Seplat Declares Special Q1 Dividend, Begins Five-Year $1bn Payout Plan
Seplat Energy has approved a dividend of 9.0 US cents per share for the first quarter of 2026, made up of a 5.0 cents base dividend and a 4.0 cents special dividend, the company said on Thursday, subject to applicable withholding tax.
The Nigerian oil independent said the payment represents a 96% increase in the core dividend compared with Q1 2025, and a 9% rise in total dividend versus the previous quarter.
“The decision to pay a special dividend in 1Q 2026 was underpinned by the company’s strong financial position, favourable commodity price impact, and solid outlook for the rest of the year,” it said in its latest earnings report.
The company said 2026 marks the start of a five-year shareholder return plan under which it has committed to distribute at least $1 billion in dividends between 2026 and 2030, targeting payouts of 40% to 50% of free cash flow across the cycle.
Seplat reported a 20% drop in profit before tax to $165.6 million from $207.4 million in Q1 2025, which it attributed mainly to lower onshore production following third-party downtime, as well as higher finance costs, overlift movement and impairments.
Profit after tax rose to $37.9 million, up 63% from $23.3 million a year earlier.
