Seplat Sees Critical Need for Energy Transitions in Nigeria

By Aduragbemi Omiyale

A leading indigenous and independent energy company, Seplat Energy Plc, has said Nigeria needs to migrate from the use of fossil fuels to renewable sources of power.

There have been conversations around abandoning fuels that are not friendly to the environment and despite signing the Paris Agreement a few years ago, Nigeria is not showing enough zeal towards green energy.

For Seplat Energy, Nigeria needs to act quickly so as not to be left out as the Western world is making efforts to do away with carbon-based fuel.

Some days ago, the management team of the company led by the Chief Executive Officer, Mr Roger Thompson Brown, was hosted by the Nigerian Exchange (NGX) Limited to a digital closing gong ceremony.

The event was to commemorate the first dual Capital Markets Day between Lagos and London and while speaking, Mr Brown said, “For us at Seplat, we see the critical need for energy transitions in Nigeria and we are here as the indigenous, independent energy with proud roots in Nigeria and the global reach that allows us to access the capital to fund these transitions.”

While commenting on the subject of the day, he said, “This is indeed an exciting day for us and we are delighted to be speaking from the stage of the LSE.

“Given the delightful partnership we have with NGX beginning in the early days of getting ready for listing, and what was noteworthy was the way NGX linked up with LSE to permit the first-ever dual listed company with full fungibility of trading between Lagos and London.

“This collaboration has gone from strength to strength and it is therefore fitting that NGX opens this Capital Market Day.”

In his remarks, the CEO of the NGX, Mr Temi Popoola, commended the organisation for its name change from Seplat Petroleum Development Company to Seplat Energy.

“Over the last decade, Seplat has established itself as a leading independent Nigerian energy company completing the first-ever dual listing on the premium board of NGX and main market of the London Stock Exchange, an arrangement facilitated by the capital markets agreement between NGX and LSE.

“In 2014, Seplat raised tier one capital via the Initial Public Offering (IPO) of $535 million, ranking as the largest ever capital raise for a Nigerian company since 2008 and the second-largest ever for a Nigerian company.

“Certainly, NGX is proud to have been a trusted business partner to Seplat Energy over the years, and we assure its leadership of our support in achieving its strategic objectives,” he said.