Nigerian National Petroleum Company Limited Logo. Photo: NNPC
Seplat Energy Plc has announced an agreement to sell a 10 per cent interest in the NNPCL-SEPNU Joint Venture to the Nigerian National Petroleum Company Limited for $281.6m, saying the transaction is expected to enhance shareholder returns and strengthen its balance sheet.
The company disclosed this on Thursday in its unaudited financial results for the six months ended June 30, 2026, noting that the deal is due to be completed in the second half of the year.
According to Seplat, the headline transaction value of $281.6m represents about 25 per cent of its acquisition costs to date. It added that, upon completion, the proceeds would be split approximately equally between a special dividend for shareholders and debt repayment.
“The agreement reached with NNPC Limited to sell a 10 per cent interest in the NNPCL-SEPNU Joint Venture is expected to further enhance shareholder returns, bringing the total expected dividend for 2026 to USD 68.3 cents/share ($410m),” the company stated.
