation of subsidiary (Note 24.1) | 426 | – | 129 | – | | Tariffs | 11,718 | 6,076 | 7,724 | 4,106 | | Others | 6,230 | 4,491 | 4,105 | 3,036 | | | 87,459 | 54,955 | 57,497 | 37,140 | Underlifts are shortfalls of crude lifted below the share of production. They may exist when the crude oil lifted by the Group during the period is less than its ownership share of production. The shortfall is initially measured at the market price of oil at the date of lifting and recognised as other (loss)/income. At each reporting period, the shortfall is remeasured at the current market value. The resulting change, as a result of the remeasurement, is also recognised in profit or loss as other income. Foreign exchange gain was largely driven by the transaction currency gains during the period. Tariffs, which are a form of crude handling fee, relate to income generated from the use of the Group’s pipeline by others. Others represents other income, joint venture billing interest and joint venture billing finance fees. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 225 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### 12.    Gain on bargain purchase | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | | Restated | | Restated | | | ₦ million | ₦ million | $'000 | $'000 | | Gain on bargain purchase from acquisition | – | 149,153 | – | 100,801 | | | – | 149,153 | – | 100,801 | Gain on bargain purchase relates to gain from the acquisition of Seplat Energy Producing Nigeria Unlimited (SEPNU). The gain is the excess of the fair values of net asset acquired over the purchase consideration agreed. See Note 7 for more details. #### 13.    General and administrative expenses | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | | Restated | | Restated | | | ₦ million | ₦ million | $'000 | $'000 | | Depreciation (Note 19.4) | 50,657 | 8,375 | 33,391 | 5,660 | | Depreciation of right-of-use assets (Note 21) | 27,207 | 9,287 | 17,934 | 6,276 | | Professional & consulting fees | 45,404 | 70,992 | 29,929 | 47,978 | | Auditor's remuneration | 2,679 | 2,203 | 1,766 | 1,489 | | Directors’ emoluments (Execs) | 5,486 | 5,665 | 3,616 | 3,828 | | Directors’ emoluments (Non-Execs) | 6,054 | 6,887 | 3,991 | 4,654 | | Employee benefits (Note 13.1) | 95,159 | 79,804 | 62,725 | 53,933 | | Share-based benefits (Note 13.1) | 39,924 | 30,211 | 26,316 | 20,417 | | Donation | 169 | 163 | 112 | 110 | | Flights and other travel costs | 17,331 | 13,470 | 11,424 | 9,105 | | Other repair & maintenance expenses | 24,704 | 943 | 16,284 | 637 | | Rent and rates | 14,394 | 447 | 9,488 | 302 | | Security expenses | 2,962 | 1,672 | 1,952 | 1,130 | | IT costs | 24,846 | 7,274 | 16,377 | 4,916 | | Other general expenses | 21,556 | (21,734) | 14,208 | (14,687) | | | 378,532 | 215,659 | 249,513 | 145,748 | The consolidation of SEPNU led to the increase in Auditor’s remuneration for the current period relative to the prior period. The increase in share-based benefits for the current period, compared to the previous period, is attributable to equity-settled awards granted in the current and prior periods. These awards are expensed over the vesting period based on the grant-date fair value. Other general expenses includes contract labour expenses of $9.68 million, ₦15 billion ( 2024: $5.50 million, ₦8 billion), and joint venture partner review adjustments from previous years of $4.5 million, ₦6.46 billion. Repairs and maintenance (G&A) represent costs to maintain and ensure the smooth operation of the Company’s offices, training center, and residential facilities. Rent expenses represent short-term leases of 12 months and less, for which the entity has adopted the IFRS 16 short-term leases recognition exemption. The increase in the general and administrative expenses is driven by the consolidation of the acquired business SEPNU. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 226 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued 13.1  Employee benefits-Salaries and employee-related costs include the following: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Short-term employee benefits: | | | | | | Basic salary | 85,927 | 55,384 | 56,639 | 37,430 | | Housing allowances | 5,364 | 4,837 | 3,536 | 3,269 | | Other allowances | 5,517 | 946 | 3,637 | 639 | | Post-employment benefits: | | | | | | Defined contribution expenses | 5,875 | 3,540 | 3,872 | 2,392 | | Defined benefit expenses (Note 37.2) | (7,524) | 15,097 | (4,959) | 10,203 | | | 95,159 | 79,804 | 62,725 | 53,933 | | Share-based payment expenses | | | | | | Equity-settled share-based payment expenses (Note 31.4) | 36,510 | 30,211 | 24,066 | 20,417 | | Cash-settled share-based payment expenses (Note 38.1) | 3,414 | – | 2,250 | – | | | 39,924 | 30,211 | 26,316 | 20,417 | | | 135,083 | 110,015 | 89,041 | 74,350 | 13.2  Below are details of non-audit services provided by the auditors: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Entity | Service | PwC office | Fees ($) | Year | | Seplat Group | Remuneration Committee advice | PwC UK | 231,899 | 2025 | | Seplat Group | Review of financial information in offering memorandum and provision of comfort letter\* and opinion on unaudited proforma financial information for $650 million bond issuance | PwC UK and Nigeria | 1,062,654 | 2025 | \* This is a requirement associated with the bond issuance process for the $650 million bond. 13.3  Below are details of assurance service providers to the Group during the year: | | | | | | --- | --- | --- | --- | | | | | | | S/N | Name of signer | Name of firm | Service rendered | | 1 | Tosin Famurewa | Ryder Scott Company\* | Reserve valuation | | FRC/2023/PRO/COREN/004/983976 | | | | 2 | Chidiebere Orji | Logic Professional Service | Actuarial valuation service | | (FRC/2021/004/00000022718) | FRC/2020/00000013617 | | | 3 | Miller Kingsley | Ernst & Young | Actuarial valuation service | | | (FRC/2013/PRO/NAS/004/00000002392) | (FRC/2023/COY/209403) | | | 4 | Olufemi Alabi | Ernst & Young | Purchase price allocation | | | FRC/2021/PRO/ICAN/004/00000024748 | FRC/2023/COY/209403 | | | 5 | Bakare Idowu Ibraheem | Diya Fatimilehin & Co. | Property valuation | | | FRC/2023/PRO/NIESV/004/410836 | FRC/2025/COY/666956 | | \* The firm does not have FRCN numbers. The Financial Reporting Council Of Nigeria (FRCN) has granted the Group a waiver which allows the professional firm Ryder Scott Petroleum Consultants to provide assurance services to the Group and for their opinions to be used by the Group in the preparation of its annual reports and audited financial statements for the period. #### 14.    Impairment loss | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Impairment losses on financial assets - net (Note 14.1) | 23,857 | 15,640 | 15,726 | 10,570 | | | 23,857 | 15,640 | 15,726 | 10,570 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 227 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 14.1  Impairment losses/(reversal) on financial assets-net | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Impairment (reversal)/losses on: | | | | | | NUIMS receivables | – | (1,126) | – | (761) | | NEPL receivables | 1,813 | (2,473) | 1,195 | (1,671) | | Trade receivables (Geregu power, Sapele Power and NGMC) | 21,739 | 14,137 | 14,329 | 9,554 | | Receivables from joint venture (ANOH) | – | (4,433) | – | (2,996) | | Contract asset | 2,353 | (178) | 1,551 | (119) | | Other receivables | (2,048) | 9,713 | (1,349) | 6,563 | | Total impairment loss allowance | 23,857 | 15,640 | 15,726 | 10,570 | #### 15.    Fair value loss | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Hedge premium expenses | 28,834 | 7,180 | 19,006 | 4,852 | | Fair value loss  on derivatives (Note 28.2) | 3,886 | 3,695 | 2,562 | 2,497 | | | 32,720 | 10,875 | 21,568 | 7,349 | Fair value loss on derivatives represents changes in the fair value of hedging receivables charged to profit or loss. #### 16.    Finance income/(cost) | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Finance income | | | | | | Interest income | 18,532 | 19,525 | 12,216 | 13,196 | | Finance charges | | | | | | Interest on bank loan (Note 34.1) | (213,239) | (118,896) | (140,558) | (80,352) | | Other financing charges (Note 34.1) | – | (4,088) | – | (2,763) | | Interest on lease liabilities (Note 35) | (11,465) | (6,200) | (7,557) | (4,190) | | Unwinding of discount on provision for decommissioning (Note 36) | (56,503) | (9,510) | (37,244) | (6,427) | | | (281,207) | (138,694) | (185,359) | (93,732) | | Finance cost-net | (262,675) | (119,169) | (173,143) | (80,536) | Finance income represents interest on fixed deposits . The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the Group’s general borrowings denominated in Dollars during the year, there was no capitalisation of interest costs (2024: 10.4%). The amount capitalised during the year is nil (2024: ₦5.9 billion, $4 million). The increase in interest expense during the year reflects increased drawn debt facilities (associated with the offshore assets acquisition) and higher interest rates on the newly issued Eurobond. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 228 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued #### 17.    Taxation The major components of income tax expense for the years ended 31 December 2025 and 2024 are: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | | Restated | | Restated | | | ₦ million | ₦ million | $’000 | $’000 | | Current tax: | | | | | | Current tax expense on profit for the year | 734,697 | 276,427 | 484,279 | 186,816 | | Education Tax | 37,650 | 9,215 | 24,817 | 6,228 | | NASENI Levy | 771 | 906 | 508 | 612 | | Police Levy | 15 | 13 | 10 | 9 | | Total current tax | 773,133 | 286,561 | 509,614 | 193,665 | | Deferred tax: | | | | | | Deferred tax expense in profit or loss (Note 17.3) | (259,208) | (99,761) | (170,860) | (67,422) | | Total tax expense in statement of profit or loss | 513,925 | 186,800 | 338,754 | 126,243 | | Deferred tax recognised in other comprehensive income (Note 17.3) | (5,806) | (1,685) | (3,827) | (1,139) | | Total tax charged for the period | 508,119 | 185,115 | 334,927 | 125,104 | | Effective tax rate | 68% | 47% | 68% | 47% | 17.1  Reconciliation of effective tax rate The income tax expense is recognised based on management’s estimate of the weighted average effective annual income tax rate expected for the full financial year. The annual tax rate used for the year ended 31 December 2025 is 85% for crude oil activities and 30% for gas activities. As at 31 December 2024, the applicable tax rates were 85% and 30% respectively. The effective tax rate for the period was 68% (2024: 47%). A reconciliation between income tax expense and accounting profit before income tax multiplied by the applicable statutory tax rate is as follows: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | | Restated | | Restated | | | ₦ million | ₦ million | $'000 | $'000 | | Profit before taxation | 755,505 | 394,669 | 497,843 | 266,724 | | Tax rate of 85% and 30% | 734,201 | 276,465 | 483,954 | 186,841 | | Tax effect of amounts which are not deductible (taxable) in calculating taxable income: | | | | | | Income not subject to tax | 198,848 | 596,577 | 131,072 | 403,186 | | Expenses not deductible for tax purposes | (457,559) | (696,376) | (301,607) | (470,633) | | Education Tax | 37,649 | 9,215 | 24,817 | 6,228 | | NASENI Levy | 771 | 906 | 508 | 612 | | Police Levy | 15 | 13 | 10 | 9 | | Total tax charge in statement of profit or loss | 513,925 | 186,800 | 338,754 | 126,243 | 17.2  Current tax liabilities The movement in the current tax liabilities is as follows: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | As at 1 January 2025 | 196,321 | 70,653 | 127,869 | 78,557 | | Tax charge | 773,133 | 286,561 | 509,615 | 193,664 | | Tax paid | (641,026) | (100,671) | (422,537) | (68,036) | | Acquired from business combination | — | (116,916) | — | (76,316) | | Exchange difference | (20,672) | 56,694 | (521) | — | | As at 31 December 2025 | 307,756 | 196,321 | 214,426 | 127,869 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 229 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 17.3  Deferred tax The analysis of deferred tax assets and deferred tax liabilities is as follows: 31 December 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Balance as at 1 January 2025 | (Charged) / credited to profit or loss | Credited to other comprehensive income | Exchange difference | Impact of net off | Balance as at 31 December 2025 | | | Restated | | | | | | | | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Deferred tax assets (Note 17.4) | 353,954 | (43,662) | — | (20,713) | 2 | 289,581 | | Deferred tax liabilities (Note 17.5) | (2,176,045) | 302,873 | 5,806 | 125,171 | (6) | (1,742,201) | | | (1,822,091) | 259,211 | 5,806 | 104,458 | (4) | (1,452,620) | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | Balance as at 1 January 2025 | (Charged) / credited to profit or loss | Credited to other comprehensive income | Impact of net off | Balance as at 31 December 2025 | | | Restated | | | | | | | $'000 | $'000 | $'000 | $'000 | $'000 | | Deferred tax assets (Note 17.4) | 230,541 | (28,780) | — | 1 | 201,762 | | Deferred tax liabilities (Note 17.5) | (1,417,323) | 199,640 | 3,827 | (4) | (1,213,860) | | | (1,186,782) | 170,860 | 3,827 | (3) | (1,012,098) | 31 December 2024 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Balance as at 1 January 2024 | (Charged) / credited to profit or loss | Credited to other comprehensive income | Exchange difference | Impact of net off | Acquired in business combination | Balance as at 31 December 2024 | | | | | | | | Restated | Restated | | | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Deferred tax assets (Note 17.4) | 261,528 | (58,072) | 1,685 | 181,564 | (32,751) | — | 353,954 | | Deferred tax liabilities (Note 17.5) | (88,381) | 157,833 | — | (152,489) | 32,751 | (2,125,759) | (2,176,045) | | | 173,147 | 99,761 | 1,685 | 29,075 | — | (2,125,759) | (1,822,091) | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Balance as at 1 January 2024 | (Charged) / credited to profit or loss | Credited to other comprehensive income | Impact of net off | Acquired in business combination | Balance as at 31 December 2024 | | | | | | | Restated | Restated | | | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | | Deferred tax assets (Note 17.4) | 290,783 | (39,247) | 1,139 | (22,134) | — | 230,541 | | Deferred tax liabilities (Note 17.5) | (98,267) | 106,669 | — | 22,134 | (1,447,859) | (1,417,323) | | | 192,516 | 67,422 | 1,139 | — | (1,447,859) | (1,186,782) | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 230 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued 17.4  Deferred tax assets Deferred income tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit through future taxable profits is probable. 31 December 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Balance as at 1 January 2025 | (Charged) / credited to profit or loss | Credited to other comprehensive income | Impact of net off | Exchange difference | Balance as at 31 December 2025 | | | Restated | | | | | | | | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Accelerated capital deduction | 364,107 | (35,578) | — | — | (21,812) | 306,717 | | Provision for abandonment | 29,135 | 1,175 | — | — | (1,961) | 28,349 | | Provision for defined benefit | 69 | — | — | — | (4) | 65 | | Overlift | 3,973 | (5,893) | — | — | 59 | (1,861) | | Underlift | — | (2,918) | — | — | 158 | (2,760) | | Unrealised foreign exchange gain | (50,780) | (1,206) | — | 2 | 3,375 | (48,609) | | Unrealised foreign exchange loss | — | 1,157 | — | — | (63) | 1,094 | | Impairment provision on financial assets | 7,450 | (399) | — | — | (465) | 6,586 | | Leases | — | — | — | — | — | — | | Property, plant and equipment | — | — | — | — | — | — | | | 353,954 | (43,662) | — | 2 | (20,713) | 289,581 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | Balance as at 1 January 2025 | (Charged) / credited to profit or loss | Credited to other comprehensive income | Impact of net off | Balance as at 31 December 2025 | | | Restated | | | | | | | $'000 | $'000 | $'000 | $'000 | $'000 | | Accelerated capital deduction | 237,153 | (23,451) | — | — | 213,702 | | Provision for abandonment | 18,977 | 775 | — | — | 19,752 | | Provision for defined benefit | 45 | — | — | — | 45 | | Overlift | 2,588 | (3,885) | — | — | (1,297) | | Underlift | — | (1,923) | — | — | (1,923) | | Unrealised foreign exchange gain | (33,074) | (796) | — | 1 | (33,868) | | Unrealised foreign exchange loss | — | 763 | — | — | 762 | | Impairment provision on financial assets | 4,852 | (263) | — | — | 4,589 | | Total | 230,541 | (28,780) | — | 1 | 201,762 | 31 December 2024 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Balance as at 1 January 2024 | (Charged) / credited to profit or loss | Credited to other comprehensive income | Impact of net off | Exchange difference | Balance as at 31 December 2024 | | | | | | | | Restated | | | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Accelerated capital deduction | 241,614 | (13,841) | — | (32,751) | 169,085 | 364,107 | | Provision for abandonment | 26,315 | (15,213) | — | — | 18,033 | 29,135 | | Provision for defined benefit | 771 | (1,203) | — | — | 501 | 69 | | Overlift | 71,450 | (113,718) | — | — | 46,241 | 3,973 | | Unrealised foreign exchange gain | 12,424 | (69,377) | — | — | 6,173 | (50,780) | | Defined benefits | 1,154 | (3,585) | 1,685 | — | 746 | — | | Impairment provision on financial assets | 4,991 | (1,031) | — | — | 3,490 | 7,450 | | Leases | (24,517) | 40,333 | — | — | (15,816) | — | | Property, plant and equipment | (72,674) | 119,563 | — | — | (46,889) | — | | Total | 261,528 | (58,072) | 1,685 | (32,751) | 181,564 | 353,954 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 231 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | Balance as at 1 January 2024 | (Charged) / credited to profit or loss | Credited to other comprehensive income | Impact of net off | Balance as at 31 December 2024 | | | | | | | Restated | | | $'000 | $'000 | $'000 | $'000 | $'000 | | Accelerated capital deduction | 268,641 | (9,354) | — | (22,134) | 237,153 | | Provision for abandonment | 29,258 | (10,281) | — | — | 18,977 | | Provision for defined benefit | 858 | (813) | — | — | 45 | | Overlift | 79,441 | (76,853) | — | — | 2,588 | | Unrealised foreign exchange gain | 13,813 | (46,887) | — | — | (33,074) | | Defined benefits | 1,284 | (2,423) | 1,139 | — | — | | Impairment provision on financial assets | 5,549 | (697) | — | — | 4,852 | | Leases | (27,258) | 27,258 | — | — | — | | Property, plant and equipment | (80,803) | 80,803 | — | — | — | | Total | 290,783 | (39,247) | 1,139 | (22,134) | 230,541 | 17.5  Deferred tax liabilities Deferred tax liabilities are recognised for amounts of income taxes payable in future periods in respect of taxable temporary difference. 31 December 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Balance as at 1 January 2025 | (Charged) / credited to profit or loss | Credited to other comprehensive income | Impact of net off | Exchange difference | Balance as at 31 December 2025 | | | Restated | | | | | | | | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Provision for abandonment | 594,611 | (568,101) | — | — | (8,109) | 18,401 | | Provision for defined benefit | 215,929 | (198,473) | 5,806 | (6) | (3,680) | 19,576 | | Share-based payment plan | 77,087 | (486) | — | — | (4,998) | 71,603 | | Unrealised foreign exchange loss | 102,568 | (59,506) | — | — | (3,474) | 39,588 | | Overlift | 297,842 | (195,123) | — | — | (8,542) | 94,177 | | Expected credit loss | 187,730 | (16,109) | — | — | (11,365) | 160,256 | | Property, plant and equipment | (3,359,909) | 1,158,517 | — | — | 156,145 | (2,045,247) | | Defined benefits | (140,892) | 139,219 | — | — | 1,673 | — | | Hedging gain | 3,471 | 1,220 | — | — | (293) | 4,398 | | Deferred tax liabilities on defined benefit remeasurement | (641) | 634 | — | — | 7 | — | | Unrealised foreign exchange loss gain | (8,397) | (17,691) | — | — | 1,598 | (24,490) | | Right-of-use assets | 9,019 | (68,568) | — | — | 3,129 | (56,420) | | Lease liability | (27,000) | 82,896 | — | | (2,712) | 53,184 | | Contract-based identifiable intangible asset on acquisition | (57,476) | 56,917 | — | — | 559 | — | | Others | (69,987) | (12,519) | — | | 5,236 | (77,270) | | Utilised losses | — | 46 | — | — | (3) | 43 | | Total | (2,176,045) | 302,873 | 5,806 | (6) | 125,171 | (1,742,201) | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 232 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | Balance as at 1 January 2025 | (Charged) / credited to profit or loss | Credited to other comprehensive income | Impact of net off | Balance as at 31 December 2025 | | | Restated | | | | | | | $'000 | $'000 | $'000 | $'000 | $'000 | | Provision for abandonment | 387,288 | (374,467) | — | — | 12,821 | | Provision for defined benefit | 140,641 | (130,825) | 3,827 | (4) | 13,639 | | Share-based payment plan | 50,209 | (320) | — | — | 49,889 | | Unrealised foreign exchange loss | 66,806 | (39,224) | — | — | 27,582 | | Overlift | 194,233 | (128,616) | — | — | 65,617 | | Expected credit loss | 122,275 | (10,618) | — | — | 111,657 | | Property, plant and equipment | (2,188,648) | 763,644 | — | — | (1,425,004) | | Defined benefits | (91,767) | 91,767 | — | — | — | | Hedging gain | 2,260 | 804 | — | — | 3,064 | | Deferred tax liabilities on defined benefit remeasurement | (418) | 418 | — | — | — | | Unrealised foreign exchange loss gain | (5,402) | (11,661) | — | — | (17,063) | | Right-of-use assets | 5,887 | (45,197) | — | — | (39,310) | | Lease liability | (17,586) | 54,641 | — | — | 37,055 | | Contract-based identifiable intangible asset on acquisition | (37,517) | 37,517 | — | — | — | | Others | (45,584) | (8,253) | — | — | (53,837) | | Utilised losses | — | 30 | | | 30 | | Total | (1,417,323) | 199,640 | 3,827 | (4) | (1,213,860) | \* Other temporary differences include provision for defined benefit, provision for abandonment, share equity reserve. 31 December 2024 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Balance as at 1 January 2024 | (Charged) / credited to profit or loss | Acquired in business combination | Impact of net off | Exchange difference | Balance as at 31 December 2024 | | | | Restated | Restated | | Restated | Restated | | | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Provision for abandonment | 3,826 | 17,079 | 569,126 | — | 4,580 | 594,611 | | Provision for defined benefit | 4,971 | 141,154 | 60,850 | — | 8,954 | 215,929 | | Share-based payment plan | 30,020 | 24,905 | — | — | 22,162 | 77,087 | | Unrealised foreign exchange loss | 40,331 | 32,498 | — | — | 29,739 | 102,568 | | Overlift | 39,169 | 382,163 | (164,831) | — | 41,341 | 297,842 | | Expected credit loss | 103,626 | 10,441 | — | — | 73,663 | 187,730 | | Property, plant and equipment | (295,988) | (172,619) | (2,611,673) | 32,751 | (312,380) | (3,359,909) | | Defined benefits | (13,414) | (113,718) | — | — | (13,760) | (140,892) | | Hedging gain | (999) | 4,989 | — | — | (519) | 3,471 | | Deferred tax liabilities on defined benefit remeasurement | 251 | (1,031) | — | — | 139 | (641) | | Unrealised foreign exchange loss gain | (174) | (7,707) | — | — | (516) | (8,397) | | Right-of-use assets | — | — | 9,019 | — | — | 9,019 | | Lease liability | — | (25,301) | (746) | — | (953) | (27,000) | | Contract-based identifiable intangible asset on acquisition | — | — | (57,476) | — | — | (57,476) | | Others | — | (135,020) | 69,972 | — | (4,939) | (69,987) | | | | | | | | | | Total | (88,381) | 157,833 | (2,125,759) | 32,751 | (152,489) | (2,176,045) | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 233 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | Balance as at 1 January 2024 | (Charged) / credited to profit or loss | Acquired in business combination (Note 7) | Impact of net off | Balance as at 31 December 2024 | | | | Restated | Restated | | Restated | | | $'000 | $'000 | $'000 | $'000 | $'000 | | Provision for abandonment | 4,254 | 11,542 | 371,492 | — | 387,288 | | Provision for defined benefit | 5,527 | 95,395 | 39,719 | — | 140,641 | | Share-based payment plan | 33,378 | 16,831 | — | — | 50,209 | | Unrealised foreign exchange loss | 44,843 | 21,963 | — | — | 66,806 | | Overlift | 43,550 | 258,274 | (107,591) | — | 194,233 | | Expected credit loss | 115,218 | 7,057 | — | — | 122,275 | | Property, plant and equipment | (329,098) | (116,656) | (1,765,028) | 22,134 | (2,188,648) | | Defined benefits | (14,914) | (76,853) | — | — | (91,767) | | Hedging gain | (1,111) | 3,371 | — | — | 2,260 | | Deferred tax liabilities on defined benefit remeasurement | 279 | (697) | — | — | (418) | | Unrealised foreign exchange loss gain | (193) | (5,209) | — | — | (5,402) | | Right-of-use assets | — | — | 5,887 | — | 5,887 | | Lease liability | — | (17,099) | (487) | — | (17,586) | | Contract-based identifiable intangible asset on acquisition | — | — | (37,517) | — | (37,517) | | Others | — | (91,250) | 45,666 | — | (45,584) | | | | | | | | | Total | (98,267) | 106,669 | (1,447,859) | 22,134 | (1,417,323) | | | | | | | | 17.6  Unrecognised deferred tax assets There were no temporary differences associated with investments in the Group’s subsidiaries for which a deferred tax asset would have been recognised in the periods presented. 17.7  Unrecognised deferred tax liabilities There were no temporary differences associated with investments in the Group’s subsidiaries for which a deferred tax liability would have been recognised in the periods presented. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 234 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued #### 18.    Computation of cash generated from operations | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | | | Restated | | Restated | | | Notes | ₦ million | ₦ million | $'000 | $'000 | | Profit before tax | | 755,505 | 394,669 | 497,843 | 266,724 | | Adjusted for: | | | | | | | Depletion, depreciation and amortisation | 19.4 | 847,781 | 295,786 | 558,820 | 199,908 | | Depreciation of right-of-use asset | 21 | 63,222 | 9,287 | 41,673 | 6,276 | | Impairment losses on financial assets | 14.1 | 23,857 | 15,640 | 15,726 | 10,570 | | Gain on liquidation of subsidiary | 11 | (426) | – | (129) | – | | Gain on bargain purchase | 12 | – | (149,153) | – | (100,801) | | Loss on disposal of other property, plant and equipment | 19.3.1 | – | 308 | – | 208 | | Fair value loss on asset held for sale | 30 | – | 15,807 | – | 10,683 | | Interest income | 16 | (18,533) | (19,525) | (12,216) | (13,196) | | Interest expense on bank loans | 34 | 213,239 | 118,896 | 140,558 | 80,352 | | Interest on lease liabilities | 35 | 11,465 | 6,200 | 7,557 | 4,190 | | Unwinding of discount on provision for decommissioning | 36 | 56,502 | 9,510 | 37,244 | 6,427 | | Fair value loss on derivatives | 15 | 3,886 | 3,695 | 2,562 | 2,497 | | Hedge premium expenses | 15 | 28,834 | 7,180 | 19,006 | 4,852 | | Unrealised foreign exchange (gain)/loss | 11 | (4,165) | (44,920) | (2,746) | (30,358) | | Share-based payment expenses | 13.1 | 39,924 | 30,211 | 26,316 | 20,417 | | Share of (loss)/ profit from joint venture | 24.4.1 | 6,442 | (30,483) | 4,246 | (20,601) | | Defined benefit plan | 37.2 | (7,523) | 35,930 | (4,959) | 24,283 | | Changes in working capital: (excluding the effects of exchange differences) | | | | | | | Trade and other receivables | | 402,938 | (289,852) | 265,599 | (195,888) | | Inventories | | 2,760 | 236,084 | 1,819 | 159,542 | | Prepayments | | 25,228 | (18,896) | 16,629 | (12,770) | | Contract assets | | (9,538) | (10,966) | (6,287) | (7,411) | | Trade and other payables | | 95,261 | (47,996) | 62,792 | (32,437) | | Provisions | | 153 | 47 | 101 | 32 | | Net cash from operating activities | | 2,536,812 | 567,459 | 1,672,154 | 383,499 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 235 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### 19.    Property, plant and equipment 19.1  Oil and gas properties | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Cost | Production and field facilities | Assets under construction | Exploration and Evaluation assets | Total | | ₦ million | ₦ million | ₦ million | ₦ million | | At 1 January 2025 (Restated) | 5,968,768 | 994,789 | 92,810 | 7,056,367 | | Additions | — | 395,892 | — | 395,892 | | Transfer | 806,279 | (806,279) | — | — | | Changes in decommissioning (Note 36) | (1,881) | — | — | (1,881) | | Reclassifications | 91,708 | — | (91,708) | — | | Exchange differences | (437,345) | (42,698) | (1,102) | (481,145) | | At 31 December 2025 | 6,427,529 | 541,704 | — | 6,969,233 | | Depreciation | | | | | | At 1 January 2025 (Restated) | 2,072,600 | — | — | 2,072,600 | | Charge for the year | 585,557 | — | — | 585,557 | | Exchange differences | (166,665) | — | — | (166,665) | | At 31 December 2025 | 2,491,492 | — | — | 2,491,492 | | NBV | | | | | | At 31 December 2025 | 3,936,037 | 541,704 | — | 4,477,741 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Production and field facilities | Assets under construction | Exploration and evaluation assets | Total | | Cost | ₦ million | ₦ million | ₦ million | ₦ million | | At 1 January 2024 | 2,023,318 | 468,170 | 54,368 | 2,545,856 | | Additions | – | 362,815 | – | 362,815 | | Transfer | 472,259 | (472,259) | – | – | | Changes in decommissioning (Note 36) | (121,156) | – | – | (121,156) | | Interest capitalised (Note 34.1) | – | 5,985 | – | 5,985 | | Reclassification to intangible assets | (79,632) | 40,354 | – | (39,278) | | Acquired in business combination (Note 7) - restated | 2,228,327 | 260,507 | – | 2,488,834 | | Exchange differences | 1,445,652 | 329,217 | 38,442 | 1,813,311 | | At 31 December 2024 - restated | 5,968,768 | 994,789 | 92,810 | 7,056,367 | | Depreciation | | | | | | At 1 January 2024 | 1,053,338 | 27,164 | – | 1,080,502 | | Charge for the year | 264,509 | – | – | 264,509 | | Reclassification from intangible assets | – | (44,691) | – | (44,691) | | Exchange differences | 754,753 | 17,527 | – | 772,280 | | At 31 December 2024 | 2,072,600 | – | – | 2,072,600 | | NBV | | | | | | At 31 December 2024 - restated | 3,896,168 | 994,789 | 92,810 | 4,983,767 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 236 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Production and field facilities | Assets under construction | Exploration and evaluation assets | Total | | Cost | $’000 | $’000 | $’000 | $’000 | | At 1 January 2025- restated | 3,887,637 | 647,936 | 60,450 | 4,596,023 | | Additions | – | 260,955 | – | 260,955 | | Transfer | 531,464 | (531,464) | – | – | | Changes in decommissioning (Note 36) | (1,240) | – | – | (1,240) | | Reclassifications | 60,450 | – | (60,450) | – | | At 31 December 2025 | 4,478,311 | 377,427 | – | 4,855,738 | | Depreciation | | | | | | At 1 January 2025- restated | 1,349,946 | – | – | 1,349,946 | | Charge for the year | 385,974 | – | – | 385,974 | | At 31 December 2025 | 1,735,920 | – | – | 1,735,920 | | NBV | | | | | | At 31 December 2025 | 2,742,391 | 377,427 | – | 3,119,818 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Production and field facilities | Assets under construction | Exploration & evaluation assets | Total | | Cost | $'000 | $'000 | $'000 | $'000 | | At 1 January 2024 | 2,249,650 | 520,540 | 60,450 | 2,830,640 | | Additions | – | 245,198 | – | 245,198 | | Transfer | 319,163 | (319,163) | – | – | | Changes in decommissioning (Note 36) | (81,880) | – | – | (81,880) | | Interest capitalised (Note 34.1) | – | 4,045 | – | 4,045 | | Reclassification to intangible assets | (53,817) | 27,272 | – | (26,545) | | Acquired in business combination (Note 7) - restated | 1,454,521 | 170,044 | – | 1,624,565 | | At 31 December 2024 - restated | 3,887,637 | 647,936 | 60,450 | 4,596,023 | | Depreciation | | | | | | At 1 January 2024 | 1,171,166 | 30,203 | – | 1,201,369 | | Charge for the year | 178,780 | – | – | 178,780 | | Reclassification from intangible assets | – | (30,203) | – | (30,203) | | At 31 December 2024 | 1,349,946 | – | – | 1,349,946 | | NBV | | | | | | At 31 December 2024 - restated | 2,537,691 | 647,936 | 60,450 | 3,246,077 | Assets under construction represent costs capitalised in connection with the development of the Group’s oil fields and other property, plant and equipment not yet ready for their intended use. Some of which are qualifying assets that take a substantial period to get ready for their intended use. A capitalisation rate of nil (2024: 10.4%) has been determined and applied to the Group’s general borrowing to determine the borrowing cost capitalised as part of the qualifying assets. Transfers within the oil and gas assets relate to completed projects, previously under development moved to production and field facilities. Borrowing costs capitalised during the year amounted to nil (2024: ₦5.99 billion, $4.05 million). There was no oil and gas property pledged as security during the reporting period. The Group has no contractual commitments to acquire any property, plant and equipment (2024: nil). Impairment testing There was no impairment loss recorded for OMLs 4, 38 and 41; OML 40; OML 53; OML 56; OMLs 67, 68, and 70; and OML 104 as there was no observable impairment trigger during the year ended (2024: nil). | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 237 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 19.2  Other property, plant and equipment | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Plant & machinery | Motor vehicles | Office furniture & IT equipment | Leasehold improvements | Land | Building | Total | | Cost | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | At 1 January 2025- restated | 275,759 | 16,009 | 44,400 | 12,599 | 104 | 410,637 | 759,508 | | Additions | 5,053 | 994 | 2,186 | 311 | – | 300 | 8,844 | | Disposals | (140) | (152) | (1,253) | (67) | – | – | (1,612) | | Exchange differences | (18,238) | (1,087) | (3,231) | (600) | (6) | (26,894) | (50,056) | | At 31 December 2025 | 262,435 | 15,764 | 42,102 | 12,243 | 98 | 384,043 | 716,685 | | Depreciation | | | | | | | | | At 1 January 2025- restated | 35,263 | 13,248 | 37,846 | 9,331 | – | 2,009 | 97,697 | | Charge for the year | 43,598 | 1,186 | 2,292 | 1,073 | – | 67,579 | 115,728 | | Disposal | (108) | (152) | (1,253) | (67) | – | – | (1,580) | | Exchange differences | (4,643) | (918) | (2,819) | (701) | – | (3,594) | (12,675) | | At 31 December 2025 | 74,110 | 13,364 | 36,066 | 9,636 | – | 65,994 | 199,170 | | NBV | | | | | | | | | At 31 December 2025 | 188,325 | 2,400 | 6,036 | 2,607 | 98 | 318,049 | 517,515 | | Cost | | | | | | | | | At 1 January 2024 | 35,351 | 9,120 | 23,638 | 5,964 | 60 | 3,499 | 77,632 | | Transfer to held for sale | (28,783) | – | – | – | – | – | (28,783) | | Additions | 1,247 | 809 | 3,886 | 2,329 | – | – | 8,271 | | Disposals | – | (573) | – | – | – | – | (573) | | Acquired in business combination (Note 7) - restated | 243,455 | 196 | 14 | – | – | 403,789 | 647,454 | | Exchange differences | 24,489 | 6,457 | 16,862 | 4,306 | 44 | 3,349 | 55,507 | | At 31 December 2024 - restated | 275,759 | 16,009 | 44,400 | 12,599 | 104 | 410,637 | 759,508 | | Depreciation | | | | | | | | | At 1 January 2024 | 18,340 | 7,032 | 20,892 | 4,995 | – | 629 | 51,888 | | Charge for the year | 3,812 | 1,453 | 2,102 | 774 | – | 926 | 9,067 | | Disposal | – | (253) | – | – | – | – | (253) | | Exchange differences | 13,111 | 5,016 | 14,852 | 3,562 | – | 454 | 36,995 | | At 31 December 2024 | 35,263 | 13,248 | 37,846 | 9,331 | – | 2,009 | 97,697 | | NBV | | | | | | | | | At 31 December 2024 - restated | 240,496 | 2,761 | 6,554 | 3,268 | 104 | 408,628 | 661,811 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 238 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | Plant & machinery | Motor vehicles | Office furniture & IT equipment | Leasehold improvements | Land | Building | Total | | Cost | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | | At 1 January 2025- restated | 179,610 | 10,427 | 28,917 | 8,207 | 68 | 267,460 | 494,689 | | Additions | 3,331 | 655 | 1,441 | 205 | – | 198 | 5,830 | | Disposals | (92) | (100) | (826) | (44) | – | – | (1,062) | | Exchange differences | – | – | (199) | 162 | – | (80) | (117) | | At 31 December 2025 | 182,849 | 10,982 | 29,333 | 8,530 | 68 | 267,578 | 499,340 | | Depreciation | | | | | | | | | At 1 January 2025- restated | 22,968 | 8,629 | 24,650 | 6,077 | – | 1,308 | 63,632 | | Charge for the year | 28,738 | 782 | 1,511 | 707 | – | 44,545 | 76,283 | | Disposal | (71) | (100) | (826) | (44) | – | – | (1,041) | | Exchange differences | – | – | (206) | (27) | – | 126 | (107) | | At 31 December 2025 | 51,635 | 9,311 | 25,129 | 6,713 | – | 45,979 | 138,767 | | NBV | | | | | | | | | At 31 December 2025 | 131,214 | 1,671 | 4,204 | 1,817 | 68 | 221,599 | 360,573 | | Cost | | | | | | | | | At 1 January 2024 | 39,306 | 10,139 | 26,282 | 6,632 | 68 | 3,890 | 86,317 | | Transfer to held for sale | (19,452) | – | – | – | – | – | (19,452) | | Additions | 843 | 547 | 2,626 | 1,575 | – | – | 5,591 | | Disposals | – | (387) | – | – | – | – | (387) | | Acquired in business combination (Note 7) - restated | 158,913 | 128 | 9 | – | – | 263,570 | 422,620 | | At 31 December 2024 - restated | 179,610 | 10,427 | 28,917 | 8,207 | 68 | 267,460 | 494,689 | | Depreciation | | | | | | | | | At 1 January 2024 | 20,392 | 7,818 | 23,229 | 5,554 | – | 699 | 57,692 | | Charge for the year | 2,576 | 982 | 1,421 | 523 | – | 609 | 6,111 | | Disposal | – | (171) | – | – | – | – | (171) | | At 31 December 2024 | 22,968 | 8,629 | 24,650 | 6,077 | – | 1,308 | 63,632 | | NBV | | | | | | | | | At 31 December 2024 - restated | 156,642 | 1,798 | 4,267 | 2,130 | 68 | 266,152 | 431,057 | 19.3  Loss on disposal 19.3.1    Loss on disposal of other property, plant and equipment | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Proceeds from disposal of assets | 32 | 12 | 21 | 8 | | Less net book value of disposed assets | (32) | (320) | (21) | (216) | | Loss on disposal of motor vehicles | – | (308) | – | (208) | Consideration had not been received for the disposal during the period\*. 19.4  Depletion, depreciation and amortisation | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | | Restated | | Restated | | | ₦ million | ₦ million | $'000 | $'000 | | Oil and gas properties (Note 19.1) | 585,557 | 264,537 | 385,974 | 178,780 | | Other property, plant and equipment | 65,071 | — | 42,892 | — | | Amortisation of intangible asset (Note 22) | 146,495 | 22,207 | 96,563 | 15,017 | | Right-of-use assets (Note 21) | 36,015 | — | 23,739 | — | | Charged to cost of sales | 833,138 | 286,744 | 549,168 | 193,797 | | Other property, plant and equipment charged to general and administrative expenses (Note 19.2) | 50,657 | 9,042 | 33,391 | 6,111 | | Right-of-use assets (Note 21) | 27,207 | 9,287 | 17,934 | 6,276 | | Charged to general and administrative expense | 77,864 | 18,329 | 51,325 | 12,387 | | Total depletion, depreciation and amortisation | 911,002 | 305,073 | 600,493 | 206,184 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 239 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### 20.    Other assets | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Fair value at the beginning of the year | 139,431 | 91,478 | 90,815 | 101,711 | | Receipts from crude oil lifted | — | (16,122) | — | (10,896) | | Exchange difference | (9,088) | 64,075 | — | — | | Fair value at the end of the year | 130,343 | 139,431 | 90,815 | 90,815 | Other assets represent the Group’s rights to receive the discharge sum of $179.02 million, ₦256.94 billion ( 2024 : $179.02 million, ₦274.85 billion), from the crude oil reserves of OML 55 and receipts from crude oil lifted reduce the value of the asset. At each reporting date, the fair value of the discharge sum is determined using the income approach in line with IFRS 13: Fair Value Measurement (discounted cash flow). The fair value of this asset amounts to $91.7 million, ₦131.61 billion ( 2024: $107 million, ₦164.28 billion). #### 21.  Right-of-use assets | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | | | Aviation | Building | Total | Aviation | Building | Total | | Cost | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | | At 1 January | 25,276 | 217,239 | 242,515 | 16,464 | 141,493 | 157,957 | | Additions during the year (Note 35) | 15,400 | 179 | 15,579 | 10,151 | 118 | 10,269 | | Modifications | 7,848 | – | 7,848 | 5,173 | – | 5,173 | | Reclassifications | 14,641 | – | 14,641 | 9,651 | – | 9,651 | | Derecognition | – | (5,952) | (5,952) | – | (3,924) | (3,924) | | Exchange difference | (3,689) | (13,205) | (16,894) | – | 449 | 449 | | At 31 December | 59,476 | 198,261 | 257,737 | 41,439 | 138,136 | 179,575 | | Depreciation | | | | | | | | At 1 January | — | 41,333 | 41,333 | — | 26,921 | 26,921 | | Charge for the year | 23,096 | 40,125 | 63,221 | 15,224 | 26,449 | 41,673 | | Derecognition | – | (4,629) | (4,629) | – | (3,051) | (3,051) | | Exchange difference | (1,246) | (4,639) | (5,885) | – | (21) | (21) | | At 31 December | 21,850 | 72,190 | 94,040 | 15,224 | 50,297 | 65,521 | | NBV | | | | | | | | At 31 December | 37,626 | 126,071 | 163,697 | 26,215 | 87,839 | 114,054 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | | | Aviation | Building | Total | Aviation | Building | Total | | Cost | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | | At 1 January | — | 20,513 | 20,513 | — | 22,809 | 22,809 | | Additions during the year (Note 35) | — | 89,665 | 89,665 | – | 60,597 | 60,597 | | Acquired in business combination (Note 7) | 24,361 | 89,851 | 114,212 | 16,464 | 58,087 | 74,551 | | Exchange difference | 915 | 17,210 | 18,125 | – | – | – | | At 31 December – restated | 25,276 | 217,239 | 242,515 | 16,464 | 141,493 | 157,957 | | Depreciation | | | | | | | | At 1 January | — | 18,567 | 18,567 | — | 20,645 | 20,645 | | Charge for the year – restated | – | 9,287 | 9,287 | – | 6,276 | 6,276 | | Exchange difference | – | 13,479 | 13,479 | – | – | – | | At 31 December – restated | — | 41,333 | 41,333 | – | 26,921 | 26,921 | | NBV | | | | | | | | At 31 December – restated | 25,276 | 175,906 | 201,182 | 16,464 | 114,572 | 131,036 | Lease modification During the year, the Company modified its existing lease arrangements with Bristow for the provision of helicopter logistics support services. The modification includes a one‑year extension of the lease term and an increase in the monthly base rate. Additions to lease During the year, the Company entered into an additional lease with Bristow for one helicopter for the provision of helicopter logistics support services. The new lease was recognised at the same modified rates applied to the existing Bristow lease arrangements. Lease reclassification Reclassification relates to operational readiness costs in relation to the acquisition. There is no restriction on any of the leased assets. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 240 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued #### 22.    Intangible assets | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Licence | Software | Total | Licence | Software | Total | | Cost | ₦ million | ₦ million | ₦ million | $’000 | $’000 | $'000 | | At 1 January 2025 – restated | 1,059,464 | 1,164 | 1,060,628 | 690,061 | 758 | 690,819 | | Reclassification from oil and gas assets | 90 | – | 90 | 59 | – | 59 | | Exchange difference | (69,086) | (76) | (69,162) | – | – | – | | At 31 December 2025 | 990,468 | 1,088 | 991,556 | 690,120 | 758 | 690,878 | | | | | | | | | | Amortisation and impairment | | | | | | | | At 1 January 2025 – restated | 42,914 | 15 | 42,929 | 27,951 | 9 | 27,960 | | Amortisation | 146,320 | 175 | 146,495 | 96,447 | 116 | 96,563 | | Exchange difference | (10,723) | (11) | (10,734) | – | – | – | | At 31 December 2025 | 178,511 | 179 | 178,690 | 124,398 | 125 | 124,523 | | | | | | | | | | NBV | | | | | | | | At 31 December 2025 | 811,957 | 909 | 812,866 | 565,722 | 633 | 566,355 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Licence | Software | Total | Licence | Software | Total | | Cost | N'million | ₦ million | ₦ million | $’000 | $’000 | $'000 | | At 1 January 2024 | 118,110 | – | 118,110 | 131,322 | – | 131,322 | | Additions | 3,449 | – | 3,449 | 2,331 | – | 2,331 | | Identifiable intangible asset acquired in business combination (Note 7)– restated | 857,828 | 1,162 | 858,990 | 559,940 | 758 | 560,698 | | Reclassification from oil and gas assets | (5,226) | – | (5,226) | (3,532) | – | (3,532) | | Exchange difference | 85,303 | 2 | 85,305 | – | – | – | | At 31 December 2024 – restated | 1,059,464 | 1,164 | 1,060,628 | 690,061 | 758 | 690,819 | | | | | | | | | | Amortisation and impairment | | | | | | | | At 1 January 2024 | 11,527 | – | 11,527 | 12,816 | – | 12,816 | | Amortisation | 22,419 | 13 | 22,432 | 15,008 | 9 | 15,017 | | Reclassification from oil and gas assets | 188 | – | 188 | 127 | – | 127 | | Exchange difference | 8,780 | 2 | 8,782 | – | – | – | | At 31 December 2024 – restated | 42,914 | 15 | 42,929 | 27,951 | 9 | 27,960 | | | | | | | | | | NBV | | | | | | | | At 31 December 2024 – restated | 1,016,550 | 1,149 | 1,017,699 | 662,110 | 749 | 662,859 | Licence relates to costs incurred in connection with the renewal of a right for exploration of an oil mining lease field.  See Note (iii) supplementary financial information for the remaining amortisation period on the licences. Software relates to computer and other related software with a subscription of more than one year. #### 23.    Prepayments | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | Long-term prepayment | ₦ million | ₦ million | $'000 | $'000 | | Advances to suppliers | 22,462 | 48,018 | 15,650 | 31,276 | | | 22,462 | 48,018 | 15,650 | 31,276 | | Short-term prepayment | | | | | | Rent | 1,273 | 4,339 | 887 | 2,826 | | Other prepayments | 46,456 | 48,257 | 32,367 | 31,431 | | | 47,729 | 52,596 | 33,254 | 34,257 | | | 70,191 | 100,614 | 48,904 | 65,533 | 23.1  Rent Rent relates to short-term leases of residential buildings, car parks and office buildings with contractual lease term of less than or equal to 12 months. At the end of the reporting period, rental expense of $8.7 million, ₦13 billion (2024: $0.1 million,  ₦177 million) was recognised within general and administrative expenses for these leases. The Group’s payments for short-term lease commitments at the end of the reporting period are ₦1.3 billion, $0.9 million (2024 : ₦4.3 billion, $2.8 million). | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 241 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 23.2  Advances to suppliers Advances to suppliers relate to milestone payments made to finance the construction of the Amukpe-Escravos Pipeline Project (third‑party infrastructure) and related facilities on behalf of the service provider. Ownership of the constructed assets resides with the vendor, and the amounts advanced are recoverable over time through charges for services rendered, specifically the utilisation of the pipeline for crude evacuation.  As at the end of the reporting period, the outstanding amount net of recoveries is ₦22.5 billion, $15.7 million, (2024: ₦48.0 billion, $31.3 million). Recoveries will be made via the usage of the pipeline for crude evacuation. 23.3  Other prepayments Included in other prepayments are prepaid service charge expenses for office buildings, health insurance, software licence maintenance, motor insurance premium and crude oil handling fees. These prepaid expenses are short term in nature. #### 24.    Interest in other entities 24.1  Material subsidiaries The Group’s principal subsidiaries as at 31 December 2025 are set out in Note 1. Unless otherwise stated, their share capital consists solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business. The Group exercised significant judgement in consolidating Elcrest. Please see Note 4.1 for details. Also, there were no significant restrictions on any of the entities. 24.2    Liquidation of subsidiaries During the year, the shareholders approved the winding up of Turnkey Drilling Services Limited and MSP Energy Limited on 8 September 2025; the Directors appointed Mr Uchechukwu Wigwe as the sole liquidator of the companies for the purpose of the voluntary winding-up. Below are the details of the net assets of the subsidiaries at liquidation: | | | | | | --- | --- | --- | --- | | | | | | | | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | | | MSP | Turnkey | Total | | | ₦ million | ₦ million | ₦ million | | Assets | | | | | Intercompany receivables | 98 | 33,468 | 33,566 | | Total asset | 98 | 33,468 | 33,566 | | | | | | | Liabilities | | | | | Provision | 118 | 80 | 198 | | Intercompany payables | 61 | 34,046 | 34,107 | | Total liabilities | 179 | 34,126 | 34,305 | | Net liabilities | (81) | (658) | (739) | | | | | | | Net carrying amount of liabilities derecognised | (81) | (658) | (739) | | Less net intercompany receivable/(payable) on liquidation | (37) | 578 | 541 | | Reclassification of foreign currency translation reserve to profit or loss | 28 | (256) | (228) | | Gain on liquidation of subsidiary | (90) | (336) | (426) | | | | | | | --- | --- | --- | --- | | | | | | | | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | | | MSP | Turnkey | Total | | | $'000 | $'000 | $'000 | | Assets | | | | | Intercompany receivables | 64 | 21,831 | 21,895 | | Total asset | 64 | 21,831 | 21,895 | | | | | | | Liabilities | | | | | Provision | 77 | 52 | 129 | | Intercompany payables | 40 | 22,208 | 22,248 | | Total liabilities | 117 | 22,260 | 22,377 | | Net liabilities | (53) | (429) | (482) | | | | | | | Net carrying amount of liabilities derecognised | (53) | (429) | (482) | | Less net intercompany receivable/(payable) on liquidation | (24) | 377 | 353 | | Gain on liquidation of subsidiary | (77) | (52) | (129) | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 242 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued 24.3  Non-controlling interest (NCI) Summarised financial information in respect of Elcrest Exploration and Production Nigeria Limited which has a material non-controlling interest is set out below. The information disclosed reflects amounts presented in the financial statements of the subsidiary amended to reflect fair value adjustments made by the Group, and modifications for differences in accounting policy during the business combination. 24.3.1  Statement of Financial Position | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | As at 31 December 2025 | As at 31 December 2024 | As at 31 December 2025 | As at 31 December 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Current assets | 375,938 | 227,720 | 261,933 | 163,923 | | Current liabilities | (1,022,349) | (1,056,848) | (712,317) | (688,625) | | Current net liabilities | (646,411) | (829,128) | (450,384) | (524,702) | | | | | | | | Non-current assets | 765,548 | 936,864 | 533,385 | 610,205 | | Non-current liabilities | (80,963) | (87,505) | (56,410) | (56,995) | | Non-current net assets | 684,585 | 849,359 | 476,975 | 553,210 | | | | | | | | Net assets | 38,174 | 20,231 | 26,591 | 28,508 | | Accumulated NCI at 55% | 20,996 | 11,127 | 14,625 | 15,679 | 24.3.2  Statement of profit or loss and other comprehensive income | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | As at 31 December 2025 | As at 31 December 2024 | As at 31 December 2025 | As at 31 December 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Revenue | 395,355 | 460,395 | 260,601 | 311,145 | | Cost of sales | (322,441) | (349,992) | (212,540) | (236,532) | | Operating expenses | (5,023) | (13,818) | (3,311) | (9,339) | | Finance cost | (18,728) | (27,219) | (12,344) | (18,395) | | Profit before tax | 49,163 | 69,366 | 32,406 | 46,879 | | Income tax charge | (52,071) | (92,389) | (34,322) | (62,439) | | Loss for the year | (2,908) | (23,023) | (1,916) | (15,560) | | Foreign currency translation difference | 20,851 | – | — | — | | Total comprehensive profit/ (loss) | 17,943 | (23,023) | (1,916) | — | | Loss for the year attributable to NCI @ 55% | (1,599) | (12,663) | (1,054) | (8,558) | | Total comprehensive loss attributable to NCI @ 55% | 9,869 | (12,663) | (1,054) | (8,558) | 24.3.3  Statement of cash flows | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | As at 31 December 2025 | As at 31 December 2024 | As at 31 December 2025 | As at 31 December 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Operating activities | (31,437) | 253,762 | (20,723) | 171,498 | | Investing activities | 65,151 | (130,025) | 42,947 | (84,689) | | Financing activities | (20,486) | (147,819) | (13,504) | (99,899) | 24.4  Equity-accounted Investment | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | As at 31 December 2025 | As at 31 December 2024 | As at 31 December 2025 | As at 31 December 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Investment in joint venture ANOH gas (Note 24.4.2) | 372,790 | 374,593 | 259,738 | 243,984 | | Investment in joint venture (Pine Gas)\* | 45 | 48 | 31 | 31 | | | 372,835 | 374,641 | 259,769 | 244,015 | \*The amount recognised as investment in Pine Gas relates to incorporation cost and other legal fees. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 243 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 24.4.1  Interest in joint ventures The shareholders’ agreement between the Group and Nigerian Gas Processing and Transportation Company (NGPTC) requires both parties to have equal shareholding in ANOH. For the ownership structure, the Group has assessed its retained interest in ANOH and determined that it has joint control. The Group's interest in ANOH is accounted for in the consolidated financial statements using the equity method because the Group interest in ANOH is assessed to be a joint venture. Set below is the information on the material joint venture of the Group, ANOH. The Company has share capital consisting solely of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also its principal place of business, and the proportion of ownership interest is the same as the proportion of voting rights held. The Company is a private entity hence no quoted price is available. As at the reporting date, Pine Gas Processing Limited is yet to commence operations. As at the reporting period, the Group had no capital commitment neither had it incurred any contingent liabilities jointly with its joint venture partner. | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Name of entity | Country of incorporation and place of business | Percentage of ownership interest | | Carrying amount | | | | | As at 31 December 2025 | As at 31 December 2024 | As at 31 December 2025 | As at 31 December 2024 | As at 31 December 2025 | As at 31 December 2024 | | % | % | ₦ million | ₦ million | $'000 | $'000 | | ANOH Gas Processing Company Limited | Nigeria | 50 | 50 | 372,790 | 374,593 | 259,738 | 243,984 | | Pine Gas Processing Limited | Nigeria | 50 | 50 | 45 | 48 | 31 | 31 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 244 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued 24.4.1  Summarised statement of financial position of ANOH | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | As at 31 December 2025 | As at 31 December 2024 | As at 31 December 2025 | As at 31 December 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Current assets: | | | | | | Cash and bank balances | 2,619 | 29,013 | 1,825 | 18,897 | | Other current assets | 85 | 91 | 59 | 59 | | Total current assets | 2,704 | 29,104 | 1,884 | 18,956 | | Non-current assets | 1,271,666 | 1,200,259 | 886,020 | 781,765 | | Total assets | 1,274,370 | 1,229,363 | 887,904 | 800,721 | | Current liabilities: | | | | | | Other current liabilities | (100,393) | (21,841) | (69,948) | (14,225) | | Financial liabilities (excluding trade payables) | (428,396) | (458,336) | (298,480) | (298,528) | | Total liabilities | (528,789) | (480,177) | (368,428) | (312,753) | | Net assets | 745,581 | 749,186 | 519,476 | 487,968 | Reconciliation to carrying amount: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | As at 31 December 2025 | As at 31 December 2024 | As at 31 December 2025 | As at 31 December 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Opening net assets | 700,360 | 401,820 | 487,968 | 446,766 | | (Loss)/profit for the period | (12,884) | 60,966 | (8,492) | 41,202 | | Additional contribution | 57,410 | – | 40,000 | – | | Exchange difference | 695 | 286,400 | – | – | | Closing net assets | 745,581 | 749,186 | 519,476 | 487,968 | | Group's share (%) | 50% | 50% | 50% | 50% | | Net asset in Group account | 372,790 | 374,593 | 259,738 | 243,984 | | Carrying amount | 372,790 | 374,593 | 259,738 | 243,984 | 24.4.1  Summarised statement of profit or loss and other comprehensive income of ANOH | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | As at 31 December 2025 | As at 31 December 2024 | As at 31 December 2025 | As at 31 December 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | General and administrative | (8,886) | (2,156) | (5,857) | (1,457) | | Other (loss)/ income | (4,459) | 61,192 | (2,939) | 41,355 | | Finance income | 461 | 1,930 | 304 | 1,304 | | (Loss)/profit before taxation | (12,884) | 60,966 | (8,492) | 41,202 | | (Loss)/profit for the year | (12,884) | 60,966 | (8,492) | 41,202 | | Group's share (%) | 50% | 50% | 50% | 50% | | Group's share of (loss)/profit for the year | (6,442) | 30,482 | (4,246) | 20,601 | 24.4.1 Investment in joint venture | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | As at 31 December 2025 | As at 31 December 2024 | As at 31 December 2025 | As at 31 December 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Opening balance | 374,593 | 200,909 | 243,984 | 223,383 | | Additional investment during the year | 30,341 | – | 20,000 | – | | Exchange difference | (25,702) | 143,201 | – | – | | Share of (loss)/profit from joint venture accounted for using equity method | (6,442) | 30,483 | (4,246) | 20,601 | | | 372,790 | 374,593 | 259,738 | 243,984 | \* The additional investment in the joint venture is a $20 million capital injection in ANOH Gas for the completion of the gas plant. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 245 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### 25.    