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Heirs Energies Raises Stake in Seplat Energy to 21% After £53m Share Purchase

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Heirs Energies Limited, the indigenous energy company chaired by billionaire investor Tony Elumelu, has increased its stake in Seplat Energy Plc to 21.07 per cent following the acquisition of an additional six million ordinary shares in the energy company.

The latest purchase further strengthens Elumelu’s position among Seplat Energy’s major shareholders and underscores the growing participation of Nigerian investors in the country’s oil and gas sector.

According to a corporate disclosure filed with the Nigerian Exchange Limited and the London Stock Exchange, Heirs Energies acquired the additional 6,000,000 ordinary shares on Wednesday, September 30, 2026.

The shares were purchased at £8.87 each, putting the value of the transaction at approximately £53.22 million.

Following the acquisition, Heirs Energies’ direct holding in Seplat increased to 27,943,867 ordinary shares.

When the latest holding is combined with the shares held by Heirs Holdings Limited, another investment vehicle associated with Elumelu, entities affiliated with the businessman now hold a combined 126,400,000 ordinary shares in Seplat Energy.

The combined interest represents 21.07 per cent of Seplat Energy’s 599,944,561 issued ordinary shares.

The transaction was disclosed in line with applicable capital market requirements governing dealings by directors and persons closely associated with them.

Seplat Energy’s Director of Legal and Company Secretary, Edith Onwuchekwa, said the regulatory notification was made pursuant to the relevant rules of the Nigerian Exchange and the United Kingdom’s Market Abuse Regulations.

“This notification is made in accordance with Rule 17.15(c) Disclosure of Dealings in Issuers’ Shares, Rulebook of The Exchange, 2015 (Issuers’ Rule) and Article 19(3) of the UK Market Abuse Regulations,” the company stated.

The latest acquisition comes as Nigeria’s indigenous oil and gas companies continue to expand their interests in the sector, particularly following the divestment of selected upstream assets by some international oil companies.

Seplat Energy, which operates across Nigeria’s oil and gas industry, has increasingly positioned itself as a major indigenous energy producer, with its portfolio spanning upstream oil and gas operations and gas-focused projects.

The increase in Elumelu-affiliated holdings also reflects the continued consolidation of domestic ownership in major Nigerian energy assets.

The acquisition was formally submitted to the relevant exchanges by Seplat Energy through its authorised company secretary, Edith Onwuchekwa.

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North-East Govs Plan Regional Air Shuttle, CNG Stations to Cut Transport Costs

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Governors of the six North-East states have resolved to establish a regional air shuttle and expand Compressed Natural Gas and Liquefied Natural Gas infrastructure as part of measures to reduce transportation costs and boost economic activities across the subregion.

The decision was contained in a communiqué issued at the end of the 13th meeting of the North-East Governors’ Forum held in Maiduguri, Borno State, on Saturday.

The forum comprises the governors of Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe states.

According to the communiqué signed by the forum’s Chairman and Borno State Governor, Prof. Babagana Zulum, the proposed regional air shuttle is expected to make the movement of people and goods between and within the six states faster and easier.

“The Forum also resolved to float the North-East regional Air shuttle which would make inter and intra-regional movement of people and goods faster and easier,” the communiqué stated.

The governors also agreed to partner with Green Ville Energy to establish more CNG and LNG stations across the region.

The initiative, according to the forum, is intended to ease transportation costs, strengthen logistics and create an environment for increased economic activities.

“To ease the cost of transportation, strengthen logistics and open the region to more economic activities, the Forum agreed to partner with Green Ville Energy to build and provide more CNG and LNG stations within the region,” the communiqué added.

Electric buses, tricycles
The governors also welcomed Federal Government support through the North-East Development Commission for the provision of 10,000 electric tricycles, 10 electric buses and 300 electric taxis.

The vehicles are expected to be launched in October as part of efforts to improve transportation and reduce dependence on conventional fuel across the subregion.

The forum said the intervention would complement other measures being pursued by the states to improve mobility and reduce the cost of transportation.

Governors seek renewed infrastructure development
On infrastructure, the governors expressed appreciation to President Bola Tinubu for renewed attention to major transportation and energy projects in the region.

They specifically highlighted the Port Harcourt–Jos–Bauchi–Gombe–Maiduguri rail corridor and the Akwanga–Jos–Bauchi–Gombe–Biu–Maiduguri highway.

The forum also welcomed developments around frontier oil exploration at Kolmani.

However, the governors urged the Federal Government to revisit oil exploration activities that were earlier commenced but subsequently stalled in Magumeri and Gubio Local Government Areas of Borno State.

