Seplat Energy Plc

Seplat Energy is Nigeria's largest independent energy company and the most expensive stock on the NGX at ₦11,495 per share. For Lagosians, Seplat matters on three levels. First, as an upstream oil producer (131,506 barrels of oil equivalent per day in Q1 2026), Seplat's output directly affects Nigeria's oil revenue — which funds the federal budget and determines infrastructure spending in Lagos. Second, Seplat is aggressively expanding into gas supply through the ANOH Gas Processing Plant — a 300 MMscfd facility that will supply gas to power plants feeding Lagos's electricity grid. Third, Seplat's share price (+57% YTD) has made it the single biggest wealth creator on the NGX in 2026, benefiting Lagos pension funds and institutional investors. The stock crossed ₦10,000 for the first time in March 2026 — a psychological milestone that made headlines across Lagos financial media. At current prices, buying just one share of Seplat (₦11,495) costs more than a month's rent in Alimosho. That ratio captures just how far the NGX bull run has gone.

Seplat Energy Plc is Nigeria's leading indigenous integrated energy company, dual-listed on the NGX and London Stock Exchange. Founded in 2009 by A.B.C. Orjiako and Austin Avuru, Seplat's first major acquisition was OMLs 4, 38, and 41 from ConocoPhillips in 2010. The company operates across the entire energy value chain: upstream operations in 11 oil mining leases across the Niger Delta, the Sapele Gas Plant for associated gas processing, and the Amukpe-to-Escravos pipeline for crude export. Revenue surged 144% year-on-year to $2.73 billion in Q1 2026. Seplat's game-changing project is the ANOH Gas Processing Plant — a joint venture with NNPCL's Nigerian Gas Company. The 300 MMscfd facility will be one of the largest gas processing plants in Sub-Saharan Africa, supplying gas-fired power generation across Nigeria. In October 2024, Seplat completed its $1.28 billion acquisition of Mobil Producing Nigeria Unlimited (MPNU) — ExxonMobil's entire Nigerian upstream subsidiary. The deal roughly doubled Seplat's production capacity and brought deepwater assets, positioning the company as a future integrated energy major.