Inventories | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | | Restated | | Restated | | | ₦ million | ₦ million | $'000 | $'000 | | Tubular, casing and wellheads | 439,656 | 463,250 | 306,325 | 301,728 | | Crude and petroleum products | 49,431 | 62,728 | 34,441 | 40,857 | | | 489,087 | 525,978 | 340,766 | 342,585 | Inventory includes the value of tubulars, casings, material, supplies ,wellheads, crude and petroleum. The inventory is carried at the lower of cost and net realisable value. There were no inventory write downs during the year (2024: nill). The value of inventory charged to profit or loss and included in cost of sales during the year is $3.32 million, ₦5.04 billion (2024: ₦6.6 billion, $4.4 million). #### 26.    Trade and other receivables | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Financial assets | | | | | | Trade receivables (Note 26.1) | 193,504 | 534,917 | 134,822 | 348,407 | | NNPC Exploration Production Limited receivables (Note 26.2) | 121,337 | 63,615 | 84,540 | 41,434 | | NUIMS receivables (Note 26.3) | 289,437 | 454,571 | 201,662 | 296,075 | | Receivables from ANOH (Note 26.5) | 5,029 | 2,589 | 3,504 | 1,686 | | Other receivables (Note 26.4) | 54,008 | 92,479 | 37,629 | 60,234 | | Non-financial assets | | | | | | Other receivables (Note 26.4) | 2,965 | 961 | 2,066 | 626 | | Underlift | 7,603 | – | 5,297 | – | | Advances to suppliers – others | 9,203 | 7,461 | 6,412 | 4,859 | | | 683,086 | 1,156,593 | 475,932 | 753,321 | 26.1  Trade receivables Included in the trade receivables are: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Geregu | 17,964 | 18,001 | 12,517 | 11,725 | | Waltersmith | 3,767 | 8,079 | 2,624 | 5,262 | | Sapele Power | 12,649 | 11,271 | 8,813 | 7,341 | | NGMC | 373 | 1,274 | 260 | 830 | | MSN ENERGY | 21,701 | 25,526 | 15,120 | 16,626 | | Pillar | 13,247 | 7,634 | 9,229 | 4,972 | | Shell Western | 46,839 | 50,503 | 32,634 | 32,894 | | Azura | 3,619 | 3,359 | 2,522 | 2,188 | | Transcorp Power | 7,027 | 2,556 | 4,896 | 1,665 | | Exxon Mobil | 117,798 | 438,326 | 82,074 | 285,495 | | Others  – crude injectors | 505 | 522 | 353 | 339 | | Impairment allowance | (51,985) | (32,134) | (36,220) | (20,930) | | Total | 193,504 | 534,917 | 134,822 | 348,407 | Reconciliation of trade receivables | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Balance as at 1 January | 567,051 | 107,871 | 369,337 | 119,939 | | Additions during the year | 3,598,263 | 1,703,543 | 2,506,976 | 1,109,569 | | Receipt for the year | (4,108,584) | (1,393,036) | (2,708,183) | (941,444) | | Acquired from business combination | – | 141,601 | – | 92,229 | | Exchange difference | 188,762 | 7,072 | 2,912 | (10,956) | | Gross carry amount | 245,492 | 567,051 | 171,042 | 369,337 | | Less: Impairment allowance | (51,988) | (32,134) | (36,220) | (20,930) | | Balance as at 31 December | 193,504 | 534,917 | 134,822 | 348,407 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 246 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued Reconciliation of impairment allowance on trade receivables | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Loss allowance as at 1 January | 32,134 | 15,130 | 20,930 | 16,822 | | Increase in loss allowance | 21,739 | 14,137 | 14,329 | 9,554 | | Revaluation impact | – | – | 961 | (5,446) | | Exchange difference | (1,885) | 2,867 | – | – | | Loss allowance as at 31 December | 51,988 | 32,134 | 36,220 | 20,930 | 26.2  NEPL receivables Reconciliation of NEPL receivables | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Balance as at 1 January | 67,954 | 116,421 | 44,260 | 129,444 | | Addition during the year | 550,220 | 495,804 | 383,360 | 322,932 | | Receipts during the year | (519,088) | (601,059) | (342,160) | (406,209) | | Exchange difference | 27,520 | 56,788 | 2,751 | (1,907) | | Gross carrying amount | 126,606 | 67,954 | 88,211 | 44,260 | | Less: impairment allowance | (5,269) | (4,339) | (3,671) | (2,826) | | Balance as at 31 December | 121,337 | 63,615 | 84,540 | 41,434 | Reconciliation of impairment allowance on NEPL receivables | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Loss allowance as at 1 January | 4,339 | 4,367 | 2,826 | 4,856 | | Increase/(decrease) in loss allowance | 1,813 | (2,473) | 1,195 | (1,671) | | Foreign exchange revaluation impact | — | — | (350) | (359) | | Exchange difference | (883) | 2,445 | – | – | | Loss allowance as at 31 December | 5,269 | 4,339 | 3,671 | 2,826 | 26.3  NUIMS receivables Reconciliation of NUIMS receivables | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Balance as at 1 January | 454,571 | 19,099 | 296,075 | 21,236 | | Addition during the year | 1,518,443 | 386,723 | 1,057,959 | 251,884 | | Receipts during the year | (1,755,049) | (246,960) | (1,156,852) | (166,901) | | Acquired on business combination | – | 300,562 | – | 196,189 | | Exchange difference | 71,472 | (4,853) | 4,480 | (6,333) | | Gross carrying amount | 289,437 | 454,571 | 201,662 | 296,075 | | Less: impairment allowance | – | – | – | | | Balance as at 31 December | 289,437 | 454,571 | 201,662 | 296,075 | Reconciliation of impairment allowance on NUIMS receivables | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Loss allowance as at 1 January | – | 684 | – | 761 | | Decrease in loss allowance during the period | – | (1,126) | – | (761) | | Exchange difference | – | 442 | – | – | | Loss allowance as at 31 December | – | – | – | – | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 247 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 26.4  Other receivables Reconciliation of other receivables | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Balance as at 1 January | 173,107 | 74,727 | 119,118 | 83,086 | | Additions during the year | 10,586 | 59,686 | 6,978 | 38,875 | | Receipts for the year | (41,828) | (16,491) | (27,571) | (11,145) | | Acquired from business combination | – | 6,583 | – | 4,297 | | Exchange difference | 1,172 | 48,602 | 1,134 | 4,005 | | Gross carrying amount | 143,037 | 173,107 | 99,659 | 119,118 | | Less: impairment allowance | (86,064) | (79,667) | (59,964) | (58,258) | | Balance as at 31 December | 56,973 | 93,440 | 39,695 | 60,860 | Other receivables includes receivables from third party injectors (tariff income) of ₦17 billion,  $11.8 million, $3.7 million advances to Belema for OML 55 crude evacuation of ₦5.34 billion, $17.4 million receivable from All Grace for Ubima Disposal of ₦24.9 billion,$2.9 million receivable from Naptha  of ₦4.2 billion. Reconciliation of impairment allowance on other receivables | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Loss allowance as at 1 January | 79,667 | 48,564 | 58,258 | 53,996 | | (Decrease)/Increase in loss allowance during the period | (2,048) | 9,713 | (1,349) | 6,563 | | Foreign exchange revaluation impact | — | — | 3,055 | (2,301) | | Exchange difference | 8,445 | 21,390 | – | – | | Loss allowance as at 31 December | 86,064 | 79,667 | 59,964 | 58,258 | 26.5  Receivables from joint venture (ANOH) | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | Receivables from joint venture (ANOH) | ₦ million | ₦ million | $'000 | $'000 | | Balance as at 1 January | 7,253 | 5,992 | 4,724 | 6,662 | | Additions during the year | 2,544 | 775 | 1,677 | 505 | | Receipts for the year | – | (616) | – | (416) | | Exchange difference | (408) | 1,102 | 141 | (2,027) | | Gross carrying amount | 9,389 | 7,253 | 6,542 | 4,724 | | Less: Impairment allowance | (4,360) | (4,664) | (3,038) | (3,038) | | Balance as at 31 December | 5,029 | 2,589 | 3,504 | 1,686 | Reconciliation of impairment allowance on receivables from joint venture (ANOH) | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Loss allowance as at 1 January | 4,664 | 5,427 | 3,038 | 6,034 | | Decrease in loss allowance during the period | – | (4,433) | – | (2,996) | | Exchange difference | (304) | 3,670 | – | – | | Loss allowance as at 31 December | 4,360 | 4,664 | 3,038 | 3,038 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 248 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued #### 27.    Contract assets | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Revenue on gas sales | 17,307 | 12,622 | 12,058 | 8,221 | | Revenue on oil sales | 14,316 | 11,551 | 9,974 | 7,524 | | Impairment loss on contract assets | (2,464) | (255) | (1,717) | (166) | | | 29,159 | 23,918 | 20,315 | 15,579 | A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer. The Group has recognised an asset in relation to a contract with Sapele Power, Azura, NGMC, Transcorp Power, MSN Energy, Waltersmith and Pillar  for the delivery of oil and gas supplies which these customers have received but which has not been invoiced as at the end of the reporting period. The terms of payment relating to the contract are between 30-45 days from the invoice date. However, invoices are raised after delivery between 14-21 days when the receivable amount has been established and the right to the receivables crystallises. The right to the unbilled receivables is recognised as a contract asset. At the point where the gas receipt certificates and crude invoices  are obtained from the customers (Sapele Power, Azura, NGMC, Transcorp Power, MSN Energy, Waltersmith and Pillar) upon volumes reconciliation with offtakers authorising the quantities, this will be reclassified from contract assets to trade receivables. 27.1  Reconciliation of contract assets The movement in the Group’s contract assets is as detailed below: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Balance as at 1 January | 24,173 | 7,496 | 15,745 | 8,334 | | Additions during the period | 642,386 | 167,015 | 423,433 | 112,872 | | Amount billed during the year | (634,779) | (156,049) | (418,419) | (105,461) | | Revaluation | – | – | 1,273 | – | | Exchange difference | (157) | 5,711 | – | – | | Gross revenue on gas and oil | 31,623 | 24,173 | 22,032 | 15,745 | | Impairment charge | (2,464) | (255) | (1,717) | (166) | | Balance as at 31 December | 29,159 | 23,918 | 20,315 | 15,579 | Reconciliation of impairment allowance on contract asset | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Loss allowance as at 1 January | 255 | 256 | 166 | 285 | | Increase/(decrease) in loss allowance | 2,353 | (178) | 1,551 | (119) | | Exchange difference | (144) | 177 | – | – | | Loss allowance as at 31 December | 2,464 | 255 | 1,717 | 166 | #### 28.    Derivative financial instruments The Group uses its derivatives for economic hedging purposes and not as speculative investments. Derivatives are measured at fair value through profit or loss. They are presented as current liability to the extent they are expected to be settled within 12 months after the reporting period. The fair value has been determined using a proprietary pricing model which generates results from inputs. The market inputs to the model are derived from observable sources. Other inputs are unobservable but are estimated based on the market inputs or by using other pricing models. 28.1.    Derivative financial assets | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Opening balance | – | – | – | – | | Movement within the year | 18,342 | – | 12,090 | – | | Exchange difference | (990) | – | – | – | | Closing balance | 17,352 | – | 12,090 | – | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 249 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 28.2.    Derivative financial liabilities | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Opening balance | (6,073) | (1,444) | (3,955) | (1,606) | | Fair value loss (Note 15) | (3,886) | (3,695) | (2,562) | (2,497) | | Prior year premium paid | 330 | 540 | 218 | 365 | | Premium accrued | – | (322) | – | (217) | | Exchange difference | 588 | (1,152) | – | – | | | (9,041) | (6,073) | (6,299) | (3,955) | 28.3    For cash flow purposes: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Prior year premium (Note 28.2) | 330 | 540 | 218 | 365 | | Premium accrued (Note 28.2) | – | (322) | – | (217) | | Derivative asset (Note 28.1) | 18,342 | – | 12,090 | – | | Hedge expense (Note 7) | 28,834 | 7,180 | 19,006 | 4,852 | | | 47,506 | 7,398 | 31,314 | 5,000 | In 2025, the Group entered an economic crude oil hedge contract with an average strike price of ₦75,925,$50/bbl (2024: ₦81,382, $55/ bbl) for 5.25 million barrels (2024: 3 million barrels) at a cost of ₦10.1 billion, $7.05 million (2024: ₦7.6 billion, $4.9 million). #### 29.    Cash and cash equivalents | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Fixed deposits | 69 | 202,123 | 24 | 131,649 | | Cash at bank | 477,253 | 519,638 | 332,547 | 338,458 | | Gross cash and cash equivalents | 477,322 | 721,761 | 332,571 | 470,107 | | Loss allowance | (352) | (376) | (245) | (245) | | Net cash and cash equivalents | 476,970 | 721,385 | 332,326 | 469,862 | Cash and cash equivalents in the statement of financial position comprise cash at bank, cash on hand and short-term deposits with a maturity of three months or less. Included in cash and cash equivalent is the bank balance of 2024 is $182.7 million, ₦279.9 billion acquired from business combination (see Note 7). 29.1  Reconciliation of impairment allowance on cash and cash equivalents | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Loss allowance as at 1 January 2025 | 376 | 221 | 245 | 245 | | Increase/(decrease) in loss allowance during the period | – | – | – | – | | Exchange difference | (24) | 155 | – | – | | Loss allowance as at 31 December 2025 | 352 | 376 | 245 | 245 | 29.2  Restricted cash | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Restricted cash | 181,347 | 202,983 | 126,351 | 132,209 | | | 181,347 | 202,983 | 126,351 | 132,209 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 250 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued 29.3  Movement in restricted cash | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Opening balance | 202,983 | 24,311 | 132,209 | 27,031 | | Acquired from business combination (Note 7) | – | 164,652 | – | 107,475 | | (Decrease)/increase in restricted cash | (8,887) | (3,399) | (5,858) | (2,297) | | Exchange difference | (12,749) | 17,419 | – | – | | Closing balance | 181,347 | 202,983 | 126,351 | 132,209 | Included in the restricted cash is ₦ 171.5 billion, $119.5 million (Dec 2024: ₦159.9 billion, $104.1 million), which relates to SEPNU’s decommissioning and abandonment deposit, as well as the host community fund. Also included in the restricted cash balance is ₦3.5 billion, $2.4 million (Dec 2024: ₦3.7 billion, $2.4 million) and ₦ 4.9 billion, $3.4 million (Dec 2024: ₦32.8 billion, $21.4 million) set aside in the stamping reserve account and debt service reserve account respectively for the revolving credit facility. The stamping reserve amount is to be used for the settlement of all fees and costs payable for the purposes of stamping and registering the Security Documents at the stamp duties office and at the Corporate Affairs Commission (CAC). A garnishee order of ₦804.9 million, $0.6 million (Dec 2024: ₦0.7 billion, $0.5 million) is included in the restricted cash balance as at the end of the reporting period. Also included in the restricted cash balance is ₦0.6 billion,$0.4 million (Dec 2024: ₦0.6 billion, $0.4 million) for unclaimed dividend. These amounts are subject to legal restrictions and are therefore not available for general use by the Group. The decrease in restricted cash is due to the reduction in the debt service account, which relates to the refinancing of the revolving credit facility. #### 30.    Asset held for sale | | | | | --- | --- | --- | | | | | | | 2025 | 2025 | | | ₦ million | $'000 | | Opening balance | 18,838 | 12,270 | | Exchange difference | (1,227) | – | | Carrying amount | 17,611 | 12,270 | | | | | | | 2024 | 2024 | | | ₦ million | $'000 | | Carrying amount reclassified from inventory to asset held for sale (Note 25) | 5,375 | 3,501 | | Carrying amount reclassified from PPE to asset held for sale (Note 19.1) | 28,783 | 19,452 | | Total carrying amount from assets held for sale | 34,158 | 22,953 | | Fair value loss | (15,807) | (10,683) | | Exchange difference | 487 | – | | Fair value of asset held for sale | 18,838 | 12,270 | The Group has held certain non-current assets classified as held for sale. These assets primarily consist of Turnkey rigs and accessories. The assets were classified as held for sale following the decision by management to sell the assets. A buyer has been secured for the rigs with a consideration agreed of $12.27million with a deposit of $9.94 million (N14.26 billion) received as at the reporting date and balance of the disposal consideration expected with the next 12  months. Transfer of control of the turnkey rigs and accessories is consequent on complete payment of consideration agreed. #### 31.    Share capital 31.1  Authorised and issued share capital | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Authorised ordinary share capital | | | | – | | 599,944,561 (2024: 588,444,561) ordinary shares denominated in Naira of 50 kobo per share | 300 | 297 | 1,868 | 1,864 | | Issued and fully paid | | | | | | 599,944,561 (2024: 588,444,561 ) issued shares denominated in Naira of 50 kobo per share | 300 | 297 | 1,868 | 1,864 | Fully paid ordinary shares carry one vote per share and the right to dividends. There were no restrictions on the Group’s share capital. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 251 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 31.2  Movement in share capital and other reserves | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Number of shares | Issued share capital | Share premium | Share -based payment reserve | Treasury shares | Retained earnings | Foreign currency translation reserve | Total | | | Shares | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Opening balance as at 1 January 2025 | 588,444,561 | 297 | 87,375 | 15,558 | (3,570) | 312,635 | 2,393,009 | 2,805,304 | | Profit for the period | – | – | – | – | – | 243,179 | – | 243,179 | | Other comprehensive (loss)/income | – | – | – | – | – | (710) | (194,699) | (195,409) | | Dividend paid | – | – | – | – | – | (212,695) | – | (212,695) | | Reclassification of foreign currency translation reserve (Note 24.1) | – | – | – | – | – | – | (228) | (228) | | Share -based payments | – | – | – | 36,510 | – | – | – | 36,510 | | Vested shares during the year | – | – | – | (27,083) | 27,083 | – | – | – | | PAYE tax withheld on vested shares | – | – | – | – | (13,443) | – | – | (13,443) | | Reclassification to share-based liability | – | – | – | – | – | – | – | – | | Share repurchased | – | – | – | – | (46,910) | – | – | (46,910) | | Shares issued | 11,500,000 | 3 | 63,427 | – | (63,430) | – | – | – | | Closing balance as at 31 December 2025 | 599,944,561 | 300 | 150,802 | 24,985 | (100,270) | 342,409 | 2,198,082 | 2,616,308 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Number of shares | Issued share capital | Share premium | Share- based payment reserve | Treasury shares | Retained earnings | Foreign currency translation reserve | Total | | | Shares | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | | Opening balance as at 1 January 2025 | 588,444,561 | 1,864 | 518,564 | 36,747 | (5,609) | 1,228,817 | 2,233 | 1,782,616 | | Profit for the period | – | – | – | – | – | 160,143 | – | 160,143 | | Other comprehensive (loss)/income | – | – | – | – | – | (468) | 654 | 186 | | Dividend paid | – | – | – | – | – | (140,199) | – | (140,199) | | Share -based payments | – | – | – | 24,066 | – | – | – | 24,066 | | Vested shares during the year | – | – | – | (17,852) | 17,852 | – | – | – | | PAYE tax withheld on vested shares | – | – | – | – | (8,861) | – | – | (8,861) | | Reclassification to share -based liability | – | – | – | – | – | – | – | – | | Share repurchased | – | – | – | – | (30,921) | – | – | (30,921) | | Shares issued | 11,500,000 | 4 | 41,807 | – | (41,811) | – | – | – | | Closing balance as at 31 December 2025 | 599,944,561 | 1,868 | 560,371 | 42,961 | (69,350) | 1,248,293 | 2,887 | 1,787,030 | During the period, the Company issued additional 11,500,000 shares to be utilised for the shares under the Company's LTIP Plan. The shares are currently held by the LTIP Trustee and were admitted on the Nigerian and London Stock Exchanges. As a result the issued share capital of the Company has increased to 599,944,561. 31.3  Share premium | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Share premium | 150,802 | 87,375 | 560,371 | 518,564 | Section 120.2 of Companies and Allied Matters Act, CAP C20, Laws of the Federation of Nigeria 2004 requires that where a company issues shares at premium (i.e. above the par value), the value of the premium should be transferred to share premium. During the year, an additional 13,462,715 shares vested with a fair value of $17.85 million. 31.4  Employee share-based payment scheme As at 31 December 2025, the Group had 49,999,973 shares which are yet to fully vest. These shares have been assigned to certain employees and senior executives in line with its share-based incentive scheme. Included in the share-based incentive schemes are two additional schemes (2025 LTIP Scheme and 2025 Deferred Bonus scheme) awarded during the reporting period. During the reporting period, 14,393,801 shares had vested out of which 1,051,086 shares were forfeited in relation to participants who could not meet the vesting conditions during the period. The average forfeiture rate due to failure to meet non-market vesting condition is 11.98% while the average due to staff exit is 14.81%. The Group also granted the 2024 Deferred Bonus and the 2025 LTIP Scheme to employees, with awards granted to employees below the Board to be settled in cash, and awards to Board executives to be settled with equity. The impact of applying the forfeiture rate of 26.79% on existing LTIP awards which are yet to vest will result in a reduction of share-based compensation expense for the year by $2,021,272. The number of shares that eventually vested during the year after the forfeiture and conditions above is 13,342,715 (Dec 2024: 17,567,776). | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 252 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued i.    Description of the awards valued The Company has made a number of share-based awards under incentive plans since its IPO in 2014: IPO-related grants to Executive and Non-Executive Directors, 2018/2020 Deferred Bonus awards and 2020 Long-Term Incentive plan (LTIP) awards. Shares under these incentive plans were awarded at the IPO in April 2014, 2015, 2016, 2017, 2018 and 2020 conditional on the Nigerian Stock Exchange approving the share delivery mechanism proposed by the Company. A number of these awards have fully vested. Seplat Deferred Bonus award 25% of each Executive Director’s 2024 bonus (paid in 2025) has been deferred into shares and would be released in 2026 subject to continued employment over the vesting period. 2024 Deferred Bonus was approved by the Board and vested in 2025. No performance criteria are attached to this award. As a result, the fair value of these awards is calculated using Monte Carlo model. Long-Term Incentive Plan Under the LTIP , shares are granted to employees of the organisation at the end of every year. The shares were granted to the employees at no cost. The shares vest (after three years) based on the following conditions. • 25% vesting for median relative TSR performance rising to 100% for upper quartile performance on a straight-line basis. • Relative TSR vesting reduced by 75% if 60% and below of operational and technical bonus metrics are achieved, with 35% reduction if 70% of operational and technical bonus metrics are achieved and no reduction for 80% or above achievement. • If the Company outperforms the median TSR performance level with the LTIP exploration and production comparator group. The LTIP awards have been approved by the NSE. ii  Share-based payment expenses The expense recognised for employee services received during the year is shown in the following table: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Expense arising from equity-settled share-based payment transactions | 36,510 | 30,211 | 24,066 | 20,417 | There were no cancellations to the awards in 2025. The share awards granted to Executive Directors and confirmed employees are summarised below: | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | Scheme | Deemed grant date | Start of service period | End of service period | Vesting status | Number of awards | | 2023 Long- Term Incentive Plan | 16 May 2023 | 16 May 2023 | 16 May 2026 | Partially | 23,274,458 | | 2024 Long -Term Incentive Plan | 28 May 2024 | 28 May 2024 | 28 May 2027 | Partially | 15,637,253 | | 2024 Deferred Bonus | 22 May 2025 | 22 May 2025 | 31 December 2026 | Partially | 404,413 | | 2025 Long -Term Incentive Plan | 22 May 2025 | 22 May 2025 | 22 May 2028 | Partially | 10,683,849 | | | | | | | 49,999,973 | iii.  Determination of shares awards outstanding Share awards used in the calculation of diluted earnings per shares are based on the outstanding shares as at 31 December 2025, however these shares were repurchased from the existing shareholders. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Share award scheme (all awards) | 2025 Number | 2025 WAEP ₦ | 2024 Number | 2024 WAEP ₦ | | Outstanding at 1 January | 27,880,931 | 738 | 25,534,795 | 669 | | Granted during the year | 11,088,262 | 2,958 | 21,308,358 | 1300 | | Exercise during the year | (13,342,715) | 2,120 | (17,567,776) | 552 | | Forfeited during the year | (1,051,086) | 2,060 | (1,394,446) | 429 | | Outstanding at 31 December | 24,575,392 | 2,231 | 27,880,931 | 738 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Share award scheme (all awards) | 2025 Number | 2025 WAEP $ | 2024 Number | 2024 WAEP $ | | Outstanding at 1 January | 27,880,931 | 1.17 | 25,534,795 | 1.14 | | Granted during the year | 11,088,262 | 1.95 | 21,308,358 | 1.44 | | Exercised during the year | (13,342,715) | 1.34 | (17,567,776) | 1.18 | | Forfeited during the year | (1,051,086) | 1.30 | (1,394,446) | 0.90 | | Outstanding at 31 December | 24,575,392 | 1.55 | 27,880,931 | 1.17 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 253 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | The following table illustrates the number and weighted average exercise prices (‘WAEP’) of and movements in Deferred Bonus Scheme and Long-Term Incentive Plan during the year for each available scheme. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Deferred Bonus Scheme | 2025 Number | 2025 WAEP ₦ | 2024 Number | 2024 WAEP ₦ | | Outstanding at 1 January | 225,703 | 969 | 502,050 | 678 | | Granted during the year | 404,413 | 4,051 | 556,718 | 1,643 | | Exercised during the year | (582,549) | 3,438 | (833,065) | 585 | | Outstanding at 31 December | 47,567 | 3,832 | 225,703 | 969 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Deferred Bonus Scheme | 2025 Number | 2025 WAEP $ | 2024 Number | 2024 WAEP $ | | Outstanding at 1 January | 225,703 | 1.40 | 502,050 | 1.19 | | Granted during the year | 404,413 | 2.67 | 556,718 | 1.65 | | Exercised during the year | (582,549) | 2.17 | (833,065) | 1.35 | | Outstanding at 31 December | 47,567 | 2.67 | 225,703 | 1.40 | The fair value of the modified options was determined using the same models and principles as described in the table below based on the inputs to the models used for the scheme. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Long -Term Incentive Plan (LTIP) | 2025 Number | 2025 WAEP ₦ | 2024 Number | 2024 WAEP ₦ | | Outstanding at 1 January | 27,655,228 | 614 | 25,032,745 | 553 | | Granted during the year | 10,683,849 | 2,913 | 20,751,640 | 957 | | Exercised during the year | (12,760,166) | 2,060 | (16,734,711) | 519 | | Forfeited during the year | (1,051,086) | 2,060 | (1,394,446) | 429 | | Outstanding at 31 December | 24,527,825 | 2,217 | 27,655,228 | 614 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Long -Term Incentive Plan (LTIP) | 2025 Number | 2025 WAEP $ | 2024 Number | 2024 WAEP $ | | Outstanding at 1 January | 27,655,228 | 1.02 | 25,032,745 | 0.94 | | Granted during the year | 10,683,849 | 1.92 | 20,751,640 | 1.24 | | Exercised during the year | (12,760,166) | 1.30 | (16,734,711) | 1.02 | | Forfeited during the year | (1,051,086) | 1.30 | (1,394,446) | 0.90 | | Outstanding at 31 December | 24,527,825 | 1.55 | 27,655,228 | 1.02 | The shares are granted to the employees at no cost. The weighted average remaining contractual life for the share awards outstanding as at 31 December 2025 range from 0.4 to 2 4 years (2024: 0.4 to 2 4 years). The weighted average fair value of awards granted during the year range from ₦2,916 to ₦4,054 (2024: ₦3,200 to ₦3,209), $1.92 to $2 .67 (2024: $2.10 to $2.17). The Long-Term Incentive Plan is independently determined using the Monte Carlo valuation method which takes into account the term of the award, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield, the risk-free interest rate for the term of the award and the correlations and volatilities of the peer group companies. The expected price volatility is based on the historic volatility (based on the remaining life of the options), adjusted for any expected changes to future volatility due to publicly available information. iv.    Inputs to the models The following table lists the inputs to the models used for the share awards outstanding in the respective plans for the year ended 31 December 2025: | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | 2022 LTIP | 2021 LTIP - Execs | 2022 LTIP | 2023 LTIP | 2024 LTIP | 2025 LTIP | | Weighted average fair values at the measurement date | | | | | | | | | Dividend yield (%) | | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | | Expected volatility (%) | | 51.68% | 59.29% | 59.86% | 42.08% | 42.08% | 36.58% | | Risk-free interest rate (%) | | 0.31% | 2.17% | 2.53% | 4.16% | 4.37% | 4.70% | | Expected life of share options | | 3.00 | 2.64% | 3.00 | 3.00 | 3.00 | 3.00 | | Share price at grant date ($) | | 0.66 | 1.12 | 1.18 | 1.00 | 2.10 | 1.92 | | Share price at grant date (₦) | | 264.32 | 415.84 | 415.07 | 460.70 | 2,787.83 | 3,042.00 | | Model used | | Monte Carlo | Monte Carlo | Monte Carlo | Monte Carlo | Monte Carlo | Monte Carlo | 31.5  Treasury shares This relates to shares purchased from the market to fund the Group’s Long-Term Incentive Plan. The programme commenced from 1 March 2021 and the shares are held by the Trustees under the Trust for the benefit of the Group’s employee beneficiaries covered under the Trust. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 254 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued #### 32.    Capital contribution This represents M&P additional cash contribution to the Group. In accordance with the Shareholders’ Agreement, the amount was used by the Group for working capital as was required at the commencement of operations. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Capital contribution | 5,932 | 5,932 | 40,000 | 40,000 | #### 33.    Foreign currency translation reserve Cumulative foreign exchange differences arising from translation of the Group’s results and financial position into the presentation currency and from the translation of foreign subsidiary are recognised in foreign currency translation reserve. 34. Interest-bearing loans and borrowings 34.1  Reconciliation of interest-bearing loans and borrowings Below is the reconciliation of interest- bearing loans and borrowings for 2025: | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Borrowings within 1 year | Borrowings above 1 year | Total | Borrowings within 1 year | Borrowings above 1 year | Total | | | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | | Balance as at 1 January 2025 | 690,270 | 1,409,480 | 2,099,750 | 449,593 | 918,036 | 1,367,629 | | Additions | – | 953,106 | 953,106 | – | 628,246 | 628,246 | | Interest accrued | 213,239 | – | 213,239 | 140,558 | – | 140,558 | | Principal repayment | (1,562,982) | – | (1,562,982) | (1,030,250) | – | (1,030,250) | | Interest repayment | (152,600) | – | (152,600) | (100,587) | – | (100,587) | | Transfers | 930,362 | (930,362) | – | 613,254 | (613,254) | – | | Exchange differences | (14,135) | (93,089) | (107,224) | – | – | – | | Carrying amount as at 31 December 2025 | 104,154 | 1,339,135 | 1,443,289 | 72,568 | 933,028 | 1,005,596 | Interest-bearing loans and borrowings is made up of ₦1.4 trillion, $1.0 billion , which relates to amortised loan facilities; out of this ₦9.34 million, $6.3 million relates to accrued commitment fees on the undrawn $350 million revolving credit facility (RCF). The additions during the year are presented at amortised cost  less of other financing charges of $ 46.8 million , ₦ 70.9 billion which largely relates to the transactional costs. Below is the reconciliation of interest-bearing loans and borrowings for 2024: | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Borrowings within 1 year | Borrowings above 1 year | Total | Borrowings within 1 year | Borrowings above 1 year | Total | | | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | | Balance as at 1 January 2024 | 80,265 | 599,434 | 679,699 | 89,244 | 666,487 | 755,731 | | Additions | 517,888 | 443,904 | 961,792 | 350,000 | 300,000 | 650,000 | | Interest accrued | 118,896 | – | 118,896 | 80,352 | – | 80,352 | | Interest accrued capitalised | 5,985 | – | 5,985 | 4,045 | – | 4,045 | | Principal paid | (56,981) | – | (56,981) | (38,509) | – | (38,509) | | Interest repayment | (92,504) | – | (92,504) | (62,516) | – | (62,516) | | Other financing charges | (31,775) | – | (31,775) | (21,474) | – | (21,474) | | Transfers | 71,692 | (71,692) | – | 48,451 | (48,451) | – | | Exchange differences | 76,804 | 437,834 | 514,638 | – | – | – | | Carrying amount as at 31 December 2024 | 690,270 | 1,409,480 | 2,099,750 | 449,593 | 918,036 | 1,367,629 | 34.2  Amortised cost of borrowings | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | $650 million Senior notes – April 2021 | 932,497 | 1,009,628 | 649,707 | 657,601 | | $50 million reserve based lending facility – July 2021 | – | 15,869 | – | 10,335 | | Senior reserve based lending (RBL) facility | 76,796 | 78,521 | 53,507 | 51,143 | | $350 million RCF | – | 539,722 | – | 351,537 | | $300 million advance payment facility | 433,996 | 456,010 | 302,382 | 297,013 | | | 1,443,289 | 2,099,750 | 1,005,596 | 1,367,629 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 255 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | $650 million Senior notes On 21 March 2025, the Group refinanced the $650 million notes due 2026 with a new $650 million issuance maturing in 2030. The newly issued $650 million notes due in 2030 carry a coupon rate of 9.125%, reflecting prevailing global market volatility. The $650 million bond issuance was used exclusively to redeem the maturing $650 million note, with transaction costs covered from the Company’s cash reserves. The amortised cost for the senior notes as at the reporting period is $649.7 million, ₦932.5 million (Dec 2024: $657.6 million, ₦1,009 billion) although the principal is $650 million. $80 million Senior reserve based lending (RBL) facility – refinanced facility On 30 September 2025, the Group, through its subsidiary Westport, successfully completed the refinancing of the Westport RBL Facility. The new facility is an $80 million RBL facility with Standard Bank ($35 million), Mauritius Commercial Bank ($25 million), First City Monument Bank (($12 million), and Zenith Bank (($8 million). Zenith Bank represents a new participant in this financing. The facility incurs a total interest of SOFR + 6.5% margin. The refinancing resulted in improved pricing terms, with the facility now carrying a margin of 6.5% for the first three years, increasing to 7.0% from year four onwards should the facility remain drawn. These margins are more favourable than those under the previous senior (8.0% plus a CAS of 0.25%) and junior (10.5% plus a CAS of 0.25%) facilities. The final maturity date is five years from the effective date, with an 18-month moratorium on principal repayments. The amortised cost for the senior notes as at the reporting period is $53.5 million, ₦76.7 million (Dec 2024: $51.1 million, ₦78.5 million). $50 million reserved based lending (RBL) facility The $50 million junior offtake facility was fully repaid and cancelled on 25 August 2025. The facility was only drawn to $11 million and had a headroom of  $26.5 million. $350 million revolving credit facility The $350 million Seplat RCF was amended and restated on 20 August 2024. The facility has a bullet repayment and incurs a total interest of SOFR (incl. CAS) + 5% margin. Due to the refinancing of the $650 million notes that occurred on 21 March 2025, the final maturity of the RCF was automatically extended to 31 December 2026 from 30 June 2025, an extension of 18 months. The RCF was fully drawn for the completion of the MPNU transaction in December 2024, $250 million was prepaid on 31 March 2025, and the remaining $100 million was prepaid on 28 July 2025. The amortised cost for the RCF as at the reporting period is nil (Dec 2024: $351.5 million,  ₦539.7 billion). The RCF was subsequently refinanced to $400 million on January 31, 2026. $300 million advance payment facility On 6 December 2024, Seplat Energy Offshore Limited entered into an up to $300 million  advance payment facility (APF) with ExxonMobil Financial Investment Company Limited (EMFICL), a fully owned subsidiary of ExxonMobil. The APF can be used for general corporate purposes and was used to provide financing in the completion of the MPNU acquisition The APF is currently fully drawn and bears interest at a rate of the aggregate of term SOFR (including a credit adjustment spread of 0.25% per annum) plus 5% per annum.  This is the same pricing as our RCF. Final maturity is three years following the date of the agreement, i.e December 2027. EMFICL concluded the syndication of the APF on 30 May 2025 and four additional bank lenders have entered the financing, namely, First Abu Dhabi Bank ($100 million), Standard Bank ($75 million), Mauritius Commercial Bank ($50 million) and Rand Merchant Bank ($45 million). The amortised cost for the RCF as at the reporting period is $302.3 million, ₦433.9 million (2024: $297 million, ₦456 billion) although the principal is $300 million. 34.3  Outstanding principal exposures The table below provides an overview of related exposure by currency and nature of financial instruments as at December 2025. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | USD SOFR | USD SOFR | USD SOFR | USD SOFR | | 31 December 2025 | ₦ million | ₦ million | $'000 | $'000 | | Non-derivative financial liabilities | | | | | | Interest bearing loans – Fixed | 932,917 | 997,958 | 650,000 | 650,000 | | Interest bearing loans – Variable | 509,875 | 1,090,851 | 355,251 | 710,500 | | | 1,442,792 | 2,088,809 | 1,005,251 | 1,360,500 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 256 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued The table below shows the analysis of the principal outstanding showing the lenders of the facility as at the year-end: | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Current | Non-current | Total | Current | Non-current | Total | | 31 December 2025 | Interest | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | | Fixed interest rate | | | | | | | | | Fixed interest rate borrowings | | | | | | | | | $650m Senior notes | 9.125% | – | 932,917 | 932,917 | | 650,000 | 650,000 | | Variable interest rate borrowings (bank loans) | | | | | | | | | The Mauritius Commercial Bank Ltd | 6.5% + SOFR | – | 24,781 | 24,781 | – | 17,266 | 17,266 | | The Stanbic IBTC Bank Plc | 6.5% + SOFR | – | 22,303 | 22,303 | – | 15,539 | 15,539 | | Standard Bank of South Africa Limited | 6.5% + SOFR | – | 12,390 | 12,390 | – | 8,633 | 8,633 | | First City Monument Bank Limited | 6.5% + SOFR | – | 11,894 | 11,894 | – | 8,288 | 8,288 | | Zenith Bank plc | 6.5% + SOFR | – | 7,930 | 7,930 | – | 5,525 | 5,525 | | | | | 79,298 | 79,298 | – | 55,251 | 55,251 | | $300 million advance payment facility (APF) | | | | | | | | | ExxonMobil Financing | 5% + SOFR + CAS | – | 430,577 | 430,577 | – | 300,000 | 300,000 | | Total  outstanding principal on interest borrowings | | – | 1,442,792 | 1,442,792 | – | 1,005,251 | 1,005,251 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Current | Non-current | Total | Current | Non-current | Total | | 31 December 2024 | Interest | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | | Fixed interest rate borrowings | | | | | | | | | Senior notes | – | – | 997,958 | 997,958 | | 650,000 | 650,000 | | Variable interest rate borrowings (bank loans) | | | | | | | | | The Mauritius Commercial Bank Ltd | 8%  + SOFR | 20,635 | 5,896 | 26,531 | 13,440 | 3,840 | 17,280 | | The Stanbic IBTC Bank Plc | 8%  + SOFR | 21,065 | 6,018 | 27,083 | 13,720 | 3,920 | 17,640 | | Standard Bank of South Africa Limited | 8%  + SOFR | 12,037 | 3,439 | 15,476 | 7,840 | 2,240 | 10,080 | | First City Monument Bank Limited | 8%  + SOFR | 5,374 | 1,535 | 6,909 | 3,500 | 1,000 | 4,500 | | Shell Western Supply and Trading Limited | 10.5%  + SOFR | – | 16,889 | 16,889 | – | 11,000 | 11,000 | | $350 million RCF | | | | | | | | | Citibank N.A. London | 5% + SOFR | 15,354 | – | 15,354 | 10,000 | – | 10,000 | | Nedbank Limited, London Branch | 5% + SOFR | 69,090 | – | 69,090 | 45,000 | – | 45,000 | | Stanbic Ibtc Bank Plc | 5% + SOFR | 76,766 | – | 76,766 | 50,000 | – | 50,000 | | RMB International (Mauritius) Limited | 5% + SOFR | 99,796 | – | 99,796 | 65,000 | – | 65,000 | | The Mauritius Commercial Bank Ltd | 5% + SOFR | 69,090 | – | 69,090 | 45,000 | – | 45,000 | | JP Morgan Chase Bank, N.A London | 5% + SOFR | 46,060 | – | 46,060 | 30,000 | – | 30,000 | | Standard Chartered Bank | 5% + SOFR | 46,060 | – | 46,060 | 30,000 | – | 30,000 | | Zenith Bank Plc | 5% + SOFR | 23,030 | – | 23,030 | 15,000 | – | 15,000 | | Zenith Bank (UK) Limited | 5% + SOFR | 30,707 | – | 30,707 | 20,000 | – | 20,000 | | United Bank for Africa Plc | 5% + SOFR | 23,030 | – | 23,030 | 15,000 | – | 15,000 | | First City Monument Bank Limited | 5% + SOFR | 30,707 | – | 30,707 | 20,000 | – | 20,000 | | BP | 5% + SOFR | 7,677 | – | 7,677 | 5,000 | – | 5,000 | | $300 million advance payment facility (APF) | | | | | | | | | ExxonMobil Financing | 5% + SOFR + CAS | | 460,596 | 460,596 | | 300,000 | 300,000 | | Total  outstanding principal on interest borrowings | | 596,478 | 1,492,331 | 2,088,809 | 388,500 | 972,000 | 1,360,500 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 257 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### 35.    Lease liabilities | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Dec 2025 | Dec 2024 | Dec 2025 | Dec 2024 | | | | Restated | | Restated | | | ₦ million | ₦ million | $'000 | $'000 | | Lease liability as at 1 January | 115,209 | 1,207 | 75,040 | 1,343 | | Additions during the year | 15,506 | 89,665 | 10,221 | 60,597 | | Interest payment | (11,465) | (6,200) | (7,557) | (4,190) | | Principal payment | (39,305) | (4,218) | (25,908) | (2,851) | | Acquired in business combination (Note 7) –  restated | – | 24,437 | – | 15,951 | | Interest on lease liabilities | 11,465 | 6,200 | 7,557 | 4,190 | | Derecognition | (1,323) | – | (872) | – | | Lease modification | 7,848 | – | 5,173 | – | | Exchange difference | (1,746) | 4,118 | 3,364 | | | As at 31 December | 96,189 | 115,209 | 67,018 | 75,040 | During the year, the Company entered into an additional lease with Bristow for one helicopter for the provision of helicopter logistics support services. The new lease was recognised at the same modified rates applied to the existing Bristow lease arrangements. The Group’s lease liability as at 31 December 2025 is split into current and non-current portions as follows: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Dec 2025 | Dec 2024 | Dec 2025 | Dec 2024 | | | | Restated | | Restated | | | ₦ million | ₦ million | $'000 | $'000 | | Non-current | 67,027 | 88,530 | 46,700 | 57,663 | | Current | 29,162 | 26,679 | 20,318 | 17,377 | | | 96,189 | 115,209 | 67,018 | 75,040 | The following amounts are recognised in profit or loss: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Dec 2025 | Dec 2024 | Dec 2025 | Dec 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Depreciation expense of right-of-use assets | 63,222 | 11,469 | 41,673 | 7,751 | | Interest expense on lease liabilities | 11,465 | 6,200 | 7,557 | 4,190 | | Expense relating to short-term leases | 14,394 | 447 | 9,488 | 302 | | | 89,081 | 18,116 | 58,718 | 12,243 | The impact of the lease on cash flow is as follows | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Dec 2025 | Dec 2024 | Dec 2025 | Dec 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Depreciation expense of right-of-use assets | 63,222 | 11,469 | 41,673 | 7,751 | | Interest expense on lease liabilities | 11,465 | 4,018 | 7,557 | 4,190 | | Net cash flows from operating activities | 74,687 | 15,487 | 49,230 | 11,941 | | Lease payments | (39,305) | (6,400) | (25,908) | (7,041) | | Net cash flows from financing activities | (39,305) | (6,400) | (25,908) | (7,041) | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 258 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued #### 36.    Provision for decommissioning obligations | | | | | --- | --- | --- | | | | | | | 2025 | 2025 | | | ₦ million | $'000 | | At 1 January 2025 | 1,194,818 | 778,221 | | Unwinding of discount due to passage of time | 56,503 | 37,244 | | Change in estimate | (11,475) | (7,565) | | Additions | 9,596 | 6,325 | | Exchange difference | (80,820) | – | | At 31 December 2025 | 1,168,622 | 814,225 | | | | | | --- | --- | --- | | | | | | | 2024 | 2024 | | | ₦ million | $'000 | | At 1 January 2024 | 117,489 | 130,631 | | Acquired in business combination (Note 7) | 1,107,702 | 723,043 | | Unwinding of discount due to passage of time | 9,510 | 6,427 | | Change in estimate | (121,156) | (81,880) | | Exchange difference | 81,273 | – | | At 31 December 2024 | 1,194,818 | 778,221 | The Group makes full provision for the future cost of decommissioning oil production facilities on a discounted basis upon commencement of new well drills and facility construction and development so long as the estimates can be reliably determined. This relates to the removal of assets as well as their associated restoration costs. This obligation is recorded in the period in which the liability meets the definition of a “probable future sacrifice of economic benefits arising from a present obligation”, and in which it can be reasonably measured. The provision represents the present value of estimated future expenditure to be incurred as highlighted in the table below which is the current expectation as to when the producing facilities are expected to cease operations. Management engaged a third party as well as its internal engineers to assist with an estimate of the future expenditure to be incurred. The estimates for 2025 were computed by management using the cessation of production (CoP) dates contained in the Competent Person's Reports (CPRs) provided by Ryder Scott for all the OMLs based on current assumptions of the economic environment which management believes to be a reasonable basis upon which to estimate the future liability. These estimates are reviewed regularly to consider any material changes to the assumptions. However, actual decommissioning costs will ultimately depend upon future market prices for necessary decommissioning works required that will reflect market conditions at the relevant time. Furthermore, the timing of decommissioning is likely to depend on when the fields cease to produce at economically viable rates. | | | | | --- | --- | --- | | | | | | | Current estimated life span of reserves | | | | 2025 | 2024 | | Seplat West Limited: | | | | OML 4 | 2048 | 2043 | | OML 38 | 2036-2048 | 2030 - 2043 | | OML 41 | 2035-2048 | 2038 - 2043 | | Newton Energy Limited (OPL 283) | 2037 | 2047 | | Seplat East Onshore Ltd (OML 53) | 2035-2052 | 2036 | | Elcrest (OML 40) | 2036 | 2034 | | OML 67 | 2050 | 2050 | | OML 68 | 2050 | 2050 | | OML 70 | 2050 | 2050 | | OML 104 | 2050 | 2050 | | ABIALA | 2032 | | \* OMLs 67, 68, 70, and 104 all belong to SEPNU. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 259 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### 37.    Employee benefit obligation 37.1  Defined contribution plan The Group contributes to a funded defined contribution retirement benefit scheme for its employees in compliance with the provisions of the Pension Reform Act 2014. A defined contribution plan is a pension plan under which the Group pays fixed contributions to an approved Pension Fund Administrator (PFA) – a separate entity. The assets of the scheme are managed by various PFAs patronised by employees of the Group. The Group’s contributions are charged to the profit and loss account in the year to which they relate. 37.2  Defined benefit plan i.    Investment management strategy and policy The Group operates a partly funded defined benefit pension plan in Nigeria under the regulation of the National Pension Commission. The plan provides benefits to all the employees (excluding Directors holding salaried employment in the Group) who have been employed by the Group for a continuous period of six months and whose employment has been confirmed. The employee’s entitlement to the accrued benefits occurs on retirement from the Group. The level of benefits provided on severance depends on members’ length of service and salary at retirement age. The overall investment philosophy of the defined benefit plan fund is to ensure safety, optimum returns and liquidity in line with the regulation and guidelines of the Pension Reform Act 2014 or guidelines that may be issued from time to time by the National Pension Commission. Plan assets are held in trust. Responsibility for supervision of the plan assets (including investment decisions and contributions schedules) lies jointly with the trustees and the pension fund managers. The trustees are made up of members of the Group’s senior management appointed by the Chief Executive Officer. The Group does not have an investment strategy of matching plan assets with the defined obligations as they fall due, however, it has an obligation to settle shortfalls in the plan assets upon annual actuarial valuations. The provision for the defined benefit plan is based on an independent actuarial valuation performed by Logic Professional Services (LPS) for Seplat Energy Plc and Ernest and Young Nigeria for SEPNU  using the projected credit unit method. The provision is adjusted for inflation, interest rate risks, changes in salary and changes in the life expectancy for the beneficiaries. The amount payable as at 31 December 2025 was ₦3.9 billion, $2.7 million (2024: ₦76.9 billion, $50.1 million). The Group does not have any funding arrangement or policy that impacts future contributions to the plan assets. The following tables summarise the components of net defined benefit expense recognised in the statement of profit or loss and other comprehensive income and in the statement of financial position for the respective plans: ii.    Liability recognised in the financial position | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Defined benefit obligation | 100,233 | 205,037 | 69,836 | 133,547 | | Fair value of plan assets | (96,329) | (128,137) | (67,116) | (83,460) | | | 3,904 | 76,900 | 2,720 | 50,087 | \* The funding gap between the defined benefit obligation and fair value of plan assets has reduced significantly subsequent to year end due to increase in funding. iii.    Amount recognised in profit or loss | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Current service cost | 6,886 | 1,342 | 4,539 | 907 | | Interest cost on defined benefit obligation | 13,490 | 1,748 | 8,892 | 1,181 | | Plan amendment | 3,203 | 34,303 | 2,111 | 23,183 | | | 23,579 | 37,393 | 15,542 | 25,271 | | Interest income on plan assets | (27,518) | (1,463) | (18,139) | (989) | | | (3,939) | 35,930 | (2,597) | 24,282 | \* Plan amendment relate to gain on curtailments and settlements made during the reporting period. The Group recognises a part of its defined benefit expenses in profit or loss and recharges the other part to its joint operations partners; this is recognised as a receivable from the partners. Below is the breakdown: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Charged to profit or loss | (7,524) | 15,097 | (4,959) | 10,203 | | Charged to receivables | 3,583 | 20,833 | 2,362 | 14,079 | | Balance as at 31 December | (3,941) | 35,930 | (2,597) | 24,282 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 260 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued v.  Remeasurement (gains)/ losses in other comprehensive income | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Remeasurement losses due to changes in financial and demographic assumptions | 7,282 | 2,928 | 4,800 | 1,979 | | Remeasurement (gain)/loss due to experience adjustments | (3,697) | 1,719 | (2,437) | 1,162 | | Remeasurement loss on plan assets | 2,931 | 458 | 1,932 | 309 | | | 6,516 | 5,105 | 4,295 | 3,450 | | Deferred tax (expense) on remeasurement loss | (5,806) | (1,685) | (3,827) | (1,139) | | Balance as at 31 December | 710 | 3,420 | 468 | 2,311 | Below is the breakdown of remeasurement losses recognised in other comprehensive income: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Charged/credited to other comprehensive income | 6,516 | 5,105 | 4,295 | 3,450 | | Remeasurement losses due to changes in financial and demographic assumptions | 6,516 | 5,105 | 4,295 | 3,450 | v.  Deferred tax (expense)/ credit on remeasurement (gains)/losses The Group recognises deferred tax (expense)/credit on a part of the remeasurement (gain)/ losses in other comprehensive income/(loss). Below is the breakdown: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Charged to other comprehensive income | (5,806) | (1,685) | (3,827) | (1,139) | | Deferred tax on remeasurement losses | (5,806) | (1,685) | (3,827) | (1,139) | vi.    Changes in the present value of the defined benefit obligation are as follows: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Defined benefit obligation as at 1 January | 205,037 | 9,110 | 133,548 | 10,129 | | Current service cost | 6,886 | 1,342 | 4,539 | 907 | | Interest cost on benefit obligation | 13,490 | 1,748 | 8,892 | 1,181 | | Plan amendment/settlement | 3,203 | 34,305 | 2,111 | 23,184 | | Remeasurement loss/(gain) due to changes in financial and demographic assumptions | 7,282 | 2,928 | 4,800 | 1,979 | | Remeasurement loss/(gain) due to experience adjustment | (3,697) | 1,719 | (2,437) | 1,162 | | Acquired in business combinations (Note 7) | – | 190,783 | – | 124,531 | | Benefits from the fund | (134,217) | (1,175) | (88,470) | (794) | | Exchange differences | 2,249 | (35,723) | 6,853 | (28,732) | | Defined benefit obligation at 31 December | 100,233 | 205,037 | 69,836 | 133,547 | vii  The changes in the fair value of plan assets are as follows: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Balance as at 1 January | (128,137) | (7,299) | (83,460) | (8,116) | | Employer contribution | (75,457) | (1,317) | (49,738) | (890) | | Return on plan assets | (27,518) | (1,463) | (18,139) | (989) | | Benefits paid from fund | 134,217 | 1,175 | 88,470 | 794 | | Remeasurement loss on plan assets | 2,931 | 457 | 1,932 | 309 | | Acquired in business combinations (Note 7) | – | (119,195) | – | (77,803) | | Exchange differences | (2,365) | (495) | (6,181) | 3,235 | | Balance as at 31 December | (96,329) | (128,137) | (67,116) | (83,460) | The net liability disclosed above relates to funded plans as follows: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Present value of funded obligations | 100,233 | 205,037 | 69,836 | 133,547 | | Fair value of plan assets | (96,329) | (128,137) | (67,116) | (83,460) | | Deficit of funded plans | 3,904 | 76,900 | 2,720 | 50,087 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 261 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | The fair value of the plan assets of the Group at the end of the reporting period was determined using the market values of the comprising assets as shown below: | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 2025 | | | 2025 | | | | | Quoted | Not quoted | Total | Quoted | Not quoted | Total | | | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | | Quoted equity | 6,116 | — | 6,116 | 4,261 | — | 4,261 | | Mutual funds | 40 | — | 40 | 28 | — | 28 | | Real estate | — | 261 | 261 | — | 182 | 182 | | Money market | 5,275 | — | 5,275 | 3,675 | — | 3,675 | | Money on call + credit interest | 133 | — | 133 | 93 | — | 93 | | Private equities | 65 | — | 65 | 45 | — | 45 | | FGN Govt bonds | 76,714 | — | 76,716 | 53,450 | — | 53,450 | | Treasury bills | 1,628 | — | 1,628 | 1,134 | — | 1,134 | | Corporate bond | 4,921 | — | 4,921 | 3,429 | — | 3,429 | | State Govt bonds | 432 | — | 432 | 301 | — | 301 | | Supranational bond | 214 | — | 214 | 149 | — | 149 | | Eurobond | 106 | — | 106 | 74 | — | 74 | | Coupon exchange fixed income | 208 | — | 208 | 145 | — | 145 | | Cash at bank | — | 102 | 102 | — | 71 | 71 | | Payables | — | (27) | (27) | — | (19) | (19) | | Receivables | — | 188 | 188 | — | 131 | 131 | | Interest receivables | — | — | — | — | — | — | | Accrued fees | — | (47) | (47) | — | (33) | (33) | | Total plan assets as at 31 December | 95,852 | 477 | 96,331 | 66,784 | 332 | 67,116 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 2024 | | | 2024 | | | | | Quoted | Not quoted | Total | Quoted | Not quoted | Total | | | ₦ million | ₦ million | ₦ million | $'000 | $'000 | $'000 | | Quoted equity | 7,149 | – | 7,149 | 4,656 | – | 4,656 | | Real estate | – | 254 | 254 | – | 165 | 165 | | Money market | 35,992 | – | 35,992 | 23,445 | – | 23,445 | | Money on call + credit interest | 1,815 | – | 1,815 | 1,182 | – | 1,182 | | FGN Govt bonds | 46,555 | – | 46,555 | 30,322 | – | 30,322 | | Treasury bills | 31,223 | – | 31,223 | 20,336 | – | 20,336 | | Corporate bond | 4,299 | – | 4,299 | 2,800 | – | 2,800 | | Supranational bond | 303 | – | 303 | 198 | – | 198 | | Eurobond | 93 | – | 93 | 60 | – | 60 | | Cash at bank | – | 41 | 41 | – | 27 | 27 | | Payables | – | (66) | (66) | – | (43) | (43) | | Receivables | – | 277 | 277 | – | 181 | 181 | | Interest receivables | – | 255 | 255 | – | 166 | 166 | | Accrued fees | – | (53) | (53) | – | (35) | (35) | | Total plan assets as at 31 December | 127,429 | 708 | 128,137 | 82,999 | 461 | 83,460 | viii.    