They also renewed their call for the completion and take-off of the Mambila Hydropower Project, urging the Federal Government to take advantage of the recent resolution of the legal dispute surrounding the project.

The forum noted that the Dadinkowa Hydropower Plant had commenced feeding electricity into the national grid.

It consequently urged member states to take advantage of the opportunities provided by the new electricity law and the region’s abundant sunshine to expand solar power and mini-grid solutions.

Security remains priority
On security, the governors acknowledged what they described as “appreciable success” in the fight against insurgency and commended the Armed Forces and other security agencies for their sacrifices.

They also praised residents of the region for their resilience in the face of persistent security and humanitarian challenges.

Despite the progress recorded, the governors acknowledged that the North-East continued to face serious humanitarian and infrastructural challenges.

The forum therefore reaffirmed its commitment to supporting security agencies while strengthening inter-state cooperation, intelligence sharing, community engagement and coordinated responses to emerging threats.

The governors also stressed the need to tackle socio-economic conditions that could make young people vulnerable to exploitation by criminal and extremist groups.

North-East govs seek more investment in education
The forum described the region’s young population as both “an enormous opportunity and a responsibility,” pledging to promote quality education, vocational and entrepreneurial training, technology and employment opportunities.

The governors called on the North-East Development Commission to increase investment in education and release long-awaited scholarship awards to indigent students across the subregion.

They also urged greater efforts to reduce the number of out-of-school children and provide coordinated support for Tsangaya education.

While acknowledging interventions by the NEDC, the governors said additional resources were needed to address the region’s educational challenges.

Governors tackle deforestation
The forum also expressed concern over the scale of environmental degradation and deforestation across the North-East.

To address the problem, the governors resolved to partner with the Institute of Forest Research to train forest experts in the region.

They said stronger cooperation would be required to protect the environment while promoting sustainable development.

Six years of regional cooperation
The governors noted that cooperation among the six states had continued to evolve since the inaugural meeting of the North-East Governors’ Forum in Gombe in March 2020.

They said their collective voice had produced tangible results in infrastructure and development, while acknowledging that the forum’s role remained a “work in progress.”

The governors recommitted themselves to speaking with one voice and acting with one purpose on issues affecting security, social development, economic integration and infrastructure in the subregion.

The meeting was attended by Governor Zulum; Adamawa State Governor, Ahmadu Umaru Fintiri; Gombe State Governor, Muhammadu Inuwa Yahaya;

Bauchi State Deputy Governor, Mohammed Auwal Jatau; Yobe State Deputy Governor, Idi Barde Gubana; and Borno State Deputy Governor, Umar Usman Kadafur.

The next meeting of the North-East Governors’ Forum is scheduled to hold on December 18 and 19, 2026, in Gombe State.

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FrieslandCampina Marketing Director Maureen Ifada Wins 2026 EDGE Leadership Award

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Marketing Director of FrieslandCampina WAMCO Nigeria Plc, Maureen Ifada, has been honoured with the Leadership Award in Marketing at the 2026 EDGE Awards.

Ifada received the recognition at the 14th edition of the EDGE Awards, organised by MARKETING EDGE in Lagos, in recognition of her leadership and contributions to Nigeria’s marketing communications industry.

The awards ceremony, themed “Celebrating Excellence Beyond Borders,” brought together leading professionals, brands, agencies and business executives across the marketing and communications sector.

The latest honour adds to a growing list of recognitions for Ifada, who has built a career spanning more than two decades in the fast-moving consumer goods and marketing industry.

Her latest achievement comes shortly after another major career milestone. In August, she was unveiled in Lagos as one of three African marketing and brand leaders selected for the Africa 2 Class of Black At’s 2027 DARE Awards.

She was selected alongside Mabel Adeteye of Wema Bank and Amaechi Okobi of Access Bank.
Ifada joined FrieslandCampina WAMCO in 2003 as a management trainee in the Consumer Marketing Department. Since then, she has held several strategic positions within the company before rising to the position of Marketing Director.

Beyond her corporate responsibilities, Ifada has also established a presence within the international marketing community.

In 2026, she served on judging panels for the SABRE Awards EMEA, Native Advertising Awards and International ECHO Awards, further highlighting her involvement in the wider global marketing industry.

Her recent EDGE Awards recognition is also the latest in a series of honours received throughout her career.

In 2025, Ifada was named Marketing Director of the Year at the Brand Handlers Awards. She also received the Outstanding Marketing Amazon of the Year award at the EDGE Awards.

