It is clear from the excellent results for the first half of 2023 that Seplat has put its recent travails behind, delivering against its strategy despite the distractions faced as a handful of shareholders orchestrated jumped-up allegations against the company and its leaders – allegations for which they presented no evidence, just accusations that have either been withdrawn or dismissed by the courts.
The half year results showed strong cash generation of $259 million and moreover demonstrated continued operational excellence as evidenced by an unrivalled safety record having now clocked up a commendable 4.2 million hours without a Lost Time Injury.
This shouldn’t come as a surprise though given the recent awards that have been bestowed on the company and individually on its CEO, Roger Brown. Brown was recently recognised by Excel Africa Excellence and named as ‘Energy Personality of the year 2023’ while the company was winner of the ‘Excellence in Energy Leadership’ award.
It is a success story of which Nigerians can be proud, listed on the London as well as the Nigerian Stock Exchanges, with a roster of blue-chip international shareholders and debt providers, delivering value for the country and its local communities and now diversifying into solar power generation while its gas production already underpins 30% of Nigeria’s electricity grid.
God willing, Seplat will soon be given the long-awaited regulatory approval to acquire MPNU from Exxon to diversify its operations offshore and enable the development of significant untapped gas reserves for the benefit of Nigeria and its rapidly growing population. Surely Seplat has demonstrated beyond doubt that it can be the responsible steward of these strategic national assets?
With the frivolous litigations that were launched at the company earlier this year now being withdrawn or discharged, Seplat and its management can focus on continuing to make strides to deliver its 2023 targets as a responsible corporate citizen and bastion for Nigerian enterprise and commerce. The new, pro-business government should trumpet success stories like Seplat and create an environment in which many more energy entrepreneurs can follow its example.