The principal assumptions used in determining defined benefit obligations for the Group’s plans are shown below: | | | | | --- | --- | --- | | | | | | | 2025 | 2024 | | | % | % | | Discount rate | 16 | 18 | | Average future pay increase | 13 | 17 | | Average future rate of inflation | 17 | 15 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 262 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued a)    Mortality in service | | | | | --- | --- | --- | | | | | | | Number of deaths in year out of 10,000 lives | | | Sample age | 2025 | 2024 | | 25 | 7 | 7 | | 30 | 7 | 7 | | 35 | 9 | 9 | | 40 | 14 | 14 | | 45 | 26 | 25 | Withdrawal from service | | | | | --- | --- | --- | | | | | | | Rates | | | Age band | 2025 | 2024 | | Less than or equal to 30 | 6.0% | 6.0% | | 31 - 39 | 3.0% | 3.0% | | 40 - 44 | 2.0% | 2.0% | | 45 - 55 | 2.0% | 2.0% | | 56 - 60 | 1.0% | 1.0% | A quantitative sensitivity analysis for significant assumption is as shown below | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Discount rate | | Salary increases | | Mortality | | | | | 1% increase | 1% decrease | 1% increase | 1% decrease | 1% increase | 1% decrease | | Assumptions | Base | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Sensitivity level: Impact on the net defined benefit obligation | | | | | | | | | 31 December 2025 | 70,151 | 54,993 | 64,345 | 61,428 | 57,255 | 58,650 | 59,142 | | 31 December 2024 | 15,196 | (14,018) | 16,532 | 16,597 | (13,944) | 15,199 | (15,194) | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Discount rate | | Salary increases | | Mortality | | | | | 1% increase | 1% decrease | 1% increase | 1% decrease | 1% increase | 1% decrease | | Assumptions | Base | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | | Sensitivity level: Impact on the net defined benefit obligation | | | | | | | | | 31 December 2025 | 48,877 | 36,249 | 11,173 | 11,216 | (9,424) | 10,271 | (10,269) | | 31 December 2024 | 9,898 | (9,474) | 11,173 | 11,216 | (9,424) | 10,271 | (10,269) | The sensitivity analyses above have been determined based on a method that extrapolates the impact on net defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The methods and assumptions used in preparing the sensitivity analysis did not change compared to the prior period. The sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. The expected maturity analysis of the undiscounted defined benefit plan obligation is as follows: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Within the next 12 months (next annual reporting period) | 6,020 | 1,030 | 4,194 | 671 | | Between 2 and 5 years | 27,436 | 7,043 | 19,116 | 4,587 | | Between 6 and 10 years | 222,827 | 31,435 | 155,252 | 20,475 | | Beyond 10 years | 741,006 | 442,174 | 516,288 | 288,002 | | | 997,289 | 481,682 | 694,850 | 313,735 | The weighted average liability duration for the plan is 9.42 years (2024: 8.55 years). The longest weighted duration for Nigerian Government bonds as at 31 December 2025 was about 6.99 years (2024: 6.32 years) with a gross redemption yield of about 14.99% (2024: 17.5%). a)    Risk exposure Through its defined benefit pension plans, the Group is exposed to several risks, the most significant of which are detailed below: i)  Liquidity risk The plan liabilities are not fully funded and as a result, there is a risk that the Group may not have the required cash flow to fund future defined benefit obligations as they fall due. ii)  Infalation risk This is the risk of an unexpected significant rise/fall of market interest rates. A rise leads to a fall in long-term asset values and a rise in liability values. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 263 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | b)  Life expectancy The majority of the plans’ obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the plans’ liabilities. This is particularly significant, where inflationary increases result in higher sensitivity to changes in life expectancy. c) Asset volatility The Group holds a significant proportion of its plan assets in fixed income securities and money market instruments, with limited exposure to equities. Details of the actuaries are shown below: | | | | | | --- | --- | --- | --- | | | | | | | Name of signer | Name of firm | FRC number | Services rendered | | Chidiebere Orji | Logic Professional Services - FRC/2020/00000013617 | FRC/2021/004/00000022718 | Actuary valuation services | | Miller Kingsley | Ernst & Young Global Limited | FRC/2013/NAS/00000002392 | Actuary valuation services | #### 38.    Trade and other payables | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Dec 2025 | Dec 2024 | Dec 2025 | Dec 2024 | | | | Restated | | Restated | | | ₦ million | ₦ million | $'000 | $'000 | | Financial liabilities | | | | | | Trade payable | 740,168 | 562,913 | 515,704 | 366,642 | | Accruals and other payables | 462,903 | 971,493 | 322,512 | 632,761 | | Non-financial liabilities | | | | | | Share-based payment liability (Note 38.1) | 3,229 | – | 2,250 | – | | NDDC levy | 17,917 | 11,715 | 12,483 | 7,630 | | Royalties payable | 86,025 | 174,932 | 59,937 | 113,938 | | Overlift | – | 69,174 | – | 45,055 | | | 1,310,242 | 1,790,227 | 912,886 | 1,166,026 | Included in accruals and other payables are field accruals of $101.8 million, ₦146.1 billion ( 2024 : $96.3 million, ₦147.8 billion), deposit received for asset held for sale of $1.4 million, ₦2.1 billion in the current period plus the existing balance of $8.5 million, ₦12.2 billion  ( 2024: $8.5 million, ₦12.6 billion) and other vendor payables of $210 million, ₦301.4 billion (Dec 2024 : $459.2 million, ₦705.6 billion). Royalties payable include accruals in respect of crude oil and gas production for which payment is outstanding at the end of the period. Overlifts are excess crude lifted above the share of production. they may exist when the crude oil lifted by the Group during the period is above its ownership share of production. Overlifts are initially measured at the market price of oil at the date of lifting and recognised in profit or loss. At each reporting period, overlifts are remeasured at the current market value. The resulting change, as a result of the remeasurement, is also recognised in profit or loss and any amount unpaid at the end of the year is recognised in overlift payable. 38.1  Share-based payment liability During the year, the Group granted 2025 LTIP awards to employees. These awards were to be settled as cash-settled share-based payments. See Note 31.4 for details on these awards. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Dec 2025 | Dec 2024 | Dec 2025 | Dec 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Balance as at 1 January | – | – | – | – | | Share-based expense | 3,414 | – | 2,250 | – | | Exchange difference | (185) | – | – | – | | Balance as at 31 December | 3,229 | – | 2,250 | – | #### 39.    Other provisions | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Dec 2025 | Dec 2024 | Dec 2025 | Dec 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Provision | 4,901 | 5,088 | 3,415 | 3,314 | | | 4,901 | 5,088 | 3,415 | 3,314 | This relates to estimated liabilities from the litigation and disputes on payee tax liabilities. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 264 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued #### 40.    Earnings per share (EPS) Basic Basic EPS is calculated on the Group’s profit after taxation attributable to the parent entity, which is based on the weighted average number of issued and fully paid ordinary shares at the end of the year. Diluted Diluted EPS is calculated by dividing the profit after taxation attributable to the parent entity by the weighted average number of ordinary shares outstanding during the year plus all the dilutive potential ordinary shares (arising from outstanding share awards in the share-based payment scheme) into ordinary shares. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | | Restated | | Restated | | | ₦ million | ₦ million | $'000 | $'000 | | Profit attributable to equity holders of the parent | 243,179 | 220,532 | 160,143 | 149,039 | | Loss attributable to non-controlling interests | (1,599) | (12,663) | (1,054) | (8,558) | | Profit for the year | 241,580 | 207,869 | 159,089 | 140,481 | | | | | | | | | Shares '000 | Shares '000 | Shares '000 | Shares '000 | | Weighted average number of ordinary shares in issue | 593,237 | 588,445 | 593,237 | 588,445 | | Weighted average number of ordinary shares adjusted for the effect of dilution | 593,237 | 588,445 | 593,237 | 588,445 | | \*None of the shares in issue have a potential dilution effect on the earnings per share | | | | | | | | | | | | Basic earnings per share for the period | ₦ | ₦ | $ | $ | | Basic earnings per share | 409.92 | 374.77 | 0.27 | 0.25 | | Diluted earnings per share | 409.92 | 374.77 | 0.27 | 0.25 | | Profit used in determining basic/diluted earnings per share | 243,179 | 220,532 | 160,143 | 149,039 | The weighted average number of issued shares was calculated as a proportion of the number of months in which they were in issue during the reporting period. 41.    Dividends paid and proposed As at 31 December 2025, the final proposed dividend for the Group is ₦72.15, $0.050 (2024: ₦55.27, $0.0036) per share and the proposed special dividen d is ₦47.62, $0.033 per share (2024: ₦50.67, $0.033). | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Cash dividends on ordinary shares declared and paid: | | | | | | Dividend for 2025: ₦337.23 ($0.234) per share 599,944,561 shares in issue (2024: ₦239.51 ($0.156) per share, 588,444,561 shares in issue) | 212,695 | 135,185 | 140,199 | 91,361 | | Proposed dividend on ordinary shares: | | | | | | Final proposed dividend for the year 2025: ₦72.154 ($0.05) (2024: ₦55.27 ($0.036) per share | 43,286 | 32,522 | 29,997 | 21,184 | | Special proposed dividend for the year 2025: ₦36.077 ($0.033) (2024: ₦50.67 ($0.003) per share | 28,567 | 29,812 | 19,798 | 19,419 | During the year, ₦212.89 billion, $140.2 million of dividend was paid at ₦354.85, $ 0.023 per share as final dividend for 2025. As at 31 March 2025, nil amount was paid at nil for 2025 Q1; As at 30 June 2025, ₦104.87 billion, $67.65 million was paid at ₦ 178.22, $0.11 per share for 2025 2Q; as at 30 September 2025, ₦146.90 billion, $95.27 million was paid at ₦ 244.86, $ 0.16 per share for 2025 3Q. Final Naira dividend payments will be based on the Naira/Dollar rates on the date for determining the exchange rate. The payment is subject to shareholders’ approval at the 2026 Annual General Meeting. The tax effect of dividend paid during the year was ₦19.11 billion ($13.24 million). | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 265 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### 42.    Related party relationships and transactions There were no related party transactions in the period. #### 43.    Information relating to employees 43.1  Key management compensation Key management includes executive and members of the leadership team. The compensation paid or payable to key management for employee services is shown below: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Salaries and other short-term employee benefits | 4,792 | 5,344 | 3,156 | 3,611 | | Post-employment benefits | 699 | 321 | 460 | 217 | | | 5,491 | 5,665 | 3,616 | 3,828 | 43.2  Chairman and Directors’ emoluments | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Chairman (Non-executive) | 1,392 | 1,992 | 917 | 1,346 | | Chief Executive Officer | 4,794 | 3,909 | 3,157 | 2,642 | | Executive Directors | 5,149 | 4,133 | 3,391 | 2,793 | | Non-Executive Directors | 4,668 | 4,896 | 3,074 | 3,309 | | Total | 16,003 | 14,930 | 10,539 | 10,090 | 43.3  Highest paid Director | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Highest-paid Director | 4,794 | 3,909 | 3,157 | 2,642 | Emoluments are gross amounts inclusive of income taxes and the prior year has now been presented in line with the current year. 43.4 Number of Directors The number of Directors (excluding the Chairman) whose emoluments fell within the following ranges was: | | | | | --- | --- | --- | | | | | | | 2025 | 2024 | | | Number | Number | | Zero – ₦150,000,000 | – | – | | ₦150,000,001 – ₦375,000,000 | – | – | | ₦375,000,001 – ₦750,000,000 | – | – | | Above ₦750,000,001 | 3 | 4 | | | 3 | 4 | | | | | | --- | --- | --- | | | | | | | 2025 | 2024 | | | Number | Number | | Zero – $100,000 | – | – | | $100,001 – $250,000 | – | – | | $250,001 – $500,000 | – | – | | Above $500,000 | 3 | 4 | | | 3 | 4 | This reflects the remuneration range of the Group's Executive Directors during the reporting period. The prior period data includes the former Chief Financial Officer (CFO) who retired in 2024. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 266 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued 43.5  Employees The number of employees (other than the Directors) inclusive of 863 staff acquired from the business combination in December 2025, whose duties were wholly or mainly discharged within Nigeria, and who received remuneration (excluding pension contributions) in the following ranges: | | | | --- | --- | | | | | | 2025 | | | Number | | Less than $80,000 (₦121,367,200) | 306 | | $80,001 (₦121,367,201) – $200,000 (₦303.418,000) | 780 | | $200,001 (₦303,418,001) – $300,000 (₦455,127,000) | 341 | | Above $300,001 (₦455,127,001) | 79 | | | 1,506 | | | | | --- | --- | | | | | | 2024 | | | Number | | Less than $80,000 (₦118,374,400) | 395 | | $80,001 (₦118,374,401) – $200,000 (₦295,936,000) | 425 | | $200,001 (₦295,936,001) – $300,000 (₦443,904,000) | 450 | | Above $300,000 (₦443,904,000) | 176 | | | 1,446 | The 2024 comparatives include the payments received by SEPNU employees as part of the business combination. 43.6  Number of persons employed during the year The number of persons (excluding Directors) in employment during the year inclusive of 863 staff acquired from business combination in December 2025 is presented as follows: | | | | | --- | --- | --- | | | | | | | 2025 | 2024 | | | Number | Number | | Senior management | 63 | 45 | | Managers | 427 | 332 | | Senior staff | 630 | 1,022 | | Junior staff | 386 | 47 | | | 1,506 | 1,446 | 43.7  Employee costs Seplat’s staff costs (excluding pension contribution) in respect of the above employees amounted to the following: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Salaries & wages | 96,808 | 71,718 | 63,812 | 48,468 | | | 96,808 | 71,718 | 63,812 | 48,468 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 267 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### 44.    Commitments and contingencies 44.1  Contingent liabilities The Group is involved in a number of legal suits as defendant. The estimated value of the contingent liabilities for the year ended 31 December 2025 is  ₦395.77 billion , $275.75 million ( 2024: ₦724 million, $0.471 million). The contingent liability for the year is determined based on possible occurrences, though unlikely to occur. No provision has been made for this potential liability in these financial statements. Management and the Group’s solicitors are of the opinion that the Group will suffer no loss from these claims. #### 45.    Events after the reporting period There are no other events which could have had a material effect on the financial position of the Group as at 31 December 2025 and its financial performance for the year then ended that have not been adequately provided for or disclosed in these financial statements. #### 46.    Exchange rates used in translating the accounts to Naira The table below shows the exchange rates used in translating the accounts into Naira | | | | | | --- | --- | --- | --- | | | | | | | | Basis | 31 Dec 2025 | 31 Dec 2024 | | | ₦/$ | ₦ /$ | | Property, plant & equipment – opening balances | Historical rate | 899.39 | 899.39 | | Property, plant & equipment – additions | Average rate | 1,517.09 | 1,479.68 | | Property, plant & equipment – closing balances | Closing rate | 1,435.26 | 1,535.32 | | Current assets | Closing rate | 1,435.26 | 1,535.32 | | Current liabilities | Closing rate | 1,435.26 | 1,535.32 | | Equity | Historical rate | Historical | Historical | | Income and expenses: | Overall average rate | 1,517.09 | 1,479.68 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 268 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued #### Statement of value added For the year ended 31 December 2025 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | 2025 | | | 2024 | | | 2025 | | | 2024 | | | | ₦ million | % | | ₦ million | % | | $'000 | % | | $'000 | % | | Revenue from contracts with customers | 4,135,376 | | | 1,651,571 | | | 2,725,859 | | | 1,116,168 | | | Other income/(loss) | 87,460 | | | 54,955 | | | 57,497 | | | 37,140 | | | Finance income/ (costs) | 18,532 | | | 19,525 | | | 12,216 | | | 13,196 | | | Cost of goods and other services: | | | | | | | | | | | | | Local | (1,333,076) | | | (472,532) | | | (880,055) | | | (319,344) | | | Foreign | (888,717) | | | (315,022) | | | (586,702) | | | (212,896) | | | Value added | 2,019,575 | 100% | | 938,497 | 100% | | 1,328,815 | 100% | | 634,264 | 100% | | Applied as follows: | | | | | | | | | | | | | To employees:  as salaries and labour- related expenses | 135,083 | 7% | | 110,015 | 12% | | 86,791 | 7% | | 74,352 | 12% | | To external providers of capital: as interest | 281,207 | 14% | | 138,694 | 15% | | 185,359 | 14% | | 93,732 | 15% | | To Government: as Company taxes | 773,133 | 38% | | 286,561 | 31% | | 509,616 | 38% | | 193,665 | 31% | | Retained for the Company’s future- For asset replacement – depreciation, depletion & amortisation | 847,780 | 42% | | 295,119 | 31% | | 558,820 | 42% | | 199,457 | 31% | | Deferred tax | (259,208) | (13%) | | (99,761) | (11%) | | (170,858) | (13%) | | (67,422) | (11%) | | Profit for the year | 241,580 | 12% | | 207,869 | 22% | | 159,087 | 12% | | 140,481 | 22% | | Value added | 2,019,575 | 100% | | 938,497 | 100% | | 1,328,815 | 100% | | 634,265 | 100% | The value added represents the additional wealth which the Group has been able to create by its own and its employees’ efforts. This statement shows the allocation of that wealth to employees, providers of finance, shareholders, government and that retained for the creation of future wealth. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 269 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Five-year financial summary For the year ended 31 December 2025 | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | 2025 | 2024 | 2023 | 2022 | 2021 | | | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Revenue from contracts with customers | 4,135,376 | 1,651,571 | 697,867 | 403,913 | 293,631 | | Profit  before taxation | 755,505 | 394,669 | 125,540 | 86,730 | 71,028 | | Income tax expense | (513,925) | (186,800) | (44,210) | (42,297) | (24,097) | | Profit for the period | 241,580 | 207,869 | 81,330 | 44,433 | 46,931 | | Capital employed: | | | | | | | Issued share capital | 300 | 297 | 297 | 297 | 296 | | Share premium | 150,802 | 87,375 | 90,138 | 91,317 | 90,383 | | Share-based payment reserve | 24,985 | 15,558 | 12,255 | 5,936 | 4,914 | | Treasury shares | (100,270) | (3,570) | (1,612) | (2,025) | (2,025) | | Capital contribution | 5,932 | 5,932 | 5,932 | 5,932 | 5,932 | | Retained earnings | 342,409 | 312,635 | 230,708 | 241,386 | 239,429 | | Foreign currency translation reserve | 2,198,082 | 2,393,009 | 1,251,127 | 447,014 | 385,348 | | Non-controlling interest | 20,996 | 11,127 | 23,790 | (2,963) | (20,913) | | Total equity | 2,643,236 | 2,822,363 | 1,612,635 | 786,894 | 703,364 | | Represented by: | | | | | | | Non-current assets | 6,787,040 | 7,780,503 | 2,191,549 | 1,095,237 | 1,324,724 | | Current assets | 1,942,341 | 2,702,291 | 861,905 | 394,743 | 278,812 | | Non-current liabilities | (4,320,889) | (4,945,773) | (807,114) | (435,729) | (702,070) | | Current liabilities | (1,765,256) | (2,714,658) | (633,705) | (267,357) | (198,102) | | Net assets | 2,643,236 | 2,822,363 | 1,612,635 | 786,894 | 703,364 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | 2025 | 2024 | 2023 | 2022 | 2021 | | | $'000 | $'000 | $'000 | $'000 | $'000 | | Revenue from contracts with customers | 2,725,859 | 1,116,168 | 1,061,271 | 951,795 | 733,188 | | Profit  before taxation | 497,843 | 266,724 | 191,201 | 204,376 | 177,345 | | Income tax expense | (338,757) | (126,243) | (67,329) | (99,670) | (60,169) | | Profit for the period | 159,086 | 140,481 | 123,872 | 104,706 | 117,176 | | Capital employed: | | | | | | | Issued share capital | 1,868 | 1,864 | 1,864 | 1,864 | 1,862 | | Share premium | 560,371 | 518,564 | 520,431 | 522,227 | 520,138 | | Share-based payment reserve | 42,961 | 36,747 | 34,515 | 24,893 | 22,190 | | Treasury shares | (69,350) | (5,609) | (4,286) | (4,915) | (4,915) | | Capital contribution | 40,000 | 40,000 | 40,000 | 40,000 | 40,000 | | Retained earnings | 1,248,293 | 1,228,817 | 1,173,450 | 1,189,697 | 1,185,082 | | Foreign currency translation reserve | 2,887 | 2,233 | 2,816 | 2,622 | 1,933 | | Non-controlling interest | 14,625 | 15,679 | 24,237 | (16,505) | (58,804) | | Total equity | 1,841,655 | 1,838,295 | 1,793,027 | 1,759,883 | 1,707,486 | | Represented by: | | | | | | | Non-current assets | 4,728,796 | 5,067,676 | 2,436,701 | 2,449,482 | 3,215,899 | | Current assets | 1,353,304 | 1,760,083 | 958,318 | 882,842 | 676,835 | | Non-current liabilities | (3,010,533) | (3,221,330) | (897,398) | (974,503) | (1,704,343) | | Current liabilities | (1,229,912) | (1,768,134) | (704,594) | (597,938) | (480,905) | | Net assets | 1,841,655 | 1,838,295 | 1,793,027 | 1,759,883 | 1,707,486 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 270 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the consolidated financial statements continued #### Supplementary financial information (unaudited) For the year ended 31 December 2025 #### i.    Estimated quantities of proved plus probable reserves | | | | | | --- | --- | --- | --- | | | | | | | | Oil & NGLs | Natural gas | Oil equivalent | | | MMbbls | Bscf | MMboe | | At 31 December 2024 | 713.6 | 1,911.9 | 1,043.2 | | Revisions of previous estimates | (2.0) | 47.8 | 3.7 | | Discoveries and extensions | — | — | — | | Acquired through business combinations | — | — | — | | Production | (37.2) | (62.8) | (45.5) | | At 31 December 2025 | 674 | 1,897 | 1,001 | Reserves are those quantities of crude oil, natural gas and natural gas liquid that, upon analysis of geological and engineering data, appear with reasonable certainty to be recoverable in the future from known reservoirs under existing economic and operating conditions. Elcrest holds a 45% participating interest in OML 40. Eland holds a 45% interest in Elcrest although has control until such point as the Westport loan is fully repaid. As additional information becomes available or conditions change, estimates are revised. ii. Capitalised costs relating to oil-producing activities | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Capitalised costs: | | | | | | Proved properties | 6,969,233 | 7,148,025 | 4,855,738 | 4,655,723 | | Total capitalised costs | 6,969,233 | 7,148,025 | 4,855,738 | 4,655,723 | | Accumulated deprecation | (2,491,492) | (2,073,434) | (1,735,920) | (1,350,490) | | Net capitalised costs | 4,477,741 | 5,074,591 | 3,119,818 | 3,305,233 | Capitalised costs include the cost of equipment and facilities for oil-producing activities. Unproved properties include capitalised costs for oil leaseholds under exploration, and uncompleted exploratory well costs, including exploratory wells under evaluation. Proved properties include capitalised costs for oil leaseholds holding proved reserves, development wells and related equipment and facilities (including uncompleted development well costs) and support equipment. #### iii.  Concessions The original, expired and unexpired terms of concessions granted to the Group as at 31 December 2025 are: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | | Original | Term in years expired | Unexpired | | Seplat West Limited | OMLs 4, 38 & 41 | 38 | 25 | 13 | | Newton | OML 56 | 16 | 15 | 1 | | Seplat East Onshore | OML 53 | 30 | 27 | 3 | | Seplat East Swamp | OML 55 | 30 | 27 | 3 | | Elcrest | OML 40 | 18.8 | 6 | 12.8 | | Seplat Energy Producing Nigeria Unlimited | OMLs 67, 68 & 70 | 20 | 14 | 6 | | Seplat Energy Producing Nigeria Unlimited | OML 104 | 20 | 7 | 13 | #### iv  Result of oil- producing activities | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Revenue from contracts with customers | 3,774,245 | 1,466,350 | 2,487,819 | 990,991 | | Other income – net | 73,124 | 201,769 | 48,200 | 136,360 | | Production and administrative expense | (2,487,055) | (973,810) | (1,639,360) | (658,123) | | Impairment loss | (1,009) | (3,412) | (665) | (2,306) | | Depreciation and amortisation | (731,877) | (281,925) | (482,421) | (190,531) | | Profit/(loss) before taxation | 627,428 | 408,972 | 413,573 | 276,391 | | Taxation | (468,735) | (300,186) | (308,970) | (202,872) | | Profit/(loss) for the year | 158,693 | 108,786 | 104,603 | 73,519 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 271 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | ### SeparateFinancial ### Statements | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 272 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Separate financial statements #### Separatestatement of profit or loss and other comprehensive income For the year ended 31 December 2025 | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | | | Notes | ₦ million | ₦ million | $'000 | $'000 | | Other income | 7 | 97,577 | 100,593 | 64,260 | 67,984 | | General and administrative expenses | 8 | (58,356) | (86,667) | (38,431) | (58,570) | | Impairment loss on financial assets | 9 | (3,534) | – | (2,327) | – | | Operating profit | | 35,687 | 13,926 | 23,502 | 9,414 | | Finance income | 10 | 5,172 | 12,190 | 3,406 | 8,238 | | Profit before taxation | | 40,859 | 26,116 | 26,908 | 17,652 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | Profit  for the year | | 40,859 | 26,116 | 26,908 | 17,652 | | Other comprehensive income: | | | | | | | Items that may be reclassified to profit or loss: | | | | | | | Foreign currency translation difference | 21 | (128,505) | 928,326 | – | – | | Other comprehensive (loss)/income  for the year | | (128,505) | 928,326 | – | – | | Total comprehensive (loss)/income for the year | | (87,646) | 954,442 | 26,908 | 17,652 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | Basic earnings per share (₦)/($) | 23 | 68.87 | 44.38 | 0.05 | 0.03 | | Diluted earnings per share (₦)/($) | 23 | 68.87 | 44.38 | 0.05 | 0.03 | Notes 1 to 29 on pages 277 to 306 are an integral part of these financial statements. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 273 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Separate financial statements #### Separatestatement of financial position As at 31 December 2025 | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | | | Notes | ₦ million | ₦ million | $'000 | $'000 | | Assets | | | | | | | Non-current assets | | | | | | | Property, plant and equipment | 13 | 753 | 1,067 | 524 | 694 | | Investment in subsidiaries | 15 | 2,872,980 | 3,036,437 | 2,001,714 | 1,977,722 | | Investment in joint ventures | 16 | 330,133 | 322,442 | 230,016 | 210,016 | | Total non-current assets | | 3,203,866 | 3,359,946 | 2,232,254 | 2,188,432 | | Current assets | | | | | | | Trade and other receivables | 17 | 5,691,750 | 4,288,158 | 3,965,656 | 2,793,006 | | Prepayments | 14 | 5,094 | 7,423 | 3,549 | 4,835 | | Cash and cash equivalents | 18 | 60,236 | 255,944 | 41,969 | 166,704 | | Restricted cash | 18.1 | 4,921 | 3,736 | 3,428 | 2,433 | | Total current assets | | 5,762,001 | 4,555,261 | 4,014,602 | 2,966,978 | | Total assets | | 8,965,867 | 7,915,207 | 6,246,856 | 5,155,410 | | Equity and liabilities | | | | | | | Equity attributable to shareholders | | | | | | | Issued share capital | 19 | 300 | 297 | 1,868 | 1,864 | | Share premium | 19.3 | 150,862 | 87,375 | 560,371 | 518,564 | | Share-based payment reserve | 19.2 | 25,169 | 15,729 | 42,961 | 36,744 | | Treasury shares | 19.5 | (100,366) | (3,570) | (69,350) | (5,606) | | Capital contribution | 20 | 5,932 | 5,932 | 40,000 | 40,000 | | Retained earnings | | (212,662) | (40,630) | 686,820 | 800,111 | | Foreign currency translation reserve | 21 | 1,943,020 | 2,071,525 | — | — | | Total shareholders’ equity | | 1,812,255 | 2,136,658 | 1,262,670 | 1,391,677 | | Trade and other payables | 22 | 7,153,612 | 5,778,549 | 4,984,186 | 3,763,733 | | Total current liabilities | | 7,153,612 | 5,778,549 | 4,984,186 | 3,763,733 | | Total liabilities | | 7,153,612 | 5,778,549 | 4,984,186 | 3,763,733 | | Total equity and liabilities | | 8,965,867 | 7,915,207 | 6,246,856 | 5,155,410 | Notes 1 to 29 on pages 277 to 306 are an integral part of these financial statements. The financial statements of Seplat Energy Plc for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the Directors on 26 February 2026 and were signed on its behalf by: | | | | | --- | --- | --- | | | | | | U. U. Udoma | R.T. Brown | E. Adaralegbe | | FRC/2013/NBA/00000001796 | FRC/2014/PRO/DIR/00000017939 | FRC/2017/ICAN/006/00000017591 | | Chairman | Chief Executive Officer | Chief Financial Officer | | 26 February 2026 | 26 February 2026 | 26 February 2026 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 274 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Separate financial statements #### Separatestatement of changes in equity For the year ended 31 December 2025 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Issued share capital | Share premium | Share- based payment reserve | Treasury shares | Capital contribution | Retained earnings | Foreign currency translation reserve | Total equity | | | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | At 1 January 2024 | 297 | 90,138 | 12,426 | (1,612) | 5,932 | 68,439 | 1,143,199 | 1,318,819 | | Profit for the period | – | – | – | – | – | 26,116 | – | 26,116 | | Other comprehensive income | – | – | – | – | – | – | 928,326 | 928,326 | | Total comprehensive income for the period | – | – | – | – | – | 26,116 | 928,326 | 954,442 | | Transactions with owners in their capacity as owners: | | | | | | | | | | Unclaimed dividend | – | – | – | – | – | – | – | – | | Dividend paid | – | – | – | – | – | (135,185) | – | (135,185) | | Share based- payments (Note 19) | – | – | 2,404 | – | – | – | – | 2,404 | | Additional investment in subsidiaries – share-based payment (Note 19) | – | – | 27,807 | – | – | – | – | 27,807 | | Vested shares | – | – | (26,908) | 26,908 | – | – | – | – | | PAYE tax withheld on vested shares | – | (2,763) | – | – | – | – | – | (2,763) | | Shares re-purchased | – | – | – | (28,866) | – | – | – | (28,866) | | Total | – | (2,763) | 3,303 | (1,958) | – | (135,185) | – | (136,603) | | At 31 December 2024 | 297 | 87,375 | 15,729 | (3,570) | 5,932 | (40,630) | 2,071,525 | 2,136,658 | | At 1 January 2025 | 297 | 87,375 | 15,729 | (3,570) | 5,932 | (40,630) | 2,071,525 | 2,136,658 | | Profit for the period | – | – | – | – | – | 40,859 | – | 40,859 | | Other comprehensive income | – | – | – | – | – | – | (128,505) | (128,505) | | Total comprehensive income  for the period | – | – | – | – | – | 40,859 | (128,505) | (87,646) | | Transactions with owners in their capacity as owners: | | | | | | | | | | Dividend paid | – | – | – | – | – | (212,891) | – | (212,891) | | Share-based payments | – | – | 2,832 | – | – | – | – | 2,832 | | Additional investment in subsidiary- share- based payment | – | – | 33,712 | – | – | – | – | 33,712 | | Vested shares | – | – | (27,104) | 27,104 | – | – | – | – | | PAYE tax with held on vested shares | – | – | | (13,457) | – | – | – | (13,457) | | Shares issued | 3 | 63,487 | | (63,490) | – | – | – | – | | Shares re-purchased | – | – | – | (46,953) | – | – | – | (46,953) | | Total | 3 | 63,487 | 9,440 | (96,796) | – | (212,891) | – | (236,757) | | At 31 December 2025 | 300 | 150,862 | 25,169 | (100,366) | 5,932 | (212,662) | 1,943,020 | 1,812,255 | Notes 1 to 29 on pages 277 to 306 are an integral part of these financial statements. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 275 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Issued share capital | Share premium | Share- based payment reserve | Treasury shares | Capital contribution | Retained earnings | Total | | | | | | | | | | | | | | | | | | | | | | | | | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | | | | | | | | | | | | | | | | | | | | | | | | Balance as at 1 January 2024 | 1,864 | 520,431 | 34,515 | (4,286) | 40,000 | 873,820 | 1,466,344 | | | | | | | | | | | | | | | | | | | | | | | | Profit for the period | – | – | – | – | – | 17,652 | 17,652 | | | | | | | | | | | | | | | | | | | | | | | | Total comprehensive income for the period | – | – | – | – | – | 17,652 | 17,652 | | | | | | | | | | | | | | | | | | | | | | | | Transactions with owners in their capacity as owners: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Dividends | – | – | – | – | – | (91,361) | (91,361) | | | | | | | | | | | | | | | | | | | | | | | | Share-based payments | – | – | 1,625 | – | – | – | 1,625 | | | | | | | | | | | | | | | | | | | | | | | | Additional investment in subsidiaries – share-based payment (Note 19) | – | – | 18,792 | – | – | – | 18,792 | | | | | | | | | | | | | | | | | | | | | | | | Vested shares | – | – | (18,188) | 18,188 | – | – | – | | | | | | | | | | | | | | | | | | | | | | | | PAYE tax withheld on vested shares | – | (1,867) | – | – | – | – | (1,867) | | | | | | | | | | | | | | | | | | | | | | | | Shares re-purchased | | | – | (19,508) | – | – | (19,508) | | | | | | | | | | | | | | | | | | | | | | | | Total | — | (1,867) | 2,229 | (1,320) | – | (91,361) | (92,319) | | | | | | | | | | | | | | | | | | | | | | | | As at 31 December 2024 | 1,864 | 518,564 | 36,744 | (5,606) | 40,000 | 800,111 | 1,391,677 | | | | | | | | | | | | | | | | | | | | | | | | Profit for the period | – | – | – | – | – | 26,908 | 26,908 | | | | | | | | | | | | | | | | | | | | | | | | Other comprehensive income | – | – | – | – | – | – | – | | | | | | | | | | | | | | | | | | | | | | | | Total comprehensive income/(loss) for the period | – | – | – | – | – | 26,908 | 26,908 | | | | | | | | | | | | | | | | | | | | | | | | Transactions with owners in their capacity as owners: | | | | | | | – | | | | | | | | | | | | | | | | | | | | | | | | Dividend paid | – | – | – | – | – | (140,199) | (140,199) | | | | | | | | | | | | | | | | | | | | | | | | Share- based payments | – | – | 1,865 | – | – | – | 1,865 | | | | | | | | | | | | | | | | | | | | | | | | Additional investment in subsidiary- share- based payment | – | – | 22,201 | – | – | – | 22,201 | | | | | | | | | | | | | | | | | | | | | | | | Vested shares | – | – | (17,849) | 17,849 | – | – | – | | | | | | | | | | | | | | | | | | | | | | | | PAYE tax withheld on vested shares | – | – | | (8,861) | – | – | (8,861) | | | | | | | | | | | | | | | | | | | | | | | | Share issued | 4 | 41,807 | – | (41,811) | – | – | – | | | | | | | | | | | | | | | | | | | | | | | | Shares re-purchased | – | – | – | (30,921) | – | – | (30,921) | | | | | | | | | | | | | | | | | | | | | | | | Total | 4 | 41,807 | 6,217 | (63,744) | – | (140,199) | (155,915) | | | | | | | | | | | | | | | | | | | | | | | | As at 31 December 2025 | 1,868 | 560,371 | 42,961 | (69,350) | 40,000 | 686,820 | 1,262,670 | | | | | | | | | | | | | | | | | | | | | | | Notes 1 to 29 on pages 277 to 306 are an integral part of these financial statements. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 276 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Separate financial statements #### Separatestatement of cash flows For the year ended 31 December 2025 | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | | | Notes | ₦ million | ₦ million | $'000 | $'000 | | Cash flows from operating activities | | | | | | | Cash generated from operations | 12 | 13,364 | 8,500 | 8,781 | 5,747 | | PAYE tax on vested shares paid | 19.2 | (13,457) | (2,763) | (8,861) | (1,867) | | Restricted cash | 18.2 | (1,429) | 10,503 | (995) | 7,098 | | Net cash (outflows)/inflows from operating activities | | (1,522) | 16,240 | (1,075) | 10,978 | | Cash flows from investing activities | | | | | | | Payment for acquisition of other property, plant and equipment | 13 | (92) | (292) | (61) | (197) | | Investment in subsidiary | 15 | – | (9) | – | (6) | | Investment in joint venture | 16.1 | (30,342) | – | (20,000) | – | | Dividend received | 7 | 105,434 | 118,374 | 69,434 | 80,000 | | Interest received | 10 | 5,172 | 12,190 | 3,406 | 8,238 | | Net cash outflows used in investing activities | | 80,172 | 130,263 | 52,779 | 88,035 | | Cash flows from financing activities | | | | | | | Dividend paid | 24 | (212,695) | (135,185) | (140,199) | (91,361) | | Expense from the issue of shares | | (352) | – | (232) | — | | Shares purchased for employees\* | 19.2 | (46,953) | (28,866) | (30,921) | (19,508) | | Net cash outflows used in financing activities | | (260,000) | (164,051) | (171,352) | (110,869) | | Net decrease in cash and cash equivalents | | (181,350) | (17,548) | (119,648) | (11,856) | | Cash and cash equivalents at beginning of the year | 18 | 255,944 | 171,265 | 166,704 | 190,421 | | Effects of exchange rate changes on cash and cash equivalents | | (14,358) | 102,227 | (5,087) | (11,861) | | Cash and cash equivalents at end of the period | | 60,236 | 255,944 | 41,969 | 166,704 | \*Shares purchased for employees of $30.92 million, ₦46.91 billion (2024: $1.9.51 million, ₦28.87 billion) represent shares purchased in the open market for employees of the Company. Notes 1 to 29 on pages 277 to 306 are an integral part of these financial statements. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 277 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Notes to the separate financial statements For the year ended 31 December 2025 #### 1.      Corporate information and business Seplat Energy Plc (formerly called Seplat Petroleum Development Company Plc, hereafter referred to as ‘Seplat’ or the ‘Company’) was incorporated on 17 June 2009 as a private limited liability company and re-registered as a public company on 3 October 2014, under the Companies and Allied Matters Act, CAP C20, Laws of the Federation of Nigeria 2004. The Company commenced operations on 1 August 2010. The Company is principally engaged in oil and gas exploration. The Company’s registered address is: 1, Lekki-Epe Expressway, Victoria Island, Lagos. The Company acquired, pursuant to an agreement for assignment dated 31 January 2010 between the Company, Shell Petroleum Development Company, TOTAL and AGIP, a 45% participating interest in the following producing assets: OML 4, OML 38 and OML 41 located in Nigeria. The total purchase price for these assets was ₦104 billion ($340 million) paid at the completion of the acquisition on 31 July 2010 and a contingent payment of ₦10 billion ($33 million) payable 30 days after the second anniversary, 31 July 2012, if the average price per barrel of Brent crude oil over the period from acquisition up to 31 July 2012 exceeds ₦24,560 ($80) per barrel. ₦110 billion ($358.6 million) was allocated to the producing assets including ₦5.7 billion ($18.6 million) as the fair value of the contingent consideration as calculated on the acquisition date. The contingent consideration of ₦10 billion ($33 million) was paid on 22 October 2012. On 1 January 2022, Seplat Energy Plc transferred its 45% participating interest in OML 4, OML 38 and OML 41 (‘transferred assets’) to Seplat West Limited. As a result, Seplat ceased to be a party to the Joint Operating Agreement in respect of the transferred assets and became a holding company. Seplat West Limited became a party to the Joint Operating Agreement in respect of the transferred assets and assumed its rights and obligations. On 20 May 2022, following a special resolution by the Board in view of the Company’s strategy of transitioning into an energy company promoting renewable energy, sustainability, and new energy, the name of the Company was changed from Seplat Petroleum Development Company Plc to Seplat Energy Plc under the Companies and Allied Matters Act 2022. #### 2.      Significant changes in the current accounting period The following significant changes occurred during the reporting year ended 31 December 2025: • During the year under review, two (2) Directors – Mr Bello Rabiu, the Senior Independent Non-Executive Director (SID), and Mr Babs Omotowa, resigned from the Company effective 23 April 2025 following their appointment to the Board of NNPC by the President of the Federal Republic of Nigeria. • On 25 April 2025, Mrs Bashirat Odunewu was appointed to replace Mr Bello Rabiu as the Senior Independent Non- Executive Director. • The Company approved the winding up of Turnkey Drilling Services Limited and MSP Energy Limited and the appointment of Mr Uchechukwu Wigwe as the sole liquidator for the purpose of the  voluntary winding-up of Turnkey Drilling Services Limited and MSP Energy Limited. #### 3.      Summary of significant accounting policies 3.1    Introduction to summary of significant accounting policies This note provides a list of the significant accounting policies adopted in the preparation of these financial statements. These accounting policies have been applied to all the years presented, unless otherwise stated. 3.2    Basis of preparation The financial statements for the year ended 31 December 2025 have been prepared in accordance with International Financial Reporting Standards (‘IFRS Accounting Standards’) and interpretations issued by the IFRS Interpretations Committee (IFRS IC). The financial statements comply with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). Additional information required by national regulations is included where appropriate. The financial statements comprise the statement of profit or loss and other comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and the notes to the financial statements. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 278 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the separate financial statements continued The financial statements have been prepared under the going concern assumption and historical cost convention, except for contingent liability and consideration, and defined benefit plans – plan assets measured at fair value. The financial statements are presented in Nigerian Naira and United States Dollars, and all values are rounded to the nearest million (₦ million ) and thousand ($'000) respectively, except when otherwise indicated. Nothing has come to the attention of the Directors to indicate that the Company will not remain a going concern for at least 12 months from the date of this statement. 3.3    New and amended standards adopted by the Group The following standards and amendments became effective for annual periods beginning on or after 1 January 2025. The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. a)  Lack of Exchangeability – Amendments to IAS 21 For annual reporting periods beginning on or after 1 January 2025, Lack of Exchangeability - Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity’s financial performance, financial position and cash flows. The amendments did not have a material impact on the Company’s financial statements. b)          Disclosures about Uncertainties in the Financial Statements The IASB issued Disclosures about Uncertainties in the Financial Statements, which added illustrative examples to the guidance accompanying several IFRS Accounting Standards. There are six examples and the objective of those examples is to illustrate how an entity applies the requirements in IFRS Accounting Standards to report the effects of uncertainties in its financial statements. Although the examples are climate-related, the principles in the examples can be applied to other uncertainties. The guidance has a similar authority to agenda decisions from the IFRS interpretations Committee (IC). Depending on how an entity has applied and considered the consistency between financial and non-financial reporting in the past, the impact of these examples, and whether they result in additional disclosures, might differ. The Company has carefully considered how the principles in the examples impact the disclosures in financial statements and concluded that the amendments do not have a material impact on the Group’s financial statements. 3.4    Standards issued but not yet effective The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company’s interim financial statements, are disclosed below. The Company intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. Details of these new standards and interpretations are set out below: a)  Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The IASB has made limited scope amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures. The amendments clarify the accounting treatment for sales or contribution of assets between an investor and their associates or joint ventures. They confirm that the accounting treatment depends on whether the non-monetary assets sold or contributed to an associate or joint venture constitute a ‘business' (as defined in IFRS 3 Business Combinations). Where the non-monetary assets constitute a business, the investor will recognise the full gain or loss on the sale or contribution of assets. If the assets do not meet the definition of a business, the gain or loss is recognised by the investor only to the extent of the other investor's interests in the associate or joint venture. The amendments apply prospectively. b)  IFRS 18 –Presentation and Disclosures of Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements (PFS) and the notes. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. c)  IFRS 19 – Subsidiaries without Public Accountability: Disclosures In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS Accounting Standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS Accounting Standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted. d)    Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include: • A clarification that a financial liability is derecognised on the ‘settlement date’ and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 279 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | • Additional guidance on how the contractual cash flows for financial assets with environmental, social and governance (ESG) and similar features should be assessed • Clarifications on what constitute ‘non-recourse features’ and what are the characteristics of contractually linked instruments • The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI) The Amendments are effective for annual periods starting on or after 1 January 2026 with early adoption permitted for classification of financial assets and related disclosures only. The Company is currently assessing the amendments to determine any impact they will have on the Company’s financial statements. e)  Annual Improvements to IFRS Accounting Standards – Volume 11 In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS Accounting Standards. The amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows. The amendments will be effective for reporting periods beginning on or after 1 January 2026. Earlier application is permitted and must be disclosed. The amendments are not expected to have a material impact on the Company’s financial statements. f)  Contracts Referencing Nature- dependent Electricity – Amendments to IFRS 9 and IFRS 7 In December 2024, the IASB issued Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature - dependent Electricity. The amendments apply only to contracts that reference nature- dependent electricity, and : • Clarify the application of the ‘own-use’ requirements for in- scope contracts • Amend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts • Add new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows. The amendments will take effect for annual reporting periods starting on or after 1 January 2026. Early adoption is allowed, but it must be disclosed. The amendments concerning the own-use exception are to be applied retrospectively, while the hedge accounting amendments should be applied prospectively to new hedging relationships designated from the initial application date. Additionally, the IFRS 7 disclosure amendments must be implemented alongside the IFRS 9 amendments. If an entity does not restate comparative information, it cannot present comparative disclosures. The Company does not expect that the amendments will have a material impact on its financial statements. 3.5    Functional and presentation currency Items included in the financial statements are measured using the currency of the primary economic environment in which the Company operates (‘the functional currency’), which is the US dollar. The financial statements are presented in Nigerian Naira and US Dollars. The Company has chosen to show both presentation currencies and this is allowable by the regulator. i    Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end are generally recognised in profit or loss. Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other income or other expenses. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss or other comprehensive income depending on where fair value gain or loss is reported. ii.        Group companies The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the reporting date. • Income and expenses for statement of profit or loss and other comprehensive income are translated at average exchange rates (unless this is not – a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and all resulting exchange differences are recognised in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognised in profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. 3.6    Joint arrangements Under IFRS 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Company accounts for interest in the joint venture at cost. 3.7  Investments in subsidiaries and joint ventures Investments in subsidiaries and joint ventures are accounted for at cost in accordance with IAS 28. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 280 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the separate financial statements continued 3.8    Property, plant and equipment Property, plant and equipment are stated at cost, less accumulated depreciation and accumulated impairment losses. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, the initial estimate of any decommissioning obligation and, for qualifying assets, borrowing costs. The purchase price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Expenditure on major maintenance refits or repairs comprises the cost of replacement assets or parts of assets, inspection costs and overhaul costs. Where an asset or part of an asset that was separately depreciated and is now written off is replaced and it is probable that future economic benefits associated with the item will flow to the entity, the expenditure is capitalised. Inspection costs associated with major maintenance programme are capitalised and amortised over the period to the next inspection. Overhaul costs for major maintenance programmes are capitalised as incurred as long as these costs increase the efficiency of the unit or extend the useful life of the asset. All other maintenance costs are expensed as incurred. Depreciation Property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives. Depreciation commences when an asset is available for use. The depreciation rate for each class is as follows: | | | | --- | --- | | | | | Plant and machinery | 20% | | Motor vehicles | 25%-30% | | Office furniture and IT equipment | 10%-33.33% | | Building | 4% | | Land | - | | Intangible assets | 5% | | Leasehold improvements | Over the unexpired portion of the lease | The expected useful lives and residual values of property, plant and equipment are reviewed on an annual basis and, if necessary, changes in useful lives are accounted for prospectively. Gains or losses on disposal of property, plant and equipment are determined as the difference between disposal proceeds and carrying amount of the disposed assets. These gains or losses are included in profit or loss. An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognised. 3.9    Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds. These costs may arise from specific borrowings used for the purpose of financing the construction of a qualifying asset, and those that arise from general borrowings that would have been avoided if the expenditure on the qualifying asset had not been made. The general borrowing costs attributable to an asset’s construction are calculated by reference to the weighted average cost of general borrowings that are outstanding during the period. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. 3.10  Finance income and costs Finance income Finance income is recognised in the statement of profit or loss as it accrues using the effective interest rate (EIR), which is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the amortised cost of the financial instrument. The determination of finance income considers all contractual terms of the financial instrument as well as any fees or incremental costs that are directly attributable to the instrument and are an integral part of the EIR, but not future credit losses. Finance costs Finance costs includes borrowing costs, interest expense calculated using the effective interest rate method, finance charges in respect of lease liabilities, the unwinding of the effect of discounting provisions, and the amortisation of discounts and premiums on debt instruments that are liabilities. 3.11  Impairment of non-financial assets Intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently. Other non-financial assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Individual assets are grouped for impairment assessment purposes at the lowest level at which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. This should be at a level not higher than an operating segment. If any such indication of impairment exists or when annual impairment testing for an asset group is required, the entity makes an estimate of its recoverable amount. Such indicators include changes in the Company’s business plans, changes in commodity prices, evidence of physical damage and, for oil and gas properties, significant downward revisions of estimated recoverable volumes or increases in estimated future development expenditure. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 281 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | The recoverable amount is the higher of an asset’s fair value less costs of disposal (FVLCD) and value in use (VIU). The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case, the asset is tested as part of a larger cash generating unit to which it belongs. Where the carrying amount of an asset group exceeds its recoverable amount, the asset group is considered impaired and is written down to its recoverable amount. Non-financial assets that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. In calculating VIU, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset/CGU. In determining FVLCD, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. 3.12  Cash and cash equivalents Cash and cash equivalents in the statement of cash flows comprise cash at banks and at hand and short-term deposits with an original maturity of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. 3.13  Restricted cash Restricted cash represents deposits with banks set aside for the settlement of  abandonment and decommissioning liabilities, unclaimed dividends, bank guarantee on garnishees against court judgments and for the purpose of covering the costs payable on the stamping and registering the security documents on loans and borrowings. These amounts are subject to legal restrictions and are therefore not available for general use by the Company 3.14  Prepayments Prepayments are non-financial assets which result when payments are made in advance of the receipt of goods and services. They are recognised when the Company expects to receive future economic benefits equivalent to the value of the prepayments. The receipt or consumption of the services results in a reduction in the prepayment and a corresponding increase in expenses or assets for that reporting period 3.20  Contract asset Contract asset is the entity’s right to consideration in exchange for goods or services that the entity has transferred to the customer. A contract asset becomes a receivable when the entity’s right to consideration is unconditional, which is the case when only the passage of time is required before payment of the consideration is due. The impairment of contract assets is measured, presented and disclosed on the same basis as financial assets that are within the scope of IFRS 9. 