She was further recognised as Nigeria Marketing Amazon at the Nigeria Marketing Awards and has twice been listed among WIMCA’s Top 50 Most Influential Women in Marketing and Communications.

Speaking at the ceremony, Managing Director and Editor-in-Chief of MARKETING EDGE, Amos Oladele, said the awards were created to recognise professionals and organisations that challenge conventional approaches, embrace innovation and demonstrate outstanding performance.

For Ifada, the latest recognition represents another milestone in a career defined by sustained involvement in marketing, brand development and the FMCG sector.

Her more than 20 years at FrieslandCampina WAMCO have seen her take on increasingly strategic responsibilities while contributing to the company’s marketing activities in Nigeria and beyond.

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NNPC profit rises 33% to N7.2tn, remits N22.3tn to government

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The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a 33 per cent increase in profit after tax to N7.2tn in 2025, despite pressure on its revenue from lower crude oil prices and reduced product volumes.

The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, disclosed this on Tuesday in Abuja while presenting the company’s 2025 audited financial results, operational achievements and strategic outlook.

Ojulari said the company’s profit after tax increased by N1.8tn from N5.4tn recorded in 2024 to N7.2tn in 2025.

According to him, NNPC generated N34.5tn in revenue during the year, while earnings per share stood at N35.9.

He also disclosed that the company’s taxes, royalties and other remittances to the Federal Government rose by 39 per cent to N22.3tn in 2025.

“We have released the NNPC Limited 2025 audited financial results. I want to explain what they mean, what drove them and where we go from here,” Ojulari said.

“The central result is clear. Profit after tax rose 33 per cent, from N5.4tn in 2024 to N7.2tn in 2025. Revenue was N34.5tn. While taxes, royalties and other remittances to government rose 39 per cent to N22.3tn.”

Lower crude prices, product volumes affect revenue
Explaining the financial performance, Ojulari said NNPC’s revenue came under pressure during the year as international crude oil prices declined and product volumes fell following changes in Nigeria’s domestic petroleum market.

He said the reduction in revenue was also linked to developments following the removal of fuel subsidy.

“Revenue declined as crude oil prices fell for those, as you recall, in 2025.

But we also had some decline that resulted from a wide product volume reduction. Following the market regulation, as you know, with the removal of subsidy,” he said.

Despite the revenue pressures, the NNPC chief executive said the company was able to improve its profitability through operational improvements and tighter financial discipline.

“Yet, profit grew because we improved the way we operate. And we maintained discipline across our businesses,” Ojulari said.

Oil production hits five-year high
Beyond its financial performance, NNPC also reported an improvement in crude oil and condensate production during the year.

According to Ojulari, the company’s crude oil and condensate output peaked at 1.77 million barrels per day, representing the highest level recorded in five years.

He also said Nigeria’s gas supply reached a three-year high of 7.2 billion standard cubic feet per day.

“These gains reflect sustained attention to our assets, infrastructure and our focus on delivering visible results,” Ojulari said.

The production figures point to improved output from the company’s upstream operations at a time when increasing oil production remains important to Nigeria’s fiscal position and energy security.

NNPC remittances to government rise
The increase in NNPC’s remittances also featured prominently in the company’s 2025 results.

Taxes, royalties and other remittances to government increased by 39 per cent to N22.3tn, according to the figures presented by Ojulari.

The development means that the company’s contribution to government revenue increased alongside its profit, despite the pressure on its overall revenue.

Ojulari said the stronger performance would provide NNPC with greater capacity to invest in its businesses, contribute to public revenue and support Nigeria’s energy security.

“The numbers matter because of what they enable. Stronger performance gives NNPC Limited more capacity to invest, more capacity to contribute to public revenue and strengthen Nigeria’s energy security,” he said.

He, however, acknowledged that the improved results had raised expectations for the company and would require NNPC to build stronger capacity to sustain the performance.

“It also gives us higher standards to meet. As we deliver exceptional results, the following year we strive to even beat those records,” he added.

Ojulari sets higher performance target
The NNPC boss said recording stronger results would not reduce the pressure on the company, but instead raise the standard it would be expected to meet in subsequent years.

“So having a good performance is not just easy. It means that the bar has been set one level higher. So we now need to focus on building the capacity to deliver,” Ojulari said.

The 2025 results show that NNPC increased its bottom-line performance despite a decline in revenue.

However, the company did not provide a detailed breakdown of the contribution of its individual business segments to the increase in profit in the figures presented.

The results come as NNPC continues its transition from a state-owned corporation to a commercially oriented limited liability company under the Petroleum Industry Act, with profitability, operational efficiency and increased investment capacity forming key parts of its strategy.

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