Seplat Energy, Nigeria’s biggest oil & gas company by market value, experienced a significant surge in turnover in 2025, though its impact on profit was tempered by substantial cost pressures, including a large tax liability.

According to its audited accounts issued on Thursday, revenue reached N4 trillion, a 150.4 per cent increase compared to the previous year. This unprecedented revenue level was primarily driven by a dramatic expansion in average daily output, which rose by 148 per cent to 131,506 barrels of oil equivalent. The year also marked Seplat’s first full year of offshore consolidation.

Onshore production also saw growth, increasing by 14 per cent following the delivery of the Sapele Gas Plant project. This upgrade aimed to increase the facility’s processing capacity by one-third to 90MMscfd.

However, the cost of sales more than doubled, reaching N2.8 trillion, largely due to spikes in royalties, as well as depletion, depreciation, and amortisation. General and administrative expenses also increased significantly, rising by 75.5 per cent to N378.5 billion, which strained operating profit.

According to Roger Brown, the CEO, the company benefitted from the successful execution of key offshore activities and delivered its strongest onshore production performance in recent memory. He stated that drilling would be the cornerstone of the corporation’s long-term growth goals, with Seplat expecting to take delivery of its first Jack-Up drilling rig in the third quarter of this year.

In a significant ownership shift at the tail end of 2025, Tony Elumelu-backed Heirs Energies procured a 20.1 per cent stake in Seplat, previously held by Paris-based oil company Maurel & Prom S.A., for $500 million, making them the top shareholder.

Pre-tax profit stood at N755.5 billion, up from N394.7 billion in 2024. However, a steep 175.1 per cent increase in tax liability to N513.9 billion significantly subdued earnings. Post-tax profit saw a smaller advance to N241.6 billion from N207.9 billion, representing a 16.2 per cent increase.

Seplat, which is listed in both Lagos and London, also announced a fourth-quarter dividend of US5 cents per share and a special dividend of US3.3 cents on Thursday. Mr. Brown stated that the company is on track to achieve a cumulative return of capital of $1 billion to shareholders by 2030.