3.15  Financial instruments IFRS 9 provides guidance on the recognition, classification and measurement of financial assets and financial liabilities; derecognition of financial instruments; impairment of financial assets and hedge accounting. IFRS 9 also significantly amends other standards dealing with financial instruments such as IFRS 7 Financial Instruments: Disclosures. a)    Classification and measurement Financial assets It is the Company’s policy to initially recognise financial assets at fair value plus transaction costs, except in the case of financial assets recorded at fair value through profit or loss which are expensed in profit or loss. Classification and subsequent measurement are dependent on the Company’s business model for managing the asset and the cash flow characteristics of the asset. On this basis, the Company may classify its financial instruments at amortised cost, fair value through profit or loss and at fair value through other comprehensive income. All the Company’s financial assets as at 31 December 2025 satisfy the conditions for classification at amortised cost under IFRS 9 except for derivatives which are reclassified at fair value through profit or loss. The Company’s financial assets include intercompany receivables, other receivables, cash and cash equivalents. They are included in current assets, except for maturities greater than 12 months after the reporting date. Interest income from these assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in finance income/cost. Financial liabilities Financial liabilities of the Company are classified and measured at fair value on initial recognition and subsequently at amortised cost net of directly attributable transaction costs, except for derivatives which are classified and subsequently recognised at fair value through profit or loss. Fair value gains or losses for financial liabilities designated at fair value through profit or loss are accounted for in profit or loss except for the amount of change that is attributable to changes in the Company’s own credit risk which is presented in other comprehensive income. The remaining amount of change in the fair value of the liability is presented in profit or loss. The Company’s financial liabilities include trade and other payables. b)    Impairment of financial assets Recognition of impairment provisions under IFRS 9 is based on the expected credit loss (ECL) model. The ECL model is applicable to financial assets classified at amortised cost and contract assets under IFRS 15: Revenue from Contracts with Customers. The measurement of ECL reflects an unbiased and probability- weighted amount that is determined by evaluating a range of possible outcomes, time value of money and reasonable and supportable information that is available without undue cost or effort at the reporting date, about past events, current conditions and forecasts of future economic conditions. The Company applies the simplified approach or the three-stage general approach to determine impairment of receivables depending on their respective nature. The simplified approach requires expected lifetime losses to be recognised from initial recognition of the receivables. This involves determining the expected loss rates using a provision matrix that is based on the Company’s historical default rates observed over the expected life of the receivable and adjusted forward-looking estimates. This is then applied to the gross carrying amount of the receivable to arrive at the loss allowance for the period. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 282 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the separate financial statements continued The three-stage approach assesses impairment based on changes in credit risk since initial recognition using the past due criterion and other qualitative indicators such as increase in political concerns or other macroeconomic factors and the risk of legal action, sanction or other regulatory penalties that may impair future financial performance. Financial assets classified as Stage 1 have their ECL measured as a proportion of their lifetime ECL that results from possible default events that can occur within one year, while assets in Stage 2 or 3 have their ECL measured on a lifetime basis. Under the three-stage approach, the ECL is determined by projecting the probability of default (PD), loss given default (LGD) and exposure at default (EAD) for each ageing bucket and for each individual exposure. The PD is based on default rates determined by external rating agencies for the counterparties. The LGD is determined based on management’s estimate of expected cash recoveries after considering the historical pattern of the receivable, and it assesses the portion of the outstanding receivable that is deemed to be irrecoverable at the reporting period. The EAD is the total amount of outstanding receivable at the reporting period. These three components are multiplied together and adjusted for forward-looking information, such as the gross domestic product (GDP) in Nigeria and crude oil prices, to arrive at an ECL which is then discounted back to the reporting date and summed. The discount rate used in the ECL calculation is the original effective interest rate or an approximation thereof. Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the related financial assets and the amount of the loss is recognised in profit or loss. c)    Significant increase in credit risk and default definition The Company assesses the credit risk of its financial assets based on the information obtained during periodic review of publicly available information, industry trends and payment records. Based on the analysis of the information provided, the Company identifies the assets that require close monitoring. Furthermore, financial assets that have been identified to be more than 30 days past due on contractual payments are assessed to have experienced significant increase in credit risk. These assets are grouped as part of Stage 2 financial assets where the three- stage approach is applied. In line with the Company’s credit risk management practices, a financial asset is defined to be in default when contractual payments have not been received at least 90 days after the contractual payment period. Subsequent to default, the Company carries out active recovery strategies to recover all outstanding payments due on receivables. Where the Company determines that there are no realistic prospects of recovery, the financial asset and any related loss allowance is written off either partially or in full. d)  Write-off policy The Company writes off financial assets, in whole or in part, when it has exhausted all practical recovery efforts and has concluded that there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include: • ceasing enforcement activity: and • where the Company's recovery method is foreclosing on collateral and the value of the collateral is such that there is no reasonable expectation of recovering in full. The Company may write-off financial assets that are still subject to enforcement activity. The outstanding contractual amounts of such assets written off during the year ended 31 December 2025 was nil, (2024: nil). The Company seeks to recover amounts it its legally owed in full but which have been partially written off due to no reasonable expectation of full recovery. e)    Derecognition Financial assets The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or when it transfers the financial asset and the transfer qualifies for derecognition. Gains or losses on derecognition of financial assets are recognised as finance income/cost. Financial liabilities The Company derecognises a financial liability when it is extinguished,  i.e. when the obligation specified in the contract is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised immediately in the statement of profit or loss. f)    Modification When the contractual cash flows of a financial instrument are renegotiated or otherwise modified and the renegotiation or modification does not result in the derecognition of that financial instrument, the Company recalculates the gross carrying amount of the financial instrument and recognises a modification gain or loss immediately within finance income/(cost) – net at the date of the modification. The gross carrying amount of the financial instrument is recalculated as the present value of the renegotiated or modified contractual cash flows that are discounted at the financial instrument’s original effective interest rate. g)    Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the statement of financial position when and only when there is legally enforceable right to offset the recognised amount, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right is not contingent on future events and is enforceable in the normal course of business, and in the event of default, insolvency or bankruptcy of the Company or the counterparty. i)    Fair value of financial instruments The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When available, the Company measures the fair value of an instrument using quoted prices in an active market for that instrument. A market is regarded as active if quoted prices are readily available and represent actual and regularly occurring market transactions on an arm’s length basis. If a market for a financial instrument is not active, the Company establishes fair value using valuation techniques. Valuation techniques include using recent arm’s length transactions between knowledgeable, willing parties (if available), reference to the current fair value of other instruments that are substantially the same, and discounted cash flow analysis. The chosen valuation technique makes maximum use of market inputs, relies as little as possible on estimates specific to the Company, incorporates all factors that market participants would consider in setting a price, and is consistent with accepted economic methodologies for pricing financial instruments. Inputs to valuation techniques reasonably represent market expectations and measure the risk-return factors inherent in the financial instrument. The Company calibrates valuation techniques and tests them for validity using prices from observable current market transactions in the same instrument or based on other available observable market data. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 283 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | The best evidence of the fair value of a financial instrument at initial recognition is the transaction price – i.e. the fair value of the consideration given or received. However, in some cases, the fair value of a financial instrument on initial recognition may be different to its transaction price. If such fair value is evidenced by comparison with other observable current market transactions in the same instrument (without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets, then the difference is recognised in the income statement on initial recognition of the instrument. In other cases, the difference is not recognised in the income statement immediately but is recognised over the life of the instrument on an appropriate basis or when the instrument is redeemed, transferred or sold, or the fair value becomes observable. 3.16  Share capital On issue of ordinary shares any consideration received net of any directly attributable transaction costs is included in equity.  Issued share capital has been translated at the exchange rate prevailing at the date of the transaction and is not retranslated subsequent to initial recognition. 3.17  Earnings per share and dividends Basic EPS Basic earnings per share is calculated on the Company’s profit or loss after taxation and based on the weighted average of issued and fully paid ordinary shares at the end of the year. Diluted EPS Diluted EPS is calculated by dividing the profit or loss after taxation by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares (after adjusting for outstanding share options arising from the share-based payment scheme) into ordinary shares. Dividend Dividends on ordinary shares are recognised as a liability in the period in which they are approved. 3.18  Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. 3.19  Post-employment benefits Defined contribution scheme The Company contributes to a defined contribution scheme for its employees in compliance with the provisions of the Pension Reform Act 2014. The scheme is fully funded and is managed by licensed Pension Fund Administrators. Membership of the scheme is automatic upon commencement of duties at the Company. The Company’s contributions to the defined contribution scheme are charged to the profit and loss account in the year to which they relate. Employee benefits are all forms of consideration given by an entity in exchange for services rendered by employees or for the termination of employment. The Company operates a defined contribution plan, and it is accounted for based on IAS 19 Employee Benefits. Defined contribution plans are post-employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods. Under defined contribution plans the entity’s legal or constructive obligation is limited to the amount that it agrees to contribute to the fund. Thus, the amount of  post-employment benefits received by the employee is determined by the amount of contributions paid by an entity (and perhaps also the employee) to a post-employment benefit plan or to an insurance company, together with investment returns arising from the contributions. In consequence, actuarial risk (that benefits will be less than expected) and investment risk (that assets invested will be insufficient to meet expected benefits) fall, in substance, on the employee. 3.20    Provisions Provisions are recognised when (i) the Company has a present legal or constructive obligation as a result of past events; (ii) it is probable that an outflow of economic resources will be required to settle the obligation as a whole; and (iii) the amount can be reliably estimated. Provisions are not recognised for future operating losses. In measuring the provision: • risks and uncertainties are taken into account; • the provisions are discounted (where the effects of the time value of money is considered to be material) using a pre-tax rate that is reflective of current market assessments of the time value of money and the risk specific to the liability; • when discounting is used, the increase of the provision over time is recognised as interest expense; • future events,  such as changes in law and technology, are taken into account where there is subjective audit evidence that they will occur; and • gains from expected disposal of assets are not taken into account, even if the expected disposal is closely linked to the event giving rise to the provision. Decommissioning Liabilities for decommissioning costs are recognised as a result of the constructive obligation of past practice in the oil and gas industry, when it is probable that an outflow of economic resources will be required to settle the liability and a reliable estimate can be made. The estimated costs, based on current requirements, technology and price levels, prevailing at the reporting date, are computed based on the latest assumptions as to the scope and method of abandonment. Provisions are measured at the present value of management’s best estimates of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as a finance cost. The corresponding amount is capitalised as part of the oil and gas properties and is amortised on a unit-of-production basis as part of the depreciation, depletion and amortisation charge. Any adjustment arising from the estimated cost of the restoration and abandonment cost is capitalised, while the charge arising from the accretion of the discount applied to the expected expenditure is treated as a component of finance costs. If the change in estimate results in an increase in the decommissioning provision and, therefore, an addition to the carrying value of the asset, the Company considers whether this is an indication of impairment of the asset as a whole, and if so, tests for impairment in accordance with IAS 36. If, for mature fields, the revised oil and gas assets net of decommissioning provisions exceed the recoverable value, that portion of the increase is charged directly to expense. Termination benefits Termination benefits are expensed at the earlier of when the Company can no longer withdraw the offer of those benefits and when the Company recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 284 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the separate financial statements continued 3.21  Income taxation i.          Current income tax The income tax expense or credit for the period is the tax payable on the current period’s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, based on amounts expected to be paid to the tax authorities. ii.        Deferred tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. iii.        Uncertainty over income tax treatments The Company examines where there is an uncertainty regarding the treatment of an item, including taxable profit or loss, the tax bases of assets and liabilities, tax losses and credits and tax rates. It considers each uncertain tax treatment separately, depending on which approach better predicts the resolution of the uncertainty. The factors it considers include: • how it prepares and supports the tax treatment; and • the approach that it expects the tax authority to take during an examination. If the Company concludes that it is probable that the tax authority will accept an uncertain tax treatment that has been taken or is expected to be taken on a tax return, it determines the accounting for income taxes consistently with that tax treatment. If it concludes that it is not probable that the treatment will be accepted, it reflects the effect of the uncertainty in its income tax accounting in the period in which that determination is made (for example, by recognising an additional tax liability or applying a higher tax rate). The Company measures the impact of the uncertainty using methods that best predict the resolution of the uncertainty. The Company uses the most likely method where there are two possible outcomes, and the expected value method when there are a range of possible outcomes. The Company assumes that the tax authority with the right to examine and challenge tax treatments will examine those treatments and have full knowledge of all related information. As a result, it does not consider detection risk in the recognition and measurement of uncertain tax treatments. The Company applies consistent judgements and estimates on current and deferred taxes. Changes in tax laws or the presence of new tax information by the tax authority is treated as a change in estimate in line with IAS 8  – Accounting Policies, Changes in Accounting Estimates and Errors. Judgements and estimates made to recognise and measure the effect of uncertain tax treatments are reassessed whenever circumstances change or when there is new information that affects those judgements. New information might include actions by the tax authority, evidence that the tax authority has taken a particular position in connection with a similar item, or the expiry of the tax authority’s right to examine a particular tax treatment. The absence of any comment from the tax authority is unlikely to be, in isolation, a change in circumstances or new information that would lead to a change in estimate. 3.22  Share-based payments Employees (including senior executives) of the Company receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). Some employees (below senior executive positions) in the Company are granted share appreciation rights, which are settled in cash (cash-settled transactions). a)    Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognised in employee benefits expense together with a corresponding increase in equity (share-based payment reserve), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in profit or loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date and for fair value of awards, but the likelihood of the conditions being met is assessed as part of the Company’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 285 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award, provided the original terms of the award are met. An additional expense, measured as at the date of modification, is recognised for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. The dilutive effect of outstanding awards is reflected as additional share dilution in the computation of diluted earnings per share. b)    Cash-settled transactions A liability is recognised for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognised in employee benefits expense. The fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The fair value is determined using a binomial model. The approach used to account for vesting conditions when measuring equity-settled transactions also applies to cash-settled transactions. #### 4.      Significant accounting judgements, estimates and assumptions The preparation of the Company’s historical financial information requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. 4.1.    Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur. i.    Share-based payment reserve Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share award or appreciation right, volatility and dividend yield and making assumptions about them. The Company measures the fair value of equity-settled transactions with employees at the grant date. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in Note 19.4. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Such estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. ii.    Useful life of other property, plant and equipment The Company recognises depreciation on other property, plant and equipment on a straight-line basis in order to write-off the cost of the asset over its expected useful life. The economic life of an asset is determined based on existing wear and tear, economic and technical ageing, legal and other limits on the use of the asset, and obsolescence. If some of these factors were to deteriorate materially, impairing the ability of the asset to generate future cash flow, the Company may accelerate depreciation charges to reflect the remaining useful life of the asset or record an impairment loss. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 286 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the separate financial statements continued #### 5.      Financial risk management 5.1    Financial risk factors The Company’s activities expose it to a variety of financial risks such as market risk (foreign exchange risk), credit risk and liquidity risk. The Company’s risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. Risk management is carried out by the treasury department under policies approved by the Board of Directors. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, credit risk and investment of excess liquidity. | | | | | | --- | --- | --- | --- | | | | | | | Risk | Exposure arising from | Measurement | Management | | Market risk – foreign exchange | Future commercial transactions Recognised financial assets and liabilities not denominated in US Dollars. | Cash flow forecasting Sensitivity analysis | Match and settle foreign - denominated cash inflows with the relevant cash outflows to mitigate any potential foreign exchange risk. | | Market risk – interest rate | Long -term borrowings at variable rate | Sensitivity analysis | None | | Market risk – commodity  prices | Derivative financial instruments | Sensitivity analysis | Oil price hedges | | Credit risk | Cash and bank balances, trade receivables and derivative financial instruments. | Ageing analysis Credit ratings | Diversification of bank deposits | | Liquidity risk | Borrowings and other liabilities | Rolling cash flow forecasts | Availability of committed credit lines and borrowing facilities | 5.1.1  Foreign exchange risk The Company has transactional currency exposures that arise from sales or purchases in currencies other than the respective functional currency. The Company is exposed to exchange rate risk to the extent that balances and transactions are denominated in a currency other than the US Dollar. The Company holds the majority of its bank balances equivalents in US Dollar. However, the Company does maintain deposits in Naira in order to fund ongoing general and administrative activities and other expenditure incurred in this currency. Other monetary assets and liabilities which give rise to foreign exchange risk include trade and other receivables and trade and other payables. The following table demonstrates the carrying value of monetary assets and liabilities (denominated in Naira) exposed to foreign exchange risks at the reporting date: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Financial assets | | | | | | Cash and cash equivalents | 43,460 | 79,448 | 16,427 | 153,018 | | Trade and other receivables | 133,351 | 67,824 | 559,533 | 2,736 | | | 176,811 | 147,272 | 575,960 | 155,754 | | Financial liabilities | | | | | | Trade and other payables | (857,850) | (18,883) | (597,698) | (12,299) | | Net exposure to foreign exchange risk | (681,039) | 128,389 | (21,738) | 143,455 | The following table demonstrates the carrying value of monetary assets and liabilities exposed to foreign exchange risks for pound exposures at the reporting date: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Financial assets | | | | | | Cash and cash equivalents | 649 | 2,774 | 452 | 1,807 | | Trade and other receivables | 105,209 | 5,177 | 73,303 | 3,372 | | | 105,858 | 7,951 | 73,755 | 5,179 | | Financial liabilities | | | | | | Trade and other payables | (14,045) | – | (9,786) | – | | Net exposure to foreign exchange risk | 91,813 | 7,951 | 63,969 | 5,179 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 287 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | The following table demonstrates the carrying value of monetary assets and liabilities exposed to foreign exchange risks for Euro exposures at the reporting date: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Financial assets | | | | | | Cash and cash equivalents | – | – | – | – | | Trade and other receivables | 5,164 | – | 3,598 | – | | | 5,164 | – | 3,598 | – | | Financial liabilities | | | | | | Trade and other payables | (3,460) | – | (2,411) | – | | Net exposure to foreign exchange risk | 1,704 | – | 1,187 | – | Sensitivity to foreign exchange risk is based on the Company’s net exposure to foreign exchange risk due to Naira and Pound denominated balances. If the Naira strengthens or weakens by the following thresholds, the impact is as shown in the table below: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Increase/decrease in foreign exchange risk | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | 2025 | 2025 | 2025 | 2025 | | ₦ million | ₦ million | $'000 | $'000 | | +10% | (187,073) | | (130,341) | | | -10% | 22,877 | | 15,939 | | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2024 | 2024 | 2024 | 2024 | | Increase/decrease in foreign exchange risk | ₦ million | ₦ million | $'000 | $'000 | | +10% | (200,115) | – | (130,341) | – | | -10% | 24,471 | – | 15,939 | – | If the Pound strengthens or weakens by the following thresholds, the impact is as shown in the table below: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Increase/decrease in foreign exchange risk | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | 2025 | 2025 | 2025 | 2025 | | ₦ million | ₦ million | $'000 | $'000 | | +10% | (723) | (723) | (471) | – | | -10% | 883 | 883 | 575 | – | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2024 | 2024 | 2024 | 2024 | | Increase/decrease in foreign exchange risk | ₦ million | ₦ million | $’000 | $’000 | | +10% | (723) | – | (471) | – | | -10% | 883 | – | 575 | – | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 288 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the separate financial statements continued 5.1.2  Credit risk Credit risk refers to the risk of a counterparty defaulting on its contractual obligations resulting in financial loss to the Company. Credit risk arises from cash and intercompany receivables. a)    Risk management The credit risk on cash and cash equivalents is managed through the diversification of banks in which cash and cash equivalents are held. This risk on cash is limited because the majority of deposits are with banks that have an acceptable credit rating assigned by an international credit agency. The Company’s maximum exposure to credit risk due to default of the counterparty is equal to the carrying value of its financial assets. The maximum exposure to credit risk as at the reporting date is: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Trade and other receivables (Gross) | 5,699,710 | 4,290,905 | 3,971,204 | 2,794,795 | | Cash and cash equivalent (Gross) | 60,476 | 256,200 | 42,136 | 166,871 | | Restricted cash | 4,921 | 3,736 | 3,428 | 2,433 | | Gross amount | 5,765,107 | 4,550,841 | 4,016,768 | 2,964,099 | | Impairment allowance on receivables | (11,852) | (8,421) | (7,812) | (5,485) | | Net amount | 5,753,255 | 4,542,420 | 4,008,956 | 2,958,614 | b)    Impairment of financial assets The Company has two types of financial assets that are subject to IFRS 9’s expected credit loss model. The impairment of receivables is disclosed in the table below. • Cash and cash equivalents • Intercompany receivables Reconciliation of impairment on financial assets; | | | | | | --- | --- | --- | --- | | | | | | | | Notes | ₦ million | $'000 | | As at 1 January 2025 | | 8,421 | 5,485 | | Increase in provision for intercompany receivables | 17.3 | 3,530 | 2,327 | | Exchange difference | | (739) | — | | As at 31 December 2025 | | 11,212 | 7,812 | | | | | | | --- | --- | --- | --- | | | | | | | | Notes | ₦ million | US $'000 | | As at 1 January 2024 | | 4,933 | 5,485 | | Exchange difference | | 3,488 | — | | As at 31 December 2024 | | 8,421 | 5,485 | The parameters used to determine impairment for intercompany receivables are shown below. For all receivables presented in the table, the respective 12-month probability of default (PD) equate to the Lifetime PD for Stage 2 as the maximum contractual period over which the Company is exposed to credit risk arising from the receivables is less than 12 months. | | | | | --- | --- | --- | | | | | | | Intercompany receivables | Short-term fixed deposits | | Probability of default (PD) | The 12-month sovereign cumulative PD for base case, downturn and upturn respectively is 5.44%, 5.55%, and 5.36%, for Stage 1 and Stage 2. The PD for Stage 3 is 100%. | The PD for base case, downturn and upturn is 5.44%, 5.55%, and 5.36%, respectively for Stage 1 and Stage 2. The PD for Stage 3 is 100%. | | Loss given default (LGD) | The 12-month LGD and lifetime LGD were determined using Moody’s recovery rate and mapped based on the priority rating of the receivable, for emerging economies | The 12-month LGD and lifetime LGD were determined using Moody’s recovery rate and mapped based on the priority rating of the receivable, for emerging economies. | | Exposure at default (EAD) | The EAD is the maximum exposure of the receivable to credit risk. | The EAD is the maximum exposure of the short-term fixed deposits to credit risk. | | Macroeconomic indicators | The historical inflation and Brent oil price were used. | The historical gross domestic product (GDP) growth rate in Nigeria and crude oil price were used. | | Probability weightings | 29.69%, 32.03%, and 38.28%, were used as the weights for the base, upturn and downturn ECL modelling scenarios respectively. | 29.69%, 32.03%, and 38.28%, were used as the weights for the base, upturn and downturn ECL modelling scenarios respectively. | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 289 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | The Company considers both quantitative and qualitative indicators in classifying its receivables into the relevant stages for impairment calculation. Impairment of financial assets is recognised in three stages on an individual or collective basis as shown below: • Stage 1: This stage includes financial assets that are less than 30 days past due (performing). • Stage 2: This stage includes financial assets that have been assessed to have experienced a significant increase in credit risk using the days past due criteria (i.e. the outstanding receivables amounts are more than 30 days past due but less than 90 days past due) and other qualitative indicators such as the increase in political risk concerns or other macro-economic factors and the risk of legal action, sanction or other regulatory penalties that may impair future financial performance. • Stage 3: This stage includes financial assets that have been assessed as being in default (i.e. receivables that are more than 90 days past due) or that have a clear indication that the imposition of financial or legal penalties and/or sanctions will make the full recovery of indebtedness highly improbable. i.    Cash and cash equivalents Short - term fixed deposits The Company applies the IFRS 9 general model for measuring expected credit losses (ECL) which uses a three-stage approach in recognising the expected loss allowance for cash and cash equivalents. The ECL was calculated as the probability weighted estimate of the credit losses expected to occur over the contractual period of the facility after considering macroeconomic indicators. Based on this assessment, they identified the expected credit loss to be nil as at 31 December 2025. ii.    Other cash and cash equivalents The Company assessed the other cash and cash equivalents to determine its expected credit losses. Based on this assessment, it identified the expected credit loss to be $0.16 million as at 31 December 2025 ( 2024: $0.16 million). The assets are assessed to be in Stage 1. Credit quality of cash and cash equivalents (including restricted cash) The credit quality of the Company’s cash and cash equivalents is assessed based on external credit ratings (Fitch long-term ratings) as shown below: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Dec 2025 | Dec 2024 | Dec 2025 | Dec 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Non- rated | 4 | 9,757 | 3 | 6,355 | | B | 26,139 | – | 18,212 | – | | B- | – | 20,415 | – | 13,297 | | A | – | 212,100 | – | 138,147 | | AA | 44 | – | 31 | – | | A+ | 34,746 | 1,122 | 24,208 | 731 | | AA- | – | 15,529 | – | 10,114 | | AAA | 4,464 | 1,013 | 3,110 | 660 | | | 65,397 | 259,936 | 45,564 | 169,304 | | Allowance for impairment recognised during the year (Note 29.1) | (240) | (256) | (167) | (167) | | Net cash and cash bank balances (Notes 29 and 29.2) | 65,157 | 259,680 | 45,397 | 169,137 | iii.    Intercompany receivables | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Dec 2025 | Stage 1 | Stage 2 | Stage 3 | Total | | 12-month ECL | Lifetime ECL | Lifetime ECL | | ₦ million | ₦ million | ₦ million | ₦ million | | Gross Exposure at Default (EAD) | 5,696,430 | – | – | 5,696,430 | | Loss Allowance | (11,212) | – | – | (11,212) | | Net Exposure at Default (EAD) | 5,685,218 | – | – | 5,685,218 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Dec 2024 | Stage 1 | Stage 2 | Stage 3 | Total | | 12-month ECL | Lifetime ECL | Lifetime ECL | | ₦ million | ₦ million | ₦ million | ₦ million | | Gross Exposure at Default (EAD) | 4,289,787 | – | – | 4,289,787 | | Loss Allowance | (8,421) | – | – | (8,421) | | Net Exposure at Default (EAD) | 4,281,366 | – | – | 4,281,366 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 290 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the separate financial statements continued | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Dec 2025 | Stage 1 | Stage 2 | Stage 3 | Total | | 12-month ECL | Lifetime ECL | Lifetime ECL | | $'000 | $'000 | $'000 | $'000 | | Gross Exposure at Default (EAD) | 3,968,919 | – | – | 3,968,919 | | Loss Allowance | (7,812) | – | – | (7,812) | | Net Exposure at Default (EAD) | 3,961,107 | – | – | 3,961,107 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Dec 2024 | Stage 1 | Stage 2 | Stage 3 | Total | | 12-month ECL | Lifetime ECL | Lifetime ECL | | $'000 | $'000 | $'000 | $'000 | | Gross Exposure at Default (EAD) | 2,794,067 | – | – | 2,794,067 | | Loss Allowance | (5,485) | – | – | (5,485) | | Net Exposure at Default (EAD) | 2,788,582 | – | – | 2,788,582 | v.    Receivables from ANOH | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Dec 2025 | Stage 1 | Stage 2 | Stage 3 | Total | | 12-month ECL | Lifetime ECL | Lifetime ECL | | ₦ million | ₦ million | ₦ million | ₦ million | | Gross Exposure at Default (EAD) | 3,280 | – | – | 3,280 | | Loss Allowance | (75) | – | – | (75) | | Net Exposure at Default (EAD) | 3,205 | – | – | 3,205 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Dec 2025 | Stage 1 | Stage 2 | Stage 3 | Total | | 12-month ECL | Lifetime ECL | Lifetime ECL | | $'000 | $'000 | $'000 | US$'000 | | Gross Exposure at Default (EAD) | 2,285 | – | — | 2,285 | | Loss Allowance | (52) | – | — | (52) | | Net Exposure at Default (EAD) | 2,233 | – | — | 2,233 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Dec 2024 | Stage 1 | Stage 2 | Stage 3 | Total | | 12-month ECL | Lifetime ECL | Lifetime ECL | | ₦ million | ₦ million | ₦ million | ₦ million | | Gross Exposure at Default (EAD) | 1,118 | — | — | 1,118 | | Loss Allowance | (80) | — | — | (80) | | Net Exposure at Default (EAD) | 1,038 | — | — | 1,038 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Dec 2024 | Stage 1 | Stage 2 | Stage 3 | Total | | 12-month ECL | Lifetime ECL | Lifetime ECL | | $'000 | $'000 | $'000 | US$'000 | | Gross Exposure at Default (EAD) | 728 | — | — | 728 | | Loss Allowance | (52) | — | — | (52) | | Net Exposure at Default (EAD) | 676 | — | — | 676 | c.    Maximum exposure to credit risk – financial instruments subject to impairment The Company estimated the expected credit loss on -  Intercompany receivables and fixed deposits by applying the general model. The gross carrying amount of financial assets represents the Company’s maximum exposure to credit risks on these assets. All financial assets impaired using the general model (intercompany and fixed deposits) are graded under the standard monitoring credit grade (rated B under Standard and Poor’s unmodified ratings) and are classified under Stage 1. d)    Roll forward movement in loss allowance The loss allowance recognised in the period is impacted by a variety of factors, as described below: • Additional allowances for new financial instruments recognised during the period, as well as releases for financial instruments derecognised in the period; • Discount unwind within ECL due to passage of time, as ECL is measured on a present value basis; • Foreign exchange retranslation for assets dominated in foreign currencies and other movements; and financial assets derecognised during the period and write-off of receivables and allowances related to assets. e.    Estimation uncertainty in measuring impairment loss The table below shows information on the sensitivity of the carrying amounts of the Company’s financial assets to the methods, assumptions and estimates used in calculating impairment losses on those financial assets at the end of the reporting period. These methods, assumptions and estimates have a significant risk of causing material adjustments to the carrying amounts of the Company’s financial assets. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 291 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | i  Expected cash flow recoverable The table below demonstrates the sensitivity of the Company’s profit before tax to a 20% change in the expected cash flows from financial assets, with all other variables held constant: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of profit before tax | Effect on profit before tax | Effect on other components of profit before tax | | | 2025 | 2025 | 2025 | 2025 | | Increase/decrease in estimated cash flows | ₦ million | ₦ million | $’000 | $’000 | | +20% | (4,341) | – | (2,827) | – | | -20% | 4,341 | – | 2,827 | – | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of profit before tax | Effect on profit before tax | Effect on other components of profit before tax | | | 2024 | 2024 | 2024 | 2024 | | Increase/decrease in estimated cash flows | ₦ million | ₦ million | $’000 | $’000 | | +20% | (4,341) | – | (2,827) | – | | -20% | 4,341 | – | 2,827 | – | ii)    Significant unobservable inputs The table below demonstrates the sensitivity of the Company’s profit before tax to movements in the probability of default (PD) and loss given default (LGD) for financial assets, with all other variables held constant: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2025 | 2025 | 2025 | 2025 | | Increase/decrease in loss given default | ₦ million | ₦ million | $'000 | $'000 | | +10% | (172) | – | (262) | – | | -10% | 172 | – | 262 | – | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2024 | 2024 | 2024 | 2024 | | Increase/decrease in loss given default | ₦ million | ₦ million | $'000 | $'000 | | +10% | (172) | – | (262) | – | | -10% | 172 | – | 262 | – | The table below demonstrates the sensitivity of the Company’s profit before tax to movements in probabilities of default, with all other variables held constant | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2025 | 2025 | 2025 | 2025 | | Increase/decrease in probability of default | ₦ million | ₦ million | $'000 | $'000 | | +10% | (139) | – | (212) | – | | -10% | 139 | – | 212 | – | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2024 | 2024 | 2024 | 2024 | | Increase/decrease in probability of default | ₦ million | ₦ million | $'000 | $'000 | | +10% | (139) | – | (212) | – | | -10% | 139 | – | 212 | – | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 292 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the separate financial statements continued The table below demonstrates the sensitivity of the Company’s profit before tax to movements in the forward-looking macroeconomic indicators, with all other variables held constant: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2025 | 2025 | 2025 | 2025 | | Increase/decrease in forward- looking macroeconomic indicators | ₦ million | ₦ million | $'000 | $'000 | | +10% | (149) | – | (227) | – | | -10% | 149 | – | 227 | – | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Effect on profit before tax | Effect on other components of equity before tax | Effect on profit before tax | Effect on other components of equity before tax | | | 2024 | 2024 | 2024 | 2024 | | Increase/decrease in forward-looking macroeconomic indicators | ₦ million | ₦ million | $'000 | $'000 | | +10% | (149) | — | (227) | — | | -10% | 149 | — | 227 | — | 5.1.3  Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk by ensuring that enough funds are available to meet its commitments as they fall due. The Company uses both long-term and short-term cash flow projections to monitor funding requirements for activities and to ensure there are enough cash resources to meet operational needs. Cash flow projections take into consideration the Company’s debt financing plans and covenant compliance. Surplus cash held is transferred to the treasury department which invests in interest - bearing current accounts and time deposits. The following table details the Company’s remaining contractual maturity for its non-derivative financial liabilities with agreed maturity periods. The table has been drawn based on the undiscounted cash flows of the financial liabilities based on the earliest date on which the Company can be required to pay. The table below represents the trade and other payables for 2025. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Effective interest rate | Less than 1 year | 1 – 2 years | 2 – 3 years | 3 – 5 years | Total | | | % | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | 31 December 2025 | | | | | | | | Trade and other payables | —% | 7,153,612 | - | - | - | 7,153,612 | | Total | | 7,153,612 | - | - | - | 7,153,612 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Effective interest rate | Less than 1 year | 1 – 2 years | 2 – 3 years | 3 – 5 years | Total | | | % | $'000 | $'000 | $'000 | $'000 | $'000 | | 31 December 2025 | | | | | | | | Trade and other payables | —% | 4,984,186 | - | - | - | 4,984,186 | | Total | | 4,984,186 | - | - | - | 4,984,186 | The table below represents the trade and other payable for 2024. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Effective interest rate | Less than 1 year | 1 – 2 years | 2 – 3 years | 3 – 5 years | Total | | | % | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | 31 December 2024 | | | | | | | | Trade and other payables | —% | 5,778,549 | - | - | - | 5,778,549 | | Total | | 5,778,549 | - | - | - | 5,778,549 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Effective interest rate | Less than 1 year | 1 – 2 years | 2 – 3 years | 3 – 5 years | Total | | | % | $'000 | $'000 | $'000 | $'000 | $'000 | | 31 December 2024 | | | | | | | | Trade and other payables | —% | 3,763,733 | - | - | - | 3,763,733 | | Total | | 3,763,733 | - | - | - | 3,763,733 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 293 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 5.1.4  Fair value measurements Set out below is a comparison by category of carrying amounts and fair value of all financial instruments: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Carrying amount | | Fair value | | | | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | | | ₦ million | ₦ million | ₦ million | ₦ million | | Financial assets measured at amortised cost | | | | | | Trade and other receivables | 5,691,750 | 4,288,158 | 5,691,750 | 4,288,158 | | Cash and cash equivalents | 60,236 | 255,944 | 60,236 | 255,944 | | Restricted cash | 4,921 | 3,736 | 4,921 | 3,736 | | | 5,756,907 | 4,547,838 | 5,756,907 | 4,547,838 | | Financial liabilities measured at amortised cost | | | | | | Trade and other payables | 7,153,612 | 5,778,549 | 7,153,612 | 5,778,549 | | | 7,153,612 | 5,778,549 | 7,153,612 | 5,778,549 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Carrying amount | | Fair value | | | | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | | | $'000 | $'000 | $’000 | $’000 | | Financial assets at amortised cost | | | | | | Trade and other receivables | 3,965,656 | 2,793,006 | 3,965,656 | 2,793,006 | | Cash and cash equivalents | 42,136 | 166,871 | 42,136 | 166,871 | | Restricted cash | 3,428 | 2,433 | 3,428 | 2,433 | | | 4,011,220 | 2,962,310 | 4,011,220 | 2,962,310 | | Financial liabilities measured at amortised cost | | | | | | Trade and other payables | 3,763,815 | 3,763,815 | 3,763,815 | 3,763,815 | | | 3,763,815 | 3,763,815 | 3,763,815 | 3,763,815 | Trade and other payables (excluding non-financial liabilities such as provisions, taxes, pensions and other non-contractual payables), trade and other receivables (excluding prepayments) and cash and cash equivalents are financial instruments whose carrying amounts as per the financial statements approximate their fair values. This is mainly due to their short-term nature. 5.1.5  Fair value hierarchy As at the reporting period, the Company had classified its financial instruments into the three levels prescribed under the accounting standards. These are all recurring fair value measurements. There were no transfers of financial instruments between fair value hierarchy levels during the year. • Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities. • Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. • Level 3 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The fair value of the financial instruments is included at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amounts of the financial instruments are the same as their fair values due to the short-term nature of the instruments. 5.2    Capital management The Company’s objective when managing capital is to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, to maintain optimal capital structure and reduce cost of capital. Consistent with others in the industry, the Company monitors capital based on the following: gearing ratio and net debt divided by total capital. Net debt is calculated as trade and other payables less cash and cash equivalents. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Trade and other payables | 7,153,612 | 5,778,549 | 4,984,186 | 3,763,733 | | Less: cash and cash equivalents | (60,231) | (255,939) | (41,969) | (166,704) | | Net debt | 7,093,381 | 5,522,610 | 4,942,217 | 3,597,029 | | Total equity | 1,812,254 | 2,136,659 | 1,262,669 | 1,391,677 | | Total capital | 8,905,635 | 7,659,269 | 6,204,886 | 4,988,706 | | Net debt (net debt/total capital) ratio | 80% | 72% | 80% | 72% | Capital includes share capital, share premium, capital contribution and all other equity reserves. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 294 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the separate financial statements continued #### 6.      Segment reporting The Company has no operating or reportable segments. #### 7.  Other income/(loss) | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Unrealised foreign exchange loss | (7,724) | (17,551) | (5,087) | (11,861) | | Dividend and other income\* | 105,434 | 118,374 | 69,434 | 80,000 | | Loss on liquidation of investment in subsidiary | (133) | – | (87) | – | | Loss on disposal of property, plant & equipment | – | (230) | – | (155) | | | 97,577 | 100,593 | 64,260 | 67,984 | \* This relates to dividend income of $65 million, ₦98.6 billion (2024: $80 million, ₦ 118.4 billion) from Eland, a subsidiary of Seplat Energy and other income of $4.4 million, ₦6.7 billion.. #### 8.      General and administrative expenses | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Depreciation (Note 13) | 350 | 645 | 231 | 436 | | Professional & consulting fees | 26,170 | 57,886 | 17,234 | 39,120 | | Auditor's remuneration | 166 | 194 | 109 | 131 | | Directors' emoluments (executives) | – | 88 | – | 59 | | Directors' emoluments (non -executive) | 6,060 | 6,887 | 3,991 | 4,654 | | Employee benefits (Note 8.1) | 9,844 | 5,473 | 6,483 | 3,699 | | Flights and other travel costs | 5,314 | 5,919 | 3,500 | 4,000 | | Other general expenses | 10,452 | 9,575 | 6,883 | 6,471 | | | 58,356 | 86,667 | 38,431 | 58,570 | Seplat Energy Plc Executive Directors’ emoluments are largely borne by its subsidiaries. Other general expenses relate to costs such as office maintenance costs, telecommunication costs, logistics costs and others. 8.1  Salaries and employee-related cost include the following: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Basic salary | 4,048 | 2,705 | 2,666 | 1,829 | | Other allowances | 2,398 | 364 | 1,579 | 245 | | Share-based payment expenses | 3,398 | 2,404 | 2,238 | 1,625 | | | 9,844 | 5,473 | 6,483 | 3,699 | 8.2    Below are details of non-audit services provided by the auditors | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Entity | Service | PwC office | Fees ($) | Year | | Seplat Energy | Remuneration Committee advice | PwC UK | 231,899 | 2025 | #### 9.      Impairment loss on financial assets | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Impairment loss on intercompany receivables – net | 3,534 | – | 2,327 | — | | | 3,534 | – | 2,327 | — | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 295 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### 10.      Finance income | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Interest income | 5,172 | 12,190 | 3,406 | 8,238 | | Finance costs– net | 5,172 | 12,190 | 3,406 | 8,238 | Finance income represents interest on fixed deposits . #### 11.      Taxation Deferred tax assets have not been recognised in respect of the following items because of the uncertainty around the availability of future taxable profits against which the Company can use the benefits therefrom. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $’000 | $’000 | | Unutilised capital allowance | 1,679 | 1,796 | 1,170 | 1,170 | | Unrealised foreign exchange | 4,616 | 4,938 | 3,216 | 3,216 | | Unrecognised deferred tax asset | 6,295 | 6,734 | 4,386 | 4,386 | #### 12.      Computation of cash generated from operations | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | Notes | ₦ million | ₦ million | $'000 | $'000 | | Profit before tax | | 40,859 | 26,116 | 26,908 | 17,652 | | Adjusted for: | | | | | | | Depreciation of property, plant and equipment | 8 | 350 | 645 | 231 | 436 | | Interest income | 10 | (5,168) | (12,190) | (3,406) | (8,238) | | Impairment loss on financial assets | 9 | 3,534 | – | 2,327 | – | | Unrealised foreign exchange loss | 7 | 7,718 | 17,551 | 5,087 | 11,861 | | Share-based payment expenses | 8.1 | 3,395 | 2,404 | 2,238 | 1,625 | | Loss on disposal of other PPE | 7 | – | 230 | – | 155 | | Loss on liquidation of investment in subsidiary | 7 | 132 | – | 87 | – | | Dividend income | 7 | (105,337) | (118,374) | (69,434) | (80,000) | | Changes in working capital (excluding the effect of exchange differences) | | | | | | | Trade and other receivables | | (1,782,546) | (1,644,436) | (1,174,977) | (1,111,346) | | Prepayments | | 1,951 | (6,559) | 1,286 | (4,433) | | Trade and other payables | | 1,848,476 | 1,743,113 | 1,218,434 | 1,178,035 | | Net cash from operating activities | | 13,364 | 8,500 | 8,781 | 5,747 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 296 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the separate financial statements continued #### 13.      Property, plant and equipment | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | Plant & machinery | Motor vehicle | Office furniture & IT equipment | Leasehold improvements | Total | | Cost | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | As at 1 January 2025 | 104 | 2,269 | 677 | 42 | 3,092 | | Additions | – | 92 | – | – | 92 | | Exchange difference | (6) | (154) | (44) | (4) | (208) | | As at 31 December 2025 | 98 | 2,207 | 633 | 38 | 2,976 | | Depreciation | | | | | | | As at 1 January 2025 | 55 | 1,457 | 492 | 21 | 2,025 | | Charge for the year | 4 | 156 | 182 | 7 | 349 | | Exchange difference | (5) | (104) | (41) | (1) | (151) | | As at 31 December 2025 | 54 | 1,509 | 633 | 27 | 2,223 | | NBV | 44 | 698 | – | 12 | 753 | | Cost | | | | | | | As at 1 January 2024 | 37 | 1,415 | 171 | 197 | 1,820 | | Additions | – | 252 | 418 | (378) | 292 | | Reclassification | 39 | (88) | (44) | 93 | – | | Disposal | – | (304) | – | – | (304) | | Exchange difference | 28 | 994 | 132 | 130 | 1,284 | | As at 31 December 2024 | 104 | 2,269 | 677 | 42 | 3,092 | | Depreciation | | | | | | | As at 1 January 2024 | 25 | 648 | 160 | 7 | 840 | | Charge for the year | 13 | 413 | 211 | 8 | 645 | | Disposal | – | (74) | – | – | (74) | | Exchange difference | 17 | 470 | 121 | 6 | 614 | | As at 31 December 2024 | 55 | 1,457 | 492 | 21 | 2,025 | | NBV | | | | | | | At 31 December 2024 | 49 | 812 | 185 | 21 | 1,067 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | Plant & machinery | Motor vehicle | Office furniture & IT equipment | Leasehold improvements | Total | | Cost | $'000 | $'000 | $'000 | $'000 | $'000 | | As at 1 January 2025 | 68 | 1,477 | 441 | 27 | 2,013 | | Additions | – | 61 | – | – | 61 | | As at 31 December 2025 | 68 | 1,538 | 441 | 27 | 2,074 | | Depreciation | | | | | | | At 1 January 2025 | 35 | 949 | 321 | 14 | 1,319 | | Charge for the year | 3 | 103 | 121 | 5 | 231 | | At 31 December 2025 | 38 | 1,052 | 442 | 19 | 1,550 | | NBV | 30 | 486 | (1) | 8 | 524 | | Cost | | | | | | | At  1 January 2024 | 41 | 1,573 | 189 | 218 | 2,021 | | Additions | – | 170 | 282 | (255) | 197 | | Reclassification | 27 | (60) | (30) | 64 | 1 | | Disposal | – | (206) | – | – | (206) | | At 31 December 2024 | 68 | 1,477 | 441 | 27 | 2,013 | | Depreciation | | | | | | | At  1 January 2024 | 27 | 720 | 178 | 8 | 933 | | Charge for the year | 8 | 279 | 143 | 6 | 436 | | Disposal | – | (50) | – | – | (50) | | At 31 December 2024 | 35 | 949 | 321 | 14 | 1,319 | | NBV | | | | | | | At 31 December 2024 | 33 | 528 | 120 | 13 | 694 | The Company has no contractual commitments to acquire any property, plant and equipment (2024: nil). | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 297 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### 14.      Prepayments | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Dec 2025 | Dec 2024 | Dec 2025 | Dec 2024 | | Non-current | ₦ million | ₦ million | $'000 | $'000 | | Short-term prepayments | 5,094 | 7,423 | 3,549 | 4,835 | | | 5,094 | 7,423 | 3,549 | 4,835 | #### 14.1  Short-term prepayments Included in short- term prepayments are prepaid service charge expenses for health insurance and motor insurance premium. #### 15.      Investment in subsidiaries | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $’000 | $’000 | | Newton Energy Limited | 1,363 | 1,459 | 950 | 950 | | Seplat Energy UK Limited | 72 | 77 | 50 | 50 | | Seplat East Onshore Limited | 6,297 | 4,694 | 4,387 | 3,057 | | Seplat East Swamp Company Limited | 46 | 49 | 32 | 32 | | Seplat Gas Company Limited | 46 | 49 | 32 | 32 | | Eland Oil and Gas Limited | 699,952 | 748,749 | 487,683 | 487,683 | | Seplat West Limited | 2,165,161 | 2,281,278 | 1,508,550 | 1,485,865 | | Seplat Energy Investment Limited | 9 | 10 | 6 | 6 | | Turnkey Drilling Limited | – | 35 | – | 23 | | Seplat Energy Offshore Limited | 34 | 37 | 24 | 24 | | | 2,872,980 | 3,036,437 | 2,001,714 | 1,977,722 | 15.1    Interest in subsidiaries | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Percentage of ownership interest | | Carrying amount | | | | | Name of entity | Country of incorporation & place of business | As at 31 December 2025 | As at 31 December 2024 | As at 31 December 2025 | As at 31 December 2024 | As at 31 December 2025 | As at 31 December 2024 | | % | % | ₦ million | ₦ million | $'000 | $'000 | | Newton Energy Limited | Nigeria | 99.9 | 99.9 | 1,363 | 1,459 | 950 | 950 | | Seplat Energy UK Limited | United Kingdom | 100 | 100 | 72 | 77 | 50 | 50 | | Seplat East Onshore Limited | Nigeria | 99.9 | 99.9 | 6,297 | 4,694 | 4,387 | 3,057 | | Seplat East Swamp Company Limited | Nigeria | 99.9 | 99.9 | 46 | 49 | 32 | 32 | | Seplat Gas Company Limited | Nigeria | 99.9 | 99.9 | 46 | 49 | 32 | 32 | | Eland Oil and Gas Limited | United Kingdom | 100 | 100 | 699,952 | 748,749 | 487,683 | 487,683 | | Seplat West Limited | Nigeria | 99.9 | 99.9 | 2,165,161 | 2,281,278 | 1,508,550 | 1,485,865 | | Seplat Energy Investment Limited | Nigeria | 100 | 100 | 9 | 10 | 6 | 6 | | Turnkey Drilling Limited | Nigeria | 100 | 100 | – | 35 | – | 23 | | Seplat Energy Offshore Limited | Nigeria | 100 | 100 | 34 | 37 | 24 | 24 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 298 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the separate financial statements continued 15.2  Reconciliation of investment in subsidiaries | | | | | --- | --- | --- | | | | | | | 2025 | 2025 | | | ₦ million | $'000 | | As at 1 January 2025 | 3,036,437 | 1,977,722 | | Additional investment in subsidiaries – East Onshore | 2,021 | 1,331 | | Additional investment in subsidiary – Seplat Energy Offshore | 34,543 | 22,748 | | Liquidation of investment in MSP & Turnkey | (132) | (87) | | Exchange difference | (199,889) | — | | As at 31 December 2025 | 2,872,980 | 2,001,714 | | | | | | During the year, the shareholders approved the winding up of Turnkey Drilling Services Limited and MSP Energy Limited on 8 September 2025. The Directors appointed Mr Uchechukwu Wigwe as the sole liquidator of the company for the purpose of the voluntary winding- up. | | | | | | | | | 2024 | 2024 | | | ₦ million | $’000 | | As at 1 January 2024 | 1,761,842 | 1,958,923 | | Additional investment in subsidiaries – East Onshore | 2,145 | 1,449 | | Additional investment in subsidiary– Seplat West Limited | 25,663 | 17,344 | | Additional investment in subsidiary – Seplat Energy Offshore | 10 | 6 | | Exchange difference | 1,246,777 | — | | As at 31 December 2024 | 3,036,437 | 1,977,722 | #### 16.    Investment in joint ventures | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Cost | 330,133 | 322,442 | 230,016 | 210,016 | 16.1    Reconciliation of investment in joint ventures | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | As 1 January | 322,442 | 188,887 | 210,016 | 210,016 | | Additional investment in joint venture | 30,342 | — | 20,000 | — | | Exchange difference | (22,651) | 133,555 | — | — | | At 31 December | 330,133 | 322,442 | 230,016 | 210,016 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Name of entity | Country of incorporation & place of business | Percentage of ownership interest | | Carrying amount | | | | | As at 31 Dec 2025 | As at 31 Dec 2024 | As at 31 Dec 2025 | As at 31 Dec 2024 | As at 31 Dec 2025 | As at 31 Dec 2024 | | % | % | ₦ million | ₦ million | $'000 | $'000 | | ANOH Gas Processing Company Limited | Nigeria | 50 | 50 | 330,133 | 322,442 | 230,016 | 210,016 | #### 17.      Trade and other receivables | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Intercompany receivables (Note 17.1) | 5,685,218 | 4,281,366 | 3,961,107 | 2,788,582 | | Receivables from Joint Venture (ANOH) (Note 17.4) | 3,205 | 1,038 | 2,233 | 676 | | Other receivables | 3,327 | 5,754 | 2,316 | 3,748 | | Total | 5,691,750 | 4,288,158 | 3,965,656 | 2,793,006 | Other receivables comprise sundry receivables and WHT receivables. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 299 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 17.1    Reconciliation of intercompany receivables | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Balance as at 1 January | 4,289,787 | 1,514,359 | 2,794,067 | 1,683,756 | | Addition during the year | 1,861,849 | 1,827,084 | 1,226,119 | 1,234,783 | | Receipts during the year | (126,924) | – | (88,433) | – | | Exchange difference | (328,282) | 948,344 | 37,166 | (124,472) | | Gross carrying amount (Note 17.2) | 5,696,430 | 4,289,787 | 3,968,919 | 2,794,067 | | Less: impairment allowance (Note 17.3) | (11,212) | (8,421) | (7,812) | (5,485) | | Balance as at 31 December | 5,685,218 | 4,281,366 | 3,961,107 | 2,788,582 | 17.2    Intercompany receivables breakdown (gross) | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Seplat West Limited | 3,598,205 | 2,641,424 | 2,507,006 | 1,720,439 | | Newton Energy Limited | 34,617 | 19,578 | 24,119 | 12,752 | | Seplat Energy UK | 5,200 | 5,177 | 3,623 | 3,372 | | Seplat East Limited | 399,327 | 283,816 | 278,226 | 184,858 | | ANOH Gas Limited | 29,654 | 30,343 | 20,661 | 19,763 | | Elcrest E&P Nigeria Limited | – | 2,510 | – | 1,635 | | Seplat Energy Offshore Limited | 1,616,984 | 1,228,779 | 1,126,614 | 800,340 | | Seplat East Swamp Company Limited | 5,786 | 5,859 | 4,031 | 3,816 | | Seplat Gas Limited | 6 | 6 | 4 | 4 | | Seplat Energy Investment Limited | – | 15 | – | 10 | | Eland Oil and Gas Limited | 2,457 | 2,627 | 1,712 | 1,711 | | Seplat Energy Producing Nig. Unlimited | 4,194 | 69,650 | 2,923 | 45,365 | | Turnkey Drilling Services Limited | – | 3 | – | 2 | | Balance as at 31 December | 5,696,430 | 4,289,787 | 3,968,919 | 2,794,067 | 17.3    Reconciliation of impairment allowance on intercompany receivables | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Loss allowance as at 1 January | 8,421 | 4,933 | 5,485 | 5,485 | | Increase in loss allowance during the period | 3,530 | – | 2,327 | – | | Exchange difference | (739) | 3,488 | – | – | | Loss allowance at the end of the period | 11,212 | 8,421 | 7,812 | 5,485 | 17.4    Reconciliation of receivables from joint venture (ANOH) | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Balance as at 1 January | 1,118 | 830 | 728 | 923 | | Additions during the year | 2,074 | 950 | 1,445 | 619 | | Receipts for the year | – | (1,251) | – | (814) | | Exchange difference | 88 | 589 | 112 | – | | Gross carrying amount | 3,280 | 1,118 | 2,285 | 728 | | Less: Impairment allowance | (75) | (80) | (52) | (52) | | Balance as at 31 December | 3,205 | 1,038 | 2,233 | 676 | 17.5    Reconciliation of impairment allowance on receivables from joint venture (ANOH) | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Loss allowance as at 1 January | 80 | 47 | 52 | 52 | | Exchange difference | (5) | 33 | — | — | | Loss allowance as at 31 December | 75 | 80 | 52 | 52 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 300 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the separate financial statements continued #### 18.      Cash and cash equivalents Cash and cash equivalents in the statement of financial position comprise  cash at bank, cash on hand and short-term deposits with a maturity of three months or less. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Fixed deposits | – | 5,241 | – | 3,414 | | Cash at bank | 60,476 | 250,959 | 42,136 | 163,457 | | Gross cash and cash equivalents | 60,476 | 256,200 | 42,136 | 166,871 | | Less: impairment allowance | (240) | (256) | (167) | (167) | | Net cash and cash equivalents | 60,236 | 255,944 | 41,969 | 166,704 | 18.1    Restricted cash | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Restricted cash (Note 18.2) | 4,921 | 3,736 | 3,428 | 2,433 | | | 4,921 | 3,736 | 3,428 | 2,433 | 18.2    Movement in restricted cash | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Opening balance | 3,736 | 8,572 | 2,433 | 9,531 | | Increase/(decrease) in restricted cash | 1,429 | (10,897) | 995 | (7,098) | | Exchange difference | (244) | 6,061 | – | – | | Closing balance | 4,921 | 3,736 | 3,428 | 2,433 | In restricted cash is a balance of $ 3.4 million (₦4.9 billion ) set aside in the Stamping Reserve account for the revolving credit facility (RCF). The amount is to be used for the settlement of all fees and costs payable for the purposes of stamping and registering the Security Documents at the stamp duties office and at the Corporate Affairs Commission (CAC). These amounts are subject to legal restrictions and are therefore not available for general use by the Company. 18.3    Reconciliation of impairment allowance on cash and cash equivalents | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Loss allowance as at 1 January 2025 | 101 | 149 | 167 | 167 | | Exchange difference | 139 | 107 | – | – | | Loss allowance as at 31 December 2025 | 240 | 256 | 167 | 167 | #### 19.      Share capital 19.1    Authorised and issued share capital | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Authorised ordinary share capital | | | | – | | 599,944,561 (Dec 2024: 588,444,561) issued shares denominated in Naira of 50 kobo per share. | 300 | 297 | 1,868 | 1,864 | | Issued and fully paid | | | | | | 599,944,561 (Dec 2024: 588,444,561) issued shares denominated in Naira of 50 kobo per share. | 300 | 297 | 1,868 | 1,864 | Fully paid ordinary shares carry one vote per share and the right to dividends. There were no restrictions on the Company’s share capital. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 301 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 19.2    Movement in share capital and other reserves | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Number of shares | Issued share capital | Share premium | Share-based payment reserve | Treasury shares | Total | | | Shares | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Opening balance as at 1 January 2025 | 588,444,561 | 297 | 87,375 | 15,729 | (3,570) | 99,831 | | Share- based payments | – | – | – | 2,832 | – | 2,832 | | Vested shares during the year | – | – | – | (27,104) | 27,104 | – | | Additional investment in subsidiary- share –based payments | – | – | – | 33,712 | – | 33,712 | | PAYE tax withheld on vested shares | – | – | – | – | (13,457) | (13,457) | | Shares issued | 11,500,000 | 3 | 63,487 | – | (63,490) | – | | Share repurchased | – | – | – | – | (46,953) | (46,953) | | Closing balance as at 31 December 2025 | 599,944,561 | 300 | 150,862 | 25,169 | (100,366) | 75,965 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Number of shares | Issued share capital | Share premium | Share-based payment reserve | Treasury shares | Total | | | Shares | $'000 | $'000 | $'000 | $'000 | $'000 | | Opening balance as at 1 January 2025 | 588,444,561 | 1,864 | 518,564 | 36,744 | (5,606) | 551,566 | | Share- based payments | – | – | – | 1,865 | – | 1,865 | | Vested shares during the year | – | – | – | (17,849) | 17,849 | – | | Additional investment in subsidiary- share –based payments | – | – | – | 22,201 | – | 22,201 | | PAYE tax withheld on vested shares | – | – | – | – | (8,861) | (8,861) | | Shares issued | 11,500,000 | 4 | 41,807 | – | (41,811) | – | | Share repurchased | – | – | – | – | (30,921) | (30,921) | | Closing balance as at 31 December 2025 | 599,944,561 | 1,868 | 560,371 | 42,961 | (69,350) | 535,850 | Shares repurchased for employees during the year of $ 30.9 million, ₦47 billion (2024: $19.6 million, ₦29 billion) relates to the share buy- back programme for the Company’s Long-Term Incentive Plan. The programme commenced from 1 March 2021 and the shares are held by the Trustees under the Trust for the benefit of the Company’s employee beneficiaries covered under the Trust. 19.3  Share premium | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Share Premium | 150,862 | 87,375 | 560,371 | 518,564 | Section 120.2 of Companies and Allied Matters Act, CAP C20, Laws of the Federation of Nigeria 2004 requires that where a Company issues shares at premium (i.e above the par value), the value of the premium should be transferred to share premium. During the year, an additional 13,342,715 shares vested with a fair value of $ 17.85 million, ₦27.1 billion. Seplat Energy issued additional shares of 11,500,000 to settle existing share- based payment obligations that vest during the year. 19.4    Employee share-based payment scheme As at 31 December 2025, the Company had awarded 49,999,973 shares ( 2024 : 53,305,512 shares) to certain employees and senior executives in line with its share-based incentive schemes. Included in the share-based incentive schemes are two additional schemes (2025 LTIP Scheme and 2025 Deferred Bonus Scheme) awarded during the reporting period. During the reporting period, 14,393,801 shares had vested out of which 1,051,086 were forfeited in relation to participants who could not meet the vesting conditions during the period. The average forfeiture rate due to failure to meet non-market vesting condition is 11.98% while the average due to staff exit is 14.81%. The impact of applying the forfeiture rate of 26.79% on existing LTIP awards which are yet to vest will result in a reduction of share- based compensation expense for the year by $2,021,272. The number of shares that eventually vested during the year after the forfeiture and conditions above is 13,342,715 (Dec 2024: 17,567,776). i.    Description of the awards valued The Company has made a number of share-based awards every year since first award in 2014. The most recent awards are the LTIP 2025 and 2024 Deferred Bonus.  A number of these awards have fully vested. Seplat Deferred Bonus award 25% of each Executive Director’s 2024 bonus (paid in 2025) has been deferred into shares and would be released in 2026 subject to continued employment over the vesting period. 2024 Deferred Bonus was approved by the Board and vested in 2025. No performance criteria are attached to this award. As a result, the fair value of these awards is calculated using a Black Scholes model. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 302 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the separate financial statements continued Long -Term Incentive Plan (LTIP) awards Under the LTIP  shares are granted to management staff of the organisation at the end of every year. The shares were granted to the employees at no cost. The shares vest (after three years) based on the following conditions. • 25% vesting for median relative TSR performance rising to 100% for upper quartile performance on a straight-line basis. • Relative TSR vesting reduced by 75% if 60% and below of operational and technical bonus metrics are achieved, with 35% reduction if 70% of operational and technical bonus metrics are achieved and no reduction for 80% or above achievement. • If the Company outperforms the median TSR performance level with the LTIP exploration and production comparator group. The LTIP awards have been approved by the NSE. ii  Share-based payment expenses The expense recognised for employee services received during the year is shown in the following table: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Expense arising from equity-settled share-based payment transactions | 2,404 | 2,404 | 1,625 | 1,625 | The asset arising as a result of share-based payment expenses incurred on employees of subsidiaries during the year is shown in the following table: | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Additional investment in subsidiaries – Share-based payment (Note 15.2) | 27,807 | 27,807 | 18,793 | 18,793 | There were no cancellations to the awards in 2025. The share awards granted to Executive Directors and confirmed employees are summarised below: | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | Scheme | Deemed grant date | Start of service period | End of service period | Vesting status | Number of awards | | 2023 Long-Term Incentive Plan | 16 May 2023 | 16 May 2023 | 16 May 2026 | Partially | 23274458 | | 2024 Long-Term Incentive Plan | 28 May 2024 | 28 May 2024 | 28 May 2027 | Partially | 15637253 | | 2024 Deferred Bonus | 22 May 2025 | 22 May 2025 | 31 December 2026 | Partially | 404413 | | 2025 Long-Term Incentive Plan | 22 May 2025 | 22 May 2025 | 22 May 2028 | Partially | 10,683,849 | | | | | | | 49,999,973 | iii  Determination of share awards outstanding Share awards used in the calculation of diluted earnings per shares are based on the outstanding shares as at 31 December 2025. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Share award scheme (all awards) | 2025 Number | 2025 WAEP ₦ | 2024 Number | 2024 WAEP ₦ | | Outstanding at 1 January | 27,880,931 | 738 | 25,534,795 | 669 | | Granted during the year | 11,088,262 | 2,958 | 21,308,358 | 1300 | | Exercise during the year | -13,342,715 | 2,120 | (17,567,776) | 552 | | Forfeited during the year | -1,051,086 | 2,060 | (1,394,446) | 429 | | Outstanding at 31 December | 24,575,392 | 2,231 | 27,880,931 | 738 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Share award scheme (all awards) | 2025 Number | 2025 WAEP $ | 2024 Number | 2024 WAEP | | Outstanding at 1 January | 27,880,931 | 1.17 | 25,534,795 | 1.14 | | Granted during the year | 11,088,262 | 1.95 | 21,308,358 | 1.44 | | Exercised during the year | -13,342,715 | 1.34 | (17,567,776) | 1.18 | | Forfeited during the year | -1,051,086 | 1.30 | (1,394,446) | 0.90 | | Outstanding at 31 December | 24,575,392 | 1.55 | 27,880,931 | 1.17 | The following table illustrates the number and weighted average exercise prices (WAEP) of and movements in Deferred Bonus Scheme and Long-Term Incentive Plan during the year for each available scheme. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Deferred Bonus Scheme | 2025 Number | 2025 WAEP ₦ | 2024 Number | 2024 WAEP ₦ | | Outstanding at 1 January | 225,703 | 969 | 502,050 | 678 | | Granted during the year | 404,413 | 4,051 | 556,718 | 1,643 | | Exercised during the year | (582,549) | 3,438 | (833,065) | 585 | | Outstanding at 31 December | 47,567 | 3,832 | 225,703 | 969 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 303 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Deferred Bonus Scheme | 2025 Number | 2025 WAEP $ | 2024 Number | 2024 WAEP | | Outstanding at 1 January | 225,703 | 1.40 | 502,050 | 1.19 | | Granted during the year | 404,413 | 2.67 | 556,718 | 1.65 | | Exercised during the year | (582,549) | 2.17 | (833,065) | 1.35 | | Outstanding at 31 December | 47,567 | 1.95 | 225,703 | 1.40 | The fair value of the modified options was determined using the same models and principles as described in the table below on the inputs to the models used for the scheme. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Long- Term Incentive Plan (LTIP) | 2025 Number | 2025 WAEP ₦ | 2024 Number | 2024 WAEP ₦ | | Outstanding at 1 January | 27,655,228 | 614 | 25,032,745 | 553 | | Granted during the year | 10,683,849 | 2,913 | 20,751,640 | 957 | | Exercised during the year | (12,760,166) | 2,060 | (16,734,711) | 519 | | Forfeited during the year | (1,051,086) | 2,060 | (1,394,446) | 429 | | Outstanding at 31 December | 24,527,825 | 2,217 | 27,655,228 | 614 | | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Long term incentive Plan (LTIP) | 2025 Number | 2025 WAEP $ | 2024 Number | 2024 WAEP | | Outstanding at 1 January | 27,655,228 | 1.02 | 25,032,745 | 0.94 | | Granted during the year | 10,683,849 | 1.92 | 20,751,640 | 1.24 | | Exercised during the year | (12,760,166) | 1.30 | (16,734,711) | 1.02 | | Forfeited during the year | (1,051,086) | 1.30 | (1,394,446) | 0.90 | | Outstanding at 31 December | 24,527,825 | 1.55 | 27,655,228 | 1.02 | The shares are granted to the employees at no cost. The weighted average remaining contractual life for the share awards outstanding as at 31 December 2025 range from 0.4 to 2.4 years (2024: 0.8 to 2.4 years). The weighted average fair value of awards granted during the year range from ₦2,916 to ₦4,054 (2024: ₦3,200 to ₦3,209), $1.92 to $2 .67 (2024: $2 .10 to $2.17). The Long -Term Incentive Plan is independently determined using the Monte Carlo valuation method which takes into account the term of the award, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield, the risk-free interest rate for the term of the award and the correlations and volatilities of the peer group companies. The expected price volatility is based on the historic volatility (based on the remaining life of the options), adjusted for any expected changes to future volatility due to publicly available information. iv.    Inputs to the models The following table lists the inputs to the models used for the share awards outstanding in the respective plans for the year ended 31 December 2025: | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 2021 LTIP | 2022 LTIP | 2023 LTIP | 2023 LTIP | 2024 LTIP | 2025 LTIP | | Weighted average fair values at the measurement date | | | | | | | | Dividend yield (%) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | | Expected volatility (%) | 51.68 % | 59.29% | 59.86% | 42.08% | 40.20% | 36.58% | | Risk-free interest rate (%) | 0.31 % | 2.17% | 2.53% | 4.16% | 4.37% | 4.70% | | Expected life of share options | 3.00 | 2.64% | 3.00 | 3.00 | 3.00 | 3.00 | | Share price at grant date ($) | 0.66 | 1.12 | 1.18 | 1.00 | 2.10 | 1.92 | | Share price at grant date (₦) | 264.32 | 415.84 | 415.07 | 460.70 | 2,787.83 | 3,042.00 | | Model used | Monte Carlo | Monte Carlo | Monte Carlo | Monte Carlo | Monte Carlo | Monte Carlo | 19.5    Treasury shares This relates to the share buy-back programme for the Company’s Long-Term Incentive Plan. The programme commenced from 1 March 2021 and the shares are held by the Trustees under the Trust for the benefit of the Company’s employee beneficiaries covered under the Trust. #### 20.      Capital contribution In accordance with the Shareholders’ Agreement, the amount was used by the Company for working capital as was required at the commencement of operations. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | 2025 | 2024 | 2025 | 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Capital contribution | 5,932 | 5,932 | 40,000 | 40,000 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 304 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the separate financial statements continued #### 21.      Foreign currency translation reserve Cumulative exchange difference arising from translation of the Company’s results and financial position into the presentation currency and from translation of foreign subsidiary is taken to foreign currency translation reserve through other comprehensive income. #### 22.      Trade and other payables | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Trade and other payables | Dec 2025 | Dec 2024 | Dec 2025 | Dec 2024 | | ₦ million | ₦ million | $'000 | $'000 | | Accruals and other payables | 4,963 | 40,783 | 3,453 | 26,554 | | Share-based payment liability (Note 22.1) | 3,229 | – | 2,250 | – | | Intercompany payables (Note 22.2) | 7,145,420 | 5,737,766 | 4,978,483 | 3,737,179 | | | 7,153,612 | 5,778,549 | 4,984,186 | 3,763,733 | Included in accruals and other payables are accruals of $2.01 million, ₦3.16 billion  (2024: $2.14 million, ₦ 3.29 billion ), and other payables of $968 thousand, ₦1.39 billion (Dec 2024: $$419.15 thousand, ₦644 million). 22.1 Share-based payment liability | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Dec 2025 | Dec 2024 | Dec 2025 | Dec 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Balance as at 1 January | – | – | – | – | | Share-based expense | 3,413 | – | 2,250 | – | | Exchange difference | (184) | – | – | – | | Balance as at 31 December | 3,229 | – | 2,250 | – | 22.2.      Intercompany payables | | | | | | | --- | --- | --- | --- | --- | | | | | | | | Intercompany payables breakdown | Dec 2025 | Dec 2024 | Dec 2025 | Dec 2024 | | ₦ million | ₦ million | $'000 | $'000 | | Seplat West Limited | 5,022,236 | 4,652,715 | 3,499,182 | 3,030,453 | | Seplat Energy UK | 215 | 955 | 150 | 622 | | Newton Energy Limited | 148,310 | 144,446 | 103,332 | 94,082 | | Seplat East Onshore Limited | 531,517 | 369,573 | 370,328 | 240,714 | | Seplat East Swamp Company Limited | 103,373 | 110,580 | 72,024 | 72,024 | | Turnkey Drilling Services Limited | — | 11 | – | 7 | | Seplat Energy Offshore Limited | 76 | 80 | 53 | 52 | | Seplat Energy Producing Nig. Unlimited | 1,331,660 | 453,616 | 927,818 | 295,454 | | Seplat Energy Investment Limited | 10 | 11 | 7 | 7 | | Elcrest E&P Nigeria Limited | 3,888 | – | 2,709 | – | | Eland Oil and Gas Ltd | 4,135 | 5,779 | 2,880 | 3,764 | | | 7,145,420 | 5,737,766 | 4,978,483 | 3,737,179 | #### 23.      Earnings per share (EPS) Basic Basic EPS is calculated on the Company’s profit after taxation attributable to the Company and based on weighted average number of issued and fully paid ordinary shares at the end of the year. Diluted Diluted EPS is calculated by dividing the profit after taxation attributable to the Company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares (arising from outstanding share awards in the share-based payment scheme) into ordinary shares. | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Dec 2025 | Dec 2024 | Dec 2025 | Dec 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Profit for the year | 40,859 | 26,116 | 26,908 | 17,652 | | | Shares ‘000 | Shares ‘000 | Shares ‘000 | Shares ‘000 | | Weighted average number of ordinary shares in issue | 593,237 | 588,445 | 593,237 | 588,445 | | Outstanding share based payments (shares) | – | – | – | — | | Weighted average number of ordinary shares adjusted for the effect of dilution | 593,237 | 588,445 | 593,237 | 588,445 | | \*There were no shares issued during the year that could potentially dilute the earnings per share. | | | | | | | | | | | | | ₦ | ₦ | $ | $ | | Basic earnings per share | 68.87 | 44.38 | 0.05 | 0.03 | | Diluted earnings per share | 68.87 | 44.38 | 0.05 | 0.03 | The shares were weighted for the proportion of the number of months they were in issue during the reporting period. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 305 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### 24.      Dividends paid and proposed As at 31 December 2025, the final proposed dividend for the Company is ₦72.15, $0.050 (2024: ₦55.27, $0.036) per share and the proposed Special Dividend is ₦36.077, $0.025 per share (2024: ₦50.67, $0.033) | | | | | | | --- | --- | --- | --- | --- | | | | | | | | | Dec 2025 | Dec 2024 | Dec 2025 | Dec 2024 | | | ₦ million | ₦ million | $'000 | $'000 | | Cash dividends on ordinary shares declared and paid: | | | | | | Dividend for 2025: ₦337.23 ($0.234) per share 599,944,561 shares in issue (2024: ₦239.51 ($0.156) per share, 588,444,561 shares in issue) | 212,695 | 135,185 | 140,199 | 91,361 | | Proposed dividend on ordinary shares: | | | | | | Final proposed dividend for the year 2025: ₦72.154 ($0.05) (2024: ₦55.27 ($0.036) per share | 43,286 | 32,522 | 29,997 | 21,184 | | Special proposed dividend for the year 2025: ₦36.077 ($0.033) (2024: ₦50.67 ($0.003) per share | 28,567 | 29,812 | 19,798 | 19,419 | During the year, ₦212.89 billion, $140.2 million of dividend was paid at ₦354.85, $0.023 per share as final dividend for 2025. As at 31 March 2025 , no amount was paid for 2025 Q1; as at 30 June 2025, ₦ 104.87 billion, $ 67.65 million was paid at ₦178.22, $0.11 per share for 2025 2Q; as at 30 September 2025, ₦ 146.90 billion, $ 95.27 million was paid at ₦244.86, $0.16 per share for 2025 3Q. Final Naira dividend payments will be based on the Naira/Dollar rates on the date for determining the exchange rate. The payment is subject to shareholders’ approval at the 2026 Annual General Meeting. The tax effect of dividend paid during the year was $1.32 million (₦1.91 billion). #### 25.      Related party relationships and transactions There were no related party transactions in the period. #### 26.      Information relating to employees 26.1    Number of Directors The number of Directors whose emoluments fell within the following ranges was: | | | | | --- | --- | --- | | | | | | | 2025 | 2024 | | | Number | Number | | Zero – ₦150,000,000 | - | - | | ₦150,000,001 – ₦375,000,000 | - | - | | ₦375,000,001 – ₦750,000,000 | - | - | | Above ₦750,000,001 | 3 | 4 | | | 3 | 4 | | | | | | --- | --- | --- | | | | | | | 2025 | 2024 | | | Number | Number | | Zero – $100,000 | - | - | | $100,001 – $250,000 | - | - | | $250,001 – $500,000 | - | - | | Above $500,000 | 3 | 4 | | | 3 | 4 | This represents the remuneration details of the Company for the period including the retired Chief Financial Officer (CFO). 26.2    Employees The number of employees (other than the Directors) whose duties were wholly or mainly discharged within Nigeria, and who received remuneration (excluding pension contributions) in the following ranges: | | | | --- | --- | | | | | | 2025 | | | Number | | Less than $80,000 (₦121,367,200) | 250 | | $80,001(₦121,367,201) – $200,000 (₦303,418,000) | 239 | | $200,001(₦303,418,001) – $300,000 (₦455,127,000) | 40 | | Above $300,001 (₦455,127,001) | 32 | | | 561 | | | | | --- | --- | | | | | | 2024 | | | Number | | Less than $80,000 (₦52,531,057) | 347 | | $80,001(₦52,531,058) – $200,000 (₦131,326,000) | 141 | | $200,001 (₦131,326,001) – $300,000 (₦196,989,000) | 15 | | Above $300,000 (₦196,989,000) | 6 | | | 509 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 306 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the separate financial statements continued 26.3    Number of persons employed during the year The average number of persons (excluding Directors) in employment during the year was as follows: | | | | | --- | --- | --- | | | | | | | 2025 | 2024 | | | Number | Number | | Senior management | 27 | 32 | | Managers | 172 | 131 | | Senior staff | 268 | 302 | | Junior staff | 94 | 44 | | | 561 | 509 | #### 27.      Commitments and contingencies 27.1    Contingent liabilities The Company is involved in a number of legal suits as defendant. The estimated value of the contingent liabilities for the year ended 31 December 2025 is ₦125.80 million, $87.65 million (2024: ₦724 million, $0.471 million). The contingent liability for the year is determined based on possible occurrences, though unlikely to occur. No provision has been made for this potential liability in these financial statements. Management and the Company’s solicitors are of the opinion that the Company will suffer no loss from these claims.. #### 28.      Events after the reporting period The Company has no subsequent events that happened after the reporting date that will impact the financial statements. #### 29.      Exchange rates used in translating the accounts to Naira The table below shows the exchange rates used in translating the accounts into Naira | | | | | | --- | --- | --- | --- | | | | | | | | Basis | 31 Dec 2025 | 31 Dec 2024 | | | | | | Property, plant & equipment – opening balances | Historical rate | 899.39 | 899.39 | | Property, plant & equipment  – additions | Average rate | 1,517.09 | 1,479.68 | | Property, plant & equipment – closing balances | Closing rate | 1,435.26 | 1535.32 | | Current assets | Closing rate | 1,435.26 | 1535.32 | | Current liabilities | Closing rate | 1,435.26 | 1535.32 | | Equity | Historical rate | Historical | Historical | | Income and expenses | Overall average rate | 1,517.09 | 1,479.68 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 307 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Statement of value added For the year ended 31 December 2025 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | 31 Dec 2025 | | 31 Dec 2024 | | 31 Dec 2025 | | 31 Dec 2024 | | | | ₦ million | % | ₦ million | % | $'000 | % | $'000 | % | | Other income/ (loss) – net | 97,577 | | 100,593 | | 64,259 | | 67,983 | | | Finance income | 5,172 | | 12,190 | | 3,406 | | 8,238 | | | Cost of goods and other services: | | | | | | | | | | Local | (31,017) | | (48,329) | | (20,426) | | (32,660) | | | Foreign | (20,678) | | (32,219) | | (13,617) | | (21,774) | | | Value added | 51,053 | 100% | 32,235 | 100% | 33,622 | 100% | 21,787 | 100% | Applied as follows: | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | 31 Dec 2025 | | 31 Dec 2024 | | 31 Dec 2025 | | 31 Dec 2024 | | | | ₦ million | % | ₦ million | % | $'000 | % | $'000 | % | | To employees: as salaries and labour related expenses | 9,844 | 12% | 5,473 | 12% | 6,483 | 12% | 3,699 | 12% | | To Government: as Company taxes | – | 15% | – | 15% | – | 15% | – | 15% | | Retained for the Company’s future: -for asset replacement –depreciation, depletion & amortisation | 350 | 29% | 646 | 29% | 231 | 29% | 436 | 29% | | Profit/(loss) for the year | 40,859 | 23% | 26,116 | 23% | 26,908 | 23% | 17,652 | 23% | | Value eroded | 51,053 | 100% | 32,235 | 100% | 33,622 | 100% | 21,787 | 100% | The value eroded represents the wealth utilised through the use of the Company’s assets by its own and its employees’ efforts. This statement shows the distribution of loss to employees, providers of finance, shareholders, government and that retained for the creation of future wealth. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 308 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notes to the separate financial statements continued #### Five-year financial summary For the year ended 31 December 2025 | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | 2025 | 2024 | 2023 | 2022 | 2021 | | | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Revenue from contracts with customers | – | – | – | – | – | | Profit/(loss) before taxation | 40,859 | 26,116 | (42,814) | (19,107) | (6,743) | | Income tax expense | – | | – | – | – | | Profit/(loss) for the period | 40,859 | 26,116 | (42,814) | (19,107) | (6,743) | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | 2025 | 2024 | 2023 | 2022 | 2021 | | | ₦ million | ₦ million | ₦ million | ₦ million | ₦ million | | Capital employed | | | | | | | Issued share capital | 300 | 297 | 297 | 297 | 296 | | Share premium | 150,862 | 87,375 | 90,138 | 91,317 | 90,383 | | Share-based payment reserve | 25,169 | 15,729 | 12,425 | 6,108 | 4,914 | | Treasury shares | (100,366) | (3,570) | (1,612) | (2,025) | (2,025) | | Capital contribution | 5,932 | 5,932 | 5,932 | 5,932 | 5,932 | | Retained earnings | (212,662) | (40,630) | 68,439 | 176,136 | 220,215 | | Foreign currency translation reserve | 1,943,020 | 2,071,525 | 1,143,200 | 447,429 | 388,690 | | Total equity | 1,812,255 | 2,136,658 | 1,318,819 | 725,194 | 708,405 | | Represented by: | | | | | | | Non-current assets | 3,203,866 | 3,359,946 | 1,951,710 | 965,584 | 885,581 | | Current assets | 5,762,001 | 4,555,261 | 1,692,672 | 791,671 | 598,851 | | Non-current liabilities | – | – | – | – | – | | Current liabilities | (7,153,612) | (5,778,549) | (2,325,563) | (1,032,061) | (776,027) | | Net assets | 1,812,255 | 2,136,658 | 1,318,819 | 725,194 | 708,405 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | 2025 | 2024 | 2023 | 2022 | 2021 | | | $'000 | $'000 | $'000 | $'000 | $'000 | | Revenue from contracts with customers | – | – | – | – | – | | Profit/(loss) before taxation | 26,908 | 17,652 | (65,199) | (45,002) | (16,151) | | Income tax expense | – | – | – | – | – | | Profit/(loss) for the period | 26,908 | 17,652 | (65,199) | (45,002) | (16,151) | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | 2025 | 2024 | 2023 | 2022 | 2021 | | | $'000 | $'000 | $'000 | $'000 | $'000 | | Capital employed | | | | | | | Issued share capital | 1,868 | 1,864 | 1,864 | 1,864 | 1,862 | | Share premium | 560,371 | 518,564 | 520,431 | 522,227 | 520,138 | | Share-based payment reserve | 42,961 | 36,747 | 34,515 | 24,893 | 22,190 | | Treasury shares | (69,350) | (5,609) | (4,286) | (4,915) | (4,915) | | Capital contribution | 40,000 | 40,000 | 40,000 | 40,000 | 40,000 | | Retained earnings | 686,820 | 800,111 | 873,820 | 1,037,830 | 1,141,677 | | Total equity | 1,262,670 | 1,391,677 | 1,466,344 | 1,621,899 | 1,720,952 | | Represented by: | | | | | | | Non-current assets | 2,232,254 | 2,188,432 | 2,170,029 | 2,159,515 | 2,151,068 | | Current assets | 4,014,602 | 2,966,978 | 1,882,014 | 1,770,568 | 1,453,769 | | Current liabilities | (4,984,186) | (3,763,733) | (2,585,699) | (2,308,184) | (1,883,885) | | Net assets | 1,262,670 | 1,391,677 | 1,466,344 | 1,621,899 | 1,720,952 | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 309 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | ### Additional ### Information | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 310 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Impact on the Accounting Policy #### Disclosures on the Adoption of ISSB #### Standards. 1. Materiality and Definition of Boundaries #### for the Report a. Materiality In the context of sustainability-related financial disclosures, information is material if omitting, misstating, or obscuring that information could reasonably be expected to influence decisions that primary users of general-purpose financial reports make on the basis of those reports, which include financial statements and sustainability-related financial disclosures and which provide information about entities within the Group. To identify material information about a sustainability-related risk or opportunity, the Group applies, as the starting point, the requirements of the IFRS Sustainability Disclosure Standard that specifically applies to that sustainability-related risk or opportunity. In the absence of an IFRS Sustainability Disclosure Standard that specifically applies to a sustainability-related risk or opportunity, the Group applies the requirements of sources of guidance specified in paragraphs 57–58 of IFRS S1. Those sources specify information, including metrics, that may be relevant to a particular sustainability-related risk or opportunity, to a particular industry or in specified circumstances. b. Definition of Boundaries for the Report Our sustainability performance indicators are aligned with our objectives and reflect the potential impacts of our activities. Specifically: • Health, safety, climate, and ecological impact metrics cover Seplat Energy subsidiaries, companies in joint arrangements, and associated companies, as detailed in note 3.5. • The waste management, EORF roadmap, net zero target and other targets cover Seplat Energy’s operated assets. • Social investment, people, diversity and inclusion, as well as ethics and anti-corruption data, relate to Seplat Energy and its subsidiaries. • We use the equity approach to calculate GHG emissions, acid gases and water. Performance disclosures are based on these parameters. For all other data, the perimeter aligns with relevant legislation and comprises companies consolidated line by line to prepare Seplat Energy’s consolidated financial statements. In the current period, SEPNU has been included in our reporting boundary. 2. Going Concern In assessing the going concern basis for the preparation of the consolidated financial statements of the Group, the Directors consider the impact of climate change on the business model of the Group. This includes considerations for regulatory and global development around climate change and sustainability as they drive physical and transition risks amidst the energy transition plans of Seplat Energy. 3. General Disclosures Climate-related considerations have been included in the accounting policies for the following general disclosures. a) Forward-looking information b) Assumptions and estimates c) Provisions 4. Non-current assets Useful life and residual value: Climate-related matters may affect the value of an item of property, plant and equipment, its economic life and its residual value. Consequently, future developments such as the impact of climate change on technological, market, economic or legal environments are considered when assessing the residual values and useful economic lives of non-current assets especially those that are prone to exposures to physical and transition risks. Similarly, climate considerations are made in decommissioning provisions of the Group. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 311 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | 5. Asset Retirement Obligation In the measurement of asset retirement obligations (AROs), management incorporates sustainability-related considerations including costs, such as those associated with decommissioning and restoring sites to meet environmental standards. 6. Impairments of assets and goodwill The Group considers its exposure to certain climate-related physical and transition risks and opportunities which could affect its estimate of future cashflow projections applied for the determination of recoverable amount of its CGUs and impairment of assets. 7. Financial Instruments In determining the values of financial assets, the Directors consider whether financial assets are positively or negatively affected by current and/or anticipated changes in the climate such as rising water levels, changing weather patterns, etc. 8. Risk Management The Group is exposed to ESG and other emerging sustainability risks. The following items are examples of how these risks may impact the Group: a) Increases in the frequency and severity of climatic events could impact customers’ ability to pay the amounts owed to the Group. b) Action taken by governments, regulators such as the National Council on Climate Change (NCCC) and society more generally, to transition to a low-carbon economy, could impact the ability of our major customers and other customers to generate long-term returns in a sustainable way or lead to certain assets being stranded in the future. c) Failure to comply with environmental and social legislation (emerging and current) may impact the ability of our major and other debtors to generate sustainable returns to make good, their indebtedness to the Group. 9. Events after reporting date In consideration for disclosures under Events after the Reporting Date, the Directors consider if there have been ESG or sustainability specific regulatory or market developments that occur after the reporting date that represent adjusting events or non-adjusting events and reflect this consideration accordingly in line with IAS 10 – Events after the Reporting Date. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 312 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Report on payments to governments for the Year 2025 #### Introduction The following information is included to comply with the Disclosure and Transparency Rules of the Financial Conduct Authority in the United Kingdom, and it is prepared in accordance with UK regulation on Disclosure Guidance and Transparency Rules 4.3A. #### Basis for preparation - Report on payments to governments for the year 2025 Reporting entities This report includes payments to governments made by Seplat Energy plc and its subsidiaries (Seplat). All payments to governments arise from operations within Nigeria. Activities Payments made by Seplat to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals, gas processing, oil and natural gas deposits or other materials (extractive activities) are disclosed in this report. It excludes payments related to refining, natural gas liquefaction or gas-to-liquids activities. When payments cover both extractive and processing activities and cannot be split, the payments have been disclosed in full. Government Government includes any national, regional or local authority of a country to which Seplat has made payment related to these regulations, and includes any department, agency or entity that is controlled by such authority. Project Payments are reported at project level except for payments that are not attributable to a specific project, these are reported at entity level. A project is defined as operational activities that are governed by a single contract, licence, lease, concession or similar legal agreement, and form the basis for payment to government. However, if multiple agreements are substantially interconnected, this shall be considered as a project. Indicators of integration include, but are not limited to, geographic proximity, the use of shared infrastructure and common operational management. Payments The information is reported under the following payment types. Production entitlements These represent the government’s share of production in the reporting period arising from projects operated by Seplat. It comprises of crude oil and gas attributable to the Nigerian government by virtue of its participation as an equity holder in projects within its sovereign jurisdiction (Nigeria). Production entitlements to the government are lifted independently by the relevant government agency. Royalties These are payments for the rights to extract oil and gas resources, typically at a set percentage of revenue less any deductions that may be taken. Licence fees, rental fees, entry fees and other considerations for licenses and/or concessions These are fees and other sums paid as consideration for acquiring a licence for gaining access to an area where extractive activities are performed. Administrative government fees that are not specifically related to the extractive sector, or to obtain access to extractive resources, are excluded. Also excluded are payments made in return for services provided by a government. #### Corporate and income taxes Corporate taxes are charges based on taxable profit which are payable to the government. Examples of corporate taxes in Nigeria include Corporate Income Tax (CIT), Petroleum Profit Tax (PPT), and Education Tax. Other transaction taxes such as Withholding Taxes (WHT) and Value-Added Taxes (VAT) etc. are not included in this report. Corporate Income Tax (CIT) is a tax imposed on profit of a company from all sources. Gas operations are liable to CIT. Petroleum profit tax (PPT) is a tax applicable to upstream operations in the oil industry in lieu of CIT Oil operations such as oil mining, prospecting and exploration leases are liable to PPT. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 313 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Education Tax is tax applicable to both oil and gas operations based on assessable profit. Assessable profit is the profit derived after deducting all the allowable expenses. Personal income taxes such as Pay-As-You-Earn tax (PAYE). Other types of payments that are required to be disclosed in accordance with the regulations are the following: • Dividends • Signature, discovery and production bonuses • Infrastructure improvements However, for the year ended 31 December 2025, there were no such reportable payments made by Seplat to government that were above the materiality threshold as determined below. #### Materiality For each payment type, total payments below £85,774 ($112,956) whether made as a single payment or as a series of related payments, to a government agency are excluded from this Report. #### Reporting currency Payments in this report have been disclosed in US Dollars.  Where actual payments have been recorded in a currency other than US Dollars, they have been translated using the annual average exchange rate. #### Report on payment to government Government and expense report (in USD) | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | Production entitlement | Royalties | Fees | Taxes | Total | | Governments | | | | | | | Nigerian National Petroleum Corporation Upstream Investment Management Services | 2,663,454,346 | — | — | — | 2,663,454,346 | | Nigerian National Petroleum Corporation Exploration and Production Limited | 1,212,488,905 | — | — | — | 1,212,488,905 | | Nigerian Upstream Petroleum Regulatory Commission | — | 499,608,053 | 68,220,036 | — | 567,828,089 | | Nigeria Export Supervision Scheme | — | — | 2,971,192 | — | 2,971,192 | | Niger Delta Development Commission | — | — | 75,234,647 | — | 75,234,647 | | Nigerian Content Development and Monitoring Board | — | — | 9,709,948 | — | 9,709,948 | | National Agency for Science and Engineering Infrastructure | — | — | — | 691,253 | 691,253 | | Nigeria Revenue Service | — | — | — | 437,228,068 | 437,228,068 | | State Internal Revenue Service | — | — | — | 52,221,124 | 52,221,124 | | UK tax authority- His Majesty's Revenue & Customs (HMRC)1 | — | — | — | 11,121,876 | 11,121,876 | | Total | 3,875,943,251 | 499,608,053 | 156,135,823 | 501,262,321 | 5,032,949,448 | Project and Expense Report (in USD) | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | | Production entitlement | Royalties | Fees | Taxes | Total | | Projects | | | | | | | OML 4, 38 and 41 | 627,891,318 | 117,924,058 | 38,115,082 | 47,086,049 | 831,016,507 | | OML 40 | 584,597,586 | 55,513,172 | 10,959,369 | 15,003,089 | 666,073,216 | | OML 53 | 113,864,900 | — | 8,957,963 | 10,034,831 | 132,857,694 | | OML 56 | — | 3,898,657 | 73 | 10,022,928 | 13,921,658 | | OML 67, 68, 70 and 104 | 2,549,589,447 | 322,272,166 | 97,729,031 | 392,850,442 | 3,362,441,086 | | Seplat Energy Plc | — | — | 374,305 | 15,143,106 | 15,517,411 | | Seplat UK 1 | — | — | — | 6,917,999 | 6,917,999 | | Eland UK 1 | — | — | — | 4,203,877 | 4,203,877 | | Total | 3,875,943,251 | 499,608,053 | 156,135,823 | 501,262,321 | 5,032,949,448 | 1. All remittances to government are made to the Nigerian Government except for tax remittances from Seplat UK and Eland UK remitted to the United Kingdom (UK) government. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 314 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Report on payments to governments continued Government payment report | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | S/N | Government entity | Payment/ revenue type | Note ref. | Company record (validated) USD | Company record (validated) NGN | Company Record (Validated) GBP | Company Record (Validated) EURO | | 1 | N/A | Crude Lifting & Fiscal Value | N9 | 2,487,819,000 | — | — | — | | 2 | N/A | Gas Sales & Fiscal Value | N9 | 184,178,000 | — | — | — | | 3 | NUPRC | Royalty (Oil) | | 499,370,174 | — | — | — | | 4 | NUPRC | Royalty (Gas) | | — | 360,883,402 | — | — | | 5 | NUPRC | Signature Bonus | | N/A | N/A | N/A | — | | 6 | NUPRC | Gas Flare Penalty | | 66,257,122 | — | — | — | | 7 | NUPRC | Concession Rental | | 1,868,598 | — | — | — | | 8 | NUPRC | Environmental Remediation Fund Contribution | | 94,316 | — | — | — | | 9 | N/A | Crude Handling / Transportation Fees | | 65,629,701 | 18,390,271,755 | — | — | | 10 | Tax Authority | Petroleum Profit Tax | | 364,947,251 | — | — | — | | 11 | Tax Authority | Company Income Tax | | 28,983,373 | — | — | — | | 12 | Tax Authority | Education Tax | | 29,660,037 | — | — | — | | 13 | Tax Authority | Capital Gain Tax | | N/A | N/A | — | N/A | | 14 | NDDC | Niger Delta Development Levy (3%) | | 50,034,793 | 38,239,738,704 | — | — | | 15 | NCDMB | Nigerian Content Development & Monitoring Board (1%) | | 8,173,406 | 2,186,315,171 | 27,709 | 52,256 | | 16 | Tax Authority | Value Added Tax | | 67,221,373 | 20,325,092,032 | 36,867 | 252,880 | | 17 | Federal Ministry of Finance | Nigerian Export Supervision Scheme (NESS) Fees | | 776,306 | 3,329,841,396 | — | — | | 18 | Tax Authority | Withholding Tax - Federal Inland revenue Service (FIRS) | | 40,668,841 | 6,561,035,412 | 40,410 | 84,944 | | 19 | Tax Authority | Withholding Tax - State | | 1,228,812 | 298,994,462 | — | — | | 21 | Tax Authority | Pay-As-You-Earn (PAYE) - State | | 18,363,916 | 44,560,076,781 | — | — | | 22 | Ministry of Environment | Environmental Impact Assessment Payment | | — | 12,985 | — | — | | 23 | Ministry of Environment | Environmental Monitoring & Evaluation Payment | | N/A | N/A | N/A | N/A | | 24 | Ministry of Environment | Environmental Disaster Management Payment | | N/A | N/A | N/A | N/A | | 25 | N/A | Social Expenditure | | 324,128,823 | 12,025,300,320 | — | — | | 26 | N/A | Infrastructure Project Expenditures | | 260,955,000 | 396,135,000,000 | — | — | | 27 | N/A | Investment Expenditures | | 5,830,000 | 8,845,000,000 | — | — | | 28 | N/A | Cash Call | N26 | 1,499,012,000 | 2,274,137,000,000 | — | — | | 29 | NNPC | Gas Income Shared With NNPC | | 285,641,523 | — | — | — | | 30 | NNPC | Equity Oil | | 3,590,301,728 | — | — | — | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 315 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Notice of 13th Annual General #### Meeting of Seplat Energy Plc. NOTICE IS HEREBY GIVEN that the 13th Annual General Meeting of Seplat Energy Plc (the “Company”) will be held virtually on Wednesday, 20 May 2026 at 11.00am to transact the following business: ORDINARY BUSINESS: 1. To receive the Audited Financial Statements of the Company for the year ended 31 December 2025, together with the Reports of the Directors, Auditors and the Statutory Audit Committee thereon. 2. To declare a final dividend recommended by the Board of Directors of the Company in respect of the financial year ended 31 December 2025. 3. To re-appoint PriceWaterhouseCoopers (“PWC”) as Auditors of the Company from the conclusion of this meeting until the conclusion of the next general meeting of the Company at which the Company’s Annual Accounts are laid. 4. To authorise the Board of Directors of the Company to determine the Auditors’ remuneration. 5. To elect/re-elect the following Directors1: • To approve the appointment of the following Directors: • Mr Larry Ettah as an Independent Non-Executive Director of the Company; and • Mr Tony Elumelu as a Non-Executive Director of the Company. • To re-elect the following Directors who are eligible for retirement by rotation: • Mr Udoma Udo Udoma (Independent Non-Executive Director); • Mr Christopher J.N. Okeke (Independent Non-Executive Director). 6. To disclose the remuneration of managers of the Company 2. 7. To elect the shareholder representatives of the Statutory Audit Committee. SPECIAL BUSINESS: To consider and, if thought fit, to transact the following Special Business, which will be proposed and passed as an Ordinary Resolution: 8. To approve the Remuneration Section of the Directors’ Remuneration Report set out in the Annual Report and Accounts for the year ended 31 December 2025 (including the forward-looking Remuneration Policy)3. That, the Board be and is hereby authorised to take all necessary steps to give effect to the above resolutions. Copies of the Annual Report and Accounts for Seplat Energy Plc for the financial year ended 31 December 2025 will be mailed to the shareholders and will be available on the Company’s website: www.seplatenergy.com. Printed versions can also be obtained by contacting DataMax Registrars in Nigeria at 2C Gbagada Expressway, by Beko Ransome Kuti Park, Gbagada, Lagos/+ 234 1 7120012; or Computershare in the UK on +44 (0) 370 703 6101. BY ORDER OF THE BOARD Mrs EDITH ONWUCHEKWA FRC/2013/NBA/00000003660 Company Secretary Dated February 25, 2026 1. The profiles of the Directors are set out on pages 58 to 62. 2. The remuneration of the managers of the Company is set out on page 94 3. The Remuneration section of the Directors’ Remuneration Report (including the Directors’ Remuneration Policy) are set out on pages 81 to 101 | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 316 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Notice of Annual General Meeting continued Notes: 1. PROXY: A member of the Company entitled to attend and vote at the above meeting is entitled to appoint a proxy to attend and vote in his/her/its place. A proxy need not be a member of the Company. For the appointment to be valid for the purposes of the meeting, the Company has made arrangements at its cost for the stamping of the duly completed proxy forms, which must be deposited at the office of the Registrar, DataMax Registrars Limited, 2C Gbagada Express Way, by Beko Ransom Kuti Park, Gbagada, Lagos or at the head office of the Company, marked for the attention of the “Company Secretary” or by email to proxy@seplatenergy.com, not less than 48 hours before the time fixed for the meeting. For convenience purposes, a blank proxy form is attached to the 2025 Annual Report and Accounts, both of which are available at the Company’s website: www.seplatenergy.com and at the Company’s head office: Seplat House, No. 1 Lekki Expressway, Victoria Island, Lagos, Nigeria. 2. VIRTUAL MEETING LINK Further to the signing into law of the Business Facilitation (Miscellaneous Provisions) Act 2022, which allows public companies to hold meetings electronically, this AGM will be held virtually. The virtual meeting link for the AGM is https://www.seplatenergy.com/agm-2026/ The virtual meeting link will also be available on the Company’s website at www.seplatenergy.com 3. CLOSURE OF REGISTER: The Register of Members and Transfer Books of the Company (Nigeria & UK) will be closed on May 18, 2026, in accordance with the provisions of section 114 of the Companies and Allied Matters Act, 2020, to enable the Registrars to prepare for the Annual General Meeting. 4. PAYMENT OF DIVIDENDS: If the dividend recommended by the Directors is approved by members at the Annual General Meeting, the dividend will be paid on or around May 29, 2026, to shareholders whose names appear in the Company’s Register of Members at the close of business on May 15, 2026. 5. E-DIVIDEND MANDATE: Shareholders are kindly requested to advise DataMax Registrars Limited of their updated records and relevant bank accounts, by completing the e-mandate form. The e-mandate form can be downloaded either from DataMax Registrars Limited’s website at http:// www.datamaxregistrars.com or from Seplat Energy’s website at https://www.seplatenergy.com/investors/dividend-information/. The duly completed form(s) should be returned to DataMax Registrars Limited, at No. 2c Gbagada Expressway, by Beko Ransom Kuti Park, Gbagada Phase 1, Lagos. 6. UNCLAIMED DIVIDEND: Shareholders are hereby informed that a number of dividends still remain unclaimed. The list of all unclaimed dividends will be circulated with the Annual Report and Financial Statements. Any member affected by this notice is advised to write to or call the office of the Company's Registrar, DataMax Registrars Limited, at No. 2c Gbagada Expressway, by Beko Ransom Kuti Park, Gbagada Phase 1, Lagos or through any of these numbers: 07064000751, 07064000752, 07064000758, 0700DATAMAX. The list of unclaimed dividends can be accessed at the Registrars' office or via the Company's website: www.seplatenergy.com. 7. NOMINATION FOR THE STATUTORY AUDIT COMMITTEE: In accordance with section 404(3) of the Companies and Allied Matters Act 2020, the Statutory Audit Committee shall consist of five (5) members comprising two (2) Non-Executive Directors and three (3) representatives of the shareholders of the Company. Any shareholder may nominate a shareholder as a member of the Statutory Audit Committee. In accordance with 404(6) of the Companies and Allied Matters Act 2020, such nomination should be in writing and should reach the Company Secretary at least twenty-one (21) days before the Annual General Meeting and any nomination not received prior to the meeting as stipulated is invalid. The Companies and Allied Matters Act 2020 and the Nigerian Code of Corporate Governance 2018 stipulate that, members of the Audit Committee should be financially literate and at least one member must be a member of a professional accounting body in Nigeria established by the Act of the National Assembly and be knowledgeable in internal control processes. Thus, a detailed Curriculum Vitae confirming the nominee’s qualification should be submitted with each nomination to the Statutory Audit Committee. 8. NOTICE OF DIRECTORS AGED 70 YEARS OR MORE: In accordance with Section 278 of CAMA, notice is hereby given that Ms Koosum Kalyan attained the age of 70 years in March 2025, Mr Udoma Udo Udoma attained the age of 70 years in February 2024, Mr Christopher Okeke attained the age of 70 years in January 2022, and Mr Ernest Ebi attained the age of 70 years in June 2020. 9. ELECTRONIC ANNUAL REPORT: In order to improve efficiency and delivery of the Annual Report, shareholders who have registered their email addresses with the Registrars shall receive the Annual Report of Seplat Energy Plc in electronic format. Shareholders who have not provided their email addresses to the Registrars are advised to do so. In addition, Annual Reports are available online for viewing and download from the Company’s website at www.seplatenergy.com. 10. RIGHT OF MEMBERS TO ASK QUESTIONS: In line with Rule 19.12(c) of the Listing Rules of the Nigerian Exchange Limited, shareholders have a right to ask questions not only at the Annual General Meeting, but also in writing prior to the Meeting. Questions submitted prior to the Meeting should be addressed to the Company Secretary and must reach the head office of the Company no later than seven (7) days before the date of the Meeting (being May 20, 2026) or by email at AGMQuestions@seplatenergy.com. 11. LIVE STREAMING OF THE AGM: The Meeting will be streamed live online to enable stakeholders to follow the proceedings. The link for the live streaming of the Meeting will be made available on the Company’s website at www.seplatenergy.com and will be streamed live on the YouTube social media channel. | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 317 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Seplat Energy PLC #### Unclaimed Dividend List | | | | --- | --- | | | | | S/N | NAMES | | 1 | 2RU - PROPERTY LIMITED | | 2 | 30TH JUNE CONCEPT LTD | | 3 | AASA KOLA | | 4 | AAYINDE RAHMON ISIAKA | | 5 | ABAJUE OBINNIA UGOCHUKWU | | 6 | ABALUNAM GABRIEL CHIBUZOR | | 7 | ABANEME CHINYERE KEYNA | | 8 | ABASS JIMOH & COMPANY | | 9 | ABAYOMI OYEWUMI | | 10 | ABAYOMI TOYIN BILIKISU | | 11 | ABAYOMI-OGUNWO OLUKONYINSOLA TEMILOLUWA | | 12 | ABBA KYARI BULAMA | | 13 | ABBAS ABUBAKAR UMAR | | 14 | ABBEY-KALIO JAMINAFA | | 15 | ABDUL ADENIYI OMOTAYO | | 16 | ABDUL MUFUTAU ADENIYI | | 17 | ABDUL OLUWASOLA HAMMED | | 18 | ABDULAHI LUKMAN ADIO | | 19 | ABDULAZEEZ AYOMIDE ABDUSSALAAM | | 20 | ABDULAZIZ HAUWAKULU JOY | | 21 | ABDULBASIT KASSIM | | 22 | ABDULHAMID TILDE IBRAHIM | | 23 | ABDULKAREEM ABDULGANIU OPE | | 24 | ABDULKAREEM RUKAYAT ADUNNI | | 25 | ABDULKARIM BINTA | | 26 | ABDULLAHI OLAYINKA SHITTU | | 27 | ABDULLAHI TAMBARI KABIRU A.T. | | 28 | ABDULMAJEED ABDULLAHI | | 29 | ABDULQUDUS JAMIU IBRAHEEM | | 30 | ABDULRASHEED HAMZA | | 31 | ABDULSALAM MOHAMMED OLATUNJI | | 32 | ABDULWASIU MARIAM | | 33 | ABDUMALIK NB YUNUSA | | 34 | ABDUS-SHAKUR UMORU | | 35 | ABE OLUWASEYI | | 36 | ABEGIBUKUN OYEBAMIJI | | 37 | ABEL JOHN | | 38 | ABIDOYE TAOFIK OWOLABI | | 39 | ABIEYUWA OMOYEMWENSE | | 40 | ABILAWON VICTORIA IYANUOLUWA | | 41 | ABIMBOLA ATINUKE DEBORAH | | 42 | ABIMBOLA OLUFEMI FOLAJIMI | | 43 | ABIMBOLA OMOTOLA | | 44 | ABIMBOLA RISIKAT AYANWALE | | 45 | ABIMBOLA TEMITAYO ABODERIN | | 46 | ABIODUN NULL OMOLARE | | 47 | ABIODUN OLAFEMI JOSEPH | | 48 | ABIODUN PAUL OYEBOLA | | 49 | ABIODUN SYLVESTER OLUSANMI | | 50 | ABIOLA FABUNMI | | 51 | ABIOLA OLORUNTOBI ILUYEMI | | 52 | ABIOLA OLUWADARA OSIBANJO | | 53 | ABIOLA VICTORIA ABOSEDE | | | | | --- | --- | | | | | S/N | NAMES | | 54 | ABIONA TAIWO ALLI | | 55 | ABIOYE ISAAC OLUFEMI | | 56 | ABIOYE OJO | | 57 | ABIOYE VICTORIA FEYISIKEMI | | 58 | ABIRU HABEEB ADEWALE (HON. JUSTICE) | | 59 | ABIRU WAHAB ORIYOMI | | 60 | ABOCHI MICHAEL SAMUEL | | 61 | ABODERIN OLAJUMOKE | | 62 | ABOD-REUBENS NIG LTD | | 63 | ABODUNRIN KUNLE ABAYOMI | | 64 | ABOMAH SAMUEL | | 65 | ABOSEDE MONISOLA FAPOHUNDA | | 66 | ABRAHAM KEHINDE P | | 67 | ABRAHAM MICHAEL & ABIOLA ABRAHAM | | 68 | ABRAHAM SUSAN SIMISOLUWA | | 69 | ABRAHAM-MEZIE SABINA UGOCHI | | 70 | ABU MATTHEW AUDU | | 71 | ABU SUNDAY OKO | | 72 | ABUBAKAR HARUNA | | 73 | ABUBAKAR IBRAHIM ALI | | 74 | ABUBAKAR MUHAMMAD BASHIR | | 75 | ABUBAKAR SADIQ BARAU | | 76 | ABUBAKAR SHEHU | | 77 | ABUBAKAR SHOLADOYE BELLO | | 78 | ABUBAKAR YAHAYA SHEHU | | 79 | ABUJA INVESTMENTS COMPANY LIMITED | | 80 | ABULOKWE JOSEPH OGWU (JP) CHIEF | | 81 | ABURE EBHONAKHOYE AREBANMHEN | | 82 | ABURE ERHOMOSELE | | 83 | ABURE PATRICIA | | 84 | ABWA TERUMBUR | | 85 | ACHIMUGU RITA MAWEDO | | 86 | ADACHA SUNDAY | | 87 | ADAM ABDULLAHI NUHU | | 88 | ADAM FAISAL CHUKWUDERA | | 89 | ADAM MUSTAFA ALKALI | | 90 | ADAMS EDWARD ANDREW | | 91 | ADAMS MUDIAGA AWANFI | | 92 | ADAMU ABDUL | | 93 | ADAMU ISMAIL | | 94 | ADAMU MUHAMMAD LADAN | | 95 | ADAOBI UCHECHUKWU UMEH | | 96 | ADARAMOLA EVANS BABATUNDE | | 97 | ADARAMOLA OLUGBENGA | | 98 | ADARE OLUSEGUN OLADELE | | 99 | ADARE THOMAS OLASEHINDE | | 100 | ADDAX STAFF COOPERATIVE | | 101 | ADEAKIN FOLAYEMI DIDANLOLA | | 102 | ADEBAJO GBADEBO | | 103 | ADEBAMIRO OLUWATOYIN OLUBUNMI | | 104 | ADEBAMOWO ADETOMI GIANNA | | 105 | ADEBANJO ADENIKE ADERONKE | | | | | --- | --- | | | | | S/N | NAMES | | 106 | ADEBANJO MUSIBAU OLALEKAN | | 107 | ADEBAYO ADEDAYO OLUWASEUN | | 108 | ADEBAYO ALIMAT OMOBOLANLE | | 109 | ADEBAYO BABATUNDE SAMUEL | | 110 | ADEBAYO FOLASADE ADENIKE | | 111 | ADEBAYO IMAM YAYA | | 112 | ADEBAYO KUSUMI AFENEMHE | | 113 | ADEBAYO MICHEAL ADELEKE | | 114 | ADEBAYO MONSURAT FOLASADE | | 115 | ADEBAYO OLALEKAN OLASUNKANMI | | 116 | ADEBAYO OLUWATOSIN OYINDAMOLA | | 117 | ADEBAYO PHILIP BABATUNDE | | 118 | ADEBAYO RAMONI AKANO | | 119 | ADEBAYO WASIU ABIODUN | | 120 | ADEBESIN ISMAIL TOSIN | | 121 | ADEBESO AKEEM ABIODUN | | 122 | ADEBISI ADENIYI ARAUNSI | | 123 | ADEBISI JOHNSON AWONUGBA | | 124 | ADEBISI TITILAYO ESTHER | | 125 | ADEBIYI ADEOLA KATE | | 126 | ADEBIYI BABAJIDE ADESOLA | | 127 | ADEBIYI OLUDARE EMMANUEL | | 128 | ADEBO VICTOR ESECHE | | 129 | ADEBOBOYE OLUWATOYIN ABIGAIL | | 130 | ADEBOLA ADEYEMO | | 131 | ADEBOLA FATAI ADENEKAN | | 132 | ADEBOLA OLUWAFERANMI AMUSAN | | 133 | ADEBOLU ISMAIL OLUFEMI | | 134 | ADEBOLU OLUDAPO DADA | | 135 | ADEBOMI ADEOLA JOLAADE | | 136 | ADEBOWALE AYISAT ADEDOLAPO | | 137 | ADEBOWALE ISLAMIAH IDOWU | | 138 | ADEBOWALE LAWRENCE OLOWU | | 139 | ADEBOYE ABISOLA | | 140 | ADEBOYE BAMIDELE PHILLIP | | 141 | ADEBOYE BENSON-ATP | | 142 | ADEBOYE KAREN OLUWATOROMO | | 143 | ADEBOYE OLUWASANMI ADEBAYO | | 144 | ADEBUKOLA JEMILAT ADENEKAN | | 145 | ADEDAMOLA ADELUWOYE | | 146 | ADEDAPO BUKOLA SHAKIRAT | | 147 | ADEDAPO FOLASHADE AKINTOLA | | 148 | ADEDAYO ADETUNJI | | 149 | ADEDAYO ADEYANJU | | 150 | ADEDAYO PETER ALLINSON | | 151 | ADEDEJI ADERONKE | | 152 | ADEDEJI NOSIRU ADIGUN | | 153 | ADEDEJI OLALEKAN ISMAIL | | 154 | ADEDEJI TOMI ADEBOLA | | 155 | ADEDIBU OLUFUNMILAYO OLUBUNMI | | 156 | ADEDIPE PATRICIA OMOWUNMI | | 157 | ADEDIRAN OKIKIADE ISAAC | | 158 | ADEDOKUN ADEFEMI OLUDOTUN | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 318 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Unclaimed dividend list continued | | | | --- | --- | | | | | S/N | NAMES | | 159 | ADEDOLAPO ADEDOLAPO ADEFARASIN | | 160 | ADEDOYIN ADEKIITE OLUTOYIN | | 161 | ADEDOYIN ADENIKE FLORENCE | | 162 | ADEDOYIN BUSOLA ELIZABETH | | 163 | ADEDOYIN DAMILOLA ADEPOJU | | 164 | ADEDOYIN MATTHEW ADEREMI | | 165 | ADEDOYIN PAUL TIMILEHIN | | 166 | ADEDUNMOLA ADEWOLE DANIEL | | 167 | ADEDUNMOLA ANDREW ADEGBEMIRO | | 168 | ADEEKO RACHAEL OLULAYO | | 169 | ADEFARASIN EMMANUEL ADEMOLA | | 170 | ADEFARASIN HERBERT A. | | 171 | ADEFEHINTI DAVID IBITOYE | | 172 | ADEFEHINTI OLUWAFOLAKEMI | | 173 | ADEFILA EUNICE TOUN | | 174 | ADEFOWOROLA OLUTOPE TOKANLAWAL | | 175 | ADEFUNKE ABISOLA ADEDEJI | | 176 | ADEFUSI OLANIYI SUNDAY | | 177 | ADEFUYE ANTHONY OGUNGBEMI CHIEF | | 178 | ADEFUYE MICHAEL OLORUNTELE | | 179 | ADEGBAMIGBE ADEDEJI ADESEGUN | | 180 | ADEGBAMIGBE PAMILERIN M | | 181 | ADEGBAMIYE JOHNSON ADEKUNLE | | 182 | ADEGBAYIKE EMMANUEL OLUSEGUN | | 183 | ADEGBINDIN BABATUNDE ABDULGANI | | 184 | ADEGBITE - AYODELE SAMSON GBADEBO | | 185 | ADEGBITE ABIMBOLA OLUWATOYIN | | 186 | ADEGBITE CHRISTIANAH ADEBUKOLA | | 187 | ADEGBITE ISAAC ADEREMI | | 188 | ADEGBITE WAHEED BABATUNDE | | 189 | ADEGBOLA ADEBUKOLA AGNES | | 190 | ADEGBOLA OLUWATOSIN | | 191 | ADEGBOLA VICTORIA OMORINSOLA | | 192 | ADEGBOLAGUN ADEDAMOLA OLANIYI | | 193 | ADEGBORIOYE ADETOLA | | 194 | ADEGBOYEGA STELLA | | 195 | ADEGBULUGBE OLUFEMI ADELEYE | | 196 | ADEGOKE ABIODUN EZEKIEL | | 197 | ADEGOKE O.S. PROF. & DR (MRS) | | 198 | ADEGOKE OLUWAFEYISOLA S AND MOSUNMOLA | | 199 | ADEGOKE OLUWATOYIN OLAITAN | | 200 | ADEGOKE SYLVESTER & M.R.  (PROF.& DR.) | | 201 | ADEGOROYE MONISADE OLUKEMI | | 202 | ADEGOROYE OLUKEMI MONISADE | | 203 | ADEHOR DIANA EFEOGHENE | | 204 | ADEIFE ISAIAH ADEWOLE | | 205 | ADEJARE ABIDEEN ABIODUN | | 206 | ADEJEMILUA FEMI | | 207 | ADEJOH FRIDAY AMEH | | 208 | ADEJUMO TIMOTHY OLUBISI | | 209 | ADEJUMO TIMOTHY OLUBISI (DR) | | 210 | ADEJUWON ADEMOLA TIMOTHY | | 211 | ADEJUWON ADEWALE JOSEPH | | 212 | ADEKILE OLAMIDE ADEOLA | | 213 | ADEKOLA ABOSEDE ADERONKE | | 214 | ADEKOLA TITILOYE ESTHER | | 215 | ADEKOYA TAIWO JOSHUA | | 216 | ADEKUNLE EMMANUEL OYENEKAN | | | | | --- | --- | | | | | S/N | NAMES | | 217 | ADEKUNLE SAMUEL ADEGOKE | | 218 | ADEKUNLE SHOLA STEPHEN | | 219 | ADELAJA AYODELE | | 220 | ADELAJA TEMITAYO SUNKANMI | | 221 | ADELAKUN DAMILOLA EMMANUEL | | 222 | ADELAKUN JOSEPH ADEGBILE | | 223 | ADELAKUN LUKMON ADESOLA | | 224 | ADELAKUN MARY OMOTAYO | | 225 | ADELAKUN MOSHOOD OLAREWAJU | | 226 | ADELAKUN RILWAN ABIODUN | | 227 | ADELANWA KUBURAT AYOKA | | 228 | ADELE-ADEWOLE FOLAKE FASILAT | | 229 | ADELEKAN ADEMOLA | | 230 | ADELEKAN MORUF LANREWAJU | | 231 | ADELEKE IDRIS OLAWUNMI | | 232 | ADELEKE POPOOLA ADENIRAN | | 233 | ADELEKE VICTOR | | 234 | ADELEKE VICTOR AKINKUNMI | | 235 | ADELEYE ADEREMI | | 236 | ADELOKIKI OLABODE | | 237 | ADELOWO ABOSEDE ADEBUKONLA | | 238 | ADELUOLA OLOYEDE RILWAN | | 239 | ADEMIDE MICHAELLA ADEBAMOWO | | 240 | ADEMOLA A ADEPOJU | | 241 | ADEMOLA ENIOLA | | 242 | ADEMUYIWA HALIMA ADEJOKE | | 243 | ADENEKAN RILWAN ADEYEMI | | 244 | ADENIJI ADEGBOLA OYEDOTUN | | 245 | ADENIJI ADEOLU OLUFEMI | | 246 | ADENIKINJU HANNAH | | 247 | ADENIPEKUN TAIWO ADEMOLA | | 248 | ADENIRAN ADEKUNLE AMOS | | 249 | ADENIYI ABDUL MUFUTAU | | 250 | ADENIYI OLATUNDE OLADEJI | | 251 | ADENIYI OLAYINKA ESTHER | | 252 | ADENIYI STEPHEN ADERIBIGBE | | 253 | ADENIYI TITILOPE FATIMO | | 254 | ADENOLA BAMIDELE ABAYOMI | | 255 | ADENOLA LANRE SEGUN | | 256 | ADENOWO OLUMUYIWA ADEOYE | | 257 | ADENRELE AL-CUDUZ ADEFOWOPE ABIODUN | | 258 | ADENRELE PHARID ADEJUWON | | 259 | ADENRELE SHERIFAT ADEBOLA | | 260 | ADENRELE SULAIMON BABATUNDE | | 261 | ADENUGA ABDULHAMID ABIODUN | | 262 | ADENUGA OLUFEMI S. TRUST ACCOUNT | | 263 | ADENUGA OLUSOLA ESTHER | | 264 | ADE-OJO TAIWO | | 265 | ADEOLA FOLA | | 266 | ADEOLA MULIKAT OLUDAYO | | 267 | ADEOLA TAJUDEEN AFOLABI | | 268 | ADEOLA WAHAB OLAWUYIN | | 269 | ADEOSUN ADETUNJI ADEYINKA | | 270 | ADEOSUN ARAMIDE AFEEZ | | 271 | ADEOSUN OLAYINKA | | 272 | ADEOTI OLATUNDE OLUWAFEMI | | 273 | ADEOYE ADEBAYO MARK | | 274 | ADEOYE ADESAYO OYETUNDE | | 275 | ADEOYE COMFORT OYEYEMI | | | | | --- | --- | | | | | S/N | NAMES | | 276 | ADEOYE OLUBUNMI BABATUNDE | | 277 | ADEOYE OLUSEYE | | 278 | ADEOYE OLUWABUMI ADELEYE | | 279 | ADEOYE OLUWAROTIMI T | | 280 | ADEOYE OLUWASEGUN MOSES | | 281 | ADEOYE OLUWATOSIN | | 282 | ADEOYE OLUYEMI JAMES | | 283 | ADEOYE OLUYOMI OYEDOKUN | | 284 | ADEPOJU BAYO RAUFU | | 285 | ADEPOJU IBITOMI MOWANUOLA | | 286 | ADEPOJU JAMIU ALADE | | 287 | ADEPOJU MARGARET ADEKUNBI | | 288 | ADEPONLE MARY FUNMILAYO | | 289 | ADEREMI ADEOLA OLAWUNMI | | 290 | ADERIBIGBE ADELEKE | | 291 | ADERIBIGBE OSAMA PATRICIA | | 292 | ADERONBI SAHEED TUNDE | | 293 | ADESANOYE JOSE (ALLEGED DECEASED PHC/49L/2025) | | 294 | ADESANYA ADESINA & OLUWATOYIN A.MR&MRS | | 295 | ADESANYA OLUKAYODE PATRICK | | 296 | ADESERI TOLUWANI OLUFEMI | | 297 | ADESHINA AKEEM ADEWUMI | | 298 | ADESHINA MOHAMMAD AWWAL | | 299 | ADESIDA OLADIPO | | 300 | ADESINA ADEGBOLA MICHAEL | | 301 | ADESINA ADESANYA OLUWATOYIN | | 302 | ADESINA ADETUNJI DAVID | | 303 | ADESINA AKIN | | 304 | ADESINA ALABI BABATUNDE DR | | 305 | ADESINA AYOTUNDE EMMANUEL | | 306 | ADESINA MORENIKE ADETUTU | | 307 | ADESINA OLUWADARE BABATUNDE | | 308 | ADESIYAN ADEDAYO OLUDARE | | 309 | ADESIYAN TIMOTHY AYOBAMI A. | | 310 | ADESOGAN SAMUEL ADEDAYO | | 311 | ADESOLA IGHO HELEN | | 312 | ADESOLA ISAAC ADEROMBI | | 313 | ADESOLA SELIMOT NIYIOLA | | 314 | ADESUA DOZIE | | 315 | ADETAYO MICHAEL AYODELE | | 316 | ADETIBA ADEREMI AKABA | | 317 | ADETIBA MAYEN MODUPEOLA | | 318 | ADETIFA MATTHEW OLAWALE | | 319 | ADETOLA LASUN MURITALA | | 320 | ADETUNJI BUKOLA REBECCA | | 321 | ADETUYIBI ATINUKE OLABISI | | 322 | ADEUSI ILUYOMADE STEPHEN | | 323 | ADEWALE ADETOLA AWOLOLA | | 324 | ADEWALE AJAYI | | 325 | ADEWALE OLADAPO OKUNRINBOYE | | 326 | ADEWALE OMOTOLA YUSUF | | 327 | ADEWALE SABITUDEEN ADEYEMI | | 328 | ADEWOLA OYENIKE ABEKE | | 329 | ADEWOLE LUKMAN ISHOLA | | 330 | ADEWOYE OMOLARA OLUBUKOLA | | 331 | ADEWUSI TOLULOPE ALEXANDRA | | 332 | ADEYANJU MARY OMONIGHO | | 333 | ADEYANJU OLUWATOYIN | | 334 | ADEYEFA BODUNRIN ADEGBOYEGA | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 319 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | --- | --- | | | | | S/N | NAMES | | 335 | ADEYEMI ADEDOKUN | | 336 | ADEYEMI ADEKUNLE | | 337 | ADEYEMI HENRY ATAYERO | | 338 | ADEYEMI KAFAYAT TEMITOPE | | 339 | ADEYEMI MICHAEL OLUMUYIWA | | 340 | ADEYEMI MOTUNRAYO RAMOTA | | 341 | ADEYEMI NIYI SAMUEL | | 342 | ADEYEMI VICTOR OLAMOJU | | 343 | ADEYEMO ADETOKUNBO OLUMIDE | | 344 | ADEYEMO COMFORT MORAWO | | 345 | ADEYEMO OPEOLUWA OLUFISAYO | | 346 | ADEYEMO TITI LATIFAT | | 347 | ADEYEYE ADESHINA TOSIN | | 348 | ADEYEYE SHAKIRAT KIKELOMO | | 349 | ADEYINKA AJAYI | | 350 | ADEYINKA TAYO ANTHONY | | 351 | ADIE BLESSING UDANSHI | | 352 | ADIGUN BASHIRU MONYASHAU | | 353 | ADIGWE HELEN NKECHI | | 354 | ADIKA DAMILOLA FAVOUR | | 355 | ADIKIAPIRI SAMUEL ADESHINA | | 356 | ADIMMADU MARIUS EMEKA (DR) | | 357 | ADISA GANIYU DAMILARE | | 358 | ADO ISAH | | 359 | ADOGHE LEO-ANDREW | | 360 | ADOR ALOYE AGOGO | | 361 | ADU AYODELE | | 362 | ADU OLUWASEYE | | 363 | ADUBIINA BABATOPE JOSHUA | | 364 | ADUKEH HARCOURT BINGHA & SWEET EBIMIERE | | 365 | ADUNMO KEHINDE MOSES | | 366 | ADUNREKE SAMUEL ROTIMI | | 367 | AFAHA ANITA CHEKWUBECHUKWU | | 368 | AFENKHENA FELIX | | 369 | AFINJU BOLUWATIFE OLADIPUPO | | 370 | AFINJU TAIWO A. & OMOTAYO KOFOWOROLA | | 371 | AFOLABI ABIMBOLA OYINDAMOLA | | 372 | AFOLABI ADEBAYO EBENEZER | | 373 | AFOLABI AKINWALE IBRAHIM | | 374 | AFOLABI FOLORUNSO | | 375 | AFOLABI FOLORUNSO ABIODUN | | 376 | AFOLABI LUKMON IYANDA | | 377 | AFOLABI OLAYINKA | | 378 | AFOLABI OLORODE TRUST | | 379 | AFOLABI OLORODE TRUST( FBN TRUSTEES) | | 380 | AFOLABI SAMSON DELE | | 381 | AFOLAKE OLUWASEUN OLIYIDE | | 382 | AFOLARANMI PETER OLUFEMI | | 383 | AFUYE IBRAHIM | | 384 | AGABA MARY INYAMU | | 385 | AGAGWO ANTHONY | | 386 | AGANGA ABIODUN OLUFOYEKEMI | | 387 | AGBABIAKAADEFUNKE MUIBAT | | 388 | AGBAJE JOHN OLUWADAMILOLA | | 389 | AGBAJE KEHINDE EMMANUEL | | 390 | AGBAJE OLUWATOBI OLUWATOKI | | 391 | AGBARA OKEZIE | | 392 | AGBASIERE IZUU | | | | | --- | --- | | | | | S/N | NAMES | | 393 | AGBASIERE JAMES | | 394 | AGBASIERE ROMANUS | | 395 | AGBATO IREOLUWA OLAMIDE K | | 396 | AGBAZA CHURCHILL | | 397 | AGBEDE OLAYINKA FOLAYEMI | | 398 | AGBELUSI JUMOKE ENIOLUWAFE | | 399 | AGBO EDWIN CHUKWUEMEKA | | 400 | AGBOGUN EBERECHUKWU CHRISTINA | | 401 | AGBOGUN EBUBECHUKWU LOUIS | | 402 | AGBON IRENROA | | 403 | AGBONTAEN FELIX AND AGBONTAEN FLORENCE | | 404 | AGBOOLA FATIMAT BINTU | | 405 | AGBOOLA OLUWAKEMI OMOTAYO | | 406 | AGHAHON OTASOWE | | 407 | AGHOGHO FAVOUR KOTOR | | 408 | AGHOMISHE AGHOGHO | | 409 | AGHOMISHE KINGSLEY | | 410 | AGIDIGBI (SP A/C) OSAZEE JOHN | | 411 | AGOFURE KENNETH FAITHFUL | | 412 | AGORO AFOLABI | | 413 | AGU MADUKA OGBONNAYA | | 414 | AGUNBIADE OLALEKAN | | 415 | AGUNBIADE OLUFUNMILAYO JULIUS | | 416 | AGUSIOBO IKECHUKWU | | 417 | AGUWA GENEVIEVE ONYINYECHI | | 418 | AGWU BENJAMIN | | 419 | AGWUIBE ANTHONY | | 420 | AGWUIBE NNEKA ROSEYMARY D | | 421 | AGWUNCHA IFEYINWA EVELYN | | 422 | AHMAD AHMAD IDRIS | | 423 | AHMAD SALIHIJO BILIKISU | | 424 | AHMED ALIMI | | 425 | AHMED MUKTAR ABUBAKAR | | 426 | AHMED PATIENCE MERCY | | 427 | AHONSI DENNIS | | 428 | AHONSI DENNIS I. | | 429 | AHUA NGUTOR | | 430 | AHUKANNAH NNENA ANNE | | 431 | AIBANGBEE ROLAND | | 432 | AIBOGHOMHEN JOSEPH ISEMHENBITA | | 433 | AIBONI SAM AMAIZE | | 434 | AIGBIRIOR JOSHUA OISEZENOME | | 435 | AIGBOKHAI EMMANUEL | | 436 | AIGBOVBIOISE IGHODALO JOB | | 437 | AIICO INSURANCE ANNUITY FUND HELD BY FPC | | 438 | AIKHOMU ANITA OTIBHOR | | 439 | AIKHOMU EKANEM BASSEY | | 440 | AIKHOMU WILLIAMS EHIZOGIE | | 441 | AIKHOMU WILSON OMOGBALE | | 442 | AIMILA SAMSON TOKUNBO | | 443 | AINA OLUWADAMILARE LATEEF | | 444 | AINA OLUWATOBILOBA EYINOLUWA | | 445 | AIROHI O JOHN | | 446 | AISHA SALIFU | | 447 | AISHAT AJOKE WAHAB | | 448 | AISHAT OLASUBOMI JIMOH | | 449 | AITIEMWEN OSAGIARO | | 450 | AIYEBIWO OLUBUNMI MOTUNRAYO | | 451 | AIYEDENU EBUNOLUWA OMOTAYO | | | | | --- | --- | | | | | S/N | NAMES | | 452 | AIYEMO OLAOLUWA ABRAHAM | | 453 | AJA UKPA NNAEMEKA | | 454 | AJADI ADEDEJI DAVID | | 455 | AJAEREE MARCEL UCHENNA | | 456 | AJAERO ADEJOKE | | 457 | AJAERO ADEJOKE ENITAN (MRS) | | 458 | AJAGBE CHRISTIANAH OLUFUNMILOLA | | 459 | AJAH IJEOMA GLADYS | | 460 | AJALA ADETOKUNBO | | 461 | AJALA RASHEED ADEBAYO | | 462 | AJALA TUNDE ALBERT | | 463 | AJANI JAMIU ADEOYE | | 464 | AJANI KATHEERAH ADEWUMI | | 465 | AJANI MUSA ADEKOLA | | 466 | AJANI RASHEED OLALEKAN | | 467 | AJANI SULAIMAN OYEWALE | | 468 | AJANI TUNDE OLUWOLE | | 469 | AJANI WAHAB ABIDOYE | | 470 | AJAO ADEFUNSHO ADEYI | | 471 | AJAO AJIBADE OLADAPO | | 472 | AJAYI ABAYOMI BIMBOLA | | 473 | AJAYI ADENIYI MUHIDEEN | | 474 | AJAYI BAMIDELE TEMITOPE | | 475 | AJAYI ENIOLA OLA | | 476 | AJAYI FLORA ADEBISI | | 477 | AJAYI HENRIETTA | | 478 | AJAYI IBUKU OLUWASEUN | | 479 | AJAYI JOSEPH DAYO | | 480 | AJAYI KEHINDE A | | 481 | AJAYI LATIFAT DAMILOLA | | 482 | AJAYI OLATUNDE ABIODUN | | 483 | AJAYI OLUSOJI | | 484 | AJAYI OLUWAFEMI MOSES | | 485 | AJAYI OLUWASEUN AKOREDE | | 486 | AJAYI OMOLARA SHOLA | | 487 | AJAYI OPEYEMI AANU | | 488 | AJAYI RAMOTA TOWOBOLA | | 489 | AJAYI SUNDAY JOSEPH | | 490 | AJAYI SUNDAY RUFUS | | 491 | AJAYI TAIWO ADENIKE | | 492 | AJELABI BABAKAYODE AFOLABI | | 493 | AJELABI ESTHER KOFOWOROLA | | 494 | AJELABI ISAAC MABAYOJE | | 495 | AJETUNMOBI AYODEJI | | 496 | AJIBADE AFOLABI SADIQ | | 497 | AJIBADE GBEMISOLA | | 498 | AJIBOLA ADENIYI | | 499 | AJIBOLA BUKOLA MORENIKE | | 500 | AJIBOLA SAMSON GBADEBO | | 501 | AJIBOYE DEBORAH TITILOPE | | 502 | AJIBOYE SAMUEL AYOMIDE | | 503 | AJIROBA TOFUNMI BUSAYO | | 504 | AJIROBAJU OLUWATOSIN | | 505 | AJISAFE JOSHUA OLUSOLA | | 506 | AJITENA DENIKE | | 507 | AJOSE TUNDE IDRIS | | 508 | AJOSE-ADEOGUN OLUREMI MAJEOLAGBE | | 509 | AJUDUA PATRICK OKAFOR | | 510 | AJUMOBI GRACE OMONIYI | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 320 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Unclaimed dividend list continued | | | | --- | --- | | | | | S/N | NAMES | | 511 | AJUMOBI OLAIDE MATILDA | | 512 | AJUMOBI OLUGBENGA EZEKIEL | | 513 | AJUMOBI OLUYEMI JOSEPH (EST OF) | | 514 | AJUMOGOBIA AWUNEBA SOTONYE | | 515 | AJUWAPE ADEBOWALE TITILAYO P. (DR.) | | 516 | AKACHUKWU IHUARU UZUEGBU | | 517 | AKAEME CLEMENT | | 518 | AKAGHA CHINEDU OBINNA | | 519 | AKAHOME AUGUSTINA | | 520 | AKAMADU MATTHEW | | 521 | AKAMOVBA PETER | | 522 | AKANBI OLUMAYOWA | | 523 | AKANDE ELIZABETH OLUWATIMILEHIN | | 524 | AKANDE JANET OLATUNDUN | | 525 | AKANDE MERCY ONUWA | | 526 | AKANDE MUSTAPHA | | 527 | AKANDE OLUGBADE ELIAS | | 528 | AKANDE OLUWATOBI SUNDAY | | 529 | AKANDE SOLOMON SUNDAY | | 530 | AKANJI IDOWU TITILOPE | | 531 | AKANMI PIUS KAYODE | | 532 | AKANMU MARY TEMILADE | | 533 | AKANMU OLUWASEYI OYEYEMI | | 534 | AKANNI NURUDEEN OLALEKA | | 535 | AKANNI TEMITAYO EMMANUEL | | 536 | AKANO OLUWASOLA ABAYOMI | | 537 | AKARAKA CHRISTIANA OLUCHI | | 538 | AKEEM BELLO | | 539 | AKEEM-SHADARE KAAMIL IFEOLUWAPO | | 540 | AKEEM-SHADARE OMAR OLUWAJUWON | | 541 | AKEH EMMANUEL NNAMDI | | 542 | AKENDE CLARA TEMILADE | | 543 | AKENZUA PATRICK | | 544 | AKERELE AUGUSINA | | 545 | AKEYO MICHAEL OLUMUYIWA | | 546 | AKHIGBE CHARLES | | 547 | AKHIGBE OKHIRIA TOM | | 548 | AKHIMIEN EHIAVBI FESTUS | | 549 | AKHUEMONKHAN EDWARD ENAFOGHE | | 550 | AKIBOYE BABAJIDE AKIWANDE | | 551 | AKINBO OLADIMEJI AYINLA | | 552 | AKINBO OLAYIWOLA ADIO | | 553 | AKINBOBOLA ISAAC | | 554 | AKINBOBOYE FOLASHADE JOHN | | 555 | AKINBODUNSE CHRISTOPHER AKINWALE | | 556 | AKINBOLA AKINLOLU ADERINOLA | | 557 | AKINBOLA PHILLIP OLADIRAN | | 558 | AKINBOYE KEHINDE STEPHEN | | 559 | AKINDE NAHEEMOT ENIOLA | | 560 | AKINDELE AKINYEMI | | 561 | AKINDOLIE AYOBONI AYOTOLUWAFUNMI | | 562 | AKINDOLIRE BENSON OLANIJI | | 563 | AKINDURO ERIC AKINNIFESI | | 564 | AKINGBOHUNGBE HARRY OLU | | 565 | AKINJARE EMMANUEL | | 566 | AKINJIDE ABAYOMI | | 567 | AKINJOBI TEMITOPE ANUOLUWAPO | | 568 | AKIN-JOHNSON OLUWAFEMI OBAYOMI | | | | | --- | --- | | | | | S/N | NAMES | | 569 | AKINJUGBAGBE ABIMBOLA LAWAL | | 570 | AKINLADE MATTHEW | | 571 | AKINLADE OLADIPO RASAK | | 572 | AKINLADE TITILOLA OLUSOLA | | 573 | AKINLEYE TITILOLA | | 574 | AKINLOLU MICHAEL FANIRAN | | 575 | AKINLOSOTU OMOLARA IBUKUN | | 576 | AKINLOTAN AYINDE BABATUNDE | | 577 | AKINLOYE AYORINDE BANKOLE | | 578 | AKINLUA MODUPE TEMITAYO | | 579 | AKINLUYI TOLULOPE STEPHEN | | 580 | AKINMOLADUN OLORUNTOBA MR & MRS | | 581 | AKINMOLADUN RICHARD | | 582 | AKINMOSIN OLUFEMI TOKUNBO | | 583 | AKINOLA AKINMAYOWA OLUWASEYI | | 584 | AKINOLA KAYODE | | 585 | AKINOLA KAYODE ADEFEMI | | 586 | AKINOLA KOLAWOLE OLUSOLA | | 587 | AKINOLA OLUWASEUN | | 588 | AKINPELU MUDIRAT JUMOKE | | 589 | AKINPELU PRINCE AKINBIYI | | 590 | AKINRIMISI BABATUNDE AKINWUMI | | 591 | AKINRINADE AKINLEYE | | 592 | AKINRINWALE OLUSEGUN AMOBI | | 593 | AKINSANMI ADENIKE OLUFISAYO | | 594 | AKINSANYA ADEOLU | | 595 | AKINSANYA FOLASHADE OMOLAYO | | 596 | AKINSANYA OLABISI TOLU | | 597 | AKINSANYA SOLOMON SUNDAY | | 598 | AKINSANYAO.ADEYEMI & BALOGUNO.OLUFUNMI | | 599 | AKINSEYE MOSIMISOLAOLUWA OLORU | | 600 | AKINSEYE OLANREWAJU ROLAND | | 601 | AKINSIKU SALIU AJISAFE | | 602 | AKINSOJI OLATUNBOSUN SEUN | | 603 | AKINSOLA ADEMOLA DAVID | | 604 | AKINSOTO OLUWATAYO OLAWALE | | 605 | AKINTAYO AKINSOJI PAUL | | 606 | AKINTAYO LAYINKA AKINSOLA OLUBUNMI | | 607 | AKINTAYO RUTH ADUKE | | 608 | AKINTOBI ABIOLA OYERONKE | | 609 | AKINTOLA AFOLABI OLUSEGUN | | 610 | AKINTUNDE MARY ADEOLA | | 611 | AKINTUNDE OLUWABUNMI OLUWAYEMISI | | 612 | AKINTUNDE OLUWASINA IMOLE | | 613 | AKINWALE OPEYEMI MUSE | | 614 | AKINWALE ZECHARIAH OLUDARE | | 615 | AKINWONUOLA ATITEBI | | 616 | AKINWUNTAN PATRICK | | 617 | AKINYELE OLUSOLA (ALLEGED DECEASED) | | 618 | AKINYEMI ABIOLA ADEYINKA | | 619 | AKINYEMI AKINTUNDE & ADEOTI (MR & MRS) | | 620 | AKINYEMI BABATUNDE ADIO | | 621 | AKINYEMI BOLATITO OLAPEJU | | 622 | AKINYEMI LAWANI | | 623 | AKINYEMI MICHAEL IFEDAPO | | 624 | AKINYEMI MONSURAT MOPELOLA | | | | | --- | --- | | | | | S/N | NAMES | | 625 | AKINYEMI NORA WENEBAIYE | | 626 | AKINYODE OLAYINKA SHAKIRAT | | 627 | AKINYODE RAFIAT | | 628 | AKINYOMI JANET OLA | | 629 | AKITOYE ADESEGUN | | 630 | AKOH BARNABAS ENYOJO | | 631 | AKOH FRIDAY NEHEMIAH | | 632 | AKOLO WILLIAM | | 633 | AKOLO WILLIAM ODIGILI | | 634 | AKOMOLAFE ABIODUN AINA | | 635 | AKOMOLAFE STEPHEN | | 636 | AKOMOLAFE SUNDAY | | 637 | AKOREDE MOROUNMUBO | | 638 | AKOREDE TAOFEEK AKANFE | | 639 | AKPABIO INWANG JOSEPH | | 640 | AKPAGHER VIHIMGA VIVIEN | | 641 | AKPAN EDIDIONG EDET | | 642 | AKPAN SAMUEL FELIX | | 643 | AKPARA KINGSLEY | | 644 | AKPAREVA ARUORIWO PATRICK | | 645 | AKPARU EZINWANNE OKWUDIRI | | 646 | AKPERE SAMSON | | 647 | AKPERI MEJUYA EMMANUEL | | 648 | AKPOBOME MARY ATUNYOTA | | 649 | AKPORE GOODLUCK | | 650 | AKPOTOBOR GOD SPOWER OMONIGHO | | 651 | AKPOTOBOR GODSPOWER | | 652 | AKPOYOMARE KUCHELI SA ADATU | | 653 | AKPURU CHIDINMA | | 654 | AKUBUE BENEDICT NGANWUCHU | | 655 | AKUBUE BENEDICTH NGANWUCHU | | 656 | AKUNNA MARY OPARA | | 657 | AKWIWU ADANNAYA CHINEMEREM | | 658 | AKWIWU NDUKWE NNADOZIE | | 659 | AKWUE TOCHUKWU ANTHONY | | 660 | ALABI ABAYOMI IDOWU | | 661 | ALABI ABIODUN | | 662 | ALABI DAMILARE | | 663 | ALABI GABRIEL OLATUNJI | | 664 | ALADEGBEINGBE FRANCIS OLUFEMI | | 665 | ALADEKOMO ADEWALE | | 666 | ALADESUYI OLAKITAN | | 667 | ALAEFUNA EVELYN CHINENYE | | 668 | ALAGA KOLAWOLE MUFTAU | | 669 | ALAGBADA AYOMIKUN SAMUEL | | 670 | ALAGBALA TAIWO ABIKE | | 671 | ALAGBE OLANREWAJU SEYI | | 672 | ALAGBE OYEBISI OLATUNDE | | 673 | ALAKA OLANREWAJU HAMMED | | 674 | ALAKE FUNMILOLA DEBORAH | | 675 | ALAKWE FAUSTA IFECHUKWU | | 676 | ALAKWE FAUSTINUS | | 677 | ALAKWE FAUSTINUS IZUCHUKWU | | 678 | ALAKWE OBINNA | | 679 | ALALADE TOLUTOPE OLUDELE | | 680 | ALANEME CHIKA CLEMENT | | 681 | ALANI OLADIMEJI KAZEEM | | 682 | ALAO MUSTAPHA OLUWATOSIN | | 683 | ALAO OLUSEYE EMMANUEL | | 684 | ALATIRON NIGERIA LIMITED | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 321 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | --- | --- | | | | | S/N | NAMES | | 685 | ALAWODE ADETAYO ADEOLU | | 686 | ALAYAKI FAHEEM OLADIPUPO | | 687 | ALAYAKI FAKHTAH OLAOLUWA | | 688 | ALAYAKI FAROUQ OLAWALE | | 689 | ALAYAKI FATIMAH OLAMIDE | | 690 | ALAYAKI IDOWU MOSIDAT | | 691 | ALAYANDE OLU FOLARIN | | 692 | ALEGBE DAVID OSAZUWA | | 693 | ALESHINLOYE FOLORUNSHO | | 694 | ALETILE OLUWADUROTIMI FESTUS | | 695 | ALEXANDER OGAZI OBI | | 696 | ALEX-EYITENE ANTHONY | | 697 | ALFA GRACE OJOCHOGU | | 698 | ALFRED JERRYMC OGHENEOVO | | 699 | AL-HAYAT MICROFINANCE BANK LIMITED | | 700 | ALI ADAM MUHAMMED | | 701 | ALIM DOMINIC IKECHI | | 702 | ALIU OMEIZA SHEIDU | | 703 | ALIYU BELLO MUHAMMAD | | 704 | ALLI IBRAHIM | | 705 | ALLI OLALEKAN JAMIU | | 706 | ALLI-AFOKE OLABISI SHAKIRAT | | 707 | ALLI-BALOGUN AMINAT | | 708 | ALLISON IBRAHIM OLAMIDE | | 709 | ALLISON-OGURU EDMUND ANIENKEDIGIRI | | 710 | ALMA ROSS ASSOCIATE LTD. | | 711 | ALOKE EJIKE JOSEPH | | 712 | ALOZIE BLESSING CHINASA | | 713 | ALUKO OLAOLUWA ADEDAYO | | 714 | ALUKO OYEBUKOLA ABOSEDE | | 715 | ALUKO TEMILOLUWA OMOLOLU | | 716 | ALUKWU CHIBUIKE | | 717 | ALUMA OSITA CORNELIUS | | 718 | AL-UMARU OIL AND GAS LIMITED | | 719 | ALUMUKU PATRICK TOR | | 720 | AMA OKORE OKEREKE | | 721 | AMADASUN AMAS SOLOMON | | 722 | AMADI CHARITY CHIKWADOM | | 723 | AMADI CHIBUZO | | 724 | AMADI CHIMA EMEKA | | 725 | AMADI DAVIDSON JNR | | 726 | AMADI TERRY | | 727 | AMAECHI MOSHE | | 728 | AMAECHI MOSHE CHIJINDU | | 729 | AMAECHI NGOZI | | 730 | AMAFONYE RICHARD | | 731 | AMAKA NDUKWU | | 732 | AMALU GABRIEL UDEGBUNAM | | 733 | AMANFO LILIAN UGONNA | | 734 | AMARACHI BENEDICT ONWUSUKWU | | 735 | AMARACHI GOODNESS OKITE | | 736 | AMARACHUKWU CHIKAODILI AZOZIE | | 737 | AMCON/ORJIAKO AMBROISE | | 738 | AMEDE GOODLUCK | | 739 | AMEDU JONAH | | 740 | AMEGUNU VICTOR RAYMOND | | 741 | AMEH BENJAMIN AWOCHI | | 742 | AMINU HARUNA ABDULLAHI | | 743 | AMINU RASHEED OLASUNKANMI | | | | | --- | --- | | | | | S/N | NAMES | | 744 | AMIOLEMEH OMODIALE ANGUS | | 745 | AMOO DAVID KOREDE | | 746 | AMOO JANET OMOBOYE MORADEKE | | 747 | AMOO OLADELE KAMARU | | 748 | AMOS EMMANUEL | | 749 | AMOSU MARTINA | | 750 | AMUDA FUNKE IYABO | | 751 | AMUSA OSENI AARON ADEKUNLE | | 752 | AMUSAN RAPHAEL | | 753 | ANAEVUNE AUSTIN | | 754 | ANAGBOGU MICHAEL MATHEW | | 755 | ANAGBOGU MICHAEL MATTHEW | | 756 | ANAGUIH CALISTUS IKECHUKWU | | 757 | ANAJEKWU GABRIEL IFECHUKWU | | 758 | ANARI IDEBA ANARI | | 759 | ANAS ABDULLAHI | | 760 | ANCHORIA INVESTMENT-DEPOSIT | | 761 | ANDE BABABUSOLA | | 762 | ANDE BABABUSOLA ABAYOMI | | 763 | ANDERSON EDOM CHUKWUDAALU BRIGHT | | 764 | ANDIFON UKPANAH | | 765 | ANDREW CHRISTIANA | | 766 | ANDREW CHUKWUDI NDINMA | | 767 | ANEGBU JOSEPH IKECHI | | 768 | ANENIH ELFREDA OSEREMEN | | 769 | ANGI TITUS GIDEON | | 770 | ANIEKWE OBINNA BONIFACE | | 771 | ANIFOWOSE ADEWUNMI AINA | | 772 | ANIFOWOSHE AHMED OLAYINKA | | 773 | ANIGIORO AMOS OLADAPO | | 774 | ANIKE OLUWABUKOLA AJIBOLA | | 775 | ANIKOH SAMUEL ENEYE | | 776 | ANIMASAHUN ABIMBOLA EBUN-OLUWA | | 777 | ANIMASAHUN GABRIEL ABIMBOLA (ALLEGED DECEASED) | | 778 | ANIMIOKHALI MOMOH BELLO | | 779 | ANIRAH ONOME | | 780 | ANNABEL IYOBOSA ASENOGUAN | | 781 | ANOSIKE MADUBUKO LAWRENCE | | 782 | ANOSIKE NNAMDINMA GABRIEL | | 783 | ANOSIKE SUNNY | | 784 | ANOZIE MARTIN ONUORA DIM | | 785 | ANTHONY ANIKE CHUKS | | 786 | ANTHONY BRIGHT CHIBUIKE | | 787 | ANTHONY CHUKWUMA ONUNAEZE | | 788 | ANTHONY CHUKWUMA OSUOHA | | 789 | ANTHONY EBERE MERCYMERIT | | 790 | ANTHONY GODWIN ANYASO | | 791 | ANTHONY OKPORUA | | 792 | ANUCHUE LEONARD EKENE | | 793 | ANUEBUNWA CHINEDUM MARTIN | | 794 | ANUEBUNWA NDUBUISI CHIJIOKE | | 795 | ANULICHUKWU SAMPSON EKPUK | | 796 | ANUMUDU ENYINNA | | 797 | ANUOLUWAPO ADEBOYE | | 798 | ANYABUIKE NKECHI | | 799 | ANYABUIKE NKECHI RONNIE | | 800 | ANYANWU CHIBUEZE | | 801 | ANYANWU CHINEDU | | 802 | ANYANWU CHRISTOPHER CHIBUZOR | | | | | --- | --- | | | | | S/N | NAMES | | 803 | ANYANWU IKECHUKWU MCKAY CHRISTIAN | | 804 | ANYANWU LEONARD CHUKWUMA | | 805 | ANYANWU VICTOR OSONDU | | 806 | ANYIAM VITALIS EKWEM | | 807 | ANYIBUOFU CHRISTOPHER | | 808 | ANYIGBO JOSEPHAT OLISEMEZIE | | 809 | ANYOGU ALEXANDER AZUBUIKE | | 810 | AONDOHEMBA AGENATON | | 811 | APEL ASSET LTD - NOMINEES | | 812 | APEL CAPITAL REGISTRARS LIMITED | | 813 | APETE WAKILU OLAYINKA | | 814 | APU OKEOGHENE ANIEFIOK | | 815 | APU SUNDAY ERUOHWO SAMUEL | | 816 | ARAGBADA OLUWAREMILEKUN OLUDAYO | | 817 | ARANSIOLA ROBERT | | 818 | ARASI QUADRI ADEYEMI | | 819 | AREGBESOLA ABRAHAM ABIODUN | | 820 | AREGHAN AITEBEREME CECILIA | | 821 | AREGHAN BLESSING AHOUSE | | 822 | AREMU JOSEPHINE MOJISOLA | | 823 | AREMU RASHIDAT KEHINDE | | 824 | AREOLA SAMUEL OLAOLUWA | | 825 | AREOLA THOMAS SUNDAY | | 826 | ARIBILOLA GRACE OLUSEYI | | 827 | ARIGBABOWO ABIMBOLA OLUTAYO | | 828 | ARIGBABOWO ENIOLA | | 829 | ARIGBABOWO OLUWATOSIN | | 830 | ARIKAWE OLUTAYO MORADEKE | | 831 | ARIKAWE OLUWAGBEMILEKE BABATUNDE | | 832 | ARIMATHEA HERITAGE LIMITED | | 833 | ARIYO GABRIEL ADEBOLA | | 834 | ARIYO TOLUWALOPE EMMANUEL | | 835 | ARM LIFE PLC - TRADING | | 836 | ARM NOM : PASTOR DAYO OLUTAYO | | 837 | ARM NOM- MOBIL PROD NIG ULTD (ESP FUND) | | 838 | ARM NOM MUAZU AHMADU ADAMU - | | 839 | ARM NOM SCIB NIGERIA LTD | | 840 | ARM NOM: ADESOLA ABIODUN ADELOWO | | 841 | ARM NOM: AHMED AHMADU MUAZU - | | 842 | ARM NOM: ALH KASSIM TIJANI AHMED | | 843 | ARM NOM: ALHAJI UMAR FAROOQ MUSA | | 844 | ARM NOM: ALHAJI UMARU NUHU - | | 845 | ARM NOM: ANIYIKAIYE INVESTMENT CO LTD | | 846 | ARM NOM: BABALOLA HAKEEM OLAYINKA | | 847 | ARM NOM: BABATUNDE O. OGUNDELE | | 848 | ARM NOM: CAPITAL SENSE LIMITED - | | 849 | ARM NOM: CHIEF DAVID CHUKWU IBE - | | 850 | ARM NOM: DEJI ALLI - | | 851 | ARM NOM: DR EMMANUEL OJEI - | | 852 | ARM NOM: ESTATE OF LATE MrA.A.KUKOYI - | | 853 | ARM NOM: ESTATE OF NDUKWE MBA UDUMA | | 854 | ARM NOM: FAMILY WORSHIP CENTRE | | 855 | ARM NOM: HAJIYA AISHA FANYA USMAN | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 322 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Unclaimed dividend list continued | | | | --- | --- | | | | | S/N | NAMES | | 856 | ARM NOM: IKIMALO JOHN IGEMO | | 857 | ARM NOM: IKIMALO JOHN IGEMO - | | 858 | ARM NOM: J.P.NOMINEES | | 859 | ARM NOM: KADRI ADEBAYO ADEOLA | | 860 | ARM NOM: KAYODE ODUWOLE - | | 861 | ARM NOM: MADISON CAPITAL & ASSET LTD. - | | 862 | ARM NOM: MR & MRS ALEOKHAI D MUSA - | | 863 | ARM NOM: MR CHIKE ABIODUN ASIODU | | 864 | ARM NOM: MR KOFO & MRS OMOWUNMI M. | | 865 | ARM NOM: MR MUSTAPHA IBRAHIM | | 866 | ARM NOM: Mr COLLINS CHIKEZIE CHIKELUBA | | 867 | ARM NOM: Mr MAAJI ZAKARIA IDRIS - | | 868 | ARM NOM: MRS ABIOLA M SIWONIKU - | | 869 | ARM NOM: ODU CYRIL AKPURUERE | | 870 | ARM NOM: OMOTOSO AYODEJI - | | 871 | ARM NOM: OSHIKOYA WAHEED TEMITOPE - | | 872 | ARM NOM: TINUBU BINTU FATIMA - | | 873 | ARM NOM: WOHE INVESTMENTS LIMITED - | | 874 | ARM NOM:IKAZOBOH EMMANUEL OSIGBEME | | 875 | ARM NOM:LAWSON STANLEY INYE | | 876 | ARM NOM:ONOSODE GAMALIEL OFORITSENERE | | 877 | ARM NOM:TERRY OKORODUDU - | | 878 | ARM NOMINEES ASSET & RES. MGT. CO. LTD | | 879 | ARM NOMINEES: KOSHONI | | 880 | ARM TRUSTEES LTD: EMERALD TRUST | | 881 | ARM TRUSTEES LTD:ESEOLUWA TRUST | | 882 | ARMIM/IKIMC - MAIN | | 883 | ARMIM/OKOROC MAIN | | 884 | ARMIM/STANC - MAIN | | 885 | ARMIMOMOBC  TRADING | | 886 | ARNOLD ADONYE DUBLINGREEN | | 887 | AROFIN VICTOR OLAKUNLE | | 888 | AROLEOWO GANIAT ABIODUN | | 889 | AROWOGBADAMU ABDUL-GAFAR ADESOLA | | 890 | ARUM IFEANYICHUKWU IGNATIUS | | 891 | ARUM JOHN YMAR .C.M | | 892 | ASAGBRA AGNES YEMISI | | 893 | ASAJU RASAQ KUNLE | | 894 | ASANGANSI EFFIONG OKWONG | | 895 | ASEDEKO HENRY ABIODUN | | 896 | ASEMWOTA IMAFIDON JOSEPH | | 897 | ASHADE EDWARD OLORUNTOLA | | 898 | ASHIMI OMOSHALEWA OLUWADAMILOLA | | 899 | ASOBARA IFEYINWA M. | | 900 | ASONSERE UWUMAROGIE | | 901 | ASUELIME KIKE | | 902 | ASUELIME KIKELOMO | | 903 | ASUNMO AKINWUMI AKINTOLA | | 904 | ATAKE DOROTHY OLUFUMILAYO | | 905 | ATAKENU ABIMBOLA ABOSEDE | | 906 | ATANDA JOSEPH OLAYIWOLA (AIR CDR.) | | | | | --- | --- | | | | | S/N | NAMES | | 907 | ATANDA OLUWASEUN OLUWATIMILEYIN | | 908 | ATANDA-OGUNLEYE OLUTUNDE | | 909 | ATANMO OMEAZU BEN.  NATHANIEL | | 910 | ATARE SUNDAY | | 911 | ATEEQ ANJUM | | 912 | ATERE OLUWASHINA ORIKOYA | | 913 | ATIGAN GODWIN | | 914 | ATILADE ADEFEMI | | 915 | ATILADE ADEFEMI ABIMBOLA | | 916 | ATITEBI BABATOPE | | 917 | ATLAS INT ENGINEERING SERVICES NIG LTD | | 918 | ATLAS INTERNATIONAL ENERGY SERVICE LIMITED - | | 919 | ATOBATELE TAOREED ABIODUN | | 920 | ATOYEBI AYO BABATUNDE | | 921 | ATOYEBI MUFUTAU ADEBAYO | | 922 | ATRUISM VENTURES NIG. LTD | | 923 | ATTA CHIJIOKE DAVID | | 924 | ATTAH CHRISTOPHER | | 925 | ATTAH EMMANUEL OGEBE | | 926 | ATTAH ENEYE DANIEL | | 927 | ATUANYA JIDEOVO PATRICK | | 928 | ATURAMU TOLULOPE | | 929 | ATUWO DAVID HYELHIRRA | | 930 | AUDU AHMED | | 931 | AUDU MATTHEW ABU ESTATE OF | | 932 | AUDU YUSUF | | 933 | AUDU YUSUF BUBA | | 934 | AUGUSTINE ADUGBE | | 935 | AUGUSTINE CHUKWUEGGU MBAH | | 936 | AUGUSTINE ESTHER FUNKE | | 937 | AUSTINE AKPUMA | | 938 | AUSTINE ALABA JOSEPH | | 939 | AUWALU AHMED | | 940 | AVURU AUSTIN | | 941 | AWANI ASHIMEDUA ABIMBOLA | | 942 | AWANI KELVIN OFFIORITSE | | 943 | AWAZI HELEN ALEX | | 944 | AWE BABALOLA BABAJIDE | | 945 | AWE OLUWATIMILEHIN PHILIP | | 946 | AWEDA FELICIA OLUWAKEMI | | 947 | AWERE GODWIN AJIROGHENE | | 948 | AWIYA CYNTHIA OLUWATOYIN | | 949 | AWOBIMPE KAYODE CAMALDEEN K | | 950 | AWOBUSUYI MARGRET FUNMILAYO | | 951 | AWODERO MICHAEL OLUSEGUN | | 952 | AWODIPE FOLAWIYO | | 953 | AWODOJEMEH TUNDE | | 954 | AWOFISAYO BUKOLA | | 955 | AWOH NORNAH | | 956 | AWOJUYIGBE OLUMUYIWA OLUDARE | | 957 | AWOLIYI OLAYEMI OMOLARA | | 958 | AWOLOLA OLUWAFUNMILOLA ABIDEMI | | 959 | AWOLUDE ESTHER FUNMILAYO | | 960 | AWONAIKE ESTHER OLADUNNI | | 961 | AWONAIKE RACHAEL MOSEBOLATAN | | 962 | AWONAYA EMMANUEL ABIODUN | | 963 | AWONIYI GANIYU AKANBI | | 964 | AWONIYI OLUFEMI | | | | | --- | --- | | | | | S/N | NAMES | | 965 | AWOPEJU HELEN | | 966 | AWOS YETUNDE STELLA | | 967 | AWOSANYA JOHN ADESINA OJUBAYO | | 968 | AWOSANYA MARGARET ADEDAYO TITILAYO | | 969 | AWOSANYA OPEYEMI ORIYOMI | | 970 | AWOYINFA VINCENT AYODEJI | | 971 | AWOYOMI ADEDAYO SUNDAY J. | | 972 | AXHOLME NOMINEES LTD IZ A/C | | 973 | AYABARE SUNDAY | | 974 | AYADIUNO CHRISTOPHER BELUCHUKWU | | 975 | AYALOGU OBIANUJU JENNIFER | | 976 | AYANBULE BUKOLA ATINUKE | | 977 | AYANSINA OLUFEMI ABRAHAM | | 978 | AYANTADE GBENGA JOHN | | 979 | AYANWAMIDE MOYOSOREOLUWA KEHINDE | | 980 | AYAOGE ABIMBOLA DAWODU | | 981 | AYEGBENI AARON ALEONOYE | | 982 | AYEME SHADRACK | | 983 | AYEMENRE AKAHOMEN DAVID AIBHUEDAFE | | 984 | AYENI OLAMIDE | | 985 | AYEWAH EMMANUEL OMONKHOMION | | 986 | AYIDA OMATSEYIN AKENE | | 987 | AYININUOLA BLESSING CHINWENDU | | 988 | AYINLA SHAKIRAT BOLANLE | | 989 | AYISAN LIMITED | | 990 | AYO STELLA MOJISOLA (MRS) | | 991 | AYOADE ADESOLA EMMANUEL | | 992 | AYODAYISI IBIDUNNI MORAYO | | 993 | AYODEJI ADEKUNLE ADENIRAN | | 994 | AYODEJI ADESANMI FAROHUN | | 995 | AYODEJI ADEWOYE | | 996 | AYODEJI ADEYEMI ALADEJANA | | 997 | AYODEJI FOLUSHO | | 998 | AYODEJI OLAWALE T | | 999 | AYODELE OLUMIDE BABATUNDE | | 1000 | AYOMIDE BOLARINWA ONIBON | | 1001 | AYOMIDE FATAI AKANDE | | 1002 | AYOMIDE SAMUEL | | 1003 | AYOMIDE STEPHEN AJOMOLE | | 1004 | AYOMIDE VERONICA OLASEINDE | | 1005 | AYOMIDE VICTORIA GBADEBO | | 1006 | AYOMIDOTUN OLUWASEGUN FADEYI | | 1007 | AYONOTE JUDE AIGBOKHAI | | 1008 | AYO-VAUGHAN DANIEL | | 1009 | AYUBA WUJEH LOKO | | 1010 | AZEEZ ABDUL GANIYU DAMILOLA | | 1011 | AZEEZ ABOLANLE AYINKE | | 1012 | AZEEZ AL-AMEEN ISHOLA | | 1013 | AZEEZ BABATUNDE GBOLAHAN | | 1014 | AZEEZ JIMOH OGUNBANWO | | 1015 | AZEEZ LUKMAN ADEKUNLE | | 1016 | AZEEZ RASAKI KOLAWOLE | | 1017 | AZEEZ RIDWAN OKIKIOLA | | 1018 | AZEEZ SEUNFUNMI OLADIPUPO | | 1019 | AZEEZ SIKIRU OLAWALE | | 1020 | AZEEZ SULAIMAN AKINADE | | 1021 | AZEEZ WAHEED KOLAWOLE | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 323 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | --- | --- | | | | | S/N | NAMES | | 1022 | AZEEZ YINUSA OMOTAYO | | 1023 | AZERE VICTORIA AYINKE | | 1024 | AZIEGBE PHILIP UDUEBHO | | 1025 | AZIKIWE UCHE | | 1026 | AZUDI IKECHUKWU | | 1027 | BABA SOLOMON | | 1028 | BABAFEMI AKINLADE | | 1029 | BABAJIDE WILLIAMS | | 1030 | BABALOLA ADEBUKOLA | | 1031 | BABALOLA EBENEZER GBADEYAN | | 1032 | BABALOLA MEDINAT ALAKE | | 1033 | BABALOLA OLUSOLA AKEEB | | 1034 | BABATOLA AKINKUNLE SAHEED | | 1035 | BABATUNDE ADEWUNMI TAIBAT | | 1036 | BABATUNDE ISAAC ADEOYE | | 1037 | BABATUNDE KAYODE | | 1038 | BABATUNDE MOSES SUNDAY | | 1039 | BABATUNDE SAHEED-OLADIMEJI | | 1040 | BABATUNDE SOKOYA | | 1041 | BABATUNDE SOLIU AYINLA | | 1042 | BABATUNDE TOBUN | | 1043 | BABAWALE OLUSEGUNO ODUNUGA | | 1044 | BADEJO ADEWALE ISRAEL | | 1045 | BADEJO RISIKAT OMORONIKE | | 1046 | BADMUS OLALEKAN | | 1047 | BADMUS OLALEKAN MUSLIH | | 1048 | BAIYEWU OLUSEGUN(DR) | | 1049 | BAKACHAT AMINA DIDAM | | 1050 | BAKARE ABDULAZEEZ TOMISIN | | 1051 | BAKARE ADEBISI OLUWAYEMISI | | 1052 | BAKARE NURUDEEN TUNJI | | 1053 | BAKARE OLAYEMI KAFILU | | 1054 | BAKARE SHERIFAT | | 1055 | BAKARE TOHEEB BABATUNDE | | 1056 | BAKARE WALIYAT RONKE | | 1057 | BALAMI ABDULKARIM MICHAEL | | 1058 | BALAMI ALIYU STANLEY | | 1059 | BALIKIS FOLASHADE MUSA | | 1060 | BALIKIS OLAYINKA QUADRI | | 1061 | BALLY AYOTUNDE | | 1062 | BALOGUN ADEKUNLE GANIYU | | 1063 | BALOGUN ALAKE LOLA | | 1064 | BALOGUN DEJI | | 1065 | BALOGUN MUFTAU ADEOLA | | 1066 | BALOGUN MUSA (ALHAJI) | | 1067 | BALOGUN OLALEKAN SHAMUSIDEEN | | 1068 | BALOGUN OLUWASEGUN EMMANUEL | | 1069 | BALOGUN OLUWATOYIN OLUWABUNMI | | 1070 | BALOGUN RAFIU AND BEATRICE | | 1071 | BALOGUN RAFIU BOLANLE | | 1072 | BALOGUN RASAK ADEGBITE | | 1073 | BALOGUN SAIDAT TUNRAYO DAIRO | | 1074 | BALOGUN SALIU ADEJUMOBI | | 1075 | BALOGUN SEKINAT MOPELOLA | | 1076 | BALOGUN SIKIRU BOLARINWA | | 1077 | BALTEX LIMITED | | 1078 | BAMDUPE JOSHUA ABIODUN | | 1079 | BAMGBOSE ADERINOLA ELIZABETH | | 1080 | BAMGBOSE FOLASADE ABOSEDE | | 1081 | BAMGBOSE SAMSON KAYODE | | | | | --- | --- | | | | | S/N | NAMES | | 1082 | BAMGBOSE TEMILADE VICTORIA | | 1083 | BAMGBOYE FAITH ABIMBOLA | | 1084 | BAMIDELE AJIBADE | | 1085 | BAMIGBOLA GBENGA JOSEPH | | 1086 | BAMIGBOLA HABEEB OLAKUNLE | | 1087 | BAMISHILE-RICHARD BEATRICE | | 1088 | BAMISHILE-RICHARDS BEATRICE | | 1089 | BANIGO ORITEME TOMINI | | 1090 | BANIGO TOMINI ORITEME | | 1091 | BANJO OMOWONUOLA | | 1092 | BANJOKO ABIODUN OLUBUSOLA | | 1093 | BANJOKO OLASOJI OLAKUNLE | | 1094 | BANKOLE JOSEPH OLUMAYOKUN ADEFOLARIN | | 1095 | BANKOLE JOSEPH OLUMAYOWA | | 1096 | BANKOLE MOTUNRAYO | | 1097 | BANKOLE OLUMUYIWA JACOB | | 1098 | BANKOLE OLUWAKEMI EKUNDAYO | | 1099 | BANKOLE WURAOLA OLAMIDE | | 1100 | BANU AFOLABI AFEEZ | | 1101 | BARAKAT MOTUNRAYO ABIOYE | | 1102 | BAREEK GENERAL ENTERPRISES NIG LTD | | 1103 | BARUWA OLAYIWOLA ABDKABIR | | 1104 | BASHIR MUHAMMAD SALIHU | | 1105 | BASHIR MUSBAU BABATUNDE | | 1106 | BASIT AYILARA | | 1107 | BASSEY OTU ESSIEN | | 1108 | BASSI WILLIAMS WADZINGI | | 1109 | BASTY MOHAMMED | | 1110 | BATHANNA STEPHEN JALVA | | 1111 | BATULA ADISA BOONYAMIN ALHAJI | | 1112 | BATULA HAKEEM | | 1113 | BAYOKO EBI REGINALD | | 1114 | BAZUAYE ADEBOLA OLUWAKEMI  (NEE OLOYEDE) | | 1115 | BD&O LIMITED | | 1116 | BEECROFT JOHN OLUWAFEMI | | 1117 | BEKIBELE OGHENERUNOR | | 1118 | BELGORE OMOTOYOSI KAFILAT | | 1119 | BELGORE YAKUBU 2 | | 1120 | BELL-IYKE LIMITED | | 1121 | BELLO ADISA SULE | | 1122 | BELLO ARIYO TOLULOPE | | 1123 | BELLO BABATUNDE WALIULLAH | | 1124 | BELLO BAMIDELE AHMED | | 1125 | BELLO ITOPA PAUL | | 1126 | BELLO KAZEEM OWONIKOKO | | 1127 | BELLO KOKO MOHAMMED ATP | | 1128 | BELLO MUIBAT AINA | | 1129 | BELLO OTITI OSARETIN | | 1130 | BELLO WAHEED ADISA | | 1131 | BEN YILA BOLOS | | 1132 | BENARD FESTUS ROBERT | | 1133 | BENEDICT ALBERT AJIBOLA | | 1134 | BENEDICT UDEH | | 1135 | BEN-OKAFOR KENECHUKWU CHIGOZIE | | 1136 | BERNARD IKECHUKWU OSAMOR | | 1137 | BIANGULAR REALTIES LTD | | 1138 | BIBIRESANMI OLUWOLE | | 1139 | BIBIRESANMI OLUWOLE OLADIPO | | 1140 | BIGILA DAVID OGHENEOVO | | | | | --- | --- | | | | | S/N | NAMES | | 1141 | BIMSUKA INVESTMENT LIMITED | | 1142 | BINUYO SHARAFA TEJU | | 1143 | BISAMI NIGERIA LTD - ACCOUNT 2 | | 1144 | BISOLA MODUPE OLOFINGORITE | | 1145 | BITZ ANTHONY HIBBARD | | 1146 | BLANKSON AMPIM GOGO | | 1147 | BLESSING ANIETIE OKON | | 1148 | BLESSING CHINEYE OHAZURUME | | 1149 | BLESSING CHIOMA EZEUDU | | 1150 | BLESSING CHUKWUEBUKA DANIEL | | 1151 | BLESSING ONOSOMHE OSIKHENABOIH | | 1152 | BLESSING ONYINYE OBIALOR | | 1153 | BOBADE EDWARD | | 1154 | BODE ADEOLU GLOBAL ASSOCIATES | | 1155 | BODUNDE AJOKE OYINDAMOLA | | 1156 | BOLAJI GANIYU | | 1157 | BOLAJI GANIYU OLAYIWOLA | | 1158 | BOLAJI IBRAHIM OLAWALE | | 1159 | BOLAJI RAMONI OKUNLOLA | | 1160 | BOLAJI WASIU FOLORUNSO | | 1161 | BOLANLE OLOGUN | | 1162 | BOLARINWA RASHIDAT ABOLANLE | | 1163 | BOLARINWA TOSIN LUQMAN | | 1164 | BOLUWATIFE OLUWADAMILARE ADEBAYO | | 1165 | BOLUWATIFE OLUWAFUNNBI ONIYA | | 1166 | BONAVENTURE A ALARIBE | | 1167 | BORODO TIJJANI MOHAMMED | | 1168 | BRAIBI HORSFALL | | 1169 | BRAIMAH OLAJUMOKE AYODEJI | | 1170 | BRAIMAH OLAJUMOKE AYODEJI A. | | 1171 | BRAIMAH SULEMAN IGEKIE | | 1172 | BRIAN CHIAGOZIE EMEGHARA | | 1173 | BRIGGS DUMO | | 1174 | BUARI OLUWAMAYOWA OLAOLUWA | | 1175 | BUARI PRINCE OLAYINKA SALAMI | | 1176 | BUHARI-ALADE AKINTOLA | | 1177 | BUKAR GUBIO KACHALLAH | | 1178 | BUKO ADESHOLA AKINLOLU | | 1179 | BUKOL NIGERIA LIMITED | | 1180 | BURL GABRIEL INDYER | | 1181 | BUSARI BASIRU OKUNADE | | 1182 | BUSOLA BAYO OJO | | 1183 | BUSUYI JOSHUA AKINDELE | | 1184 | CALEB AFITAFU OKOGBE | | 1185 | CALEB CHRISTINE LTD | | 1186 | CANARY POINT CAPITAL LIMITED | | 1187 | CAPITAL BANCORP | | 1188 | CAPITAL BANCORP/KPMG PARTNERS WELF.SC-TR | | 1189 | CAPITAL EQUITIES LIMITED | | 1190 | CAPITAL SHAREHOLODERS ASSOCIATION | | 1191 | CARDINALSTONE ASSET MANAGEMENT | | 1192 | CARDINALSTONE PARTNERS LIMITED | | 1193 | CARDINALSTONE PARTNERS LTD/PMS | | 1194 | CARDINALSTONE SECURITIES LTD/ CLIENTS | | 1195 | CAROLINE NSE IKPE | | 1196 | CASIMIR AIDELOJE IDELE | | 1197 | CATHOLIC DIOCESE OF AWKA | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 324 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Unclaimed dividend list continued | | | | --- | --- | | | | | S/N | NAMES | | 1198 | CENSEC CONSULTS LIMITED | | 1199 | CENTURY INDUSTRIAL COMPANY NIG. | | 1200 | CHARITY UMOH EFFIONG | | 1201 | CHARLES AKHIGBE | | 1202 | CHARLES CHUKWUEMEKA NWOGU | | 1203 | CHARLES IKENNA AZUBUIKE | | 1204 | CHARLES MICHAEL ADIGWE | | 1205 | CHARLES NGOKA | | 1206 | CHEJIEH CHIBUZOR MICHAEL | | 1207 | CHELLARAM SURESH | | 1208 | CHEVRON CPFA FUND HELD BY FPCNL -MAIN | | 1209 | CHI GHASARAH SYLVANUS | | 1210 | CHIAGOZIE FAVOUR ONYEMUCHE | | 1211 | CHIAMAKA AND NNAMDI OBIOHA | | 1212 | CHIAMAKA LOVETH NWAKA | | 1213 | CHIBIFE ANTHONY (FORMERLY ANIEKWENA) | | 1214 | CHIBUEZE DANIEL OSUKWU | | 1215 | CHIBUEZE KENECHUKWU NNABUEZE | | 1216 | CHIBUIKE ISAIAH ELOCHUKWU | | 1217 | CHIBUIKE UDOCHUKWU OTTI | | 1218 | CHIBUZO CHIAZOM IWUAGWU | | 1219 | CHIBUZOR TITUS AMAOBICHUKWU | | 1220 | CHIDIEBUBE AMAECHI | | 1221 | CHIDINMA PLEASURE ISHMEAL | | 1222 | CHIDUBEM ABEL UGWUOKE | | 1223 | CHIDUME NWANNEAMAKA JACINTA | | 1224 | CHIEDUVICE INVESTMENT LIMITED | | 1225 | CHIEZEY NGOZI PAULINE | | 1226 | CHIJIOKE ENEH COLLINS CHIDUBEM CHIKA | | 1227 | CHIJIOKE UBAKA AJEKWU | | 1228 | CHIKA MOSES OKONKWO | | 1229 | CHIKA NGOZI CHIKWE | | 1230 | CHIKA PETER WICHE | | 1231 | CHIKAMSO NDUBUEZENDUKA | | 1232 | CHIKAUZOAHU DANIELLE UKAOGO | | 1233 | CHIKE STANLEY OKEKE | | 1234 | CHIKEKA VIVIAN ADANMA | | 1235 | CHIKODI JENNIFER ONWUMERE | | 1236 | CHILUBA EBELE EZE | | 1237 | CHINDA JEFF | | 1238 | CHINEDU TOCHUKWU NDULUE | | 1239 | CHINOSA MISHAEL | | 1240 | CHINWE VIVIANE CHIZOBA | | 1241 | CHINYERE EMMANUELLA NNANNAOKORO | | 1242 | CHINYERE STELLA OKWUNDU | | 1243 | CHIOKE IKE JR | | 1244 | CHIOMA AGUNSOYE | | 1245 | CHIOMA GLORIA KELECHIUZODINMA | | 1246 | CHIOMA SANDRA UNACHUKWU | | 1247 | CHIOMA SYLVIA INYAMA | | 1248 | CHIOMA THERESA NDUBUISI | | 1249 | CHISOM COLLINS CHIMEZIE | | 1250 | CHISOM FIDELIS ONUOHA | | 1251 | CHISOM VICTOR NWISU | | 1252 | CHIZOMA CHELSLYN UNEGBU | | 1253 | CHOLLOM SEIME | | 1254 | CHOLLOM SEIME DAVOU | | | | | --- | --- | | | | | S/N | NAMES | | 1255 | CHRIS-ASOLUKA SOMACHI CHIDUMEBI | | 1256 | CHRISTABEL CHIGEORLAT DAKYEN | | 1257 | CHRISTIAN CHUKWUDI OKWARANOWAI | | 1258 | CHRISTIAN CHUKWUEBUKA OBIOHA | | 1259 | CHRISTIAN EDEMOBONG BRENDAN | | 1260 | CHRISTIAN GODFREY AGWU | | 1261 | CHRISTIANA GYANG | | 1262 | CHRISTIANA ITUEN EZEKIEL | | 1263 | CHRISTIANA NKECHI FESTUSAZUDIUGWU | | 1264 | CHRISTIANA NNENNA IBE | | 1265 | CHRISTIANAH AROWOSEGBE | | 1266 | CHRISTOPHER AFOKOGHENE UMEBESE | | 1267 | CHRISTOPHER AKAGAK ATAKI | | 1268 | CHRISTOPHER EJIETA ENAMEGWOMO | | 1269 | CHRISTY YETUNDE OYENIRAN | | 1270 | CHUKANWOSU CHIDINMA | | 1271 | CHUKA-UMEH OBIAGELI | | 1272 | CHUKS IGELENYAH | | 1273 | CHUKU OLASUBOMI TEMITOPE | | 1274 | CHUKWU ERIC | | 1275 | CHUKWU JULIET NNENNA | | 1276 | CHUKWU NWAKAEGO CHRISTANA | | 1277 | CHUKWUDI FRANCIS CHIDERA | | 1278 | CHUKWUDI OTIJI | | 1279 | CHUKWUDI PASCHAL ONYEBUCHI | | 1280 | CHUKWUEBUKA CISBON NWAGBO | | 1281 | CHUKWUEBUKA FRANK EWENEMBA | | 1282 | CHUKWUEBUKA NUEL PETERS | | 1283 | CHUKWUEBUKA OBINNA ONYEJE | | 1284 | CHUKWUEBUKA PROMISE UGOCHUKWU | | 1285 | CHUKWUEMAKA KERRY | | 1286 | CHUKWUEMEKA ANTHONY AZUKA | | 1287 | CHUKWUEMEKA CHRISTIAN EJIOFOR | | 1288 | CHUKWUEMEKA COLLINS IGWE | | 1289 | CHUKWUEMEKA OKECHUKWU | | 1290 | CHUKWUKA FAITH | | 1291 | CHUKWUKA NCHEDO PASCHALINE | | 1292 | CHUKWUKA NKEMJIKA CLETUS | | 1293 | CHUKWUMA CROSS MEKWUNYE | | 1294 | CHUKWUMA IROZURU | | 1295 | CHUKWUMA OFEBI | | 1296 | CHUKWUMAH CYRIL | | 1297 | CITITRUST SECURITIES LIMIETD | | 1298 | CLARE ODIA MODUPE | | 1299 | CLEMENT ASUQUO MICHAEL | | 1300 | CLEMENT CHINONSO NNANNA | | 1301 | CLINTON CHIBUZOR AGOH | | 1302 | CLUB 64 (MMGS) | | 1303 | COINS AMES LIMITED | | 1304 | COKER OLUWOLE OLUTOLA | | 1305 | COKER OMOYEMI | | 1306 | COLE ADEKUNLE ADEBAYO | | 1307 | COLE RICHARD AJIBOLA | | 1308 | COLETTE UGOCHI OKWUCHI | | 1309 | COLLINS TEMISA | | 1310 | COMFORT OLUBUKOLA EBURU | | 1311 | COMMELIN VALERIE KHAZALA | | 1312 | CONNAL STUART | | | | | --- | --- | | | | | S/N | NAMES | | 1313 | CONSUMER INVESTMENTS LIMITED | | 1314 | CORDCAP NOMINEE LTD | | 1315 | CORDROS ASSET MANAGEMENT/DR IKECHUKWU NW | | 1316 | CORNERSTONE INSURANCE PLC | | 1317 | CORNERSTONE STAFF COOPERATIVE SOCIETY | | 1318 | CORONATION BAL.FD/STANBIC TRUSTEES - TRA | | 1319 | CORPORATE & STRATEGIC OPTIONS LIMITED | | 1320 | CRAME OLIVIER | | 1321 | CREDITVILLE NIGERIA LIMITED | | 1322 | CSL NOMINEE  FATIMA UMMU KHAIR TRUST | | 1323 | CSL NOMINEE ATC | | 1324 | CSL NOMINEES A/C BR | | 1325 | CSL NOMINEES A/C BR | | 1326 | CSL NOMINEES LTD A/C FINCH | | 1327 | CSL STOCKBROKERS | | 1328 | CSL STOCKBROKERS LTD - PTR AC | | 1329 | CSP-STI | | 1330 | CTSL-HIGO T.G | | 1331 | CYNTHIA LEONWAOGU | | 1332 | CYRIACUS CHUKWUDI MAXIMILIAN | | 1333 | CYRIACUS IFEANYI VALENTINE | | 1334 | DA SILVA TEKOA TIAGO | | 1335 | DADA AKINLOLUWA JOHN | | 1336 | DADA AYODELE & INONGE | | 1337 | DADA EMMANUEL ADESHINA | | 1338 | DADA OLUWAFEMI OLORUNTOBA | | 1339 | DADA OLUWAYEMISI MOTUNRAYO | | 1340 | DAFE NKIRU PAT CHIEF MRS | | 1341 | DAHIRU USMAN | | 1342 | DAHUNSI MUTHAIR ABIODUN | | 1343 | DAIRO SEGUN DAYO | | 1344 | DAIRO SIKIRU ABOLARIN | | 1345 | DAKWAK EMMANUEL NANCHIN | | 1346 | DAMILOLA ABODUNRIN | | 1347 | DAMILOLA DOLAMU OKUFUYE | | 1348 | DAMILOLA RUTH OLAJIRE | | 1349 | DAMSUN EMMANUEL | | 1350 | DAN - JUMBO TAMUNOALA M | | 1351 | DANGIRI ABDULRAZAK ABDUL | | 1352 | DANIA VICTOR OLUMIDE | | 1353 | DANIEL EFIOK DANIEL | | 1354 | DANIEL GABRIEL UKOHA | | 1355 | DANIEL OBIOMA MMADUKA | | 1356 | DANIEL ODEH ODEH | | 1357 | DANIEL THANKGOD ALASORO | | 1358 | DANIEL WOKA OKO | | 1359 | DANIEL-IYOGUN CHUKWUBUIKEM ODENOSE | | 1360 | DANIYAN STELLA | | 1361 | DANIYAN STELLA CHINEDUM | | 1362 | DANJUMA KAMORUDEEN AJAO | | 1363 | DAODU OLUGBENGA ADEYEMI | | 1364 | DARA ADEOLUWA EMMANUEL | | 1365 | DARAMOLA AWOYINKA | | 1366 | DARAMOLA BAMIDELE OLUYEMISI | | 1367 | DARAMOLA KOLAWOLE DANIEL | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 325 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | --- | --- | | | | | S/N | NAMES | | 1368 | DARAMOLA MICHAEL AYODEJI | | 1369 | DARAMOLA OLATUNJI VICTOR | | 1370 | DARAMOLA OLUFUNKE TOLULOPE | | 1371 | DAUDA GODSTIME SALAMI | | 1372 | DAUDA KAMILU MOHAMMED | | 1373 | DAUDU ALFRED TAIYE | | 1374 | DAUKORU EDMUND M. (HRM) | | 1375 | DAUKORU EDMUND MADUABEBE | | 1376 | DAUKORU EDMUND MADUABEBE - TRADING | | 1377 | DAVID ABIMBOLA SOLOMON | | 1378 | DAVID ADEOYE ADEDOKUN | | 1379 | DAVID BASSEY NELSON | | 1380 | DAVID FRIDAY EFFIONG | | 1381 | DAVID GBINDA KHOBE | | 1382 | DAVID ISAAC OLABANJI | | 1383 | DAVID MATHEW OLUWADAMILOLA | | 1384 | DAVID OBIKA ARINZE OBIKA | | 1385 | DAVID OREVAOGHENE EMMANUEL | | 1386 | DAVID TEMITAYO AROGUNDADE | | 1387 | DAVID UMA | | 1388 | DAVIS IFEAKACHUKWU ANYAOHA | | 1389 | DAVIS SOLOMON COLLINS | | 1390 | DAWODU MUSIBAU OLASUNKANMI | | 1391 | DAWODU OMOLARA ADIAT | | 1392 | DAYO OLAGUNJU OLUBUNMI | | 1393 | DAYOHAMS INV. LIMITED | | 1394 | DAYO-OLAGUNJU OLUBUNMI ONAJITE | | 1395 | D-BEST ACHIEVERS SHAREHOLDERS ASS | | 1396 | DEBORAH AMEH | | 1397 | DEBORAH MORENIKEJI AMIDA | | 1398 | DEEDUMBARI CHARLES GBOHIGBARA | | 1399 | DEELE JOHN TORBIRA | | 1400 | DEKE OGENAGWE VICTOR | | 1401 | DENIS-AKANO DORIS CHIOMA | | 1402 | DENNI-FIBERESIMA DAMIEBI | | 1403 | DENTON DOLAPO | | 1404 | DENTON DOLAPO ALABI | | 1405 | DIAMOND OMAAMENE | | 1406 | DIAMOND SECURITIES LIMITED | | 1407 | DIAMOND SECURITIES LIMITED | | 1408 | DIBIA FELIX ACHULIKE | | 1409 | DIDEOLU MOLOLUWA BANIRE | | 1410 | DIEKOLOLA LATEEF KUNLE | | 1411 | DIEPREYE THEODORA EKANEM | | 1412 | DIJI FELIX | | 1413 | DIKKO AISHA IBRAHIM | | 1414 | DIMA OKOJIE ONOSEZENA BUKOLA | | 1415 | DIMARO EBIKEGBA | | 1416 | DIMKPA CHUKWUDI ELEKWACHI | | 1417 | DINYO TAYE EUNICE | | 1418 | DIOCESE OF SOKOTO | | 1419 | DIOCESE OF SOKOTO | | 1420 | DIVINE CHIJIOKE EKEOCHA | | 1421 | DOAF GLOBAL SERVICES | | 1422 | DOLAPO OLASEHINDE ILESANMI | | 1423 | DOMINIC YAMMA | | 1424 | DORATHY NKECHI OBAH | | 1425 | DORCAS OLUWAFUNKE AYODEJI | | 1426 | DORGU PATIENCE TUBOLAIFA | | | | | --- | --- | | | | | S/N | NAMES | | 1427 | DORIS CHIBUZOR OKPARA | | 1428 | DOSUNMU OLUSEGUN ADEGOKE | | 1429 | DOYINSOLA AFOLAYAN | | 1430 | DOZIE UZOMA | | 1431 | DPFC GTB-AM PEN FAAN LEGACY FUND - MAIN | | 1432 | DPFC/FIDELITY PML-NNPC PENSION FUND-MAIN | | 1433 | DPFC/FIDELITY PML-NNPC PENSION FUND- TRAD | | 1434 | DPFC/GTB-AM PEN LTD RETIREES - MAIN | | 1435 | DPFC/GTB-AM PENSION RSA FUND - MAIN | | 1436 | DPFC/INVEST ONE NNPC PEN FUND - MAIN | | 1437 | DPFC/INVESTMENT ONE PENSION RSA FUND III | | 1438 | DPFC/NPF PENSIONS LTD-RETIREES FUND-MAIN | | 1439 | DUBLIN-GREEN IDAWARIFAGHA | | 1440 | DUKEREGENT ENTERPRISES | | 1441 | DULKEBE AMALE DIMAS | | 1442 | DUROJAIYE ADEDOYIN | | 1443 | DUROJAIYE ANTHONIA OLAIDE | | 1444 | DUROJAIYE KOLAWOLE OLALEKAN | | 1445 | DUROJAIYE TEMILADE FUNMILAYO DAMILOLA | | 1446 | DUROSINMI-ETTI KEHINDE | | 1447 | DUROWAIYE ADEWUNMI AFUSAT | | 1448 | DURU FRANCIS CHIJIOKE NNADIEKWE | | 1449 | DURU P. NGOZI | | 1450 | DZIKWI ALFA | | 1451 | EBADE CHRISTOPHER ITAMAN | | 1452 | EBEH CHRISTIAN UCHECHUKWU | | 1453 | EBELE SHEILA IYIEGBU | | 1454 | EBELECHUKWU UBAKA | | 1455 | EBELEDIKE ODERA | | 1456 | EBENEBE ZIKORAIFECHUKWU | | 1457 | EBHOTE PEPPER-BROWN | | 1458 | EBI LIZZY NGOZI (MRS) | | 1459 | EBIEFIE ANTE OKON | | 1460 | EBINUM JOSEPH | | 1461 | EBITIMI DANIEL SAKAFEMOH | | 1462 | EBOCHUE EDWARD ONYEMAECHI (ALLEGED DECEASED PHC/1344/19) | | 1463 | EBOHON ELLIS O | | 1464 | EBOIGBE CLAUDIA IBUKUNOLUWA | | 1465 | EBUKA JOSHUA DAVID | | 1466 | ECHENG RUTH EKAMA | | 1467 | ECOMARK INVESTMENT LIMITED | | 1468 | E-CRAFT | | 1469 | ECZELLON CAPITAL LIMITED | | 1470 | EDC BALANCED FUND/FBNQUEST TRUSTEES -TRA | | 1471 | EDDO MARK | | 1472 | EDE GODWIN EMEKA | | 1473 | EDE MODINAT ADEDOYIN | | 1474 | EDE RICHARD CHIBUNDU | | 1475 | EDETANLEN ADERONKE OLUKEMI | | 1476 | EDEWOR OMONEFE | | 1477 | EDITH IFEOMA OKOYE | | 1478 | EDOMOBI KELECHI | | 1479 | EDU SIVBONE EJIROGHENE | | | | | --- | --- | | | | | S/N | NAMES | | 1480 | EDUM HARRISON | | 1481 | EDUN YEMISI | | 1482 | EFAPOKIRE ROSE | | 1483 | EFEKEMO MAVELYN ARUORIWO | | 1484 | EFETURI JUNIOR ANUKPEYIBO | | 1485 | EFOBOKHAN ISAAC OSESEBAGA | | 1486 | EFOSA PETER OSAWE | | 1487 | EFUWAPE TITILAYO JUDITH | | 1488 | EGBAGBE AUGUSTINE SUNDAY | | 1489 | EGBE EGBE | | 1490 | EGBEBI FOLUKE OMOBONIKE | | 1491 | EGBERIKE-ADEBAMOWO ANGELA | | 1492 | EGBEYEMI ABDURRAFII | | 1493 | EGBEYEMI OLUWADARAFUNMI | | 1494 | EGBOBA IKECHUKWU | | 1495 | EGBON OMOROVBIYE BLESSING | | 1496 | EGBOWON DOLAPO | | 1497 | EGBOWOROMO BENJAMIN EYITOKUNBO | | 1498 | EGBUCHELEM NNAMDI JACOB | | 1499 | EGEIN MUNAFA MOSES | | 1500 | EGEREONU JERRY CHINWENDU | | 1501 | EGHAREVBA ESOHE | | 1502 | EGHELE PAUL ORITSEJE | | 1503 | EGIARHUOYI PAUL IYAEZERE | | 1504 | EGO-OSUALA CHINASA | | 1505 | EGUBE SAMUEL | | 1506 | EGWARE EMMANUEL | | 1507 | EGWU OLUWAYEMISI ADEDOYIN | | 1508 | EGWUATU JENNIFER UZOMA | | 1509 | EGWUENU CHIDI I. &  ROSALINE O. | | 1510 | EGWUENU EDDY MARTINS (CHIEF) | | 1511 | EHILEGBU CHUKWUKA DAMIAN | | 1512 | EHIMARE ABURIME SUNDAY | | 1513 | EHIMARE EWOIGBOKHAN | | 1514 | EHINMOWO AFOLABI OLUSEGUN | | 1515 | EHIRIBE IKE | | 1516 | EHI-UUJAMHAN ANTHONY | | 1517 | EHUWA OLUWATOBI BLESSING | | 1518 | EHUWA SUNDAY VICTOR | | 1519 | EJEH NDUBUISI MICHAEL | | 1520 | EJEMBI PATRICK OKO | | 1521 | EJIEJI EMENIKE | | 1522 | EJISHE OPI JUSTIN | | 1523 | EKA VICTOR | | 1524 | EKAJI DENNIS | | 1525 | EKANEM EMA-EKOP SAMPSON | | 1526 | EKE CHIDIUTO CHIDERA | | 1527 | EKE CHIKAMSO NWAYINMA | | 1528 | EKE EJIMOFOR ANTHONY | | 1529 | EKE KELECHI PASCHAL | | 1530 | EKE THELMA IJEOMA | | 1531 | EKEBI KENNETH IDO | | 1532 | EKEGHE OGBONNAYA NDUKA | | 1533 | EKEGHE OGBONNAYA NDUKA AND EUNICE O | | 1534 | EKEIGWE AUGUSTINE | | 1535 | EKELE OBASI | | 1536 | EKEOBA OBEHI IHINOSE | | 1537 | EKEOGU PRECIOUS HABIBA | | 1538 | EKERE CHUKWUEMEKA IHEANACHO | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 326 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Unclaimed dividend list continued | | | | --- | --- | | | | | S/N | NAMES | | 1539 | EKHOIYAYI AGHAHOWA | | 1540 | EKHORUTOMWEN OSEMWINYEN | | 1541 | EKPEH JOY ONYINYECHI | | 1542 | EKPEKI OMOWHARE WILLIAM | | 1543 | EKPIKOT EKEMINI MAURICE | | 1544 | EKPO EBEREANIE ABRAHAM | | 1545 | EKPO MFON USUA | | 1546 | EKPOTU WILSON FIDELIS | | 1547 | EKPU SANDRA ESEOSE | | 1548 | EKUKINAM EMEH | | 1549 | EKUKINAM GABRIELLE KOKOMA | | 1550 | EKUN AKINWANDE OLUSEYE | | 1551 | EKWEANYA ADAOBI | | 1552 | EKWELI EMMANUEL CHUKWUNYEAKA | | 1553 | EKWERIKE KENNEDY OGBONNA | | 1554 | EL RUFAI ADEKUNLE EL MONSUR | | 1555 | ELF COOP OMESURU UMEJURU AKE | | 1556 | ELIAS YESIDE KAOSARA MOPELOLA | | 1557 | ELIJAH AKINBOWALE OYEFESO | | 1558 | ELIJAH OLUWATIMILEHIN ADANDE | | 1559 | ELIXIR INVESTMENT PARTNERS LTD | | 1560 | EL-KURIOS INVESTMENT LTD | | 1561 | ELLA VINCENT | | 1562 | ELOKA ADAEZE CORNELIA | | 1563 | ELUDOYIN AKIN | | 1564 | ELYON CAPITAL LIMITED | | 1565 | EMAH EFFIONG UDOH | | 1566 | EMEFIENE LUKAKELLY MARCEL | | 1567 | EMEGHARA ANTHONY IHELACHO | | 1568 | EMEMOBONG EMMANUELLA ETIM | | 1569 | EMENIKE ADA | | 1570 | EMENUWA & IJEOMA JAJA-WACHUKU | | 1571 | EMMANUEL ANTHONY OGAR | | 1572 | EMMANUEL ATAMAKO | | 1573 | EMMANUEL CHINONSO UGBEBOR | | 1574 | EMMANUEL EJAIFE UGEN | | 1575 | EMMANUEL ENYINNIA CHUKWUEGU | | 1576 | EMMANUEL IFEOLUWA OYERINDE | | 1577 | EMMANUEL IJENAMAKA OYIYE OGBE | | 1578 | EMMANUEL IRONDI | | 1579 | EMMANUEL ISAIAH KWIBINUKPABI | | 1580 | EMMANUEL JOHN GODWIN | | 1581 | EMMANUEL NANPAN JAMES | | 1582 | EMMANUEL NNAMDI CHIEZIE | | 1583 | EMMANUEL OBINNA OKAFOR | | 1584 | EMMANUEL OGUNDELE-HARRIS | | 1585 | EMMANUEL OKECHUKWU AFIAWARI | | 1586 | EMMANUEL OLU OMOLE | | 1587 | EMMANUEL OLUWAFEMI BADA | | 1588 | EMOEKPERE VICTORIA JOY | | 1589 | EMORDI NJIDEKA YVONNE | | 1590 | EMORI IKWA | | 1591 | ENAD INTERGRATED SERVICES LIMITED | | 1592 | ENAHORO VIVIAN PECULIAR | | 1593 | ENAOHWO MICHAEL TOBORENA | | 1594 | ENE- ITA ANNE | | 1595 | ENEDUWE ONYEKA | | 1596 | ENEH ANNABEL AKACHUKWU C. | | 1597 | ENEH CHIJIOKE JOHN | | 1598 | ENEH PEARL NKECHI | | | | | --- | --- | | | | | S/N | NAMES | | 1599 | ENEH SOMTOCHUKWU BERNARDINE | | 1600 | ENE-ITA ANNE NKESE | | 1601 | ENELAMAH EZE OBIOMA | | 1602 | ENI JOHN EDOM BEAU | | 1603 | ENIAFE MUJIDAT TEMITOPE | | 1604 | ENIFENI SHAKIRU TOYIN | | 1605 | ENIKANSAYE OLUWAYEMISI HANNAH | | 1606 | ENIOLA OLAITAN MORONFOLU | | 1607 | ENITAN GRACE WALE-ODUNAIYA | | 1608 | ENLIL INVESTMENT LTD | | 1609 | ENTERPRISE TRUST INSURANCE BROKERS LTD | | 1610 | ENTERPRISES STOCKBROKERS PLC. | | 1611 | ENWERE EDMUND ONYEKWERE | | 1612 | ENYENDU CHIGOZIE | | 1613 | ENYINNAYA VICTOR IKECHUKWU | | 1614 | EPHRAIM ANIEFIOK DANIEL | | 1615 | EPHRAIMJULIAN OSULA | | 1616 | EQUAK ODUDU SAMSON | | 1617 | ERAH BECKY IBUKUN | | 1618 | ERE-IMANANAGHA VIVIEN | | 1619 | EREKOSIMA BIOKPO SOLOMON | | 1620 | EREKOSIMA SOLOMON | | 1621 | ERETAN OLUWOLE RICHMOND | | 1622 | ERHIEYOVWE UGOCHI GLORIA | | 1623 | ERIFEVIEME OGHES SAMUEL WELLINGTON | | 1624 | ERIMMA JOY MUSODIQ | | 1625 | ERINFOLAMI BOSERECALEB IJAODOLATIOLUWA | | 1626 | ERINFOLAMI GAFAR BURAIMOH | | 1627 | ERINFOLAMI OLOLADEBALOGUN GAFAR | | 1628 | ERINFOLAMI SALEMSON ADEMOLA TEMILOLUWA | | 1629 | ERO EMMANUEL EFOSA | | 1630 | EROMOSELE BENJAMIN | | 1631 | ERUKAKPOMREN CHRISTOPHER OKOTETE | | 1632 | ERUVBETINE OBOR ENAEME | | 1633 | ERUVBETINE PREM ENAEME | | 1634 | ESENDU PRECIOUS EBI | | 1635 | ESEOHE FLORENCE OGBECHIE | | 1636 | ESHIET INYANG ANDY | | 1637 | ESHIOKHIA ELVIS | | 1638 | ESIEKPE SAMUEL EJAIFE | | 1639 | ESIEMOKHAI OSI FRANCIS | | 1640 | ESIKE HELEN NGOZI | | 1641 | ESIN EBIETOR ESIN | | 1642 | ESIRI JOHN | | 1643 | ESISI TOSAN UFUOMA | | 1644 | ESO OLAKANMI SAMUEL | | 1645 | ESOMEJU NNEKA CECILIA | | 1646 | ESOMOJUMI BENSON ADEOLA | | 1647 | ESOSA EWAEN | | 1648 | ESSIEN EKEMINI | | 1649 | ESSIEN EMMANUEL EFFIONG | | 1650 | ESSIEN ISRAEL SAM | | 1651 | ESSIEN PETER SIMON | | 1652 | ESTATE OF ABIOLA FALOMO | | 1653 | ESTATE OF AISIDA FRANCIS OLORUNFEMI | | | | | --- | --- | | | | | S/N | NAMES | | 1654 | ESTATE OF AJAGUN ADEDEJI OLATUNDE | | 1655 | ESTATE OF BELLO ABBA MOHAMMED | | 1656 | ESTATE OF IGBASANMI OLATOMIDE JOHN | | 1657 | ESTATE OF JONES OBAFEMI OBADIAH | | 1658 | ESTATE OF KAYODE REUBEN AKANBI | | 1659 | ESTATE OF OFURHIE MACAULAY AGBADE | | 1660 | ESTATE OF OLUWATAYO TIMOTHY AYODELE | | 1661 | ESTHER EBHOHIMEN | | 1662 | ESTHER HAISHA SAGAYYUSUF | | 1663 | ESTHER MCDAPPA | | 1664 | ESTHER MOJISOLA SOREMI | | 1665 | ESTHER OMIKUNLE | | 1666 | ESTHER UWEM JIMMY | | 1667 | ESTHER YEYELO WAMINAJE | | 1668 | ETHUAKHOR FIDELIS | | 1669 | ETIKO ASIMIU MONINUOLA | | 1670 | ETIM EMMANUEL EDET | | 1671 | ETIM NATHANIEL OTO-OBONG | | 1672 | ETIM SIMON | | 1673 | ETIMBUK THOMPSON UDOM | | 1674 | ETOMI DAMINABO DENNIS OSAGIE | | 1675 | ETOROMA IMONIWERA EJIRO | | 1676 | ETTEH ARO & PARTNERS | | 1677 | EUGENE AZUBIKE NWOSU | | 1678 | EUGENIA KAIGAMA FIDELIS | | 1679 | EVANS FRANCIS EKAINYANG | | 1680 | EVARISTUS EKENE EBUGOSI | | 1681 | EVBOTA HARRIET ADEKUNBI | | 1682 | EVWIEREYOR REYOR EROVWO | | 1683 | EWAH EREYI | | 1684 | EWELIKE CHINEDU CHIMEZIE | | 1685 | EWETUGA OLUWAFUNMILAYO ARAMIDE | | 1686 | EWHERIDO UFUOMA. J & TOLULOPE O. | | 1687 | EWHRUDJAKPOR OBIKU | | 1688 | EWUBARE ROLAND & DEEDEE | | 1689 | EWUMI EMMANUEL OLUGBENGA | | 1690 | EWURUM HENRY EMEKA | | 1691 | EXALTED CONCEPTS INTERNATIONAL | | 1692 | EYANUKU PETER ONOBRHIE | | 1693 | EYETSEMITAN TOJU PHILIP | | 1694 | EYEWUOMA TAIYE | | 1695 | EYEWUOMA TAIYE OGHORITSEWARAMI | | 1696 | EYO STEPHEN EFFIONG | | 1697 | EZE NICHOLAS CHINEDU | | 1698 | EZE SOBECHUKWU FRANCIS | | 1699 | EZEANI IGNATIUS MAJESTY | | 1700 | EZEBUBE OBIORA CHRISTIAN | | 1701 | EZECHUKWU AUGUSTINE NNAEMEKA | | 1702 | EZEH BARRY ONYEBUCHI | | 1703 | EZEH CHUKWUEBUKA KENNETH | | 1704 | EZEKIEL OLAWALE DONALD | | 1705 | EZEKWEM ANDREW ESIMOLE | | 1706 | EZEKWEM CHIDUBEM IKENNA WILLIAM | | 1707 | EZENDIOKWERE BENJAMIN J.E. | | 1708 | EZENDU KANAYO JOSEPH | | 1709 | EZENGIGE CHINEDU JOSEPH | | 1710 | EZENMA CHUKWUKA COSMAS | | 1711 | EZENWA DURUOHA | | 1712 | EZENWAFOR KENNEDY IFEANYICHUKWU | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 327 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | --- | --- | | | | | S/N | NAMES | | 1713 | EZENWAJIAKU THEOPHILUS | | 1714 | EZENWANNE VINCENT | | 1715 | EZENWINYINYA GODWIN NNAMA | | 1716 | EZEOKE FRANCIS | | 1717 | EZEOKE GODSON NEBECHI ODILI | | 1718 | EZEOKE JOY OBIAGELI | | 1719 | EZEOKE OBIAGELI | | 1720 | EZEOKE ROSEMARY AMARACHUKWU | | 1721 | EZEOKEKE SOMTOCHUKWU IFESINACHI | | 1722 | EZEUDEMBAH AGODI SUNDAY | | 1723 | EZIDINMA STELLA ANOLEFO | | 1724 | EZIKE VINCENT | | 1725 | EZIMAH CHISOM GWENNETH | | 1726 | EZIMAH SAMUEL | | 1727 | EZINNE CHIOMA OBAH | | 1728 | EZINWA NWANNE AGATHA | | 1729 | FABIYI SAMSON TEMITOPE | | 1730 | FABUDAH SEGUN RAPHAELS | | 1731 | FABYAN FLORA | | 1732 | FADAHUNSI KEHINDE AYOOLA | | 1733 | FADAYOMI BIDEMI | | 1734 | FADAYOMI NOAH OLUTOLA | | 1735 | FADEYIBI ADEOYE OLUWADARE | | 1736 | FADIPE OPE OLUWA OLAITAN | | 1737 | FADUGBA TITILOPE MOYOSORE | | 1738 | FAFIOLU OLUWATOYIN REGINA | | 1739 | FAGBAYIDE OLUKAYODE OLUWOLE | | 1740 | FAGBENRO AMINAT OLOLADE | | 1741 | FAGBENRO OLUWATOYIN OPEYEMI | | 1742 | FAGBENRO TAIWO AKINBOADE | | 1743 | FAGBODUN JAMES ADEMOLA | | 1744 | FAGBOHUNGBE AYOMIDE | | 1745 | FAGBOHUNGBE IFEDAYO OMOBAYODE | | 1746 | FAGBOLA ADEBAYO JULIUS | | 1747 | FAGBURE ADERINSOLA ADETOLA | | 1748 | FAITH OLORUNJUMI BONETIPIN | | 1749 | FAJOYE OGUNYEMI | | 1750 | FAKEYE OLUWAYEMISI | | 1751 | FALADE AFUSAT ADUNOLA | | 1752 | FALADE OLADIPO OLUWASEUN | | 1753 | FALESE TEMITOPE | | 1754 | FALORE OLUWASIKEMI AYONITEMI | | 1755 | FALUTA KEHINDE FLORENCE | | 1756 | FALUTA ROBERT OLABISI | | 1757 | FAMOUS AKEEM | | 1758 | FAMUREWAOLUWATOYIN ADEDOLAPO | | 1759 | FANIMOKUN AKINWUNMI GODSON | | 1760 | FANIYI GRACE OLUWATOYIN | | 1761 | FAR EAST FINANCE & INVESTMENT LTD.- TRADN | | 1762 | FAR EAST FINAND FAR EAST STUDIO | | 1763 | FARAMADEOLUWA OLUWATOMI SEGUN | | 1764 | FARAWE ROTIMI OLUSEGUN | | 1765 | FARAYOLA PRAISE OLOLADE | | 1766 | FARODOYE OLAYEMI JAMES | | 1767 | FAROMBI OLUSHOLA ABIOLA | | 1768 | FASHAKIN JASON BABAJIDE | | 1769 | FASHINA AJIBADE TAOFEEK | | 1770 | FASHINA ENIOLA ELIZABETH | | 1771 | FASHOLA ADETUNJI TUBOSUN | | | | | --- | --- | | | | | S/N | NAMES | | 1772 | FASOYIN OLUBUKOLA | | 1773 | FASUBA FRANCIS KOLA | | 1774 | FATADE ADERONKE OLADUNNI | | 1775 | FATIMA AJI | | 1776 | FATOKI AKINRINOLA | | 1777 | FATOLA JOSEPH OLUFUNMILADE | | 1778 | FATUNBI RUTH BOSEDE | | 1779 | FATUSIN SYLVESTER OLABISI | | 1780 | FAVOUR CHIGOZIRIM OKECHUKWU | | 1781 | FAVOUR OLUEBUBE UTA | | 1782 | FAWOLE TAIWO GANIYU | | 1783 | FAWUNMI ABIODUN BAMIDELE | | 1784 | FBN CAP NOM / PRIVATE CLIENTS | | 1785 | FBN CAPITAL NOMINEES/LINKAGE ASSURANCE | | 1786 | FBN NIG.SMART BET.EQ.FD/STANB.IBTC TRU-T | | 1787 | FBNQUEST NOM/GRAHAM GRANT & COMPANY LT | | 1788 | FBNQUEST TRUST/VANTAGE EQTY INC FD - TRA | | 1789 | FEESE MEMBER HEMBADOON | | 1790 | FEHINTOLA RASHEED AYINDE | | 1791 | FEJOKWU ANTHONY CHUKWUEMEKA | | 1792 | FELICIA CHIROMA | | 1793 | FERDINAND AYODELE LAWSON | | 1794 | FERNANDES SYNCLAIR PETRON | | 1795 | FESTUS CHUKWUEMEKA IBE | | 1796 | FEYIDE OLUFEMI ADEOLA | | 1797 | FEYIKEMI ORIYOMI | | 1798 | FGI- FINANCE GESTION ET INTERMEDIATION - | | 1799 | FIDELIS CHUKWUNONSO OKAFOR | | 1800 | FIDELIS EJIMAMU OKEHIE | | 1801 | FIDUCIA EQUITY EXTRA | | 1802 | FIN INSURANCE CO. LIMITED | | 1803 | FIRST NOMS/FBNQUEST AM/GRAHAM GRAND & CO | | 1804 | FIRST NOMS/FBNQUEST AM/MR & MRS ASHLEY-D | | 1805 | FIRST PCN/CRUSADER PENSIONS-PFA MAIN | | 1806 | FIRST PCN/FIDELITY PML - MAIN | | 1807 | FIRST PCN/FUTURE UNITY GLANVILS PEN-MAIN | | 1808 | FIRST TRUST/STANB.IBTC ETF 30(UN/ SEC)-TR | | 1809 | FIRST TRUSTEES /MR & MRS TED ENOMATE | | 1810 | FIRST TRUSTEES A/C ENOMATE TED | | 1811 | FIRST TRUSTEES/ARM AGG. GROWTH FUND - TR | | 1812 | FIRST TRUSTEES/ARM AGGRES GROWTH FUND-TR - | | 1813 | FIRST TRUSTEES/ARM DISCOVERY FUND-TRADNG | | 1814 | FIRST TRUSTEES/SIAML ETHICAL FUND - TRAD | | 1815 | FIRST TRUSTEES/STANBIC IBTC AGGR.FND-TRD | | 1816 | FIRST TRUSTEESSIAML BALANCED FUNDTRADG | | 1817 | FLORENCE LOUIS ASSIM | | 1818 | FLORENCE OLUSOLA OLUWA | | | | | --- | --- | | | | | S/N | NAMES | | 1819 | FLUTTERWAVEBLESSING OPEYEMI JAMES | | 1820 | FLUTTERWAVEDIANA EGBEKHAGBOR UMORU | | 1821 | FLUTTERWAVEEMMANUEL UDUKPULA | | 1822 | FLUTTERWAVEEVIANOCHRISTIANA OGHENERABOME | | 1823 | FLUTTERWAVEPAYOUTSUB MARYANNE ONYEKACHI | | 1824 | FOFAH JENSON | | 1825 | FOLAJINMI OLAWOLE DURODOLA | | 1826 | FOLAMI & ASSOCIATES | | 1827 | FOLARIN MUKHTAR | | 1828 | FOLARIN OLANREWAJU MOJISOLA | | 1829 | FOLAWIYO IGBEKELE IGBEKELE AMINU | | 1830 | FOLAYAN JOSEPH IBIKUNLE | | 1831 | FOLAYAN OLUBUNMI IBIKUNLE | | 1832 | FOLAYAN OLUWAROTIMI CHRISTOPHER | | 1833 | FOLORUNSO ABDULMALIK ADEMOLA | | 1834 | FOLOWOSELE JOY FOLAYEMI | | 1835 | FOLOWOSELE MORENIKE TOLULOPE | | 1836 | FOM ZAKKA | | 1837 | FORTRESS CAPITAL LIMITED | | 1838 | FORTUNE PROPERTIES LTD | | 1839 | FOSUG NIG LTD | | 1840 | FOWOKAN MACLEAN AKANBI | | 1841 | FOWOWE MICHAEL OLASUPO ABIOLA (ALLEDGED DECEASED PHC/742L/2020) | | 1842 | FPC/IPML FITC GRATUITY FUND - MAIN | | 1843 | FPC/SIPML CBN PENSION FUND - MAIN | | 1844 | FPC/SIPML/GLAXOSMITH STAFF BEN. SCH.-MAI | | 1845 | FPC/SIPML/KING GUARD LTD STAF GRA.-MAIN | | 1846 | FPC/SIPML/PZ SPF LEGACY FUND - MAIN | | 1847 | FPCN FPC/SIPML GEMS GLOBAL RES.NIG-MAIN | | 1848 | FPCNL / FIDELITY FUND I INVEST. A/C - MAI | | 1849 | FPCNL / NPF FUND III INVEST. A/C- MAIN | | 1850 | FPCNL/ FIDELITY FUN III INVEST. A/C MAIN | | 1851 | FPCNL/ VG FUND III INVESTMENT A/C- MAIN | | 1852 | FPCNL/FIDELITY PML -NNPC PENSION FUND -M | | 1853 | FPCNL/NPF PENSIONS LTD - MAIN | | 1854 | FPCNL/SIPML CRC CRD.BUA.LTD.STAFF.GT.SCH | | 1855 | FPCNL/SIPML DANGOTE CEMENT STAFF GRAT FU | | 1856 | FPCNL/SIPML EMENITE LIMITED FUND - MAIN | | 1857 | FPCNL/SIPML GEOSERVICES STAF.PROV.FUND-T | | 1858 | FPCNL/SIPML NNPC PENSION FUND - MAIN | | 1859 | FPCNL/SIPML/FAAN STAFF PENSION FUND-MAIN | | 1860 | FPCNL/SIPML/GUINNESS NIG.AES GS- MAIN | | 1861 | FPCNL/TANGERINEAPT FUND II INVEST AC-MA | | 1862 | FRANCA IKO ANDREW | | 1863 | FRANCES ULOMA OTUECHERE | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 328 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Unclaimed dividend list continued | | | | --- | --- | | | | | S/N | NAMES | | 1864 | FRANCIS EKURUEMU | | 1865 | FRANCIS INORU | | 1866 | FRANCIS KOJO CHARLES | | 1867 | FRANCIS OLAMIDE LOLA ABOSEDE | | 1868 | FRANCISCA DAMOLA OLAWUMI | | 1869 | FRANK ALFRED AWEI | | 1870 | FRANK TAKUMA DANDUNJI | | 1871 | FRANK-LAWALE ELIZABETH OLUSHOLA | | 1872 | FREGENE VICTOR ORITSEWEYINMI | | 1873 | FRIGATE GLOBAL RESOURCES INTL  LTD | | 1874 | FT/SIAML IMAN FUND | | 1875 | FT/SIAML NIG EQUITY FUND | | 1876 | FT/STANBIC IBTC CONSV FND NILL | | 1877 | FUNDTRON LIMITED | | 1878 | FUNDVINE CAPITAL & SECURITIES LIMITED | | 1879 | FUNMILAYO ESTHER ADEDEJI | | 1880 | FUNMILAYO RISIKAT OLUWATOYIN | | 1881 | FUTUREVIEW NOM OBIEFUNA&MARY-E NWASIKE | | 1882 | FUTUREVIEW NOM PHILLIPPA T IYIOGWE | | 1883 | FUTUREVIEW NOMINEE DOXA INV.  LTD | | 1884 | FUTUREVIEW NOMINEES - | | 1885 | GABRIEL ADACOLE EJEH | | 1886 | GABRIEL AGBOAYE ESHILAMA | | 1887 | GABRIEL DANIEL OLAYINKA | | 1888 | GABRIEL FEMI ADEWOLE | | 1889 | GABRIEL IMOSELI INYAMAH | | 1890 | GABRIELLA PRINCESS MBASOR | | 1891 | GAFAR RASHEED | | 1892 | GANIYU KUDIRAT MOTUNRAYO | | 1893 | GANIYU OLAWALE TAIWO | | 1894 | GANIYU WASIU AYINDE | | 1895 | GARBA SADDAM SALISU | | 1896 | GARUBA SAIDU KEWUYEMI | | 1897 | GBADAMOSI MOJISOLA MULIKAT ADEOLA | | 1898 | GBADAMOSI MUDASHIRU ATANDA | | 1899 | GBADAMOSI SULEIMAN ABIODUN | | 1900 | GBADAMOSI TAJU | | 1901 | GBADEBO OLATOKUNBO | | 1902 | GBADEBO-SMITH FOLARIN | | 1903 | GBAKA JULIET EBERE NWADI | | 1904 | GBEGBAJE ELIZABETH MEJEBI | | 1905 | GBEGI-LOWO & IJOMU NIG TRADING CO. LTD. | | 1906 | GBENGA OLUFEMI STEPHENS | | 1907 | GBENGA RAZAQ ADEFIRANYE | | 1908 | GBENGA SAMUELWEMIMO | | 1909 | GBIRI KIKELOMO WURAOLA | | 1910 | GBNY INVESTMENTS LIMITED | | 1911 | GBOGBOADE OLUWATOSIN JANET | | 1912 | GBOLAHAN MOJEED MAJA | | 1913 | GBONJUBOLA CHRISTIANA OBAFEMI | | 1914 | GEM ASSETS MANAGEMENT LIMITED | | 1915 | GEOFFREY GARBA | | 1916 | GEORGE ACHIKANU | | 1917 | GEORGE EKENE OKECHUKWU | | 1918 | GEORGE FAITH EKELIKHOTSE | | 1919 | GEORGE FAITH EKELIKHOTSE (NEE USMAN) | | | | | --- | --- | | | | | S/N | NAMES | | 1920 | GEORGE LELEJI | | 1921 | GESUNDHEIT & REICHTUM LIMITED | | 1922 | GIDEON DAGUNDURO | | 1923 | GIDEON EFFIONG | | 1924 | GIFT OGOCHUKWU NNAMANI | | 1925 | GINO MANAGEMENT LIMITED | | 1926 | GIWA ISMAILA OLALEKAN | | 1927 | GIWA SHAMSIDEEN ADEMOLA | | 1928 | GLADYS ONATU | | 1929 | GLORIA EKATA MICHAEL | | 1930 | GLORY UDOH SAMPSON | | 1931 | GOB-AGUNDU UCHE | | 1932 | GODFREY THOMPSON ESSIEN | | 1933 | GODWILL EMERIKE CHIKE | | 1934 | GODWIN ENEOJOH OMALE | | 1935 | GODWIN EYARUBERE OMENE | | 1936 | GODWIN YAKWO DANTALA | | 1937 | GOFWEN RITJI | | 1938 | GOLD IZUCHUKWU AKUBUKO | | 1939 | GOLDEN VICTORY PUBLISHERS LTD | | 1940 | GONSUM RITGAK ABEL | | 1941 | GOODHOPE GARBA | | 1942 | GOODLUCK AKANINYENE ARCHIBONG | | 1943 | GOSHEN REGINALD EGHAGHE | | 1944 | GRACE ALEYE YAKUBU | | 1945 | GRACE OKPATI | | 1946 | GRAVITAS SECURITIES LIMITED | | 1947 | GREEN LEAF PHARMACY - | | 1948 | GROWTH AND DEVELOPMENT ASSET MGT LTD | | 1949 | GTL TRUSTEES/ZEQ FUND - TRADING | | 1950 | GTL TRUSTEES/ZET FUND - TRADING | | 1951 | GUOBADIA OSATOHANMWEN | | 1952 | GWOM PETER KANANG | | 1953 | HADIZA ABDULLAHI | | 1954 | HAFSATU NASIRU ABOKI | | 1955 | HAGAN BRUCE | | 1956 | HAMBEH SAMUEL TERHEMEN | | 1957 | HAMIDA HASSAN YAHAYA | | 1958 | HAMILTON RACHAEL OLUFUNKE | | 1959 | HAMISU USMAN | | 1960 | HAMMED ADESINA AKEEM | | 1961 | HAMMED OLAMILEKAN IBRAHIM | | 1962 | HAMOD ARAFAT OLAYINKA | | 1963 | HAMZA RIDHWAN BOLADALE | | 1964 | HARRY RACHEL | | 1965 | HARTLAND - PEEL /SCHAR ACCOUNT | | 1966 | HARVEST INVESTMENTS LTD | | 1967 | HASSAN ABDULKARIM TIJANI | | 1968 | HASSAN ABIODUN SARAFADEEN | | 1969 | HASSAN ADESOLA BOLANLE | | 1970 | HASSAN AZEEZ TITILAYO | | 1971 | HASSAN NURUDEEN OLANREWAJU | | 1972 | HASSAN OLUWAGBENGA OLAKUNLE | | 1973 | HASSAN SAHEED LAGBE | | 1974 | HAUTGUARD LIMITED - | | 1975 | HELEN EKENE ANUMBA | | 1976 | HENRIETTA IFEOMA AGIM | | 1977 | HENRY ADETUNJI | | 1978 | HENRY IGOCHE AMEH | | | | | --- | --- | | | | | S/N | NAMES | | 1979 | HENRY OBI | | 1980 | HENSHAW BASSEY | | 1981 | HENSHAW BASSEY EWA | | 1982 | HERITAGE LINKS LTD | | 1983 | HIGHCAP SECURITIES LIMITED | | 1984 | HODARO GLOBAL LIMITED | | 1985 | HOLLY CHINENYE ABOH | | 1986 | HOMTO ZAIDA DOKPESI | | 1987 | HOST OIL&GAS PRODUCING COMMUNITIES - | | 1988 | HOUNTON CHRISTIANA | | 1989 | HUSSAINI IBRAHIM | | 1990 | HUSSEIN MAHMOUD WADA | | 1991 | HUSSEINI DAUDA | | 1992 | I O D VENTURES LTD | | 1993 | IAML - A/C I. C. OLISEMEKA | | 1994 | IAML - A/C MOBIL PRODUCING NIG.ESP - TRA | | 1995 | IAML A/C NEXIM BANK | | 1996 | IBANGA VICTOR | | 1997 | IBE GIFT | | 1998 | IBEANU MAUREEN CHIOMA | | 1999 | IBEAWUCHI CHIOMA | | 2000 | IBEH CHIJIOKE STANLEY | | 2001 | IBEKWE KINGSLEY CHUKWUDI | | 2002 | IBEKWE ROBERT ADINUBA | | 2003 | IBEME CALISTUS | | 2004 | IBENEGBU CHINELO | | 2005 | IBHAHE GODGIFT ENAHOLO | | 2006 | IBI-ADE ITOTOI | | 2007 | IBITOYE EMMANUEL KOLAWOLE | | 2008 | IBIWOYE JOSEPH TAYE | | 2009 | IBIYEMI EMMANUEL TAIWO | | 2010 | IBIYEMI ESTHER OMOYENI | | 2011 | IBIYEMI SAMUEL OLUWOLE KOLAWOLE | | 2012 | IBOTILE AWAJIOWA GIDEON | | 2013 | IBRAHEEM MOSES GBOLAHAN | | 2014 | IBRAHIM ABIODUN ADENIJI | | 2015 | IBRAHIM ADAMU | | 2016 | IBRAHIM ALIYU GALADIMA | | 2017 | IBRAHIM DIKKO | | 2018 | IBRAHIM HAKEEM | | 2019 | IBRAHIM IBRAHIM BUKAR | | 2020 | IBRAHIM ISSA LEKAN | | 2021 | IBRAHIM IYANUOLUWA DAVID | | 2022 | IBRAHIM MALUM FATAWA | | 2023 | IBRAHIM MUDASHIRU ADENRELE | | 2024 | IBRAHIM MURITALA IYANDA | | 2025 | IBRAHIM NANA HAUWA | | 2026 | IBRAHIM OLABISI OLUFUNMI | | 2027 | IBRAHIM OLAITAN KAZEEM | | 2028 | IBRAHIM OWOLABI OLIYIDE | | 2029 | IBRAHIM YAYAH OLUROTIMI | | 2030 | IBUKUN JANET OLAWORE | | 2031 | IBUKUNOLUWA DEBORAH AMOS | | 2032 | ICEIGHTY LIMITED | | 2033 | ICHA ESTHER UAYEME | | 2034 | ICHEKOR AKPOVOFENE PATRICK | | 2035 | ICHIMA CHRISTOPHER | | 2036 | ICMG SEC (STRUTURED) | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 329 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | --- | --- | | | | | S/N | NAMES | | 2037 | ICMGSEC (MO) | | 2038 | IDEAL GLOBAL INVEST RESOURCES LTD | | 2039 | IDIAGHE SUNDAY | | 2040 | IDIGBE ANTHONY IKEMEFUNA - TRADING | | 2041 | IDOKO PAUL CHINEDU | | 2042 | IDONGESIT EDET EKOI | | 2043 | IDONGESIT JACKSON UDOEKPO | | 2044 | IDONOR RITA OGHORVURINRIN | | 2045 | IDOWU BOLAJI AFOLABI | | 2046 | IDOWU JACOB OLAYIWOLA | | 2047 | IDOWU OLABODE EMMANUEL | | 2048 | IDOWU SOLOMON OLUSEGUN | | 2049 | IDOWU TOYIN TAJUDEEN | | 2050 | IDRIS BALA | | 2051 | IDRIS IDRIS ABDULLAHI | | 2052 | IDRIS LATEEF OLANREWAJU | | 2053 | IDRIS OLALEKAN ISHOLA | | 2054 | IDRIS OLAMIDE OLAWEPO | | 2055 | IDRIS OLANREWAJU IBRAHEEM | | 2056 | IDRISANIMASHAUN WAKEEL OLADIM | | 2057 | IDUMA JOHN JENNIFER | | 2058 | IFEAGWU ROSE-MARY OBUMNAEKE | | 2059 | IFEAKANDU LOUIS | | 2060 | IFEANYI JULIANA NKIRUKA | | 2061 | IFEANYI OKOAHABA EMMANUEL | | 2062 | IFEANYICHUKWU OKECHUKWU EGBE | | 2063 | IFEBAJO ADETAYO BOLANLE OLUKAYODE | | 2064 | IFECHUKWU MILLICENT ANIEROBI | | 2065 | IFEDIBA CHARLES | | 2066 | IFEDIBA CHARLES OBINNA | | 2067 | IFEDIORA EMMANUEL EBERE | | 2068 | IFENKWE EMEKA | | 2069 | IFEOLUWA EUNICE AGBOOLA | | 2070 | IFEOMA OLUWAPELUMI OKORO | | 2071 | IFEOMA SANDRA OKAFOR | | 2072 | IFEOZO GODWIN IKECHUKWU | | 2073 | IFEYINWA MARTHA AMAECHI | | 2074 | IFUNANYA SCHOLASTICA AJAH | | 2075 | IGBAFEN SAMUEL | | 2076 | IGBASANMI BUKOLA AKINRINBIDO | | 2077 | IGBEFECHI ASSOCIATES  INVESTMENT LTD | | 2078 | IGBERAESE OKORUWA | | 2079 | IGBINIGIE EDOSA SUNDAY | | 2080 | IGBINOSA COLLINS MARK | | 2081 | IGBOANUSI JUDITH JONATHAN | | 2082 | IGBOEKWE PETER EKE | | 2083 | IGBOKEI STEPHANIE | | 2084 | IGBOKEI STEPHANIE OLUWABANKE | | 2085 | IGBOKWE LAMBERT EJIKE | | 2086 | IGBOKWE MALOBI ANITA | | 2087 | IGBRUDE MOSES OKE | | 2088 | IGBUNU MIRACLE ODOGBOR | | 2089 | IGE ADEGBOLA | | 2090 | IGE AYODELE OLAGOKE | | 2091 | IGE GABRIEL BABASOLA | | 2092 | IGE JOHN KENNETH | | 2093 | IGE OLAOLUWA TOSIN | | 2094 | IGE YUSUF AMUDA | | | | | --- | --- | | | | | S/N | NAMES | | 2095 | IGELENYAH CHUKWUMA | | 2096 | IGHEKPE INNOCENT IMUAPE | | 2097 | IGHODARO KUDI YEMI | | 2098 | IGWE AMEYA CHUJOR | | 2099 | IGWE EZIJE | | 2100 | IGWE ROBERT IHEANYICHUKWU | | 2101 | IGWE SANDEY SUNDAY IGBINOGHENE | | 2102 | IGWEBE CLEMENTINE | | 2103 | IGWEZE FELIX NNAEMEKA | | 2104 | IHEANACHO STEPHEN CHINONSO | | 2105 | IHEANACHO UDOCHI NUNNY | | 2106 | IHEGBU CHIDIEBERE MACLAWRENCE | | 2107 | IHEJIENE NGOZI AUGUSTINA | | 2108 | IHEJIRIKA CHINENYE VIVIAN | | 2109 | IHEKWOABA IFEANYICHUKWU SIMON | | 2110 | IHIMOYAN KOLA JACOB | | 2111 | IHSAN MOHAMMED SAID | | 2112 | IHUNANAYA UDOCHUKWU NWACHUKWU | | 2113 | IHWIWHU CHRISTIAN | | 2114 | IJAGBEMI DARE | | 2115 | IJAYEKUNLE TOBI EMMANUEL | | 2116 | IJEOMA BLESSING EGEONU | | 2117 | IJOMA FIDELIS.OPIA.ODILI | | 2118 | IKANNAH NDIFREKE ENDY | | 2119 | IKE JOY NOSARIEMEH    (NEE OVIAWE) | | 2120 | IKEAGU CHINEDUM ONYENWEE | | 2121 | IKECHUKWU VICTOR MADUBUIKE | | 2122 | IKECHUKWU WILLIAMS CHIJINDU | | 2123 | IKEDINOBI OGECHUKWU | | 2124 | IKEDINOBI PRINCESS OGECHUKWU | | 2125 | IKEKHUA GOD-DEY | | 2126 | IKEKHUAH GOD-DEY EILENBALUEGBE | | 2127 | IKEKPOLOR GIBBS | | 2128 | IKEKPOLOR GIBBS ALUYA | | 2129 | IKENNA E EZE UZOAMAKA | | 2130 | IKENNA NNAMDI OKORO | | 2131 | IKHALEA BENNY OSEREME | | 2132 | IKOKU ALVAN ENYINNAYA | | 2133 | IKOKU IJEOMA CHINWE | | 2134 | IKOTUN OLALEKAN KAYODE | | 2135 | IKPADE ANSELEM | | 2136 | IKUENOBE ONOMEN | | 2137 | IKUENOBE ONOMEN ANASTASIA | | 2138 | IKUTEGBE ROY NAJITE | | 2139 | IKWA SUNDAY ITOMO | | 2140 | ILESANMI FRANCIS A.O | | 2141 | ILESANMI OLUDOLAPO | | 2142 | ILO JOSHUA KOLAWOLE | | 2143 | ILOGBONU GEORGIE | | 2144 | ILOGBONU GEORGIE C. | | 2145 | ILUFOYE OYELOLA ALLI | | 2146 | ILUOBE COLLINS OSAZE | | 2147 | IMAGELINKS ROYAL PROPERTIES LTD | | 2148 | IMAGELINKS TRAVEL AND TOURS LIMITED | | 2149 | IME EFFIONG EKANEM | | 2150 | IMEH GODWIN GBOTA | | 2151 | IMEOKPARIA OLUWASEUN & YETUNDE | | 2152 | IMHANGUEZEJIE JOHN EHIS | | 2153 | IMMACULATE OMOLAFE AMIOLEMHEN | | | | | --- | --- | | | | | S/N | NAMES | | 2154 | IMMANUEL OLATOKUNBO SAMUEL | | 2155 | IMO OBUMNEME EZE | | 2156 | IMOHE EWAEN OSASUMWEN | | 2157 | IMOLEOLU ADESOLA FLORENCE | | 2158 | IMONIARO GEORGINA IJEOMA | | 2159 | IMONITIE CHRISTOPHER | | 2160 | IMORU CLEMENT AYODELE | | 2161 | IMPERIAL RECOVERY FUND | | 2162 | IMRANA LABARAN ABDULLAHI | | 2163 | INACTIVE FGN ACCOUNT ON S4 | | 2164 | INEM EFFIONG ESSIEN | | 2165 | INNOCENTIA PAULS | | 2166 | INTEGRATED SUPREME S/HOLDERS ASS.OF NIG. | | 2167 | INTEGRATED SUPREME SHAREHOLDERS | | 2168 | INTERNATIONAL INVESTORS NOMINEE AC17 | | 2169 | INUWA ABBAS YAHAYA | | 2170 | INUWA BASHIR MUHAMMAD | | 2171 | INVEST.ONE/AXA MANSARD EQUITY INC.FUND - | | 2172 | INVESTDATA CONSULTING LIMITED | | 2173 | INVESTORS  TRUST CO LTD | | 2174 | INWANG SARAH ITIABA | | 2175 | INYANG IMA ABASI INYANG | | 2176 | INYERE DAVID | | 2177 | I-ONE  E-PORTFOLIO  A/C - 007 | | 2178 | I-ONE  E-PORTFOLIO  A/C - 017 | | 2179 | IONE EPORTFOLIO A C312 | | 2180 | IONE EPORTFOLIO A C315 | | 2181 | IONE EPORTFOLIO A C322 | | 2182 | I-ONE E-PORTFOLIO AC - 188 | | 2183 | I-ONE E-PORTFOLIO AC - 197 | | 2184 | I-ONE E-PORTFOLIO AC - 215 | | 2185 | I-ONE E-PORTFOLIO AC - 218 | | 2186 | I-ONE E-PORTFOLIO AC - 232 | | 2187 | IORCHOR AWUESE LEONTINA | | 2188 | IPAYE OLUWATOMI OLORUNFUNMI | | 2189 | IPORI GRACE | | 2190 | IRANADE ADEDEJI ADEKUNLE | | 2191 | IREGBENU PAUL CHINENYE | | 2192 | IREIN BENJAMIN OLUFEMI | | 2193 | IREOLUWATEMILOWO NURUDEEN | | 2194 | IRIASE ISUMAFE O. PALLY | | 2195 | IRO SAMUEL CHUKWUEBUKA | | 2196 | IROCHE SUZANNE OLUFUNKE | | 2197 | IRORO OROBOSA | | 2198 | ISAH LUCKY IMOBE | | 2199 | ISAH SHAMMAH MOHAMMED | | 2200 | ISAH YAHAYA ADEIZA | | 2201 | ISAIAH EMEKA PHILIP | | 2202 | ISAIAH OLUKUNLE SAMSON | | 2203 | ISAIAH PRINCE JOSHUA | | 2204 | ISAIAH ROSELINE NGOZI | | 2205 | ISEBOR MAUREEN DOROTHY | | 2206 | ISEK VICTOR O | | 2207 | ISHAKU ISRAEL MALLAM | | 2208 | ISHOLA ADESHINA IDRIS | | 2209 | ISHOLA BABATUNDE AYINLA | | 2210 | ISHOLA SIMON ADEWUYI & MARIAN ADEWEMIMO | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 330 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Unclaimed dividend list continued | | | | --- | --- | | | | | S/N | NAMES | | 2211 | ISIAKA AHMADU | | 2212 | ISIAKA MARZUQ OLADIPUPO | | 2213 | ISIAKA OLAMILEKAN AZEEZ | | 2214 | ISIJOLA AYOKA OLUWARANTI | | 2215 | ISIJOLA SAMUEL OLUSAYO | | 2216 | ISINKAYE OLUBUNMI AKIN | | 2217 | ISIOMA FAITH CHUKKAS | | 2218 | ISIOMA OKOLO | | 2219 | ISMAIL ADAMU | | 2220 | ISMAIL GIMBA SANI | | 2221 | ISMAILA ZUBAIRU | | 2222 | ISOKPAN OROBOSA | | 2223 | ISOKRARI NENGI | | 2224 | ISSA NIMOTA BOLANLE | | 2225 | ITAUMA MERCY ETEAKAMBA | | 2226 | ITHUNOKHA DANIEL | | 2227 | ITONYO EBITARI CHIMA | | 2228 | ITOTOI IBI-ADA | | 2229 | ITSUOKOR CHARLES | | 2230 | ITUNUOLUWA OMOTOYOSI FAJINMI | | 2231 | IVIE ODION OKOKPUJIE | | 2232 | IWEGBUE IGNATIUS EFAMEFUNE | | 2233 | IWOH JAMES O PATIENCE MR MRS | | 2234 | IWOMI EMMANUEL | | 2235 | IWU ELIZABETH ADA | | 2236 | IWU GABRIEL CHINENYE | | 2237 | IWUOHA JOSEPH OGBONNA | | 2238 | IYA AHMED ABDULLAHI | | 2239 | IYABODE OLUYEMISI TAIWO | | 2240 | IYAJI AUDU MONDAY | | 2241 | IYAMORE OLADEJI FELIX | | 2242 | IYAMU IYOBOSA USIOBAIFO | | 2243 | IYANIWURA MODINAT KOFOWOROLA | | 2244 | IYEBUTEMEH JULIA OROBOME | | 2245 | IYEIMO ILAMINA | | 2246 | IYETOMIWA AFERE | | 2247 | IYIO ANTHONY | | 2248 | IYOGUN FLORENCE ONENEH | | 2249 | IZEDONMWEN OMOSIGHO AND JULIET | | 2250 | IZEOGU OLUBUKUNOLA BESIDONE | | 2251 | IZOMOR ENOR OGHENERHORO | | 2252 | IZUNWANNE STANLEY | | 2253 | IZUOGU OLUCHI JENNIFER | | 2254 | JACKSON NDIFREKE ABASI EMMANUEL | | 2255 | JAGUN OLANIKE | | 2256 | JAIYE-GBENLE AKOREDE NASIR | | 2257 | JAIYE-GBENLE BOLUWATIFE | | 2258 | JAIYEOLA OLUFEMI MUQTADIR | | 2259 | JAIYESIMI KIKELOMO OLUYINKA | | 2260 | JAIYESINMI DOLAPO OLAWALE | | 2261 | JAJA-WACHUKU CHUKWUEMEKA | | 2262 | JAMES AGU CHIJINDU | | 2263 | JAMES AKINTOMIDE | | 2264 | JAMES AYODELE MORAYO | | 2265 | JAMES DANIEL ONUCHE | | 2266 | JANE OGECHI ALIGWEKWE | | 2267 | JARB & ASSOSIATES NIG LTD | | 2268 | JAYDEN INIABASI EMAMUZO UDOM | | 2269 | JEFF CHIDI INNOCENT | | 2270 | JEGBEFUME OKOH RUFUS | | | | | --- | --- | | | | | S/N | NAMES | | 2271 | JEGBEFUME RUFUS | | 2272 | JELENA MILENKOVIC | | 2273 | JEMIDE ORITSEDERE BRANSON | | 2274 | JEMILAT FUNSO AJETUNMOBI | | 2275 | JENNIFER CHIDERA AMADI | | 2276 | JENNIFER OSAMUDIAMEN ODEYJACK | | 2277 | JEREMIAH ASHIEKAA TYOKOSU | | 2278 | JESAM SAMUEL EGBE | | 2279 | JESUMUYIWA BENJAMIN YOMI | | 2280 | JIDUWA NDUBUISI LAWRENCE | | 2281 | JIMOH AUGUSTINE A & JIMOH IYABO O | | 2282 | JIMOH BISIRIYU AYINLA | | 2283 | JIMOH MODUPE OLUREMI | | 2284 | JIMOH NOIMOT OMOWUNMI | | 2285 | JIMOH SAKA AKANNI OLUGBEMIGA | | 2286 | JIMOH SAMUEL ADEMOLA | | 2287 | JINADU LAMIDI OLANIRAN | | 2288 | JINADU RASAK ADISA (ALHAJI) | | 2289 | JIWUMETO ADEBISI AJOKE | | 2290 | JOAN IKHALEA EKHUMETSE | | 2291 | JOANNES NWOSU CHIKEZIE | | 2292 | JOBI-STEVENS AKIN | | 2293 | JOEL DUBLIN KANA | | 2294 | JOEL OKODUWA | | 2295 | JOHN EZINNE FAVOUR | | 2296 | JOHN FOLUBI DARAMOLA | | 2297 | JOHN OLUWADARE OYEBODE | | 2298 | JOHNSON ABIODUN AKINDEJI | | 2299 | JOHNSON ADEOLA | | 2300 | JOHNSON FRANCIS IKWUE | | 2301 | JOHNSON WAHEED ADEBAYO ENGR. | | 2302 | JOINT HIERS RESOURCES | | 2303 | JOLAOSO ADEBOWALE AKINTUNDE | | 2304 | JOLOMI AWALA | | 2305 | JO-MADUGU AUSTIN EGBUNNU | | 2306 | JONATHAN STEVEN | | 2307 | JOSEPH JOSEPH UDO | | 2308 | JOSEPH ODUTAYO BODUNRIN | | 2309 | JOSEPH OLUGBODI | | 2310 | JOSEPH OLUWASEGUFUNMI ELIZABETH | | 2311 | JOSEPH ORJI NWACHUKWU | | 2312 | JOSEPHINE CHIOMA ODUARO | | 2313 | JOSEPHODUNTAN ADESOLA MARTIN | | 2314 | JOSHUA OLUWATOFUNMI OLORUNFEMI | | 2315 | JOSHUA OSAGBAOGHEWEN IZEVBIZUA | | 2316 | JOSHUA SEUN OSHUNOLALE | | 2317 | JOWOSIMI ADEMOLU MATTEW | | 2318 | JOWOSIMI OLUBUNMI TEMITOPE | | 2319 | JOY CHIOMA OBIALOR | | 2320 | JOY OMONIGHO EGBEJALE | | 2321 | JUBRIL FAUSAT OLAJUMOKE | | 2322 | JUDE THADDEUS UCHENNA JUNIOR NNODUM | | 2323 | JUDITH ADEWOYE | | 2324 | JULIET KANENG GYANG | | 2325 | JULIUS OLAKUNLE IBIWOYE | | 2326 | JUMBO AMINIA ELVIS | | 2327 | JUMBO UGOCHUKWU SAMUEL | | 2328 | JUSTICE EMEKA OKEREKE | | 2329 | JUSTIN BONAPARTE MONYE | | | | | --- | --- | | | | | S/N | NAMES | | 2330 | KA ANA IBRAHIM BUNU | | 2331 | KADIR DOTUN MUSILIU | | 2332 | KADUMA GIDEON GUGONG | | 2333 | KAHM AXEL BERTIL HENRIK | | 2334 | KAINJI POWER HOLDING LTD | | 2335 | KALU DARLINTON CHUKWUEMEKA | | 2336 | KALU-ANYA CHRISTIAN | | 2337 | KAMILU BABATUNDE ADEBAYO | | 2338 | KANO STATE INVEST & PROPERTIES LTD ATP | | 2339 | KAREEM ABDULLATEEF OJO | | 2340 | KAREEM ABIMBOLA | | 2341 | KAREEM ABIOLA OLADIPUPO MUIZ | | 2342 | KAREEM OLADIMEJI OLOLADE | | 2343 | KAREEM TAWA JUMOKE | | 2344 | KARTEY TEMIWUMI | | 2345 | KASIM ABIMBOLA - TRADING AC | | 2346 | KASIM ABIMBOLA OLAKUNLE | | 2347 | KASIM ABIODUN ABIEYUWA | | 2348 | KASIM JOSHUA TIWATAYO | | 2349 | KASIM JOTHAM TIWATOPE | | 2350 | KASSIM HUDA | | 2351 | KASUMU AMINAT FOLAKE | | 2352 | KASUMU SAHEED GBOLAHAN | | 2353 | KAYODE EZEKIEL OGUNSE | | 2354 | KAYODE OLAOLU JOHNSON | | 2355 | KAYODE OLUWASEUN MARY | | 2356 | KAYODE RICHARD AFOLABI | | 2357 | KAYODE TITUS KEHINDE | | 2358 | KAYODE-ALUKO OLAPEJU REBECCA | | 2359 | KAZEEM MUSINO IYABO | | 2360 | KEDARI CAPITAL LTD | | 2361 | KEHINDE GANIYAT LADOJA | | 2362 | KEHINDE OSUNTUYI | | 2363 | KEHINDE SODIQ OYELADE | | 2364 | KEKERE-EKUN NOSIRUDEEN ALADE KOLAWOLE (ALLEGED DECEASED) PHC/524/2023 | | 2365 | KELE AS | | 2366 | KELECHI DAVID ONWUCHEKWA | | 2367 | KELECHI OSCAR OFFONG | | 2368 | KELECHI ROY OHAEGBULAM | | 2369 | KELVIN OBIOMA ONYEBUEKE | | 2370 | KEMAKOLAM CHIMEZIE | | 2371 | KEMI ADEBAYO | | 2372 | KEMI CHRISTIANE OLANIYI | | 2373 | KENNEDY-ECHETEBU CHINNY EUGENIA | | 2374 | KENNETH CHUKWUDUMEBI IWELUMO | | 2375 | KENNETH OHIKHUARE | | 2376 | KERRY CHUKWUEMEKA | | 2377 | KESANDU-UCHENYI ONYENWE IFEUDE | | 2378 | KEVIN NWAUDO OGARANYAMARC | | 2379 | KEVIN SHEKWOAYE PHILIP DADA | | 2380 | KEVINDADA ELIANA ORITSEMISAN | | 2381 | KEVINDADA JADEN SHEKWONYA | | 2382 | KEYSTONE GLOBAL SYNERGY LTD | | 2383 | KHALED BAZ | | 2384 | KHALID AYUBA ABDULLAHI | | 2385 | KIIKPOYE ODE | | 2386 | KINANE BARIDA | | 2387 | KING ABBAABBA | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 331 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | --- | --- | | | | | S/N | NAMES | | 2388 | KINGSLEY NAPOLEON ISIA | | 2389 | KINLOS CAPITAL PARTNERS LIMITED | | 2390 | KNIGHTHOOD ASSET MANAGEMENT - | | 2391 | KOKOGHO TASHEGBONE EVELYN | | 2392 | KOLA OSHALUSI | | 2393 | KOLA-AJIBADE JOSEPHINE | | 2394 | KOLA-AJIBADE JOSEPHINE IFY | | 2395 | KOLADE ELISHA | | 2396 | KOLADE OLUFEMI TAIWO | | 2397 | KOLADE TAIWO | | 2398 | KOLADE YETUNDE | | 2399 | KOLAPO AYOBAMI KHADIJAT | | 2400 | KOLAPO BASIRU AKINTUNJI | | 2401 | KOLAWOLE GANIYU AMOO | | 2402 | KOLAWOLE GBENGA OLULANA | | 2403 | KOLAWOLE IBRAHIM INUMIDUN | | 2404 | KOLAWOLE OLAYINKA | | 2405 | KOLAWOLE OMOWUMI MARY | | 2406 | KOLAWOLE PETER ADETOYI | | 2407 | KOLAWOLE YEKINNI ALABI | | 2408 | KOLEOSO HIKMOT ADUNOLA | | 2409 | KOLEOSO KAZEEM ADEWALE | | 2410 | KONE SEYDOU | | 2411 | KONWEA VICTOR CHUKWUDI | | 2412 | KONYEBAGU CHIKEZE | | 2413 | KONYEBAGU EMMANUEL OPUTE | | 2414 | KOROYE TAUKEME EDWIN (ALLEGED DECEASED PHC2080L/2017) | | 2415 | KOSUOWEI EREBEBE | | 2416 | KPOHRAROR HOPE | | 2417 | KRUGER HOTEL & SUITES LTD | | 2418 | KUDAISI AYODELE SARAT | | 2419 | KUDIRAT NASIRU KADIRI | | 2420 | KUJENYA OLAYIWOLA YUSSUF | | 2421 | KUKU ABIMBOLA ALAMI | | 2422 | KUKU GBADE SIKIRU | | 2423 | KUKU TITILAYOMI EBUNOLUWA | | 2424 | KUMOEI LIMITED | | 2425 | KUPOLOKUN FUNSO | | 2426 | KUPOLOKUN MOSES FUNSHO | | 2427 | KURANGA LATEEF OLUBUNMI | | 2428 | KUSHIRYA SALOME ACHI | | 2429 | KUYORO DANIEL AYODEJI | | 2430 | KUYORO OLUWASEUN OYEBOSOLA | | 2431 | KWAIRANGA YAKUBU | | 2432 | KYENTU DANJUMA PHILEMON PLEMS | | 2433 | LA-ARC INTERNATIONAL LIMITED | | 2434 | LADIPO-AJAYI OLUSOLA OLATAYO | | 2435 | LAIYENBI KARIMO MOPELOLA O | | 2436 | LAIYENBI KASSIM ADEWALE | | 2437 | LAMBERT JAMES CHIEMERIA | | 2438 | LAMINA SIKIRU TAIWO | | 2439 | LANA OLUSEYI JOHN | | 2440 | LANDE OLUSEYI AYOOLA | | 2441 | LASISI OLUWASEYI SADIQ | | 2442 | LASISI YEKINNI OLAGBENRO | | 2443 | LATEEF ISIAKA ADEYEMO | | 2444 | LATEEF MUFUTAU (Mr) | | 2445 | LATINWO TOLANI | | 2446 | LATO FAITH OGHOGHO | | | | | --- | --- | | | | | S/N | NAMES | | 2447 | LAWAL AKANBI KAFARU | | 2448 | LAWAL ALIU ADENIYI | | 2449 | LAWAL FATAI | | 2450 | LAWAL FATAI MOROPEDU | | 2451 | LAWAL GANIYAT OMOTOLANI | | 2452 | LAWAL KADIRI-ADEWALE | | 2453 | LAWAL LATEEFU ATANDA | | 2454 | LAWAL MORUF OLANREWAJU | | 2455 | LAWAL NOJEEM OLAWALE | | 2456 | LAWAL OLATUNDE | | 2457 | LAWAL OLAYINKA ISMAIL | | 2458 | LAWAL RISIKAT JOKE | | 2459 | LAWAL SULIAT ADUNOLA | | 2460 | LAWAL SURAJUDEEN OLUWAKEMI | | 2461 | LAWAL TIMILEHIN ANU-OLUWAPO | | 2462 | LAWAL WAHAB OLATUNJI | | 2463 | LAWAL-OLUWA HAKEEM LANRE | | 2464 | LAWAN ABUBAKAR | | 2465 | LAWANSON CAL AFOLABI | | 2466 | LAWANSON GANIAT OLAYEMI | | 2467 | LAWRENCE ILOABUCHI ATTAH | | 2468 | LAWRENCE ISAAC OLADUNJOYE AJIKE | | 2469 | LAWRENCE KAMBAI JOSEPH | | 2470 | LAWRENCE SEDUA GUDA | | 2471 | LAWSON BERNARD | | 2472 | LAWSON EDOMWONYI | | 2473 | LAYADE OLUWABUSAYOMI | | 2474 | LDCS CAPITAL LIMITED | | 2475 | LEAD ASSET CONSUMER | | 2476 | LEAD ASSET HIGH CAP | | 2477 | LEAD ASSET MANAGEMENT | | 2478 | LEADWAY ASSURANCE COMPANY LIMITED - | | 2479 | LEADWAY CAPITAL & TRUST / FBN HERITAGE FUND | | 2480 | LEADWAYCAP&TRUSTFBN HERITAGE FD-INV | | 2481 | LEGACY PROPERTIES &INVESTMENT COY. LTD. | | 2482 | LEKAN OYINLOYE FEMI | | 2483 | LESLIE ASARE | | 2484 | LESLIE ODUAH | | 2485 | LEVERAGE OPPORTUNITIES LTD. | | 2486 | LEWIS SALUBI EJIRO | | 2487 | LIADI ABIOLA AKEEM | | 2488 | LIASU TOYIN RACHEAL | | 2489 | LIJADU EBUNOLUWA DAVID | | 2490 | LILIAN UZOMA ENEBUSE | | 2491 | LILLIAN OGECHUKWU OGBOGU | | 2492 | LILLIAN OMOZELE PAUL | | 2493 | LINKAGE ASSURANCE PLC - TRADING | | 2494 | LINUS NDINEZE | | 2495 | LION BUILDING LIMITED -TRADING | | 2496 | LIPEDE OLAKALE ADEWALE | | 2497 | LOTTOJ GLOBAL INVESTMENT LTD | | 2498 | LOTUS CAPITAL LIMITED - | | 2499 | LOTUS CAPITAL LIMITED PC 1 | | 2500 | LOTUS CAPITAL LIMITED PC 10 | | 2501 | LOTUS CAPITAL LIMITED PC 11 | | 2502 | LOTUS CAPITAL LIMITED PC 13 | | 2503 | LOTUS CAPITAL LIMITED PC 16 | | | | | --- | --- | | | | | S/N | NAMES | | 2504 | LOTUS CAPITAL LIMITED PC 17 | | 2505 | LOTUS CAPITAL LIMITED PC 2 | | 2506 | LOTUS CAPITAL LIMITED PC 3 | | 2507 | LOTUS CAPITAL LIMITED PC 4 | | 2508 | LOTUS CAPITAL LIMITED PC 8 | | 2509 | LOTUS CAPITAL LIMITED PC 9 | | 2510 | LUBEM JOSEMARIA ASOONA | | 2511 | LUFADEJU OLUGBENGA ADERINOLA | | 2512 | LUKMAN OLUWAPELUMI SARUMI | | 2513 | LUKMON OLADAYO BULIAMEEN | | 2514 | LULU-BRIGGS DUMO | | 2515 | LULU-BRIGGS RACHAEL | | 2516 | LUTFU INTEGRATED SERVICES | | 2517 | MACAULAY EDUJIE | | 2518 | MACAULAY KAREEM ABIODUN | | 2519 | MACGREGOR JOSEPH OLUSOLA | | 2520 | MAC-YOROKI DOUYE FOSTER | | 2521 | MADU GREG OBINNA | | 2522 | MADUBUKO ONYEBUCHI CHUKWUNONSO | | 2523 | MADUEGBUNA SAMUEL OKWUDILI | | 2524 | MADUEKE NNAEMEKA OLIVER CHIBUEZE | | 2525 | MADUEKE UGONNA ALISON | | 2526 | MADUFORO GOLDEN C. | | 2527 | MADUFORO GOLDEN CLEMENT | | 2528 | MADUKA MICHAEL KENEYAHWEH | | 2529 | MADUMERE JOEL EJINKEONYE | | 2530 | MAHMUD MUSTAPHA ZANGO | | 2531 | MAJARO AKINWALE & ADEBUKUNOLA | | 2532 | MAJOROH OGHENERUGBA | | 2533 | MAKAMA UMAR SANDA | | 2534 | MAKANJUOLA OLADAYO ABDUL YEKINI | | 2535 | MAKINDE ADEMOLA STEPHEN KAYODE | | 2536 | MAKINDE JOEL TAIWO | | 2537 | MAKINDE OLABISI AINA | | 2538 | MAKINDE TOLULOPE MICHAEL | | 2539 | MAKINDE TOMIWA MATTHEW | | 2540 | MAKOJU ADOIZA | | 2541 | MAKOJU CHARLES ADOIZA | | 2542 | MAKURA OLAJUMOKE | | 2543 | MAKWE CATHERINE ONYINYECHUKWU | | 2544 | MALOMO IDOWU OLADUN-JOYE | | 2545 | MALOMO YISA OLADIMEJI | | 2546 | MAMMAN ANGBASHIM JATAU | | 2547 | MANKAT MOSES MANGNI | | 2548 | MANSUR YAU ALIYU | | 2549 | MANTU UMAR IBRAHIM | | 2550 | MANUCHIMSO MILES ANYAKWEE | | 2551 | MANYI PASCALINE EVERESTUS | | 2552 | MARAYESA OLUWADUROTIMI OLUWASEUN | | 2553 | MARGARET FAGBAMIGBE ABIODUN | | 2554 | MARGARETMARY MBUE OTU | | 2555 | MARIAM ADEBUNMI ADEBAYO | | 2556 | MARTINS HAKEEM ABIOLA | | 2557 | MARTINS TOYIN TOLULOPE | | 2558 | MARVELLOUS AISOSA IYONMIREJU | | 2559 | MARVELLOUS GLADYS AYANSIJI | | 2560 | MARVELOUS MUNACHIMSO FRANKSOLOMON | | 2561 | MARY & EUGENE NWOSU | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 332 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Unclaimed dividend list continued | | | | --- | --- | | | | | S/N | NAMES | | 2562 | MARY AKINYEDE ADERONKE | | 2563 | MARY ANUOLUWAPO ARUBUOLA | | 2564 | MARY OCHUKO MAJOROH | | 2565 | MARY OKOROWANTA | | 2566 | MARYJANE CHINONYE OKOROAFOR | | 2567 | MARYJANE CHINONYE UGO | | 2568 | MASOJE ANTHONY | | 2569 | MAUTIN OLUWATOSIN SALAKO | | 2570 | MAXWELL OSADEME OGAGIFO | | 2571 | MAYALEEKE KAMORUDEEN ADE | | 2572 | MAYOWA OLUGBENGA VINCENT | | 2573 | MAYOWA-PATRICK BAMIDELE ODUNAYO (MRS) | | 2574 | MBA CHINELO | | 2575 | MBA FOREX & CAPITAL INVESTMENT LTD | | 2576 | MBA OKECHUKWU | | 2577 | MBAEGBU INNOCENT CHUKWUDI | | 2578 | MBAGWU ADINDU IKEM | | 2579 | MBAH C. SOMTO | | 2580 | MBAH LAWRENCE KWENDE | | 2581 | MBAJEKWE AUGUSTINE CHIJIOKE | | 2582 | MBAKWE EMMANUEL AND HELEN | | 2583 | MBAM ALFRED EZE | | 2584 | MBANALI RUTH AMARACHI | | 2585 | MBANEFO NWACHUKWU(MR) | | 2586 | MBC SECURITIES LTD NOMINEE MBCAMGT | | 2587 | MBC SECURITIES NOM LBL | | 2588 | MBC SECURITIES NOMINEE OBUM | | 2589 | MEDANI NGOZI OBIAGELI | | 2590 | MEGA EQUITIES LIMITED | | 2591 | MEGGISON TITILOLA | | 2592 | MELVILLE TRADING ENTERPRISES | | 2593 | MENSA JOHN KWAME | | 2594 | MERCY AMIENTIMI AJANAMI | | 2595 | MERISTEM REGISTRARS AND PROB SERV LTD | | 2596 | MERISTEM SECURITIES LIMITED | | 2597 | MERISTEM STOCKBROKERS LIMITED | | 2598 | MERISTEM TRUSTEES LTD OMOTOROLA | | 2599 | MESUBI KIKELOMO | | 2600 | METTU EMEKA | | 2601 | MGBENU IFEANYICHUKWU CHIKAODILI | | 2602 | MICHAEL CONQUEROR OKAFOR | | 2603 | MICHAEL NSIKAK UMOH | | 2604 | MICHAEL OLUSEGUN | | 2605 | MICHAEL SHIKHALSHABAB | | 2606 | MICHAEL SUNDAY ABITOGUN | | 2607 | MICHAEL TOBECHUKWU UKA | | 2608 | MICHAEL UDANOH | | 2609 | MIEBIBRAKUMOR ESTHER COURT | | 2610 | MIKEADE INVESTMENTS CO.LTD | | 2611 | MIRACLE CHIAMAKA EGEONU | | 2612 | MKPULUMA ROSEMARY I. (DR) | | 2613 | MMADUABUCHUKWU CHARLES EZE | | 2614 | MMENI ONYEKACHI ANTHONY | | 2615 | MODADEOLUWA OLUWAGBOTEMI OJOMU | | 2616 | MODIBBO ABDULHAMEED UMAR | | 2617 | MODUPE BRIDGET ADENIYI | | 2618 | MODUPE MARILYN OLATAYO | | | | | --- | --- | | | | | S/N | NAMES | | 2619 | MOF0PEFOLUWA LEKEGBADEBO | | 2620 | MOFIYINFOLUWA ADURAGBEMI ODUSOLA | | 2621 | MOFOLUSO AJAYI OLABISI | | 2622 | MOGHALU KINGSLEY BOSAH CHIEDU | | 2623 | MOHAMMAD KABIRU ISAH | | 2624 | MOHAMMED AISHA MAIDUBU | | 2625 | MOHAMMED BADEGGI UMARU | | 2626 | MOHAMMED BASHIR YUNUSA | | 2627 | MOHAMMED EPHRAIM KAHURA | | 2628 | MOHAMMED KELEBE SAKARIYAHU | | 2629 | MOHAMMED MOHAMMED SANI | | 2630 | MOHAMMED N KABIR | | 2631 | MOHAMMED RASHEED | | 2632 | MOJISOLA JAIYE-GBENLE | | 2633 | MOJOYINOLA OYINKANSOLA ADEBAYO | | 2634 | MOLOKWU BENNEDIKTER CHINA | | 2635 | MOLTEN TRUST LTD-TRADED-STOCK-A/C | | 2636 | MOLUNO VIVIAN | | 2637 | MOMODU CHUKWUFUMNANYA FELICIA | | 2638 | MOMODU OSIRIAME | | 2639 | MOMOH BASHIR OMEIZA | | 2640 | MOMOH DOYINSOLA ABDULQUAYUM | | 2641 | MOMOH OJODALE PETER | | 2642 | MOMOH WASIU ADISA | | 2643 | MOMSO NIMROD BWATO | | 2644 | MONDAY ODJODU | | 2645 | MONEKE UZOCHUKWU IYKE | | 2646 | MONEY THEOPHILUS IRUOMEVOSA | | 2647 | MONICA IRENOSEN UDUKU | | 2648 | MORA IMRAN AHMED | | 2649 | MORADEYO DAVID ADEMOLA | | 2650 | MORAH IFECHUKWUDE WINIFRED | | 2651 | MORDI ANTHONIA EKENE | | 2652 | MORDI EMMANUEL OSITA | | 2653 | MORDI JOSEPH CHUKWUMAH | | 2654 | MORDI OHUNENE HASSANAT | | 2655 | MORDI ROSELINE OGOCHUKWU | | 2656 | MORGAN CAPITAL SEC-DEPOSIT A/C | | 2657 | MORGAN CAPITAL SEC-TRADED-STCK-AC | | 2658 | MORGANCAPITAL INVESTMENT LTD | | 2659 | MOROCCO-CLARKE SUSAN AYODELE | | 2660 | MORUFF BABATUNDE ABIDOYE | | 2661 | MOSES LUCKY FWANGAN | | 2662 | MOSES OSHOKHA BOSSEYOZIZI | | 2663 | MOSES OTI | | 2664 | MOSHOOD ABIOLA ADENIYI | | 2665 | MOSHOOD ISIAKA TUNDE | | 2666 | MOT OLAYIWOLA TOBUN | | 2667 | MOTOLATOB NIG. LIMITED | | 2668 | MOUNIR BOUBA | | 2669 | MOURAD BASSEL | | 2670 | MOYINOLUWA OLATUNJI OMOLOLA | | 2671 | MPAMAUGO EDITH NWANWEREUCHE | | 2672 | MPAMAUGO SAMUEL CHINENYE | | 2673 | MPI SONIA | | 2674 | MR AND MRS ADEBAYO BODEDE | | 2675 | MR&MRS CHRISTOPHER & ROSALIND OYENEKAN | | 2676 | MR&MRS NATHANIEL OLADAYO OYATOGUN | | | | | --- | --- | | | | | S/N | NAMES | | 2677 | MR&MRS SAKIRU ABAYOMI ADEYANJU | | 2678 | MRAKPOR ESEOGHENE FAVOUR | | 2679 | MUDA-SANUSI CHINYERE CHIDINMA | | 2680 | MUDASHIRU USMAN AKANBI | | 2681 | MUDIAGA UTAKE | | 2682 | MUFUTAU OMOLOLA BUKOLA | | 2683 | MUHAMMAD FALILAT KIKELOMO | | 2684 | MUHAMMAD NAGUTO IBRAHIM | | 2685 | MUHAMMAD SABBAH NAZRUL ISLAM | | 2686 | MUHAMMED AJIBOLA OLATOYINBO | | 2687 | MUHAMMED IBRAHIM | | 2688 | MUHAMMED IBRAHIM IDOWU | | 2689 | MUHAMMED YUSUF KOLO | | 2690 | MUHTAR ABBA SHAMSUDDEEN | | 2691 | MUIDEEN ABIODUN ADEBAYO | | 2692 | MUIZZ OYEBAMIJI OYEWALE | | 2693 | MUJAKPERUO FELIX HRH | | 2694 | MUJAPERUO SANDRA | | 2695 | MUKAILA ADISA BALOGUN | | 2696 | MUKAILA-LAWAL KENECHUKWU LAURA | | 2697 | MUKHTAR ABDULBASIT TENIOLA | | 2698 | MUKHTAR OLAMIDE ABIDOYE | | 2699 | MUKORO FANCY ONOME | | 2700 | MUKTAR MUHAMMAD MUSA | | 2701 | MULTRACTS INVESTMENT LTD | | 2702 | MUNACHI JENNIFFER UNACHUKWU | | 2703 | MUNADAS MULTI CONCEPT LIMITED | | 2704 | MUOGBO CHARLES OBIORA | | 2705 | MUOLETE EKPUNOBI CHIDUMEBI | | 2706 | MURITALA IDAYAT TEMITOPE | | 2707 | MURITALA OLUWAPELUMI FATIMAH | | 2708 | MURITALA RILWAN OLUWAFEMI | | 2709 | MUSA ABIDEMI ISHOLA | | 2710 | MUSA GANIYU | | 2711 | MUSA RAMATA | | 2712 | MUSILIU ARIYO ONASANYA | | 2713 | MUSLIMAT WURAOLA IBRAHIM | | 2714 | MUSTAFA FARIDA | | 2715 | MUSTAFA MUHAMMED HAMISU | | 2716 | MUSTAPHA ABDULTAOFIK | | 2717 | MUSTAPHA ADEKUNLE SALAUDEEN | | 2718 | MUSTAPHA GADAUJI MAHMUD | | 2719 | MUSTAPHA HASFAT OLUWASOLA | | 2720 | MUSTAPHA WASILAT AYOBAMI | | 2721 | MWML NOMINEE LTD - AA | | 2722 | MWML NOMINEES LTD-MAO ACCOUNT | | 2723 | NAANPOE ANASTASIA HAKURI | | 2724 | NAJEEM SALAWA OLUWAKEMI | | 2725 | NARDAU INVESTMENT CO. LTD | | 2726 | NASIRU LAWAN ZAKARI | | 2727 | NATHANIEL EMMANUEL AKPAN | | 2728 | NATHANIEL WILFRED LONGJOHN | | 2729 | NAZEGBULAM IYABODE (ADMOR) | | 2730 | NDAKO MUHAMMED | | 2731 | NDUBUEZE MADUABUCHI | | 2732 | NDUBUISI ANTHONY UKPABI | | 2733 | NDUBUISI EKENEDIRICHUKWU CHIOMA | | 2734 | NEHIKHARE VICTOR NOSAGIE | | 2735 | NELAN CONSULTANTS - | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 333 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | --- | --- | | | | | S/N | NAMES | | 2736 | NELAN CONSULTANTS B.EZEAGWU & N.ONYEMEH | | 2737 | NELION PARTNERS LIMITED | | 2738 | NELSON ONYEKACHI MADUBUIKE | | 2739 | NEM INSURANCE PLC | | 2740 | NEPE JONATHAN BIBOWEI | | 2741 | NESTLE NIGERIA STAFF GRATUITY FUND | | 2742 | NETWORK CAPITAL LTD | | 2743 | NEW ESTATE BAPTIST FAMILY CHURCHES | | 2744 | NEW NIGERIA DEVELOPMENT COMPANY LTD | | 2745 | NEWTON ANANI EZARE | | 2746 | NGENE IKECHUKWU CHRISTOPHER | | 2747 | NGUYAN SHAKU FEESE | | 2748 | NGWU LAZ | | 2749 | NGWU VINCENT | | 2750 | NGWUOCHA CHIKE CHARLES | | 2751 | NICHOLAS WISDOM | | 2752 | NIGERIAN INTER. SEC-TRADED-STOCK-A/C | | 2753 | NIGERIAN INTL SECURITIES - GROUP | | 2754 | NIMI JACK | | 2755 | NISL INVESTMENT NOMINEE | | 2756 | NISL VENTURES LIMITED | | 2757 | NISSI INVESTMENTS LIMITED | | 2758 | NJEMANZE JULIET CHINYERENGOZI | | 2759 | NJEMANZE PRISCILLA NNONYEREM | | 2760 | NJIRIBEAKO NKEMAKOLAM IKECHUKWU | | 2761 | NJOKU CHIMA GODWIN & CHIMEZIE | | 2762 | NJOKU CHINWE CHINELO COMFORT | | 2763 | NJOKU DANIEL OGOCHUKWU | | 2764 | NJOKU EDMUND UZOMA | | 2765 | NJOKU KENNETH | | 2766 | NJOKU KENNETH OSINACHI | | 2767 | NJOKU REMIGIUS NWACHUKWU | | 2768 | NJONMIH ANTHONY JATONG | | 2769 | NKANANG OLUBUNMI UWEM | | 2770 | NKECHIEZE JOY EZEUGWU | | 2771 | NKIDEN VENTURES | | 2772 | NNABUK NNABUK AKPAN | | 2773 | NNACHI-IBIAM OGBONNE OGERI | | 2774 | NNAETO ONYINYE UZOAMAKA | | 2775 | NNAJI DANIEL | | 2776 | NNAJI NNEOMA KELECHI | | 2777 | NNAJI ONYEKACHI ELVIS | | 2778 | NNAJI SYLVESTER O.& BLESSING .U. | | 2779 | NNAMANI CHIKODIRI THERESA | | 2780 | NNAMDI JOHN OKONKWO | | 2781 | NNANTA SOLOMON WORLU | | 2782 | NNAOBI ABIOLA ADEOLA | | 2783 | NNEKA ELENDU | | 2784 | NNENNA EMMANUELLA KINGSLEY | | 2785 | NNENNA MERIT OMOKE | | 2786 | NNEWUIHE CHIDOZIE NELSON | | 2787 | NNOAHAM LINDA UZOMA | | 2788 | NNOLI JULIET OGOCHUKWU | | 2789 | NNOROM HARISON U | | 2790 | NNUBIA HYGINUS NNAEMEKA | | 2791 | NOFIU MAYOWA EMMANUEL | | 2792 | NOFIU SANNI OLUWAROTIMI | | | | | --- | --- | | | | | S/N | NAMES | | 2793 | NOJEEM ISMAILA SEGUN | | 2794 | NONSO IFEKA | | 2795 | NORTH WEST PETROLEUM & GAS LTD | | 2796 | NORTHWEST PETROLEUM & GAS | | 2797 | NOSAGIE JUDE & PATIENCE | | 2798 | NOSAGIE JUDE AND PATIENCE EZE | | 2799 | NSOEDO SAMUEL | | 2800 | NSOFOR ARINZE ANUGO | | 2801 | NTA-AKARE OKONGO EBUTA | | 2802 | NURUDEEN ABOLORE MODINAT | | 2803 | NURUDEEN BADRU | | 2804 | NURUDEEN OLUFEMI SHERIFF | | 2805 | NWABUDIKE SIMON ODINAKA | | 2806 | NWABUEZE KINSLEY KENECHUKWU | | 2807 | NWABUEZE NSAKA | | 2808 | NWABUEZE OBI-AZUKAEGO HENRY | | 2809 | NWABUEZE OGECHUKWU MARTHA | | 2810 | NWABUGHOGU BRIGHT | | 2811 | NWABUIHE OLIVER SIL | | 2812 | NWABUNIKE HARRISON CHIAGOZIE | | 2813 | NWACHUKU FLORENCE CHIOMA | | 2814 | NWACHUKWU AKOWUNDU | | 2815 | NWACHUKWU BABIANA OGECHI | | 2816 | NWACHUKWU BATHRAM C | | 2817 | NWACHUKWU CHIOMA | | 2818 | NWACHUKWU ELIZABETH CHIOMA | | 2819 | NWACHUKWU FESTUS CHUKWUDI | | 2820 | NWACHUKWU JESSICA JENNIFER | | 2821 | NWACHUKWU JOHN IFESINACHI | | 2822 | NWACHUKWU NNAEMEKA | | 2823 | NWACHUKWU UGOCHUKWU DAVID | | 2824 | NWADIMUYA DANIEL OKAFOR | | 2825 | NWAGBARA TAMUNO CHIHUMNANYA | | 2826 | NWAGBARAOCHA VALENTINE CHIWUIKE | | 2827 | NWAGURU CHRISTOPHER OKECHUKWU | | 2828 | NWAGWU UZOCHI ANTHONY | | 2829 | NWAIGBO CHILEZIEMANYA K. | | 2830 | NWAIKPE CHIDINMA ASSUMPTA | | 2831 | NWAJIDE CORNELIUS SUNDAY | | 2832 | NWAKANMA N KINGSLEY | | 2833 | NWAMBA OLIVE | | 2834 | NWAMMAH ADONIS MONDAY | | 2835 | NWANDEI CHUKWUEMEKE | | 2836 | NWANEBU EMMANUEL NGOZI | | 2837 | NWANJI AWELE STELLAMARIS | | 2838 | NWANJI JOY EBELE | | 2839 | NWANKWO NNAEMEKA MACDONARD | | 2840 | NWANKWO ONYEDIKA FRANK | | 2841 | NWANNADI IKENNA ALEXANDER | | 2842 | NWANWENE EMMANUEL | | 2843 | NWAOGU CHINYERE IHUOMA | | 2844 | NWAOGU UDOCHUKWU OLALEKAN | | 2845 | NWEKE JEREMIAH CHUKWUEMEKA | | 2846 | NWIKWU NKECHI CYNTHIA | | 2847 | NWITE MATHEW CHEKUBE | | 2848 | NWODO IFEOMA | | 2849 | NWOGU CHINYERE IJEOMA | | 2850 | NWOGU NKEIRUKA LEERABARI | | 2851 | NWOKEABIA C ISAAC | | 2852 | NWOKEDI AMAKA C | | | | | --- | --- | | | | | S/N | NAMES | | 2853 | NWOKEH OMENUKOR-AKU | | 2854 | NWOKO EZIOKWU VALENTINE | | 2855 | NWOKOLO CHRISTOPHER | | 2856 | NWOKOLO EMMANUEL CHUKWUWESHE | | 2857 | NWOKOLO NDUBUISI | | 2858 | NWOKORIE EUGENE MADU | | 2859 | NWOLE INVESTMENTS LTD | | 2860 | NWORDU PEACE | | 2861 | NWOSA PRINCE NDIDI | | 2862 | NWOSEH EMMNAUEL | | 2863 | NWOSU CHIKEZIE JOANNES CHIKAODINAKA | | 2864 | NWOSU CHRISTIAN EKEJIUBA | | 2865 | NWOSU EMMANUEL ONYEMA | | 2866 | NWOSU EUGENE AZUBIKE | | 2867 | NWOSU HYGINUS EMEKA JP | | 2868 | NWOSU IKECHUKWU EUGENE | | 2869 | NWOSU IKENNA OSITADINMA | | 2870 | NWOSU IZUCHUKWU I | | 2871 | NWOSU KENNETH NNABIKE | | 2872 | NWOSU MICHAEL OBINNA OMOTAYO | | 2873 | NWOSU PEACE CHIDI | | 2874 | NWOSU SYLVESTER ETEKWUTE | | 2875 | NWOSU-IHEME NJIDEKA KENECHUKWU | | 2876 | NWOYE JOSEPH | | 2877 | NWULU DANIEL | | 2878 | NYAKO MURTALA YUNUSA | | 2879 | NYONG OKON ABRAHAM | | 2880 | NZEJI AHAMEFULE DOMINC | | 2881 | NZEKWE PAULINUS IFESINACHI | | 2882 | NZEKWU EYAMBA THERESA | | 2883 | NZEMEKE SIMON NWEKE | | 2884 | O.R MEDIA | | 2885 | OAK HERITAGE | | 2886 | OAKBROOK INVESTMENTS LIMITED | | 2887 | OBA KAFILAT MOJISOLA | | 2888 | OBAFEMI ADENIYI ESURUOSO | | 2889 | OBARINDE ISAAC OBATOSHO | | 2890 | OBAROGHEDO GEORGE EWEMADE | | 2891 | OBASA DAVID ROTIMI | | 2892 | OBASI CHRISTIAN ANELECHI | | 2893 | OBASOGIE EDWIN AGHAYERE | | 2894 | OBATAYO JOHN OLUWAFEMI | | 2895 | OBAYEMI FEYISARA JANET | | 2896 | OBAYOMI IDOWU | | 2897 | OBAYOMI OLUWOLE OMOLOLU | | 2898 | OBI AUGUSTINE CHUKWUNWIKE | | 2899 | OBI AZUBUIKE EMMANUEL | | 2900 | OBI CHUKWUKAELO CHUKWUDUBEM | | 2901 | OBI OKEZIE PRINCE | | 2902 | OBIAGELI OKEREKE | | 2903 | OBIANYOR EMEKA TOBENNA | | 2904 | OBIASOR EUGENE MADUABUCHI | | 2905 | OBIDEYI ASEPENISEOLUWA VINCENT | | 2906 | OBIDEYI EFUNYEMI OLATUNDE | | 2907 | OBIDEYI ITEOLUWAKIISHI JOAN MORENIKE | | 2908 | OBIDIKE ANTHONY IKECHUKWU | | 2909 | OBIEGBU ENO | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 334 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Unclaimed dividend list continued | | | | --- | --- | | | | | S/N | NAMES | | 2910 | OBIEGBU JAMES NGOZI | | 2911 | OBIEGBU WURAOLA DEBBIE | | 2912 | OBIERI CHUKWUEBUKA OBIORA | | 2913 | OBIKA FRANKLIN | | 2914 | OBIKA FRANKLIN KODILINYE | | 2915 | OBINNA HYGINUS NNADI | | 2916 | OBINNA JOSHUA ANYABUIKE | | 2917 | OBINNA UFUDO | | 2918 | OBINNAYA SOLOMON OLUWATOBI | | 2919 | OBIOR PETER | | 2920 | OBISANYA EMMANUEL IDOWU | | 2921 | OBISESAN OLUGBENGA | | 2922 | OBIUWEVBI LUCKY | | 2923 | OBODOZIE CONSTANCE ONYEKA | | 2924 | OBODOZIE ONYEKA | | 2925 | OBOH ALFRED | | 2926 | OBOMINURU OGHENEOVO | | 2927 | OBONO GEORGE NNEOYIKOWO | | 2928 | OBOT AMANDA | | 2929 | OBUCHI LIMITED | | 2930 | OBUCHI LIMITED (RC 394358) | | 2931 | OBUKOHWO VICTOR | | 2932 | OBULE EMMANUEL EKENE | | 2933 | OCHENI SAMUEL UKWUBILE | | 2934 | ODARANILE MOHAMMED | | 2935 | ODDOM KINGSLEY CHUKWUEBUKA | | 2936 | ODE COMFORT OLUWASEYI | | 2937 | ODEDEYI AKINDAYOMI | | 2938 | ODEJAYI ADEOLU IBITAYO | | 2939 | ODELEYE ISAIAH | | 2940 | ODELEYE ISAIAH ADESOLA | | 2941 | ODELEYE MICHAEL | | 2942 | ODELEYE OLUWASESAN JAMES | | 2943 | ODENIBI OLAITAN OMOLARA | | 2944 | ODENIKE SAWALIU ADESHINA AKANBI | | 2945 | ODENIYI EUNICE OLUFUNMILADE | | 2946 | ODENIYI TIMOTHY OLUGBENRO | | 2947 | ODERINDE JOHNSON KAYODE ADELEKE A. | | 2948 | ODERINDE TAIWO AKINLOLU | | 2949 | ODESANYA OLAGBENGA OLAWOLE | | 2950 | ODESANYA OLAMIDE TIMI | | 2951 | ODESANYA OLATUNJI O | | 2952 | ODESANYA OLATUNJI OLASINA | | 2953 | ODEYEMI BABATUNDE OLISAMEKA | | 2954 | ODEYEMI JOSHUA OLALEKAN | | 2955 | ODEYEMI OLUWAROTIMI ALADE O. | | 2956 | ODEYEMI VICTOR OYEBOWALE | | 2957 | ODIA ALICE | | 2958 | ODIA TEMMY OTAMERE | | 2959 | ODIBA JOY IYEH IGANYA | | 2960 | ODIGIE ANTHONY | | 2961 | ODIH JUDE SUNDAY | | 2962 | ODIMGBE EMMANUEL NWANZE | | 2963 | ODION DAVID UMORU | | 2964 | ODION JONAH UANGBAOJE | | 2965 | ODIONG ASUKWO EFFIONG | | 2966 | ODIOR GILBERT ERELUMHE - TRADING | | 2967 | ODITA CHARLES CHIEDU | | 2968 | ODOFIN ADEBAYO OLUFEMI | | 2969 | ODOFIN MORENIKE | | | | | --- | --- | | | | | S/N | NAMES | | 2970 | ODOFIN MORENIKE OLUYEMISI | | 2971 | ODOI-OLUDEMILADE PAUL NII PRINCE | | 2972 | ODOZI UCHE | | 2973 | ODU CYRIL | | 2974 | ODU KENNETH | | 2975 | ODUAH BLESSING | | 2976 | ODUBIYI SIMEON AKINYEMI ADEKUNLE | | 2977 | ODUFISAN WILLIAMS | | 2978 | ODUGBEMI REGINA AITUAJE | | 2979 | ODUKALE ADEBOYE ABIMBOLA | | 2980 | ODUKALE OLUSEYI OYETUNDE | | 2981 | ODUMADE OLUBOWALE | | 2982 | ODUME FESTUS AZUBUIKE | | 2983 | ODUNAIYA ABIOLA OLUBUNMI | | 2984 | ODUNAIYA OLUWATOSIN OBATUNDE | | 2985 | ODUNGIDE IMA | | 2986 | ODUNIYI TEMITOPE KAMORU | | 2987 | ODUNMORAYO ABOSEDE IZIEGBE | | 2988 | ODUNOWO KOLAWOLE KAYODE | | 2989 | ODUNSI BABATUNDE | | 2990 | ODUNSI TOLULOPE JOSHUA | | 2991 | ODUNTAN LABIZAT DEMILADE (MISS) | | 2992 | ODUNTAN MONSURAT KEJI | | 2993 | ODUNTAN OMOTAYO MORENIKE | | 2994 | ODUNTAN TAOFIK AYINDE | | 2995 | ODUNUGA AYODELE ADEBAYO | | 2996 | ODUNUKAN SUNDAY ADETAYO | | 2997 | ODUNUSI FLORENCE ADENIKE | | 2998 | ODUSANYA OPE ANIKE | | 2999 | ODUSANYA SEGUN | | 3000 | ODUSOLA BABAJIDE | | 3001 | ODUSOLA OLADOYIN AYOOLA | | 3002 | ODUSOTE LANRE | | 3003 | ODUSOTE OKUNOLA | | 3004 | ODUSOTE OLATUNBOSUN ANIKE | | 3005 | ODUTOLA TOYIN OLABISI | | 3006 | ODUTOLU AYODEJI OLUWOLE | | 3007 | ODUWOLE DUNMININU HALIR | | 3008 | ODUYEMI FREDRICK OLUFEMI | | 3009 | OFFEH HENRY | | 3010 | OFFOZOR MATTHEW | | 3011 | OFILI JOSEPH | | 3012 | OFILI JUDE CHUKWUDI | | 3013 | OFILI OGHENEFEGO | | 3014 | OFILI VICTOR NNABUNDO | | 3015 | OFORDILE CHIAZOR DAVE | | 3016 | OFOYELA ENOR | | 3017 | OFOYELA JOHNBULL OGHENEVWEGBA | | 3018 | OFOYELA OGHENEVWAGBA JOHNBULL | | 3019 | OFUASE JOSEPHINE | | 3020 | OFURHIE ERHOMU | | 3021 | OGAH EHIZEMEN | | 3022 | OGAN ABIMBOLA Y AND IBITORU ATINUKE | | 3023 | OGARI SIMEON | | 3024 | OGBE DAVID | | 3025 | OGBE TASHEGBONE KOKOGHO | | 3026 | OGBEBOR KENNEDY | | 3027 | OGBEBOR OBIANUJU | | 3028 | OGBEBOR OBIANUJU (NEE CHIKELUE) | | | | | --- | --- | | | | | S/N | NAMES | | 3029 | OGBECHIE GABRIEL IFEANYI | | 3030 | OGBEIDE AUGUSTINE | | 3031 | OGBEIFUN EMMANUEL ATAGHOMA | | 3032 | OGBEMUDIA ALFRED OGHOGHO | | 3033 | OGBEWI ROBERT | | 3034 | OGBODO VICTORIA ONYINYE | | 3035 | OGBOLU ANTHONY NNAMDI | | 3036 | OGBONNA CHINENYE ANITA | | 3037 | OGBONNA DANIEL CHINWENDU | | 3038 | OGBORIEFON ISMAIL OMOTOSO | | 3039 | OGBOZOR PAUL PIUS CHUKWUEMEKA | | 3040 | OGBU CHUKWUMA | | 3041 | OGBUAGU CHINASA JOY | | 3042 | OGBUAGU CHINEDU CHRISTIAN | | 3043 | OGBUAGU FRANK GINIKA | | 3044 | OGBUDJA OSCAR | | 3045 | OGBUIYI ONYEBUCHI | | 3046 | OGBUMMAH WOGWUGWU THEOPHILUS U. | | 3047 | OGECHI PRECIOUS CHIGBUO | | 3048 | OGECHUKWU DOMENDU | | 3049 | OGEDEGBE OKURERIE AJIROGHENE GRACE | | 3050 | OGEDEGBE SOLOMON | | 3051 | OGEDENGBE ADENIJI OLUWABUSAYO | | 3052 | OGEDENGBE OMOLADE ABOSEDE | | 3053 | OGENE ESHOKHENAME TEMITOPE | | 3054 | OGHENETEGA DEBORAH ABU | | 3055 | OGHENETEJIRI WISDOM EGIJERE | | 3056 | OGHOGHO IHIESE | | 3057 | OGHOR BRYTE | | 3058 | OGHOR OGHENOVO BRYTE | | 3059 | OGHU DIBAAL SUNNY | | 3060 | OGIDI ANTHONIA OMOLOLA | | 3061 | OGINNI JOSHUA OLUWOLE | | 3062 | OGINNI SUNDAY PATRICK | | 3063 | OGIRISEN CHARLES | | 3064 | OGOCHUKWU CHUKS VALENTINE | | 3065 | OGOCHUKWU NNEKA UCHENWOKE | | 3066 | OGOCHUKWU NOBLE OBASI | | 3067 | OGODO ONORIODE | | 3068 | OGOLO LANCASTER | | 3069 | OGOYOVWAYE OGHENERUEMU | | 3070 | OGUBUNKA CHIZARAM JUDE | | 3071 | OGUIKE EVA CHIJIOKE | | 3072 | OGUIKE-OLERU FABIAN NNAMDI | | 3073 | OGUINE  IKECHUKWU | | 3074 | OGUJIUBA GRACE IFEYINWA | | 3075 | OGUNBAMERU OLUMIDE SUNDAY | | 3076 | OGUNBAMOWO MORILI AJOKE | | 3077 | OGUNBAMOWO YISAU | | 3078 | OGUNBANWO OLUBUSOLA EMMANUEL | | 3079 | OGUNBESAN SHOLA JAMIU | | 3080 | OGUNBI OLUWAFEMI FRANCIS DANIEL | | 3081 | OGUNBIYI ADEDOTUN AYOBAMI | | 3082 | OGUNBIYI ESTHER | | 3083 | OGUNBIYI OLAFISAYO | | 3084 | OGUNBIYI YUSUF GBENGA | | 3085 | OGUNDAHUNSI OLUMIDE & OMOBOLA | | 3086 | OGUNDARE AKINNIYI MOSES | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 335 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | --- | --- | | | | | S/N | NAMES | | 3087 | OGUNDARE HENRY | | 3088 | OGUNDEJI MOSES AYODELE | | 3089 | OGUNDEJI OPOMULERO MICHAEL | | 3090 | OGUNDELE TAIWO PETER | | 3091 | OGUNDILE ALABA OLUMIDE | | 3092 | OGUNDIMU MICHAEL | | 3093 | OGUNEKUN ADEBOYE LAPEKUN O | | 3094 | OGUNFAYO TOBILOLA SIMBIAT | | 3095 | OGUNFOWORA FOLAJIMI O.JOSHUA | | 3096 | OGUNFOWORA OLUMIDE | | 3097 | OGUNGBEMI MONDAY JUWON | | 3098 | OGUNJIMI ADEDEJI ABDULGHANIU | | 3099 | OGUNJINMI ALICE IYABO | | 3100 | OGUNKANMBI SAMUEL OLANREWAJU | | 3101 | OGUNKENU OLUSOLA (MRS) | | 3102 | OGUNLANA PRINCE SALIU ROTIMI | | 3103 | OGUNLESI KAYODE | | 3104 | OGUNLEYE AYODELE (DR) | | 3105 | OGUNLEYE JULIANA ADETOLA | | 3106 | OGUNLEYE OLORUNFEMI | | 3107 | OGUNLOLA AGBOOLA DAVID | | 3108 | OGUNMODEDE GABRIEL | | 3109 | OGUNMOLA TAJUDEEN OLATUNDE | | 3110 | OGUNNIYE OREOFE STEPHEN | | 3111 | OGUNNIYI TUNBOSUN OLUFEMI | | 3112 | OGUNRINDE OLUWASEYI | | 3113 | OGUNRINDE RUTH FOLASADE | | 3114 | OGUNSANYA OLAMIPO ADETOLA | | 3115 | OGUNSEYINDE OLUWASEUN ADEBAYO | | 3116 | OGUNSINA OLUFEMI | | 3117 | OGUNSOLA ADEDAYO OLUWASEGUN | | 3118 | OGUNTOLA BABAJIDE OLUSOLA | | 3119 | OGUNTOYE OLATUNDE OLADIPO A. | | 3120 | OGUNTOYE OLUSEGUN DAVID | | 3121 | OGUNTOYE OLUWATOPE LAWRENCE | | 3122 | OGUNTOYINBO OLADAPO ADEBAYO | | 3123 | OGUNTUNWASE BAMIDELE ABIODUN | | 3124 | OGUNWALE BUKUNMI BENJAMIN | | 3125 | OGUNYEMI OLUSEGUN | | 3126 | OGWU NELSON | | 3127 | OGWU SUNDAY ONONOJO | | 3128 | OHALETE CHIAMAKA | | 3129 | OHERI ELLOHO FORTUNE | | 3130 | OHIAGBARA CHIDINMA MATILDA | | 3131 | OHUABUNWA NNAMDI GODFREY | | 3132 | OHWO SYLVESTER | | 3133 | OJAEKOMA LEVIS | | 3134 | OJATULA AKINTUNDE GBENGA | | 3135 | OJEAGA IZEDOMI ESECHIE | | 3136 | OJEBOLA JOSEPH | | 3137 | OJELAKIN GABRIEL AKANNI AKINWUNMI | | 3138 | OJEMAKINDE OLUWATOMI | | 3139 | OJEWVE PETER | | 3140 | OJIAKO CHIDINMA | | 3141 | OJIBARA AISHAT YETUNDE | | 3142 | OJIKUTU MUKAILA | | 3143 | OJIMBA UZOCHUKWU | | 3144 | OJISUA MOYO | | 3145 | OJO ADELEKE ISEOLUWA | | | | | --- | --- | | | | | S/N | NAMES | | 3146 | OJO DANIEL OLUWATOBI | | 3147 | OJO DARE ISRAEL | | 3148 | OJO MOYOSORE | | 3149 | OJO OLALERE JOHN | | 3150 | OJO OLUSUNMADE OLAOSEBIKAN | | 3151 | OJO OLUWASOGO KOLAWOLE | | 3152 | OJO OMOLARA OLANREWAJU | | 3153 | OJO OMOLOLU OLUMUYIWA | | 3154 | OJO STEPHEN ADETUNJI | | 3155 | OJO TEMIDAYO | | 3156 | OJO TEMITAYO JOHNSON | | 3157 | OJOLOWO HAMMED OLAYIWOLA | | 3158 | OJOMAIKRE ADAIGHOFUA | | 3159 | OJORA FUNMILAYO AJOKE | | 3160 | OJOUGBOH NKEM - NKECHUKWU | | 3161 | OJOWU ODE | | 3162 | OJUKOTOLA RAHAMON OLUWOLE | | 3163 | OJUKWU CHIDUZIE RICHARD | | 3164 | OKABEKWA FABIAN | | 3165 | OKADIGBO ABDULRAHAMAN OSADEBEY | | 3166 | OKAFOR ANWULI | | 3167 | OKAFOR AUGUSTINE AZUBUIKE | | 3168 | OKAFOR BLESSING NKEONYERE | | 3169 | OKAFOR CHRISTIAN CHUKWUEMEKA | | 3170 | OKAFOR CHUKWUDERA SAMUEL | | 3171 | OKAFOR CHUKWUEMEKA ADRIAN | | 3172 | OKAFOR NNEAMAKA CHINENYE | | 3173 | OKAFOR PETER EMEKA | | 3174 | OKAFOR SCHOLASTICA AMARACHI | | 3175 | OKAFOR STEPHEN | | 3176 | OKAFOR STEPHEN CHIKA | | 3177 | OKAFOR UCHENNA | | 3178 | OKANLAWON SAMUEL ADEGOKE | | 3179 | OKE OLAJIDE JIMOH | | 3180 | OKE OLUWOLE | | 3181 | OKECHUKWU AUGUSTINA IJEGO | | 3182 | OKECHUKWU JONNWAKALO | | 3183 | OKEKE CHIAZOKAM VINCENT | | 3184 | OKEKE IFEOMA | | 3185 | OKEKE M JOHN | | 3186 | OKEKE PATRICK OKECHUKWU | | 3187 | OKELEYE ADENIKE ELIZABETH | | 3188 | OKELEYE DAMILOLA | | 3189 | OKELEYE ENOCH ANJOLA-OLUWA | | 3190 | OKELEYE ISRAEL AYODAMOPE | | 3191 | OKELEYE RACHAEL OREOLUWA | | 3192 | OKEMINI ISAAC CHUKWUNONYE | | 3193 | OKENGWU EZIOMA | | 3194 | OKENIYI OLAMIDE DANIEL | | 3195 | OKENWA CHUKWUMA CHRIS | | 3196 | OKENWA EBUKA SAMUEL | | 3197 | OKEOLA ABISOLA GANIYAH | | 3198 | OKEOLA SALIU BAYO (MR) | | 3199 | OKEOWO ADEMOLA OLUGBENGA | | 3200 | OKEOWO OLAJUMOKE OHUNOLUWA | | 3201 | OKEREKE AUGUSTA NNENNAYA | | 3202 | OKEREKE AUGUSTA.N | | 3203 | OKEREKE NKEM WALTER | | 3204 | OKEREKE WALTER | | 3205 | OKETE PETER OSUBU | | | | | --- | --- | | | | | S/N | NAMES | | 3206 | OKEYODE OLUSEGUN | | 3207 | OKEZIE ABRAHAM ONYEMAECHI | | 3208 | OKEZIE AKWIWU | | 3209 | OKEZIE BONIFACE EBERE | | 3210 | OKEZIE CHILAKA OKWUONU | | 3211 | OKHADE PETER ONUWABHAGBE | | 3212 | OKHOMINA SUNDAY | | 3213 | OKI AMATARE | | 3214 | OKI PAUL AKEVWAWHARE | | 3215 | OKLINKS GLOBAL | | 3216 | OKO KINGSLEY TOCHUKWU | | 3217 | OKO PATRICK | | 3218 | OKODO IFEANYI CORNELIUS | | 3219 | OKOEKPEN JONATHAN OMOH | | 3220 | OKOGBE BOLAJI | | 3221 | OKOGUN NELSON OSAYANDE | | 3222 | OKOH ENEFIOK OKON | | 3223 | OKOH PETER KNIGHT | | 3224 | OKOJAJA SYLVANUS ALALI | | 3225 | OKOLIE CHUKWUKA | | 3226 | OKOLO CHIDIEBERE PERPETUA | | 3227 | OKOLO SARAH EBUBE | | 3228 | OKOLO UMUNALI | | 3229 | OKONJI ODIGWE | | 3230 | OKONKWO ARINZECHUKWU CHARLES | | 3231 | OKONKWO CHIOMA ERICA | | 3232 | OKONKWO EUGENE IKE | | 3233 | OKONKWO GEORGE CHUKWUNEKE | | 3234 | OKONKWO KINGSLEY OSITA | | 3235 | OKONKWO VICTOR CHUKWUNONSO O. | | 3236 | OKONORHO LIZ | | 3237 | OKONORHO LIZ OGHENEKEVWE | | 3238 | OKORIA TONBARA | | 3239 | OKORIE RICHARD | | 3240 | OKORO DANIEL | | 3241 | OKORO IBEKWE APOLLOS | | 3242 | OKORO JAMES NCHONWA | | 3243 | OKORO JOSEPH EBERE | | 3244 | OKOROAFOR CHIKE SOPURUCHI | | 3245 | OKOROAFOR CHUKWU | | 3246 | OKOROAFOR IGNATIUS EJILUGWU | | 3247 | OKOROAFOR OBIOHA FUBARA | | 3248 | OKOROAFOR UGOCHI LORINE | | 3249 | OKOROFOR CHINONYEREM DEBORAH | | 3250 | OKOROIGWE ESTHER ONYEKACHI | | 3251 | OKOROJI UCHE MAURICE | | 3252 | OKOSE ALPHONSUS IBHAROKHONRE | | 3253 | OKOYE CHIBUZO OGONNA | | 3254 | OKOYE CHIKAODILI | | 3255 | OKOYE CHIKAODILI CHIDINMA | | 3256 | OKOYE LEONARD CHUKWUEMEKA | | 3257 | OKOYE MARK CHUKWUEMEKA | | 3258 | OKOYE NNENNA CHIOMA | | 3259 | OKOYE SOMADINA DANIEL | | 3260 | OKOYE VICTOR | | 3261 | OKPADILE LESLIE | | 3262 | OKPAGBA ZION | | 3263 | OKPAKU EMMANUEL OMOH | | 3264 | OKPALA CHUKWUEMEKA REFLEX | | 3265 | OKPALA JUDE UDECHUKWU | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 336 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Unclaimed dividend list continued | | | | --- | --- | | | | | S/N | NAMES | | 3266 | OKPALA RAPHAEL CHINENYENDO | | 3267 | OKPALAEKE OKEY JOHN | | 3268 | OKPARANTA SAMUEL | | 3269 | OKPECHI JENNIFER CHIAMAKA | | 3270 | OKPO OLUWABUNMI UNO | | 3271 | OKPO UNO EDET | | 3272 | OKPOKO THOMPSON | | 3273 | OKUJAGU SOTONYE | | 3274 | OKUNADE MICHAEL AKINADE | | 3275 | OKUNGBURE BABATUNDE OLUWAYOMI | | 3276 | OKUNIYI ADEDAPO | | 3277 | OKUNOLA AFOLAKE OLUTOYIN | | 3278 | OKUNOLA DANIEL OLUWATOBI SEUN | | 3279 | OKUNOLA EMMANUEL OLANREWAJU | | 3280 | OKUNOLA FUNKE IBIRONKE | | 3281 | OKUNOLA IKEOLA OLUWASEUN | | 3282 | OKUNRIBIDO OLADIPUPO OLUFOLARANMI | | 3283 | OKUNROBO MARY ABIEYUWA | | 3284 | OKUNUBI JOSEPH O | | 3285 | OKUSANYA AYOOLA OLAYIWOLA | | 3286 | OKUWA FOLORUNSHO OLUYEMISI | | 3287 | OKUYIGA MOYOSORE | | 3288 | OKUZOR MBIDOOMA ROSEMARY | | 3289 | OKWAGBE HARRISON | | 3290 | OKWARA FRED IKECHI | | 3291 | OKWARA IKECH FRED (DR) | | 3292 | OKWECHIME VINCENT MADUAGWU | | 3293 | OKWESA JAMES OTUNUYA | | 3294 | OKWOLI ABISOYE OLIVE | | 3295 | OKWOLI PETER IDOKO | | 3296 | OKWOR JONAS OGBONNA | | 3297 | OKWUADA SAMUEL KESSINGTON | | 3298 | OKWUBA ANTHONY CHIJIOKE | | 3299 | OLA KOLADE G. | | 3300 | OLABISI ADEDAYO | | 3301 | OLABISI AKINLAMI RAPHAEL | | 3302 | OLABISI BARAKAT ADEWALE | | 3303 | OLABIYI TOBI DAVID | | 3304 | OLABODE ABIOLA OLUKOLA | | 3305 | OLABODE EMMANUEL ADEBO | | 3306 | OLABODE FELICIA OLURANTI | | 3307 | OLABODE JEREMIAH | | 3308 | OLABODE OLUSEGUN VICTOR | | 3309 | OLABODE RAHMON KOLAWOLE | | 3310 | OLABODE SHADIAT OLABISI | | 3311 | OLADAPO AKINOLA OLADOTUN | | 3312 | OLADAPO LATIFAT KEMI | | 3313 | OLADAPO MODUPE LOVE | | 3314 | OLADAPO MONI ABIODUN | | 3315 | OLADAPO TINUOLA DOLAPO | | 3316 | OLADEHIN OLUFEMI DAVID | | 3317 | OLADEINDE OLUBUKOLA OMOLARA | | 3318 | OLADEJO ADEREMI WAHEED | | 3319 | OLADEJO MICHEAL TOLUWANIMI | | 3320 | OLADELE AYODEJI OGUNLANA | | 3321 | OLADELE MICHAEL OREOLUWA | | 3322 | OLADELE OLUWASEGUN BABATUNDE | | 3323 | OLADELE SEGUN | | 3324 | OLADIJI OLATUNJI | | | | | --- | --- | | | | | S/N | NAMES | | 3325 | OLADIJI OLAYIMIKA OLUWAFEMI | | 3326 | OLADIPO IDIAT IDOWU | | 3327 | OLADIPO OLUYEMISI GBEMISOLA | | 3328 | OLADIPO SMITH | | 3329 | OLADIPOOLAMIDEGOODNESS | | 3330 | OLADIPUPO FATIMO TOSIN | | 3331 | OLADIPUPO KOREDE LAPITE | | 3332 | OLADIPUPO SARAFADEEN | | 3333 | OLADOKUN MUTIU OLAIDE | | 3334 | OLADOKUN ROTIMI | | 3335 | OLADOSU EMMANUEL OLANIYI BOLARINWA | | 3336 | OLADOSU ISKIL ADISA | | 3337 | OLADOSU ISLAMIYAT ADETUTU | | 3338 | OLADOYE OLUWASHINA ADEWALE | | 3339 | OLADOYIN OLUMIDE OLAMILEKAN | | 3340 | OLADUNNI SOLOMON AYODELE | | 3341 | OLAFADEHAN OLULEKE MOFOLAJU | | 3342 | OLAGBAIYE OLAMILEKAN TOBI | | 3343 | OLAGBAJU BILIKISU OLOLADE | | 3344 | OLAGBAJU EYIMOFE | | 3345 | OLAGBAJU NIMOTA ADEPEJU | | 3346 | OLAGOKE SAMSON OLUSEGUN | | 3347 | OLAGUNJU KAMIL | | 3348 | OLAIFA FESTUS | | 3349 | OLAIFE OLANIYI DARAMOLA | | 3350 | OLAITAN AREMU ALAO | | 3351 | OLAITAN FAPOHUNDA | | 3352 | OLAITAN OLADIPO | | 3353 | OLAIYA SAMUEL B. | | 3354 | OLAJESU FAVOUR ADESHINA | | 3355 | OLAJIDE ADEBAYO BAMIDELE | | 3356 | OLAJIDE C. IDOWU | | 3357 | OLAJIDE OLUKAYODE | | 3358 | OLAJIDE SAMUEL ONIOSUN | | 3359 | OLAJIDE SODIQ OLAWALE | | 3360 | OLAJIGA OLUFEMI AYODEJI | | 3361 | OLAJOSAGBE JOHN OLUBUNMI | | 3362 | OLAJUWON ENIOLA OLAKUNLE | | 3363 | OLAKOYENIKAN OLUWASEGUN ANDREW | | 3364 | OLAKUNLE ADEKANMBI | | 3365 | OLAKUNLE JOHN OGUNSAKIN | | 3366 | OLAKUNLE OLANREWAJU OLUWOLE | | 3367 | OLALEHE SAMUEL | | 3368 | OLALEKAN ABIDEMI AROWOLO | | 3369 | OLALEKAN AJAJA | | 3370 | OLALEKAN LIADI RASAKI | | 3371 | OLALEKE OLUWASEGUN FOLARANMI | | 3372 | OLALEYE ABDULLAHI AKANBI | | 3373 | OLALEYE OLAKUNLE MICHAEL | | 3374 | OLAMIDE CHRISTIANA POPOOLA | | 3375 | OLAMIDE MOSES OLUWAKAYODE | | 3376 | OLAMIDE SAMUEL OLUKOGA | | 3377 | OLAMILEKAN SANUSI | | 3378 | OLANIPEKUN OLUWASEUN | | 3379 | OLANIPEKUN OPEYEMI | | 3380 | OLANIWUN AJAYI LP | | 3381 | OLANIYAN IDAYAT OMOWUNMI | | 3382 | OLANIYAN KAYODE ABDULHAKI | | 3383 | OLANIYAN RAMOTA OLUWABUNMI | | | | | --- | --- | | | | | S/N | NAMES | | 3384 | OLANIYI ODERINDE | | 3385 | OLANREWAJU AKINTADE ADESEGHA | | 3386 | OLANREWAJU BOLANLE OLABOPO | | 3387 | OLANREWAJU FILANI OLADAPO | | 3388 | OLANREWAJU KAZEEM ADIO | | 3389 | OLANREWAJU NURAIN EYITEMI | | 3390 | OLANREWAJU WAHAB & CO | | 3391 | OLAOFE ABAYOMI OLADIPO | | 3392 | OLAOFE TOLANI | | 3393 | OLAOLU ONOME JOY | | 3394 | OLA-OLUWA ABIDEMI JAMES | | 3395 | OLAOPA ADEOLA ABIGAEL | | 3396 | OLAOYE LIADI OYENIYI | | 3397 | OLAPADE KEHINDE ABDULAHI | | 3398 | OLAPADE TAIWO NURUDEEN | | 3399 | OLARENWAJU - OLADEJI OLUWADAMILARE | | 3400 | OLAREWAJU AUGUSTINA YEMI | | 3401 | OLAROTIMI IBUKUN OLANREWAJU | | 3402 | OLASEGE BABATUNDE HAMZAT | | 3403 | OLASEHINDE ADENIKE KEMI | | 3404 | OLASEHINDE FESTUS OLUWASEUN | | 3405 | OLASINDE TAJUDEEN AYODEJI | | 3406 | OLASUPO CHRISTOPHER OLAOLUWA | | 3407 | OLASUPO SHITTU KAZEEM | | 3408 | OLATONA REBECCA OPEYEMI | | 3409 | OLATUNBOSUN MOSURAT AWENI | | 3410 | OLATUNBOSUN OLAIDE DAVID | | 3411 | OLATUNBOSUN OLAWUMI AHMED | | 3412 | OLATUNDE AJOKE IDOWU | | 3413 | OLATUNDE AYODELE | | 3414 | OLATUNDE JEREMIAH ODEDIRAN | | 3415 | OLATUNDE OLUWATOSIN TOLULOPE | | 3416 | OLATUNJI BAMIDELE MUSA | | 3417 | OLATUNJI BOLANLE SEGUN | | 3418 | OLATUNJI FOLORUNSHO JACOB | | 3419 | OLATUNJI GRACE FUNMILADE | | 3420 | OLATUNJI OLUFEMI OLUMIDE | | 3421 | OLATUNJI SAMUEL SUNDAY A | | 3422 | OLATUNJI TITILAYO OLUWASEUN | | 3423 | OLAWALE FESTUS OMOLADE | | 3424 | OLAWALE MATHEW ADEBOYEKU | | 3425 | OLAWALE RAJI OWOLABI | | 3426 | OLAWUMI JOSEPH OLALEKAN | | 3427 | OLAWUNMI ABOSEDE AKINSIKU | | 3428 | OLAWUNMI ADENOLA OLAWANDE | | 3429 | OLAYEMI OLATUNDE | | 3430 | OLAYEYE RAOLAT TOLANI | | 3431 | OLAYINKA ADEOLA ADELAKUN | | 3432 | OLAYINKA SIKIRULAHI ADEGOKE | | 3433 | OLAYISADE ADEWALE GOKE | | 3434 | OLAYIWOLA MARIAM OLAIDE | | 3435 | OLAYIWOLA MONSURA MORENI | | 3436 | OLAYIWOLA MUHAMMED OLAJIDE | | 3437 | OLAYIWOLA PAUL GBEMIGA | | 3438 | OLAYIWOLA WASIU | | 3439 | OLAYIWOLA WASIU ADEBAYO | | 3440 | OLAYOKUN OLANREWAJU ASIMIYU | | 3441 | OLEH MOSES | | 3442 | OLEKA JOHNBOSCO CHIGOZIE | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 337 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | --- | --- | | | | | S/N | NAMES | | 3443 | OLEKA SIXTUS UCHE | | 3444 | OLISA CHIGOZIE UFONDU | | 3445 | OLIVE COURT CHARITY FOUNDATION | | 3446 | OLIVER IKE ORJIAKO | | 3447 | OLIVER LLOYD HOFFMANN | | 3448 | OLIYIDE TITILOLA | | 3449 | OLLEY JOSEPH | | 3450 | OLOAPUPO RAHMAT ADEOLA | | 3451 | OLOBATUYI JOHNSON OLORUNFEMI | | 3452 | OLODUN ADEKUNLE | | 3453 | OLOGUN OLUWADAMILOLA OLAKUNLE | | 3454 | OLOKO BUSHURA OWOLABI | | 3455 | OLOKOR SUNDAY | | 3456 | OLOKPA FIDELIA | | 3457 | OLOLADE QUADRI OWOLABI | | 3458 | OLOLOPETER LTD | | 3459 | OLOMU DANIEL BIEZUGBE | | 3460 | OLOMU DAVID OGHENEKENO | | 3461 | OLOPADE KHADIJAT TOLULOPE | | 3462 | OLORUNKEMI JAMIU AROWOLO | | 3463 | OLORUNMOLA BIDEMI UZEZI | | 3464 | OLOTU OLUSOJI OLABODE | | 3465 | OLOWOKANDE ADENIKE FOLASHADE | | 3466 | OLOWONIYI ADE-DAVID | | 3467 | OLOWONIYI CECILIA AINA | | 3468 | OLOWO-OKERE EDWARD OLA & ANUOLUWA .A | | 3469 | OLOWOOKERE ENIOLA ABOSEDE | | 3470 | OLOYEDE BABATUNDE OLUYEMI | | 3471 | OLOYEDE CECILIA ABAKE | | 3472 | OLU-AYENI DAMILOLA | | 3473 | OLUBAJO MODUPE OLUMUYIWA | | 3474 | OLUBAJO OLUGBENGA BIMBO | | 3475 | OLUBIYI ROTIMI ALFRED | | 3476 | OLUBUKOLA OLUSEYI OLUYADI | | 3477 | OLUCHI OLIVIA NJOKU | | 3478 | OLUDARE OYENIYI GBOYEGA | | 3479 | OLUDOLAPO DORCAS BODEDE | | 3480 | OLUEBUBE OPARA | | 3481 | OLUFEMI OLUDE ERIIFEOLUWA DELIGHT | | 3482 | OLUFUNMILOLA JAMES | | 3483 | OLUGBABI DOTUN ISAAC | | 3484 | OLUGBENGA ADARAMOLA | | 3485 | OLUGBENGA OLABODE AROWOLO | | 3486 | OLUGBON ABIDEMI DAVID | | 3487 | OLUGBOSUN ARIYO AYO | | 3488 | OLUGBOSUN BANJI | | 3489 | OLUJIMI AJENIKE BILIKISU | | 3490 | OLUJITAN ABAYOMI TOLULOPE | | 3491 | OLUKAYODE & TEMITOPE EDUN | | 3492 | OLUKEMI ESAN ADEWONUOLA | | 3493 | OLUKOGA WILLIAMS ABAYOMI | | 3494 | OLUKOJU AYODEJI ABAYOMI | | 3495 | OLUKOREDE OLUMUYIWA OREKOYA | | 3496 | OLUKOYA OLATUBOSUN GBENGA | | 3497 | OLUKOYA OLUWASEUN BABAJIDE | | 3498 | OLUKUNYON JOHNSON | | 3499 | OLULANA RACHAEL OLUBUSOLA | | 3500 | OLUMESE FESTUS OKOEGUALE | | 3501 | OLUMIDE ABIOLA FALANA | | | | | --- | --- | | | | | S/N | NAMES | | 3502 | OLUMIDE ADEWUNMI ADELEYE | | 3503 | OLUMIDE FADEYIBI | | 3504 | OLUMIDE KUMUYI | | 3505 | OLUMIDE UTHMAN AWONIRAN | | 3506 | OLUMIDE WASIU AJALA | | 3507 | OLUMUYIWA BUKOLA ABOSEDE | | 3508 | OLUMUYIWA ORENUGA OLUWASEYI | | 3509 | OLUMUYIWA SAMSON OLUSEGUN | | 3510 | OLUOMACHI BLESSING OKOLO | | 3511 | OLUROTIMI ADEOLA | | 3512 | OLUROTIMI VICTOR ADEYEMI | | 3513 | OLUSEGUN SIKIRULAI ADELEYE | | 3514 | OLUSEGUN TEMITOPE AINA | | 3515 | OLUSESI TAOFEEQ | | 3516 | OLUSESI TAOFEEQ ADEWALE | | 3517 | OLUSEYE EMMANUEL FASUAN | | 3518 | OLUSEYI ODAYO LAWAL | | 3519 | OLUSHOLA MICHAEL ILORI | | 3520 | OLUSOLA AKANJI KAYODE | | 3521 | OLUSOLA JAMES OWOLABI | | 3522 | OLUSOLA OLALEKAN OLUMAYOWA | | 3523 | OLUSOLA OLUSEYI OLABIYI | | 3524 | OLUSUNLE SAMUEL OLUGBENGA | | 3525 | OLUSUNMADE DOYIN | | 3526 | OLU-TIMA OLUMIDE TAMUNO | | 3527 | OLUTOLA JOSHUA OLUMIDE | | 3528 | OLUWA OLADEGA SEMIU | | 3529 | OLUWABUKOLA F BOBOLAMAJOLAGBE | | 3530 | OLUWABUKOLA NIFEMI AKINOLA | | 3531 | OLUWABUKOLA TOSIN MATHEW | | 3532 | OLUWABUKUNMI FOLARIN OGUNJINMI | | 3533 | OLUWABUNMI ADENRELE ADEBAYO | | 3534 | OLUWABUSOLA MODINAT OKEOWO | | 3535 | OLUWADAMILARE AINA PAUL | | 3536 | OLUWADAMILOLA OLOLADE SANUOLU | | 3537 | OLUWADAMILOLA OLOWOJOLU | | 3538 | OLUWADARAFUNMI EGBEYEMI | | 3539 | OLUWADARE SIMIAT OLUBUKOLA | | 3540 | OLUWAFEMI ADENIYI BABAYEMI | | 3541 | OLUWAFEMI NIYI | | 3542 | OLUWAFOLAJIMI SAMUEL BALOGUN | | 3543 | OLUWAFUNSHO OLUBOLA OKUBANJO | | 3544 | OLUWAGBAMILA AKANJI MOSES | | 3545 | OLUWAGBENGA ADEWALE PEDRO | | 3546 | OLUWAGBENGA ISREAL SAMUEL | | 3547 | OLUWAJEHISAN ISRAEL DAMILARE | | 3548 | OLUWAJEMISIN FAVOUR OLUWASEUN | | 3549 | OLUWAJUYIGBE OLUGBENGA DAVID | | 3550 | OLUWAKAYODE JOHN OMOLE | | 3551 | OLUWAKEMI DEBORAH OLAOSEBIKAN | | 3552 | OLUWAKEMI LATIFAT ADEKANMI | | 3553 | OLUWAKEMI MARY ESUMEH | | 3554 | OLUWAKEMI OREOLUWA ABIODUN | | 3555 | OLUWAKEMI RACHEL OLUSINA | | 3556 | OLUWAMUYIWA ADEYEMI LOGO | | 3557 | OLUWANIFEMI FAITH FAKUADE | | 3558 | OLUWANIYI JEREMIAH OLUGBENGA | | 3559 | OLUWAROTIMI AKINTOMIDE | | 3560 | OLUWASANMI DIMEJI OGEDENGBE | | 3561 | OLUWASANMI KUNLE | | | | | --- | --- | | | | | S/N | NAMES | | 3562 | OLUWASEGUN EMMANUEL BALOGUN | | 3563 | OLUWASEUN ELIZABETH FAGBEMI | | 3564 | OLUWASEUN ESTHER ADELEYE | | 3565 | OLUWASEUN OLABAMIDELE FADUMIYE | | 3566 | OLUWASEUN OMOTOSHO | | 3567 | OLUWASEYI OMOLARA BAMIGBOWU | | 3568 | OLUWASHINA ADENIHUN | | 3569 | OLUWASUNKANMI MATILUKO | | 3570 | OLUWATEGBE KOLAWOLE OLUFEMI | | 3571 | OLUWATIMILEYIN ADEDOYIN AMOYE | | 3572 | OLUWATOBI JOSHUA KEHINDE | | 3573 | OLUWATOBI LATEEF SANYAOLU | | 3574 | OLUWATOBILOBA ADEYEMI | | 3575 | OLUWATOBILOBA LATEEFAT AJALA | | 3576 | OLUWATOMI GIDEON OJEMAKINDE | | 3577 | OLUWATOMISIN TAIWO ADEYEMI | | 3578 | OLUWATOSIN ADENEKAN AYOOLA | | 3579 | OLUWATOSIN EMMANUEL OLADETAN | | 3580 | OLUWATOSIN FAITH FAKAYODE | | 3581 | OLUWATOSIN MARTINS AGBENI | | 3582 | OLUWATOSIN TEMIDIRE IREWOLE | | 3583 | OLUWATOYIN ELIZABETH OGUNLALU | | 3584 | OLUWATOYIN PATRICIA AJANI | | 3585 | OLUWAYEMI ISAIAH GBENGA | | 3586 | OLUWAYINKA OLADELE ABE | | 3587 | OLUWOLE BAMIDELE OSHIN | | 3588 | OLUWOLE SUNDAY ADEGBOLA | | 3589 | OLUYEDE MOROMOKE KATHRINE | | 3590 | OLUYEMISI OLADUNKE ODUWOLE | | 3591 | OLUYOH GODWIN | | 3592 | OMAGBEMI ORITSEWEYINMI | | 3593 | OMALE EKOJONWA JOY | | 3594 | OMALE RICHARD | | 3595 | OMAMAGADA BOLA | | 3596 | OMARE AWHABRO JONATHAN | | 3597 | OMARUAYE FRANCES | | 3598 | OME WALTER CHUKWUEMEKA | | 3599 | OMIDIRAN FOLUSO DAVID | | 3600 | OMILADE ADEOLA OLUSOJI | | 3601 | OMIPITAN OMOTAYO JONAH | | 3602 | OMIRIN UWAILA FOLAKE | | 3603 | OMIYI BASIL & MAY | | 3604 | OMNIPAY OLUWATOSIN AKANBI | | 3605 | OMOAKHUANA UGOWE | | 3606 | OMOAMILOR ANIEBELI - TRADING ACCOUNT | | 3607 | OMODARA OLUWAKEMI VERONICA | | 3608 | OMODAYO OLUWATOMI ADEOLU | | 3609 | OMODIOR TABITHA E | | 3610 | OMOFOLARIN OLUMAYOWA AROWOJOLU | | 3611 | OMOFUMA IRENOSEN ADETOLA | | 3612 | OMOGBEHIN SOLA ZACH | | 3613 | OMOGBOLAHAN NAHEEM ALIYU | | 3614 | OMOGBOLAHAN SIKIRU OKUNUGA | | 3615 | OMO-IBRAHIM YUSUF | | 3616 | OMOIJIADE VICTOR | | 3617 | OMOJOLA ANTHONY OMONIYI | | 3618 | OMOJOLA JOSHUA DAMILOLA | | 3619 | OMOKHOSE DANIA GRILLO | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 338 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Unclaimed dividend list continued | | | | --- | --- | | | | | S/N | NAMES | | 3620 | OMOKHOSE NISSI AJAYI | | 3621 | OMOLADE HADIAT AFOLABI | | 3622 | OMOLAYOLE MICHAEL OLAWOLE | | 3623 | OMOLE ABRAHAM OLAMILEKAN | | 3624 | OMOLE EMMANUEL OLU | | 3625 | OMOLE JOSEPH ABIONA A. A. | | 3626 | OMOLE JOSEPH ADEDEJO | | 3627 | OMOLE JOSHUA OLABODE | | 3628 | OMOLE PRECIOUS OKIKIJESU | | 3629 | OMOLE RACHAEL FUNMILAYO | | 3630 | OMOLE VICTORIA MOTUNRAYO O.O. | | 3631 | OMOLEYE MUINAT JIMOH | | 3632 | OMOLOYE FOLORUNSO ABIODUN | | 3633 | OMONIPO ZIKIRUKAHI TAYE | | 3634 | OMONIYI KIKEYEMI ELIZABET | | 3635 | OMOTAYO OLASIJI ISEOLUWA | | 3636 | OMOTOLA ADURALERE ADEOLUWA | | 3637 | OMOTOLANI ADETOUN LAIYENBI MUTIAT | | 3638 | OMOTOSHO SULAIMON AKINADE | | 3639 | OMOTUBORA ADEKUNLE BOLADE | | 3640 | OMOYELE ADESOJI BODUNDE | | 3641 | ONABANJO OLUROTIMI OLUGBUYI | | 3642 | ONAIFOH STEVE BAZIM | | 3643 | ONAIWU MATTHEW | | 3644 | ONAKPOVHIE ONAGITE EMMANUEL | | 3645 | ONAMADE OWOLABI | | 3646 | ONAMUSI ONI ROLAND | | 3647 | ONANEYE AYOOLA OBAFEMI | | 3648 | ONASANYA BENNETT ADESINA | | 3649 | ONASANYA OMOLOLA ARIBIKE | | 3650 | ONATU RAY IGWE | | 3651 | ONEKUTU EMMANUEL AKAGU | | 3652 | ONI JOSEPH AJIBOYE | | 3653 | ONI OMONIYI | | 3654 | ONI OMOTAYO | | 3655 | ONI OMOTAYO BASIRAT | | 3656 | ONICHABOR FIDEL | | 3657 | ONICHABOR FIDELIS IFECHUKWUDE | | 3658 | ONI-EGBOMA NKEM | | 3659 | ONIGBANJO ADEBAYO | | 3660 | ONIHA SAMUEL | | 3661 | ONIHA SAMUEL OSEGHALE | | 3662 | ONIKOYI BABATUNDE YEKEEN | | 3663 | ONIKOYI MONSURAT OLAIDE | | 3664 | ONIKOYI NOAH YEKINI | | 3665 | ONIMOLE EZEKIEL OLAYINKA | | 3666 | ONIOVOSA SAMUEL | | 3667 | ONITIJU TAJUDEEN | | 3668 | ONITIRI ADESUNBO | | 3669 | ONITIRI ADESUNBO ADENIJI DAVID | | 3670 | ONIYILO DORCAS OLAOLUWA | | 3671 | ONIYIROKUN ADENRELE OYETUNJI | | 3672 | ONOGURE JOYCE OGHENERUNOR | | 3673 | ONOJA PATRICK ABA | | 3674 | ONOJOBI EMMANUEL ADEBAYO | | 3675 | ONOKURHEFE BENSON IRHIKEVWIE | | 3676 | ONONEME MIRACLE | | 3677 | ONONO IKECHUKWU TERRENCE | | 3678 | ONOSODE ALERO ADETOUN | | | | | --- | --- | | | | | S/N | NAMES | | 3679 | ONOSODE SPENCER | | 3680 | ONOTASA SHADRACH UCHOHWO | | 3681 | ONOVO CHIDI & UYONO | | 3682 | ONU BERNARD OKECHUKWU | | 3683 | ONUBOGU ADAEZE | | 3684 | ONUBOGU IFEOMA UZOAMAKA | | 3685 | ONUBOGU OBINNA GODWIN | | 3686 | ONUCHE JAMES DANIEL | | 3687 | ONUGU BASIL ANTHONY | | 3688 | ONUH SHADRACK HANNAH | | 3689 | ONUIGWE JOHNSON CHIMA | | 3690 | ONUMAJURU JANE CHIAMAKA | | 3691 | ONUNKWO DECLAN CHUKWUNENYE | | 3692 | ONUOHA CHIDI CHIKWENDU | | 3693 | ONUOHA CHUKWUEMEKA (ENGR.) | | 3694 | ONUOHA ONYINYECHI ALBERT | | 3695 | ONUOHA PERIPAUL OLUCHKWU | | 3696 | ONUWE MOSES | | 3697 | ONUWE MOSES JOHNSON | | 3698 | ONWORDI ALBERT NCHEKWUBE | | 3699 | ONWUASOANYA IFEATU | | 3700 | ONWUASOANYA IFEATU OKEDIADI | | 3701 | ONWUDIWE ANTHONY UKACHUKWU | | 3702 | ONWUDIWE CHIKE TERRENCE | | 3703 | ONWUEGBUCHE EMEKA ANTHONY | | 3704 | ONWUEGBUNA AMECHI SUNDAY | | 3705 | ONWUGBUCHE GOODLUCK | | 3706 | ONWUJI JOHN CHUKWUEMEKA | | 3707 | ONWUKA COLLINS CHIKA | | 3708 | ONWUKA LAZARUS NNADOZIE | | 3709 | ONWUKA THADDEUS CHIDI | | 3710 | ONWUKAEGWU A IFEANYI | | 3711 | ONWUKWE KINGSLEY IKECHUKWU | | 3712 | ONWULIRI CHUKWUEMEKA ONYEMAUCHE | | 3713 | ONWUNYI LOTANNA | | 3714 | ONWUSOH MARK UCHE | | 3715 | ONYEACHOLEM EMMANUEL | | 3716 | ONYEAGBA CHUKWUEMEKA COSMAS | | 3717 | ONYEANUNA CHINEDU KENNETH | | 3718 | ONYEBUAGU IJEOYIBO JENNIFER | | 3719 | ONYEBUCHI JULIE CHINONYE | | 3720 | ONYEDIKA CHINWIKE OBIAGWU | | 3721 | ONYEDIKACHI ONYEKACHI EZE | | 3722 | ONYEGBADO CYNTHIA NNEKA | | 3723 | ONYEJI ABIMBOLA | | 3724 | ONYEJI UCHE LILIAN | | 3725 | ONYEKA NANCY OKADIGBO | | 3726 | ONYEKA PAUL ESEKA | | 3727 | ONYEKELU EMMANUEL ONYEKACHI | | 3728 | ONYEKURU NGOZI JOY AYODELE | | 3729 | ONYEKWELU NNAEMEKA CHIJINDU | | 3730 | ONYEKWERE OKPO | | 3731 | ONYEMA JESSICA EWERE | | 3732 | ONYEMAEKE CHINWENDU MATILDA | | 3733 | ONYEMELUKWE OGOCHUKWU | | 3734 | ONYEMIZE KENECHUKWU OSMOND | | 3735 | ONYENEFA FRANCIS CHUKS | | 3736 | ONYENOBI IJEOMA | | 3737 | ONYIA ANTHONY MADUABUCHI | | | | | --- | --- | | | | | S/N | NAMES | | 3738 | ONYIA EMEKA JUDE | | 3739 | ONYIA UCHENNA CHINYERE | | 3740 | ONYINYECHI AMADITHOMPSON | | 3741 | ONYINYECHI VICTORY EBUKA | | 3742 | ONYISHI MADUKA SAMUEL | | 3743 | OPALEYE TIMOTHY OLA | | 3744 | OPARA CHIOMA | | 3745 | OPARA CLEMENT ANAELE CHUKWUDI | | 3746 | OPARA FRANCIS CHIDI | | 3747 | OPARA GEORGE EZEWUNWA | | 3748 | OPARA JANEPRISCA CHINAGOROM | | 3749 | OPATOLA JOSEPH OGUNDEYI | | 3750 | OPE CHRISTANAH EMI-OLA | | 3751 | OPEGBUYI OKANLAWON TAJUDEEN | | 3752 | OPEJIN BAMIDELE AFEEZ | | 3753 | OPEODU IBUKUN OLUGBENGA | | 3754 | OPEYEMI LUKMON ANIMASHAUN | | 3755 | OPURUM EMMANUEL THOMAS | | 3756 | OPUTE KONYEBAGU EMMANUEL | | 3757 | OPUTE-NEKU JAMES | | 3758 | ORABUEZE BENJAMIN OBIANUJU | | 3759 | ORAEGBUNAM EMMANUEL IKE | | 3760 | ORAH CHINEDU JEROME | | 3761 | ORDU ALOYSIUS UCHE | | 3762 | OREFUWA BABATUNDE ADEMOLA | | 3763 | OREFUWA OLUWAGBENGA GABRIEL | | 3764 | OREFUWA OLUWASEYIFUNMI D | | 3765 | OREFUWA TEMITOPE M | | 3766 | OREGBESAN OLALEKAN KOYODE | | 3767 | ORELAJA ABEL AYODELE | | 3768 | ORENIYI TEMITOPE LEKE | | 3769 | ORIADE ABIODUN JOB | | 3770 | ORIASOTIE NATHANIEL | | 3771 | ORIBAMISE BAYODE JULIUS | | 3772 | ORIBAMISE OJO STEPHEN | | 3773 | ORIFE JAMES M. | | 3774 | ORIH UDOKA FRANCA | | 3775 | ORIMALADE RACHEAL ADEDOYIN | | 3776 | ORIMOLOYE OLUMIDE ABIOLA | | 3777 | ORIMOLOYE SAMUEL | | 3778 | ORIMOLOYE SAMUEL BABATUNDE | | 3779 | ORIOWO MARGARET MAYOWA | | 3780 | ORISADAHUNSI MICHAEL KOLAWOLE LANRE | | 3781 | ORIVOH VICTOR (ALLEDGED DECEASED PHC/2052/2022) | | 3782 | ORJI EMEKA HENRY | | 3783 | ORJI MADUABUCHI | | 3784 | ORJI OGBONNAYA (MR & MRS) | | 3785 | ORJI SUNDAY AZUBUIKE | | 3786 | OROBOMENA FRANCISCO ANTHONY | | 3787 | OROFIN OLADELE ADEGBOYEGA | | 3788 | OROGUN OROMENA | | 3789 | OROIBI ERIBUSAYO ADESOLA | | 3790 | OROLEYE NAJEEM TAIWO | | 3791 | OROWOLE KOLAWOLE INUMIDUN | | 3792 | ORUADE KENNETH ARUBARE | | 3793 | ORUADE OGHENEKOME | | 3794 | ORUMWENSE JOHNMARK OSAHON | | 3795 | OSABUOHIEN KINGSLEY OSARODION | | 3796 | OSADINIZU CHUKS NWOSA | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 339 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | --- | --- | | | | | S/N | NAMES | | 3797 | OSADIPE ADEDAYO AYODELE | | 3798 | OSADOLOR CHARLES | | 3799 | OSAGIE OMOTEKHALE | | 3800 | OSAKUNI CHIDIMMA ANASTASIA | | 3801 | OSANDATUWA ANDY O JOLOMI | | 3802 | OSARUMWENSE DENNIS KEHINDE | | 3803 | OSAS GRAHAM ERHABOR | | 3804 | OSAWE OSAYANDE | | 3805 | OSAYANDE EDWARD OSASERE | | 3806 | OSAYIMWEN OSASUMWEN OSAYANDE | | 3807 | OSAZUWA UYIOSA BENJAMINS | | 3808 | OSCAR IKWUEMESI | | 3809 | OSEGBE ETHAN CHIMUANYA | | 3810 | OSEGBE STEPHANIE CHIAMAKA | | 3811 | OSEGBE XAVIER | | 3812 | OSELE EUNICE EFOMO | | 3813 | OSEMEKE EDWARD OSIH | | 3814 | OSENI AISHAT SIMISOLA | | 3815 | OSENI RASHIDAT | | 3816 | OSETOBA OLUSOLA AYODELE | | 3817 | OSHEWA FRANCISCA AINA | | 3818 | OSHIN ADESEGUN | | 3819 | OSHINFADE BOLA TAYO | | 3820 | OSHINGBEMI OLUWAFEMI OMOKHAFE | | 3821 | OSHIOBUGIE THANKGOD IKPEMINOGHENA | | 3822 | OSHIOKHAI ADOLPHUS OMONOKHUA | | 3823 | OSHIOMAH MARIAM OLAMISERI | | 3824 | OSHO ALEX ABIOLA | | 3825 | OSHODI OLABODE RIDWAN | | 3826 | OSIBERU ABIODUN OLADIPUPO | | 3827 | OSIGWELEM CHARLES.C | | 3828 | OSIJO ESTHER OMOBOLA | | 3829 | OSIKALU LUCIA FUNMILAYO | | 3830 | OSIKE JAMES | | 3831 | OSILEYEOLUGBENGA AFOLABI | | 3832 | OSINACHI JIDEOBI IRRECHUKWU | | 3833 | OSINAIKE KEHINDE SIDIKAT | | 3834 | OSINJOLU GBENGA ADENUGA | | 3835 | OSINNOWO OLADELE THOMAS | | 3836 | OSINUBI AKINWUNMI OLUBORI | | 3837 | OSINUBI AKINYEMI OMOBOLAJI | | 3838 | OSIPITAN TAIWO ADETAYO | | 3839 | OSISANYA OYINKANSOLA | | 3840 | OSITA BEN CHIDOKA | | 3841 | OSOBA ADEYEMI SOLOMON | | 3842 | OSOKOYA IBUKUN DAMILOLA | | 3843 | OSONDU JULIAN IKECHUKWU | | 3844 | OSOSANYA OLUYOMI TOLULOPE | | 3845 | OSOTA OBAFUNMILAYO OLABOYE | | 3846 | OSSAI CHRISTOPHER | | 3847 | OSSAI ERNEST OKECHUKWU | | 3848 | OSUJI UGOCHUKWU | | 3849 | OSULALA PRINCE | | 3850 | OSUNKWO EBERE | | 3851 | OSUNKWO EBERE WALTER | | 3852 | OSUNYOMI OLUMIDE YETUNDE | | 3853 | OSUZOKA NGOZI | | 3854 | OTENIYA THERESA OMOPONMILE | | 3855 | OTOBO NODON | | | | | --- | --- | | | | | S/N | NAMES | | 3856 | OTOKHAGUA VERONICA | | 3857 | OTOMBROWN PAUL | | 3858 | OTOROLEHI-OKEZIE VICTORIA | | 3859 | OTTIH DOMINIC NWABUEZE | | 3860 | OTTUN BOSUN | | 3861 | OTU ENANG EYO | | 3862 | OTUBANJO VICTOR OLUWASEUN | | 3863 | OTUNLA DAPO | | 3864 | OTUNUGA SUNDAY OLUSEGUN | | 3865 | OTUONYE GODFREY IFEANYICHUKWU | | 3866 | OVIRORO GOLD IGHOGHENE | | 3867 | OVRAITI OGHENOVO PETER | | 3868 | OVUAKPORAYE REUBEN | | 3869 | OVWIGHO EFE MULUMBA | | 3870 | OWEN ONWCHEKWA ANTHONY | | 3871 | OWENAZE-OKHIARO EMMANUEL AMAWU | | 3872 | OWIEADOLOR OSARIEMEN SIMON | | 3873 | OWO FAUSAT ABIODUN | | 3874 | OWOEYE AFOLABI C | | 3875 | OWOLABI ABIOLA ADEREMI | | 3876 | OWOLABI KEHINDE TIMOTHY | | 3877 | OWOLABI MICHAEL JAYEOBA | | 3878 | OWOLABI TAWAKALITU | | 3879 | OWOPETU OLUFEMI | | 3880 | OWOPETU SAMUEL OLAWOLE | | 3881 | OWORU ADETOLA OLUTADE | | 3882 | OWOYEMI OLAWALE | | 3883 | OWUAMANAM STANLEY CHUKWUNONYEREM | | 3884 | OWUMI ANTHONY | | 3885 | OYAKHILOME MOMODU KABIR | | 3886 | OYATOGUN NATHANIEL O. O. | | 3887 | OYAWOLE ISOLA MICHAEL | | 3888 | OYE HASSAN-ODUKALE | | 3889 | OYE RERELOUWA PRISCILLA | | 3890 | OYEBADE OLUBUNMI IBIWUNMI | | 3891 | OYEBAMIJI TOLA EIZABETH | | 3892 | OYEBANJI GRACE ABIMBOLA | | 3893 | OYEBANJI MICHAEL | | 3894 | OYEBOLA OLUWATOSIN | | 3895 | OYEDAPO JULIUS ABIODUN | | 3896 | OYEDEJI OLUWASEGUN ABIODUN | | 3897 | OYEDELE ABDULAZEEZ ADEMOLA TAIWO | | 3898 | OYEDELE NURAT ADENIKE EJIDE | | 3899 | OYEDEPO KEHINDE OLAWALE | | 3900 | OYEFESO MOROUNRANTI AYOKUNLE | | 3901 | OYEFIA JUBILEE | | 3902 | OYEINTARIMOBOERE PRECIOUS AZEBI | | 3903 | OYEKUNLE OYESOLA EBENEZER | | 3904 | OYELADE EMMANUEL OLUWASEYI | | 3905 | OYELAKIN MOTUNRAYO | | 3906 | OYELAKIN OMOSHALEWA SHERIFAT | | 3907 | OYELAKUN KUNLE | | 3908 | OYELEKE KEHINDE ADEMOLA | | 3909 | OYELEKE O.EMMANUEL BABATUNDE | | 3910 | OYELEYE NURUDEEN OLUSEGUN | | 3911 | OYELUDE BABATUNDE. S. | | 3912 | OYENEYIN TAJUDEEN | | 3913 | OYENIYI DAYO OPEYEMI | | | | | --- | --- | | | | | S/N | NAMES | | 3914 | OYENIYI TEMILADE ADELEKE | | 3915 | OYENUGA ADEWALE AFOLORUNSHO | | 3916 | OYEOKA ONYINYE | | 3917 | OYESANMI VINCENT OMOBOYEJE | | 3918 | OYESANYA ADESEGUN BABATUNDE (PRINCE) | | 3919 | OYESIKU ADEBUKOLA ELSIE | | 3920 | OYESOLA FIYINFOLUWA OYEBISI | | 3921 | OYETADE KAYODE EMMANUEL | | 3922 | OYETADE OBAFEMI BABSON | | 3923 | OYEWO ESTHER OLUYEMISI | | 3924 | OYEWOGA TOYIN | | 3925 | OYEWOLE FOPEFOLUWA OYENIYI | | 3926 | OYEWOLE ISAIAH OLUWATOSIN | | 3927 | OYEWOLE SUCCESS MERCY | | 3928 | OYEYEMI ADEYEYE HEZEKIAH | | 3929 | OYEYEMI MAYOWA OYEGBOLA | | 3930 | OYEYIPO MOBOLAJI DARE | | 3931 | OYIBO ADJARHO MOHAMMED | | 3932 | OYINDAMOLA ADEDOYIN ADEBAYO | | 3933 | OYINDAMOLA TAIWO OLUMIDE | | 3934 | OZIEGBE JOSIAH | | 3935 | OZOEMENA ESEROGHENE | | 3936 | OZOEMENA ESEROGHENE TEMITOMI | | 3937 | OZOH EBOSA | | 3938 | OZOYA TOSIN | | 3939 | OZUMBA FRANK | | 3940 | PAN-OKAFOR JIDE | | 3941 | PARAMOUNT EQUITY FUND/ROYAL EXCH.PLC-TRA | | 3942 | PARTNERSHIP INV CO/ECOBANK NIG PLC-TRDNG | | 3943 | PASADENA ENERGY CORPORATION (FUTUREVIEW) - | | 3944 | PASCHAL KINGSLEY AND COMPANY | | 3945 | PASCHAL KINGSLEY AND COMPANY | | 3946 | PATIENCE ADAORA OBILOR | | 3947 | PATIENCE TUBOLAIFA DORGU | | 3948 | PATRICK A OPAOLA | | 3949 | PATRICK AKINWUNTAN MR & MRS | | 3950 | PATRICK CHINELO FAVOUR | | 3951 | PATRICK UGOCHUKWU NNAMDI | | 3952 | PAUL AGBANIMSHUYE ASHIBEL | | 3953 | PAUL BENEDICTA CHIKA MAUREEN | | 3954 | PAUL IKPEN ADARUVIE | | 3955 | PAUL JUWON ADEBIYI | | 3956 | PAUL OLUWAKAYODE ERINLE | | 3957 | PAUL ONYEKA NWADUBA | | 3958 | PAUL SUNDAY KINGSLEY | | 3959 | PAXON GOLD INDUSTRIAL COY LTD | | 3960 | PEACE CAPITAL MARKET LTD. | | 3961 | PEARL TRADING & INVESTMENT LTD | | 3962 | PEPPLE BLESSING | | 3963 | PESACH CAPITALS LIMITED | | 3964 | PETER AZUH | | 3965 | PETER B. ALUKO TRADING ACCOUNT | | 3966 | PETER BRUNO OBOH | | 3967 | PETER CHINONSO EZE | | 3968 | PETER GIZO | | 3969 | PETER OLAMIDE FOLAGBADE | | 3970 | PETER TAIWO RACHEAL | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 340 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Unclaimed dividend list continued | | | | --- | --- | | | | | S/N | NAMES | | 3971 | PETEROLOLO LTD | | 3972 | PETERS ADENIKE MODUPE | | 3973 | PETERS OLUFEMI AYODELE | | 3974 | PETERS PEACE | | 3975 | PEV SAAKU KELVIN | | 3976 | PHILIP ELIAS PHILIP | | 3977 | PHILIP IKECHUKWU | | 3978 | PHILLIP BENJAMIN ORITSETSEYIGBEMI | | 3979 | PINEFIELDS INVESTMENT SERVICES LIMITED | | 3980 | PIUS UGHAKPOTENI O. | | 3981 | PIVOT CAPITAL LIMITED | | 3982 | PIVOT CAPITAL LTD ACCOUNT III | | 3983 | PLANMEC LIMITED | | 3984 | PLATFORM PETROLEUM LIMITED - | | 3985 | POPOOLA ANDREW TOLULOPE | | 3986 | POPOOLA CATHERINE OMOTAYO | | 3987 | POPOOLA FUNKE ANIKE | | 3988 | POPOOLA MARTINS AKINYEMI | | 3989 | POPOOLA MOBOLAJI A AND ABIMBOLA | | 3990 | POPOOLA MOBOLAJI A. AND ABIMBOLA T. | | 3991 | POPOOLA OLAWALE | | 3992 | POPOOLA SHERIFAT BOLA | | 3993 | POUSSE CAPITAL LIMITED | | 3994 | PRAISES OSINAKACHUKWU EKWEOZOR | | 3995 | PRECIOUS CHIGOZIE SABASTINE | | 3996 | PRECIOUS KENNEDY | | 3997 | PRINCE KENNEDY ONYENWE | | 3998 | PRINCE MAGNUS EJOVI | | 3999 | PRINCE NYABIS BITRUS | | 4000 | PRINCE OGBONNAYA EKWE | | 4001 | PRINCESS CHIDIEBUBE GEORGESON | | 4002 | PRINCESS CHIDUMEBI EZEH | | 4003 | PRINCESS FAVOURED ADEBE | | 4004 | PRISCA CHINENYE CHUKWUKERE | | 4005 | PROF CHRIS EKONG FOUNDATION | | 4006 | PROFESSIONAL SUPPORT LIMITED - | | 4007 | PROGRESS GODWIN AKPAN | | 4008 | PROSHARE NIGERIA LIMITED | | 4009 | PUNAC TRADE RESOURCES LTD | | 4010 | PUNUKA INVESTMENT LIMITED - TRAD | | 4011 | PURSLEY RESOURCES LTD | | 4012 | QADIR LATEEF OLAMILEKAN | | 4013 | QOWIYU ADEBIMPE SALAUDEEN | | 4014 | QUADRI ADEDOYIN FADEKO | | 4015 | QUADRI OLADIMEJI KAMMAR | | 4016 | QUADRI RILIWAN | | 4017 | QUARRATULAYN O ZAFARAN | | 4018 | QUDUS OPEYEMI ADEBAYO | | 4019 | QUEEN ESTHER EBERE OKEREKE | | 4020 | RABIU SULE ADEYEMO | | 4021 | RAHAMAN PROF M A | | 4022 | RAHEEM ADEBAYO ADEWALE | | 4023 | RAHEEM FOLASHADE ROMOKE | | 4024 | RAHEEM RAIHANAT IYABO | | 4025 | RAHMAN ADAM TOLULOPE | | 4026 | RAHMAN OLUWAYEMISI MODUPEOLUWA | | 4027 | RAIMI KAZEM ABIODUN | | 4028 | RAIMI RAMONI ADEMOLA | | | | | --- | --- | | | | | S/N | NAMES | | 4029 | RAJI RAFIQ OLALEKAN | | 4030 | RAJI SAMSON JERRY | | 4031 | RAMON ADIJAT KUBURA | | 4032 | RAPHAEL IYERE ABULUME | | 4033 | RAPHAEL ODIMKPA | | 4034 | RASHEED RASAQ | | 4035 | RAZAQ MONSURAH ADENIKE | | 4036 | RAZZAQ ADETUNJI ADEDOKUN | | 4037 | REBECCA OBASEKOLA | | 4038 | REDWOOD ASSET MANAGEMENT LIMITED 2 | | 4039 | REIGN GLOBAL INT - | | 4040 | RENCAP SECURITIES NIG LTD-MM TRADING | | 4041 | REUBEN MARY | | 4042 | REUBEN VICTORIA KEHINDE | | 4043 | RIBIAX INVESTEMENT SERVICES LIMITED | | 4044 | RICHARD EFFIONG UYAH | | 4045 | RICHARD ODUNZE | | 4046 | RICHARD OSHONEBO KADIRI | | 4047 | RICHGREEN MASTER S CAPITAL LIMITED | | 4048 | RIDWAN AZEEZ | | 4049 | RIDWAN KAZEEM | | 4050 | RILWAN OLAOLU RAJI | | 4051 | RIMDAP ABDUL BIN | | 4052 | RITA ADAOBI NWOKEJI | | 4053 | ROBBINS LINWOOD LADELL | | 4054 | ROBERT MBONU | | 4055 | ROBSON SAMUEL | | 4056 | ROFIU KOLAWOLE SHAKIRU | | 4057 | ROLAND OKERE | | 4058 | ROSEMARY AMARACHI EKECHI | | 4059 | ROSGATE NIGERIA LIMITED | | 4060 | ROTIMI AKINTUNDE OLAJIDE | | 4061 | ROYAL EXCHANGE PRUDENTIAL - | | 4062 | ROYAL GUARANTY & TRUST LTD | | 4063 | RUFAI ADEMOLA ELIAS | | 4064 | RUKAYAT OLATANWA BUSARI | | 4065 | RUTH OKWUCHUKWU INNOCENT | | 4066 | SAADU FALILAT BOLANLE | | 4067 | SADA VICTOR OGHOGHO MR | | 4068 | SAGOE KWEKU-MENSAH OLAKUNLE | | 4069 | SAHEED OZOVEHE LAWAL | | 4070 | SAIBU OJO TIJANI | | 4071 | SAKA HAKEEM OLORUNTOYIN | | 4072 | SAKA NURUDEEN OLUWASEUN | | 4073 | SAKA NUSIRAT OMOBOLANLE | | 4074 | SAKA WAHEED ALAO | | 4075 | SAKARIYAHU SHUAIB TOYIN | | 4076 | SALABIU WASIU ROTIMI | | 4077 | SALAKO HIKMOT ADEWUNMI | | 4078 | SALAM AZEEZ ADEYEMI | | 4079 | SALAM MUSBAU ADEMOLA | | 4080 | SALAMI BIMBO IYABO | | 4081 | SALAMI IBRAHIM BABALOLA | | 4082 | SALAMI JUSTIINA SOBALOJU | | 4083 | SALAMI KOLAWOLE RAHAMONI | | 4084 | SALAMI OLASUNKANMI TIRIMISIYO | | 4085 | SALAMI OYENMWEN | | 4086 | SALAMI RASHEEDAT ABOSEDE | | | | | --- | --- | | | | | S/N | NAMES | | 4087 | SALAMI SILIFAT ADEBOLA | | 4088 | SALAMI YUSUFU BISI | | 4089 | SALAU MOHAMMED ADEBANJO | | 4090 | SALAU NURUDEEN BABATUNDE | | 4091 | SALAUDEEN OLADIMEJI | | 4092 | SALAUDEEN WASIU ADEWALE | | 4093 | SALAWU ADEBOLA | | 4094 | SALAWU OMOLARA WAKILAT | | 4095 | SALAWU SULE ADISA | | 4096 | SALEH YELWA IBRAHIM | | 4097 | SALEMSON SHAREHOLDERS ASSO OF NIGERIA | | 4098 | SALIHU LUKMAN | | 4099 | SALIHU UZAIR | | 4100 | SALISU SHUIBU RAKIYA | | 4101 | SALIU FAUSAT REMILEKUN | | 4102 | SALU OLUFEMI GBOLAHAN | | 4103 | SAM KINANEE | | 4104 | SAMAILA ISHAQ ALHAJI | | 4105 | SAMSON ABAYOMI AFOLABI | | 4106 | SAMUEL ADEYEMO | | 4107 | SAMUEL AKOSILE | | 4108 | SAMUEL ALADEGBAYE | | 4109 | SAMUEL BENITA SUNGAMOTE | | 4110 | SAMUEL BOLUWATIWI OLUWADOROMI | | 4111 | SAMUEL DAMILOLA ADEOTI | | 4112 | SAMUEL IFECHUKWU OHAM | | 4113 | SAMUEL OLAYINKA EGUAROJE | | 4114 | SAMUEL OLAYINKA NIFEMI | | 4115 | SAMUEL OLUMIDE FAKUNLE | | 4116 | SAMUEL OMALE | | 4117 | SAMUEL OPARA | | 4118 | SAMUEL PRINCE AKOSA | | 4119 | SAMUEL VICTOR OYEWOLE | | 4120 | SANDRA OYUGBO | | 4121 | SANGUDI GENEVIEVE | | 4122 | SANI ABDULLAHI KONTONGS | | 4123 | SANKAR V NARAYNAN | | 4124 | SANKORE SECURITIES LIMITED | | 4125 | SANKORE SECURITIES LIMITED - TRADING | | 4126 | SANNI ABAYOMI DAUDA | | 4127 | SANNI ABDULQUADRI IDOWU | | 4128 | SANNI ABIODUN CHRISTIANA | | 4129 | SANNI MUSTAPHA ABIOLA | | 4130 | SANTOS OLUWATOSIN OLUTAYO | | 4131 | SANUSI ABIODUN | | 4132 | SANUSI IBRAHEEM BUKUNLE | | 4133 | SANUSI ISMAIL FOLAWIYO | | 4134 | SANUSI ISMAIL OLASUKANMI | | 4135 | SANUSI RASHEED | | 4136 | SARKI - UMAR ALIA FEYISAYO ASAKE | | 4137 | SARUMI LATEEF ABIODUN | | 4138 | SAVAGE ADEBUKOLA ARIKE | | 4139 | SAVAGE SPENCER AKINKUNMI | | 4140 | SAYYAD OLADUNNI FOLORUNSHO | | 4141 | SCBM RE AFR OPP FD SAC LTD AC ALT TSA-MA | | 4142 | SCBM RE AFR OPP FD SAC LTD AC ALT TSA-TD | | 4143 | SCHLUMBERGER DEFERRED BENEFIT | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 341 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | --- | --- | | | | | S/N | NAMES | | 4144 | SCHLUMBERGER SEP INDEM FUND- CONS-TRADING | | 4145 | SCHLUMBERGER STAFF SEV.FUND- CONS TRADING | | 4146 | SCM CAPITAL LIMITED | | 4147 | SCOTT BABAWALE OLADIPUPO | | 4148 | SCOTT GABRIELLA OYINKA | | 4149 | SEG. MAHSEN & COMPANY NIGERIA LTD | | 4150 | SEGUN ADEWALE OLADELE | | 4151 | SEGUN BRIGHT LADEINDE | | 4152 | SEGUN SOLOMON OLADIRAN | | 4153 | SEKONI OLUWASEUN MICHAEL | | 4154 | SEKROND SOLUTIONS LTD | | 4155 | SEPLAT STAFF COOP | | 4156 | SEYI AKINOLA OLUWATOBILOBA | | 4157 | SEYI SEUN ADEDIJI | | 4158 | SHAREHOLDERS INVESTOR & OPERATORS | | 4159 | SHAREMAN LIMITED | | 4160 | SHARON INEM | | 4161 | SHITTA-BEY DHIKRULLAHI OLAWALE | | 4162 | SHITTA-BEY OMOWUNMI | | 4163 | SHITTU AHMID ADEMOLA | | 4164 | SHITTU BOLANLE KAFAYAT | | 4165 | SHITTU HAFSAT OMOLABAKE | | 4166 | SHITTU OLALEKAN OYEKUNLE | | 4167 | SHITTU SULAIMON AYINLA | | 4168 | SHITTU YEKEEN OMOTOLA | | 4169 | SHOBANDE BABATUNDE AKANNI | | 4170 | SHOBANDE COMFORT OLUSHOLA | | 4171 | SHOBOWALE AYO OLUSEGUN | | 4172 | SHOBOWALE BABATUNDE | | 4173 | SHOBOWALE FUNMILAYO | | 4174 | SHODA ISIWAT IYABODE | | 4175 | SHODEINDE OLUWATOBI EMMANUEL | | 4176 | SHODEKE OMOLARA DORCAS | | 4177 | SHODIPE ADEFOLARIN OLADIPUPO | | 4178 | SHODUNKE ADESOLA | | 4179 | SHOEWU (LADY) ALICE ADEBIMPE (JP) | | 4180 | SHOEWU OLUWARANTI | | 4181 | SHOFOLAHAN ANTHONIA OLUWATOYIN | | 4182 | SHOFOLAHAN CHARLES OLUSEGUN | | 4183 | SHOFOLAHAN ELIZABETH OLUBUKONLA | | 4184 | SHOFOLAHAN FRANCISCA BOLATITO | | 4185 | SHOFOLAHAN MARY JOKE | | 4186 | SHOFOLAHAN SUNDAY O. | | 4187 | SHOKUNBI KAMILU MUHAMMED | | 4188 | SHOKUNBI KHADIJAT OLASUMBO | | 4189 | SHOLADEMI OLADEJI EMMANUEL | | 4190 | SHOMADEADELUGBA ZAINAB ADEWUN | | 4191 | SHOMORIN OLUWAKEMI SEUN | | 4192 | SHOPEJU AHMED | | 4193 | SHOPEJU EFUNBOSEDE AYOTUNDE | | 4194 | SHOPEJU SHOTUNDE | | 4195 | SHOTUNDE BABATUNDE SUNDAY | | 4196 | SHOYEBI MALEEK OKUNOLA | | 4197 | SHYLON OLATUNBOSUN | | 4198 | SIAML A/C AMB. I.C. OLISEMEKA &  MRS REGINA MARIA OLISEMEKA - | | 4199 | SIAML A/C CHEVRON GSP - MAIN | | | | | --- | --- | | | | | S/N | NAMES | | 4200 | SIAML A/C HEZI GLOBAL SERVICES LTD | | 4201 | SIAML A/C MR DAFE (SAN) & MRS NNOLI AKPEDEYE - | | 4202 | SIAML A/C PETROLEUM TECHNOLOGY DEV. FUND | | 4203 | SIAML A/C PODINI INTERNATIONAL- EQUITY FUND | | 4204 | SIAML A/C SAMUEL OLAWALE & MERCY I KUYE | | 4205 | SIAML AC MR TEMITOPE AND MRS OLUDAMIL | | 4206 | SIAML/TY HOLDING LIMITED | | 4207 | SICHI LINX LIMITED | | 4208 | SIKUADE GBEMISOLA | | 4209 | SILVIA OJEVWE IYAMU | | 4210 | SIM CAPITAL ALLIANCE LIMITED | | 4211 | SIM CAPITAL ALLIANCE LIMITED - | | 4212 | SIMAN LARAI | | 4213 | SIMMY ELLIS | | 4214 | SKENE EDWARD | | 4215 | SLICK COMPOSITE VENTURES LTD | | 4216 | SMARTT FUTURES RESOURCES LTD - | | 4217 | SOARES AKINOLA (EVANG) | | 4218 | SOBANDE AKINTUNDE OLUKAYODE | | 4219 | SOBANDE ENIOLA ADENIYI | | 4220 | SOBODU ADESOLA OLUWAWEMIMO | | 4221 | SOBOWALE SESAN OLUFUNMILADE | | 4222 | SODEINDE LAWRENCE TEMILOLUWA | | 4223 | SODUNKE MUAZ TEMITOPE | | 4224 | SOEBI EUNICE OLAJUMOKE | | 4225 | SOEZE RITA OGECHI | | 4226 | SOFADE AJIBOLA OLUWATOYIN | | 4227 | SOFEKUN OREOLUWA ABIMBOLA | | 4228 | SOFIAT OMOWUM RAAJI | | 4229 | SOFOWORA SHAMSONDEEN AINA | | 4230 | SOGUNLE ADEMOLA AKINBIYI & ABOSEDE JANET | | 4231 | SOILE DUROTOLUWA ADENIYI | | 4232 | SOKABI AYODEJI | | 4233 | SOKARE BEULAH EFEOGHENE KARINATE | | 4234 | SOKARE WOYENGIPRE EBIOWEI | | 4235 | SOKOTO INVESTMENT COMPANY LIMITED | | 4236 | SOKOU CYPRIEN | | 4237 | SOKUNBI LUKMAN | | 4238 | SOLANKE ADETOBI | | 4239 | SOLARU EKUNDAYO IDOWU | | 4240 | SOLID-ROCK SEC. & INV.- DEPOSIT ACCOUNT | | 4241 | SOLOMON AYODEJI PETER | | 4242 | SOLOMON DAN SHEKWOMWAZA | | 4243 | SOLOMON UTAJI EMMANUEL | | 4244 | SOLOYE ASHLEY OLUWAMIPOJU MOSOPE | | 4245 | SOMIEARI SYDNEY TOMWEST | | 4246 | SONAIKE ADEDAYO ABIMBOLA | | 4247 | SONIBARE LAWRENCE OLUMIDE | | 4248 | SONIBARE WAHEED AKANNI | | 4249 | SOREMI EMMANUEL OLUSEGUN | | 4250 | SOSANWO REUBEN SINA | | 4251 | SOTUBO BOLA OLU ABAYOMI | | 4252 | SOURADJ OUMARABKAR MAHAMAN | | | | | --- | --- | | | | | S/N | NAMES | | 4253 | SOWEMIMO BASIRU SOLA | | 4254 | SOWEMIMO JOSHUA O ADISA | | 4255 | SOWEMIMO OLUSOLA OLABISI | | 4256 | SOWUNMI LOOKMAN ADENIYI | | 4257 | SOYE BRIGGS | | 4258 | SOYINKA TEMIDAYO OLASUBOMI | | 4259 | SPRINGFIELD ADVISORY PARTNERS LIMITED | | 4260 | STANBIC IBTC NOM/AXA MANSARD INVES.LTD-T | | 4261 | STANBIC IBTC NOMINEES LIMITEDC002 TRA | | 4262 | STANBIC IBTC NOMINEES LIMITEDC011 TRA | | 4263 | STANBIC IBTC NOMINEES LTD/C052 - TRD | | 4264 | STANBIC IBTC TRUSTEES LTD/SEPLAT LTIP -MAIN | | 4265 | STANBIC NOMINEES NIGERIA LTD/C002 - MAIN | | 4266 | STANBIC NOMINEES NIGERIA LTD/C007 - MAIN | | 4267 | STANBIC NOMINEES NIGERIA LTD/C011 - MAIN | | 4268 | STANDWELL OGAGA OKPROJOSEPH | | 4269 | STANLEY CHIDOZIE UBA | | 4270 | STANLEY CHIKA ADINDU | | 4271 | STANLEY NNAMDI NJOKU | | 4272 | STELLA NGOZI OKOROAFOR | | 4273 | STEPHEN OJUKWU | | 4274 | STEPHEN OKOLO | | 4275 | STEPHEN OLANREWAJU OLAPADE | | 4276 | STEPHENASOJO ADERONKE RACHEAL | | 4277 | STEVE ENI EGBE | | 4278 | SUCCESS CHUKWUEMEKA UTOMI | | 4279 | SUCCESS EZIUZO | | 4280 | SUCCESS IBINYE SOKARI | | 4281 | SUCCESS OBIANUJU NWOBODO | | 4282 | SULAIMAN IMRAN ADEKUNLE | | 4283 | SULAIMAN SIMBIAT FOLAKEMI | | 4284 | SULAIMON OLAWALE ABDULWASIU | | 4285 | SULE ABIOLA SEKINAT | | 4286 | SULE HAMZA WURO BOKKI | | 4287 | SULE SALAMI SUBERU | | 4288 | SULEIMAN ABDULLAHI | | 4289 | SULEIMAN DAUDA BABATUNDE | | 4290 | SULEIMAN TIJANI | | 4291 | SUNDAY EDIDIONG MATTHEW | | 4292 | SUNDAY OLUWASANMI OJOLO | | 4293 | SUNDAY YUSUF GAJERE | | 4294 | SUPREME EDUCATION FOUNDATION LTD | | 4295 | SUSWAM SHIMATER | | 4296 | SYCAMORES AND ALLIED TECHNOLOGIES LTD | | 4297 | SYLVANUS OKATA | | 4298 | SYLVESTER BABAJIDE LEWIS | | 4299 | TACE CORP NIGERIA LTD | | 4300 | TAIRU TAIWO KAMALIDEEN | | 4301 | TAIWO ADEMOLA SIMEON | | 4302 | TAIWO ADENIKE SAFURIAT | | 4303 | TAIWO ADETUNJI | | 4304 | TAIWO AJIBOYE | | 4305 | TAIWO ATINUKE ADUKE | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 342 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Unclaimed dividend list continued | | | | --- | --- | | | | | S/N | NAMES | | 4306 | TAIWO BAMIDELE | | 4307 | TAIWO ODION IYARE | | 4308 | TAIWO OSAYUWAMWEN NAPPIER | | 4309 | TAIWO UZOAMAKA TAIWO | | 4310 | TAIWO YETUNDE | | 4311 | TAIYEWO RICHARD OLUWAFEMI | | 4312 | TAJUDEEN TAIWO JAMIU | | 4313 | TAJUDEEN TINUBU TEMILOLUWA | | 4314 | TALABI FESTUS OLATUNDE | | 4315 | TALABI TOLULOPE OLUKAYODE | | 4316 | TAMUNOTONYE OLUWATOBI ALONYANABO | | 4317 | TANIMOWO TAIWO OLADIPUPO | | 4318 | TANIMU UMAR | | 4319 | TANSI NDIDI OBIOJURU | | 4320 | TATIN TRUE CONCEPTS LIMITED | | 4321 | TAYO MOJISOLA OLUFUNSO | | 4322 | TEBI CAPITAL INVESTMENT LIMITED | | 4323 | TEDEYE OMAJUWA | | 4324 | TELLA DORCAS ADENIKE | | 4325 | TELUWO ADETUNBOSUN | | 4326 | TEMIDARA IYABO FAWEHINMI | | 4327 | TEMIDAYO KOFO OGUNSADE | | 4328 | TEMITAYO ARATUNDE | | 4329 | TEMITOPE AYOOLA OLALEYE | | 4330 | TEMITOPE EDWARD BENSON | | 4331 | TEMITOPE LAWRENCE DAVID | | 4332 | TEMITOPE TAJUDEEN ADEYEMI | | 4333 | TEMITOPE YEJIDE PAUL | | 4334 | TERNENGE JULIUS HAANONGUN | | 4335 | TESLIM OLADIPUPO AJIBOYE | | 4336 | THANKGOD LAWRENCE ADORO | | 4337 | THE ESTATE OF OLOKPA DAROCHA (ADMORS- OLOKPA UVIE OCHUKO) | | 4338 | THE ESTATE OF OLOKPA DAROCHA JOHNSON (ADMORS- OLOKPA UVIE OCHUKO) | | 4339 | THEOPHILUS MADUABUCHI EMEM | | 4340 | THOMAS AYORINDE | | 4341 | THOMAS EVESHOOVISE AGBAJE | | 4342 | THOMAS ITAOGIM ANOM | | 4343 | THOMSON ISRAEL | | 4344 | THORPE OLUDEWA | | 4345 | TIAMIYU AZEEZ BABATUNDE | | 4346 | TIAMIYU BASIRAT KEHINDE | | 4347 | TIEDEZI JACKSON GBOLOU | | 4348 | TIEMI PETER | | 4349 | TIJANI ABDUL-AZEEZ | | 4350 | TIJANI ADEGOKE AZEEZ | | 4351 | TIJANI AJIMOTU MONYENI | | 4352 | TIJANI FATAI ABIODUN | | 4353 | TIJANI OLATUNDE NUREIN | | 4354 | TIJANI OLUWANISOLA M. | | 4355 | TIJANI QUZEEM AYOMIDE OLUWADUROTIMI | | 4356 | TIJANI SHUKURAT EBUNDOLA | | 4357 | TIJANI SODIQ OLUWAGBEMIGA | | 4358 | TIJANI SULEIMAN OLUWASEUN | | 4359 | TIMILEHIN AKANNI AKINTUNDE | | 4360 | TIMOTHY SAMUEL OLAOLUWA | | 4361 | TINA UREGWU UPAH | | | | | --- | --- | | | | | S/N | NAMES | | 4362 | TINGIR VERSHIMA | | 4363 | TITUS ALICIA JOY | | 4364 | TITUS UCHE | | 4365 | TIWALADE OWUYE | | 4366 | TOBECHUKWU UBA | | 4367 | TOBI FALEGBE | | 4368 | TOCHUKWU CHINEDU ANYAOHA | | 4369 | TOCHUKWU JAMES UZODIMMA | | 4370 | TOFUNMI PETER BANKOLE | | 4371 | TOHIR FOLORUNSHO ISMAILA | | 4372 | TOINPRE KINGSLEY AMADE | | 4373 | TOLULOPE JAIYEOLA | | 4374 | TOLULOPE OLUBUNMI DARE | | 4375 | TOLUWALOJU AJOKE NAFISAH | | 4376 | TOLUWANI MOYOSOLA DADA | | 4377 | TOLUWASE BOLUJO | | 4378 | TOMIDE TEMIDAYO OLORUNTOBA | | 4379 | TOMIWA ISRAEL BAMIDELE | | 4380 | TONTE OSIMA IKIRIKO | | 4381 | TONY ONWUJIARIRI | | 4382 | TOPMOST SECURITIES LIMITED | | 4383 | TORIOLA OLUTOKUN KARL | | 4384 | TORMUSA LUPER DOOSHIMA | | 4385 | TOTA HOSEA MAMMAN | | 4386 | TOYE DELE OLAWOYE | | 4387 | TOYO BANDELE | | 4388 | TOYYIB ABIODUN ADELAKUN | | 4389 | TRACY SAFURATU MUSTAPHA | | 4390 | TRUSTHOUSE INVESTMENTS LTD - VENTURE A/C | | 4391 | TRW STOCKBROKERS LTD BUFFER S. NOM A/C | | 4392 | TRW STOCKBROKERS LTD NOMINEE A/C | | 4393 | TUEDOR FRANCIS | | 4394 | TUKUR AMINU MUHAMMAD | | 4395 | TUMBAN  MANFRED | | 4396 | TUNDE HASSAN  ODUKALE | | 4397 | TUNDE SEUN OLOKIGBE | | 4398 | TUNJI ABDUL | | 4399 | TUNMISE ANUOLUWAPO OLASOKAN | | 4400 | TURTON GABRIEL ADEWUNMI | | 4401 | TUTOT NIG LIMITED | | 4402 | TUTOT NIGERIA LIMITED | | 4403 | TWO EDGE PARTNERS GLOBAL LIMITED | | 4404 | TYNDALE SECURITIES LIMITED | | 4405 | UBA NOM- CREDENT INVESTMENT MGRS LTD/EST | | 4406 | UBA NOM/ COWRY EQUITY FUND - TRAD | | 4407 | UBA NOM/COWRY BALANCED FUND - TRAD | | 4408 | UBA NOM/SEM ALL-AFRICA EQUITY FUND LTD-T | | 4409 | UBA NOM/STL TRUSTEES/CORDROS MILESTONE 2 | | 4410 | UBA PFC/ARM PENSION MGRS PFA- MAIN A/C | | 4411 | UBA PFC/SIGMA PENSIONS PFA - MAIN | | 4412 | UBA PFC/SIGMA PENSIONS PFA - TRADING | | 4413 | UBA TRUSTEES/NIG.ENERGY SECTOR FUND-TRD | | | | | --- | --- | | | | | S/N | NAMES | | 4414 | UBAH IRENE NNABUOGO | | 4415 | UBAKA CHIAGOZIE ONYEKACHI | | 4416 | UBAPC/ACCESS PENSION/FAAN STAFF FUND-TRAD | | 4417 | UBAPC/ANCHOR PENSION MANAGERS LTD -MAIN | | 4418 | UBAPC/ARM PENSION MGRS PFA FUND 1 - MAIN | | 4419 | UBAPC/ARM PENSION MGRS PFA FUND 1 - TRAD | | 4420 | UBAPC/ARM PENSION MGRS PFA FUND III - MA | | 4421 | UBAPC/ARM PENSION/UBA PLC CDBS- TRADING | | 4422 | UBAPC/AXA MANSARD PENSIONS LTD - TRADING | | 4423 | UBAPC/LEADWAY PENSURE PFA LTD FUND 1 - M | | 4424 | UBAPC/LEADWAY PENSURE PFA LTD FUND 1 - T | | 4425 | UBAPC/PENSION ALLIANCE PFA - MAIN A/C | | 4426 | UBAPC/PENSION ALLIANCE/NNPCPFL- MAIN | | 4427 | UBAPC/SIGMA PENSION PFA FUND I - MAIN | | 4428 | UBAPC/SIGMA PENSION PFA FUND I - TRADING | | 4429 | UBAPC/SIGMA PENSION PFA FUND III - MAIN | | 4430 | UBAPC/SIGMA PENSION/NNPC STAFF FUND-TRAD | | 4431 | UBAPC/SIGMA PENSION/RETIREE FUND - TRADN | | 4432 | UBAPC/SIGMA PENSION/SEC STAFF FUND-MAIN | | 4433 | UBAPC/SIGMA PENSION/SEC STAFF FUND-TRAD | | 4434 | UBAPC/SIGMA PENSIONS LTD/CBN PENSION FUN | | 4435 | UBAS NOMINEE | | 4436 | UBAWUIKE UCHECHUKWU C. B | | 4437 | UBIAGBA DICKSON ISAH | | 4438 | UBINI MCMILLAN OKIEMUTE | | 4439 | UBON INYANG EYOH | | 4440 | UBONG CHRISTOPHER | | 4441 | UBOSI CHINENYE PRECIOUS | | 4442 | UBOSI CHRISTOPHER | | 4443 | UBUANE EHIMUAN | | 4444 | UBUANE JOHN | | 4445 | UCHE EKENE CASMIR | | 4446 | UCHEAGA EMEKA GERALD | | 4447 | UCHE-ARONNA INVESTMENT | | 4448 | UCHECHUKWU EMMANUEL CHIMEZIE | | 4449 | UCHECHUKWU EMMANUEL OTI | | 4450 | UCHECHUKWU MKPUMA | | 4451 | UCHEGBU SMART NDUBUISI | | 4452 | UCHEMEFUNA RAPULUCHUKWU | | 4453 | UCHENDU CAROLINE IFEOMA | | 4454 | UCHENDU IFEDILICHUKWU UZOEGHE | | 4455 | UCHENDU JAMES CHIMEREMEZE | | 4456 | UCHENNA JANE BASSEY | | 4457 | UCHENNA TIMOTHY OKOYE | | 4458 | UCHENYI CHIOMA CHIDUBEM | | 4459 | UCHENYI KESANDU CHUKWUBUEZE E | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 343 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | | | | | --- | --- | | | | | S/N | NAMES | | 4460 | UCHENYI KESANDU ONYIMGBA MELVYN | | 4461 | UCHENYI UZOAMAKA UCHECHI | | 4462 | UDDIN JOSEPH OLUWASEGUN | | 4463 | UDEAGWU FIDELIS CHUKWUETALU | | 4464 | UDEH PIUS OZOEMENAN | | 4465 | UDEME ESSIEN UMOREN | | 4466 | UDI ERNEST | | 4467 | UDO CHRISTOPHER CHUKWUDI | | 4468 | UDO EMMANUEL OKON | | 4469 | UDOFIA DANIEL NSIKAK | | 4470 | UDOFIA EDNA DAN | | 4471 | UDOFIA NKO | | 4472 | UDOFIA RICHES UWEM | | 4473 | UDOFIA WILLIAMS ETUK | | 4474 | UDOFOT EDIDIONG EPHRAIM | | 4475 | UDOH INEMESIT BRIAN EZEKIEL | | 4476 | UDOH JOSEPH ADAKOLE | | 4477 | UFOEZE MICHAEL IKECHUKWU | | 4478 | UFUDO IKECHUKWU CHINEDU | | 4479 | UFUOMA AKPOJOSEVBE | | 4480 | UGBODAGA PETER FEMI (DR) | | 4481 | UGBOR ULODIAKU PETER | | 4482 | UGOCHUCKWU CHINASA NINI | | 4483 | UGOCHUKWU ONYEKACHI | | 4484 | UGOLO MIRACLE UFUOMA | | 4485 | UGORJI ONYEMA EHIME | | 4486 | UGULU SUNDAY JONATHAN | | 4487 | UGWOR CHUKWUNYERE OPARAKU | | 4488 | UGWU CHUKWUDI GODWIN | | 4489 | UGWUEDE BENEDICT CHIDEBERE | | 4490 | UGWUEKE NKIRUKA PATRICIA | | 4491 | UGWUEZUOHA MACDONALD IZUCHUKWU | | 4492 | UGWUMADU CYRIL IFEANYICHUKWU | | 4493 | UJU ADAKU UGOCHI | | 4494 | UKADIKE VICTOR CHIDI OSUOHA | | 4495 | UKAEGBU PAUL NDIDI | | 4496 | UKARA NGOZI DIKE | | 4497 | UKARIWO NKPA | | 4498 | UKASHA HASHIM MUSA | | 4499 | UKEGBU AZUBUIKE & UKEGBU PATRICIA | | 4500 | UKEJE ESTHER UGOCHI | | 4501 | UKOH RICHARD OWIGHO | | 4502 | UKOKO GIDEON OGHENEROMESUO | | 4503 | UKOMAH THOMPSON NNAETO | | 4504 | UKPA AJAUKPA | | 4505 | UKPAI IFEANYI SMART | | 4506 | UKPAKA ADANNA | | 4507 | UKPE IDONGESIT | | 4508 | UKPEBOR KINGSLEY | | 4509 | UKPONG CHRISTIANA LUCKY | | 4510 | UKWUNNA CHINAZA | | 4511 | UMAR BUHARI | | 4512 | UMAR FARUK | | 4513 | UMAR FARUK (DR.) | | 4514 | UMAR GARBA MUHAMMAD | | 4515 | UMAR HAUWA SULE | | 4516 | UMAR SHERIFF ADEKUNLE | | 4517 | UMAR YAHAYA | | | | | --- | --- | | | | | S/N | NAMES | | 4518 | UMARU AHMED YUSUF | | 4519 | UMARU AMINA MABEL | | 4520 | UME AMOGE IFEYINWA | | 4521 | UMEGE CHUKWUKA | | 4522 | UMEH ANULI EMMANUELLA | | 4523 | UMEH ESTHER | | 4524 | UMEH IFY | | 4525 | UMEH MAXIMUS IFESINACHI | | 4526 | UMEOKORO IFEANYICHUKWU JUDE | | 4527 | UMEOKORO MARIA | | 4528 | UMEOKORO PAULINUS | | 4529 | UMERAH ROBINSON CHIDEBE | | 4530 | UMOH EFFIONG JACKSON (ALLEGED DECEASED PHC NO. 2550/2024) | | 4531 | UMOH MARVELLOUS ENOBONG OLUWASOLA | | 4532 | UMOH OTOBONG ISAIAH | | 4533 | UMOH UDEMEOBONG | | 4534 | UMOREN NDIFREKE EMMANUEL | | 4535 | UMUKORO EMMANUEL FRANKLIN | | 4536 | UMUKORO OVERCOMER OKEOGHENE | | 4537 | UMUNNAEHILA ALLWELL IHEANYI | | 4538 | UNACHI KENNETH UGOCHI | | 4539 | UNDISCLOSED | | 4540 | UNDISCLOSED | | 4541 | UNDISCLOSED | | 4542 | UNDISCLOSED | | 4543 | UNION TRUST LTD/UCAML BALANCED FUND - TR | | 4544 | UNION TRUSTEES LTD/UCAML EQUIT.FD ACC.-T | | 4545 | UNION TRUSTEES/VETIVA GRIFFIN 30 ETF-TRD | | 4546 | UNITED CAPITAL TRUSTEES/GREENWICH ALPHA | | 4547 | UNIVEST (NIG) LTD | | 4548 | UNUFE DURUGBE | | 4549 | UNWANA ISAAC SAVIOUR | | 4550 | URHO JAMES | | 4551 | URHUDE ERNEST OGAGA OGHENE | | 4552 | USIAPHRE PATRICK | | 4553 | USIAPHRE PATRICK ONOME | | 4554 | USMAN AJIBOLA OLUBAJO | | 4555 | USMAN HAMMED OLUWASHOLA | | 4556 | USMAN KALGO BELLO | | 4557 | USMAN MUHAMMED SANUSI | | 4558 | USMAN MUSA | | 4559 | USMAN SADIQ | | 4560 | USOEKON DABO PRECIOUS | | 4561 | USUA DANIEL EDIDIONG | | 4562 | USUA EFANA JAMES | | 4563 | USUA ELIZABETH OLAYINKA | | 4564 | USUA IFIOK EFANA | | 4565 | USUR VANEN JACOB | | 4566 | UTERE INIOBONG OBOT | | 4567 | UTUK UTOMOBONG JOSEPH | | 4568 | UWABOR FRIDAY FREDRICK | | 4569 | UWAEGBUTE CHIJIOKE UCHECHUKWU | | 4570 | UWAH IFIOK ANIEFIOK | | 4571 | UWAIFO FRED EMWENOMAKE | | 4572 | UWAKWE HILARY CHIMOBI | | | | | --- | --- | | | | | S/N | NAMES | | 4573 | UWALAKA CHINEDU NNANNA | | 4574 | UWECHUE NGOZI MARIA | | 4575 | UYOUKO IME EFFIONG | | 4576 | UZOCHUKWU EMMANUEL ASIABAKA | | 4577 | UZOEFUNA FLORIDA ADAORA | | 4578 | UZOH CYRIL CHIEMEKA | | 4579 | UZOH OKWUDIRI J. (ETA) | | 4580 | UZOMA EUSEBIUS IWUFRED | | 4581 | UZOMA KELECHI | | 4582 | UZOMA OMENIHU NWAGBA | | 4583 | UZOMBA CHUKWUEMEKA IHEANACHO | | 4584 | UZOUKWU CHUKWUEMEKA GODWIN | | 4585 | UZUM PAUL | | 4586 | VALENTINE IFEANYI IWUORIE | | 4587 | VALUALLIANCE ASSET MANAGEMENT LTD - MAIN | | 4588 | VANDU PAUL POLYCARP | | 4589 | VAZON GLOBAL ENERGY INVESTMENT LIMITED | | 4590 | VERA ASHLEY OJUGBELI | | 4591 | VERACRUZ TOLULOPE MOROLAYO | | 4592 | VETIVA - EXXON MOBIL ESP - TRADING | | 4593 | VETIVA NOMINEES A/C OGE PETERS | | 4594 | VETIVA SECURITIES LIMITED | | 4595 | VETIVA SECURITIES LIMITED  01 | | 4596 | VETIVA TRUSTEES LTD - EFL TRUST | | 4597 | VETIVA TRUSTEES LTD/MERISTEM EQUITY-TRAD | | 4598 | VICTOR & BRIDGET DANIA | | 4599 | VICTOR EDEM | | 4600 | VICTOR EFFIOM OROK | | 4601 | VICTOR EFRON KARAH | | 4602 | VICTOR EMMANUEL | | 4603 | VICTOR ESAN | | 4604 | VICTOR IKECHUKWU EZEABATA | | 4605 | VICTOR ISAIAH | | 4606 | VICTOR OVIE LAWAL | | 4607 | VICTORIA CHIOMA NDU | | 4608 | VICTORIA OLAREWAJU | | 4609 | VINCENT CHRISTIE O | | 4610 | VINCENT CHRISTIE OTUOSOROCHUKWU | | 4611 | VINCENT EDE OGBODO | | 4612 | VINCENTBRUNO CHIMEBUKA IHEMENWA | | 4613 | VINE FOODS LIMITED | | 4614 | VINSTAR CONSULTING | | 4615 | VISTA INVESTMENT PROPERTY LIMITED - | | 4616 | VITUS CHISOM ANYIKWA | | 4617 | VITUS EZINWA | | 4618 | VIVIAN MBOSIRE JEREMIAH | | 4619 | WAHAB AKEEM BOLAJI | | 4620 | WALIU OLAWALE OLAIFA | | 4621 | WANOGHO-ONUNKETE ENI | | 4622 | WASIU ADEWALE AZEEZ | | 4623 | WENGE ANITA | | 4624 | WESTLAND INVESTMENTS | | 4625 | WEWE MARY IMADE | | 4626 | WILLIAMS ADEBAYO JOHN | | 4627 | WILLIAMS ESTHER FOLASHADE | | 4628 | WILLIAMS GRACE NWAKEGO | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 344 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | Unclaimed dividend list continued | | | | --- | --- | | | | | S/N | NAMES | | 4629 | WILLIAMS KASSIM AFOLABI | | 4630 | WILLIAMS OLUWASEYI | | 4631 | WILLIAMS RUTH OLAMIDE | | 4632 | WILLIAMS SERAH QUEEN | | 4633 | WILLOUGHBY ADEOLA ADEBAYO | | 4634 | WILSON-DIAMOND ADEDOYIN | | 4635 | WISDOM CHIJIOKE AKAZUA | | 4636 | WISDOM CHINONSO EZE | | 4637 | WISDOM UZOCHUKWU ALFRED | | 4638 | WISE INVESTMENTS LTD | | 4639 | WOFIKAH ADAVIRUKU | | 4640 | WOLI KHALIL OKIKIOLA | | 4641 | WOODCOTE LIMITED | | 4642 | WSTC FINANCIAL SERVICES LTD | | 4643 | WURAOLA RUTH OLABODE | | 4644 | XAVIER ISAAC UDO | | 4645 | XSPETRA NIGERIA LTD | | 4646 | YAHAYA ISMAEL | | 4647 | YAHAYA ISMAEL OLAWALE | | 4648 | YAHAYA SULEIMAN ABIMBOLA | | 4649 | YAKUBU SOLOMON | | 4650 | YAKUBU SULEIMAN | | 4651 | YARROW ALIMOT SHADIAT | | 4652 | YASHIM JACOB JOHN | | 4653 | YEGBEBURU MATTHEW | | 4654 | YELLOWE TARIBO SOGBEYE | | 4655 | YEMITAN FASASI AYINLA | | 4656 | YEWANDE LYNDA OGUNDERO | | 4657 | YEWANDE OLAMIDE AJAKAIYE | | 4658 | YINKA ADETUBERU DAVID | | 4659 | YINUSA NOIMOT OMOLOLA | | 4660 | YINUSA RIDWAN ADESHINA | | 4661 | YISA FALILAT ABIODUN | | 4662 | YOBE INVESTMENT & SEC.COY.LTD | | 4663 | YUNUSA ALIYU | | 4664 | YUSSUF ADEBOLA MICHAEL | | | | | --- | --- | | | | | S/N | NAMES | | 4665 | YUSSUF ALAMIN | | 4666 | YUSSUF HAMMED MOBOLAJI | | 4667 | YUSSUF WAHAB SHOLA | | 4668 | YUSSUF ZAINAB ADESHINA | | 4669 | YUSUF ABDURAZAQ BELLO | | 4670 | YUSUF ADAMU MOHAMMED | | 4671 | YUSUF AKEEM BABATUNDE | | 4672 | YUSUF BASHIR AHMED | | 4673 | YUSUF FARUK OLALEKAN | | 4674 | YUSUF IBRAHEEM MUHAMMAD | | 4675 | YUSUF NURUDEEN | | 4676 | YUSUF OLAITAN LUKMAN | | 4677 | YUSUF OLUMUYIWA | | 4678 | YUSUF RIDWAN OLALEKAN | | 4679 | YUSUF SULAIMON | | 4680 | YUSUFF FEMI LATEEF | | 4681 | YUSUFF KABIR GBADEBO | | 4682 | YUSUFF MUSTAPHA | | 4683 | ZAHRA KABIR AMINU | | 4684 | ZAHRA NAIYA MISBAHU | | 4685 | ZAHRADDEEN SULEIMAN ALIYU | | 4686 | ZANGUE JACKYE MARIETTE | | 4687 | ZARMUNEN ANFISA GOFWEN | | 4688 | ZEDAYRE LIMITED | | 4689 | ZENG YUGUI | | 4690 | ZIGWAI AUGUSTINE FANDA | | 4691 | ZIMUZO LEONARD NWOSU | | 4692 | ZIRA MAURICE | | 4693 | ZIREGBE OGHENEGAREN JOSHUA | | 4694 | ZPC/ACCESSARM PFA CBN RETIREE FUND - MAIN | | 4695 | ZPC/FCMB PENSIONS/CBN PENSION FUND A/C- | | | | | --- | --- | | | | | S/N | NAMES | | 4696 | ZPC/IBTC RSA RETIREE FUND - MAIN | | 4697 | ZPC/PROGRES TRUST MGT GRATUITY-MAIN | | 4698 | ZPC/PROGRESS TRUST CPFA (NEW)- MAIN | | 4699 | ZPC/PROGRESS TRUST PENSIONERS FUND-MAIN | | 4700 | ZPC/SIBTC RSA FUND - MAIN A/C | | 4701 | ZPC/SIGMA PEN/NPC STAFF EOS BEN SCH - MN | | 4702 | ZPC/SIPML BAT GRATUITY FUND - MAIN | | 4703 | ZPC/SIPML BONNY CHANNEL GRAT.SCHEME-MAIN | | 4704 | ZPC/SIPML HONEYWELL STAFF GRAT.FUND-MAIN | | 4705 | ZPC/SIPML LUFTH.STAFF GRAT.INVEST.FUND-M | | 4706 | ZPC/SIPML NIGER DELTA PHCL INV A/ C-MAIN | | 4707 | ZPC/SIPML NIM STAFF GRAT FUND - MAIN | | 4708 | ZPC/SIPML NLNG RETIREES FUND - MAIN | | 4709 | ZPC/SIPML ODUA INV. COMP. GRAT. - MAIN | | 4710 | ZPC/SIPML ONESUBSEA FUND - MAIN | | 4711 | ZPC/SIPML RSA FUND III - MAIN | | 4712 | ZPC/SIPML SEPLAT GRATUITY SCHEME - MAIN | | 4713 | ZPC/SIPML/UNILEVER PROVIDENT FUND-MAIN | | 4714 | ZPC/SIPML/UNILEVER PROVIDENT FUND-TRADNG | | 4715 | ZTC/1ST TRUSTEES/CRS RES FUND NO.2-TRADG | | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 345 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### General Information #### Board of Directors | | | | | --- | --- | --- | | | | | | Udoma Udo Udoma | Independent Chairman | Nigerian | | Roger Brown | Chief Executive Officer / Executive Director | British | | Samson Ezugworie | Chief Operating Officer / Executive Director | Nigerian | | Eleanor Adaralegbe | Chief Financial Officer / Executive Director | Nigerian | | Bashirat Odunewu | Senior Independent Non-Executive Director | Nigerian | | Ernest Ebi | Non-Executive Director | Nigerian | | Kazeem Raimi | Non-Executive Director | Nigerian | | Nathalie Delapalme | Non-Executive Director | French | | Tony Elumelu | Non-Executive Director | Nigerian | | Emma FitzGerald | Independent Non-Executive Director | British | | Koosum Kalyan | Independent Non-Executive Director | South African | | Christopher Okeke | Independent Non-Executive Director | Nigerian | | Larry Ettah | Independent Non-Executive Director | Nigerian | #### Company Secretary Edith Onwuchekwa #### Registered office and business #### Address of Directors Seplat House, 1 Lekki Epe Express way, Victoria Island, Lagos, Nigeria #### Registered number RC No. 824838 #### FRC number FRC/2014/00000002714 Auditor PricewaterhouseCoopers FF Millenium Towers Plot 13/14 Ligali Ayorinde Street Victoria Island Lagos, Nigeria #### Registrar DataMax Registrars Limited 2c Gbagada Expressway Gbagada Phase 1, Lagos, Nigeria Solicito rs Allen & Overy LLP A & O Shearman LLP Ama Etuwewe SAN & Co. Ashurst LLP Bracewell (UK) LLP Banwo & Ighodalo Chima Anozie & Co. Chris E. Anokam & Co. D.D. Dodo & Co G.C. Arubayi & Co. J.A. Orhorho & Co J.E. Okodaso & Co J.T.U Nnodum (SAN) & Co. Kenna Partners Lexsetters LLP Matthew Burkaa & Co O.A. Omonuwa (SAN) & Co. Obrik Uloho & Co Odujinrin & Adefulu Ogaga Ovrawah & Co Olaniwun Ajayi LP Ovie Abenabe & Co. Peter A. Mrakpor SAN & Partners Pinheiro LP Streamsowers & Kohn Templars Thompson Okpoko & Partners Udo Udoma & Belo-Osagie U.U Njoku SAN & Co. V.E. Akpoguma & Co. White & Case LLP Wole Olanipekun #### Bankers ABSA Citibank First Bank of Abu Dhabi First Bank of Nigeria Plc First City Monument Bank J.P. Morgan Nedbank Rand Merchant Bank Standard Bank/Stanbic IBTC Standard Chartered Bank The Mauritius Commercial Bank Ltd. United Bank for Africa PLC Zenith Bank PLC | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 346 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Glossary of terms #### AEP Amukpe Escravos Pipeline AG Associated Gas #### AGM Annual General Meeting #### AGPC ANOH Gas Processing Company #### ANOH Assa North Ohaji South #### BOE barrels of oil equivalent #### BOPD barrels of oil per day #### BRAC Business Risk and Assurance Committee #### CBN Central Bank of Nigeria #### CNG Compressed Natural Gas #### CSPA Crude Sale and Purchase Agreement DD&A Depreciation, Depletion, & Amortisation #### DPP Deep Decarbonisation Project #### EAP East Area Project E&A Exploration and Appraisal #### EBIT Earnings Before Interest, & Tax #### EBITDA Earnings Before Interest, Tax, Depreciation & Amortisation #### EORF End of Routine Flaring #### EOT Escravos Oil Terminal #### EPS Earnings Per Share #### ERM Enterprise Risk Management #### ESG Environmental, Social, & Governance #### ETP Energy Transition Plan #### EU-FQD European Union Fuel Quality Directive #### EWT Extended Well Testing #### FDI Foreign Direct Investment #### FID Final Investment Decision #### FOT Forcados Oil Terminal #### FTSE Financial Times Stock Exchange Index #### FVAR Flare Valves Leak and Repair FX Foreign Exchange #### GDP Gross Domestic Product #### GHG Greenhouse Gas #### GMOU Global Memorandum of Understanding #### GRI Global Reporting Initiative #### GSA Gas Supply Agreement GW Gigawatt #### HCDT Host Community Development Trust I&E Investors & Exporters #### IGE inlet gas exchanger #### IFRS International Financial Reporting Standards #### IOC International Oil Company #### IPIECA International Petroleum Industry Environmental Conservation Association #### ISO International Organization of Standardisation JV Joint Venture #### KPI Key Performance Indicator #### LDAR Leak Detection and Repair #### LNG Liquefied Natural Gas #### LPG Liquefied Petroleum Gas #### LTF Liquid Treatment Facility #### LTI Lost Time Injury #### LTIP Long Term Incentive Plan M&A mergers & acquisitions #### MMBBLS Million Barrels #### MMSCFD Million Standard Cubic Feet per Day #### MPNU Mobil Producing Nigeria Unlimited #### NCCC National Council on Climate Change #### NDC Nationally Determined Contributions #### NGL Natural Gas Liquids #### NMDPRA Nigerian Midstream and Downstream Petroleum Regulatory Authority #### NNPC Nigerian National Petroleum Company Limited #### NOC National Oil Companies #### NSE Nigerian Stock Exchange #### NUPRC Nigerian Upstream Petroleum Regulatory Commission #### NZE Net Zero Emissions O&G Oil & Gas OB3 Obiafu-Obrikom-Oben Gas Pipeline #### OML Oil Mining Licence #### OPEC Organisation of Petroleum Exporting Countries #### OPL Oil Prospecting Licence #### PIA Petroleum Industry Act R&D Research & Development #### RBL Reserve Based Lending #### RCF Revolving Credit Facility #### SCFD Standard Cubic Feet per Day #### SDG Sustainable Development Goals #### SPDC Shell Petroleum Development Company #### SPM Single Point Mooring #### STEP Seplat Teachers Empowerment Programme #### STEPS IEA Stated Policies Scenario #### TCFD Task Force on Climate-related Financial Disclosures #### TRIR Total Recordable Incident Rate WI Working Interest | | | | | --- | --- | --- | | | | | | Seplat Energy Plc | 347 | Annual Report and Accounts 2025 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | | | [OVERVIEW](#i66125f98400d44deabf9a9f141bf2d2c_16) | [STRATEGIC REPORT](#i66125f98400d44deabf9a9f141bf2d2c_52) | [GOVERNANCE REPORT](#i66125f98400d44deabf9a9f141bf2d2c_226) | [SUSTAINABILITY REPORT](#i66125f98400d44deabf9a9f141bf2d2c_151) | [FINANCIAL STATEMENTS](#i66125f98400d44deabf9a9f141bf2d2c_313) | [ADDITIONAL INFORMATION](#i66125f98400d44deabf9a9f141bf2d2c_1114) | | | | | | | | #### Forward looking statement This presentation may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company's control and all of which are based on the Company’s current beliefs and expectations about future events. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. Forward- looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, results of operations, financial position, liquidity, prospects, growth, strategies and the oil and gas business. Forward looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. No part of these results constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company and must not be relied upon in any way in connection with any investment decision. Seplat Energy Plc Head Office 1 Lekki-Epe Expressway Victoria Island Lagos Nigeria London Office Fourth Floor 58-60 Berners Street London W1T 3NQ United Kingdom seplatenergy.com Bonny River Terminal