Economy
Seplat Suffers N1.6b Post-Tax Loss Despite 71% Rise in Q3 Revenue
By Modupe Gbadeyanka
One of the leading indigenous Nigerian oil and gas exploration and production companies, Seplat Petroleum Development Company Plc, has released its financial statements for the first nine months of 2017.
In the results released by the firm with strategic focus on Nigeria, the company posted a loss of N1.6 billion in the period under review. This was against the N24.1 billion reported in the corresponding period of last year.
The profit loss recorded by Seplat came despite a significant rise in the company’s revenue during the period.
In the financial statements analysed by Business Post, Seplat grew its revenue by 75.6 percent to N85.2 billion from N50 billion a year ago.
Also, the Seplat posted a loss before tax of N760 million in the first nine months of this year in contrast to the loss before tax of N21.5 billion 12 months ago.
However, the company’s operating profit during the period under review increased to N16.3 billion from the N13.2 billion loss last year, while the gross profit rose to N38.1 billion from N19.2 billion.
On a quarterly level, Seplat returned to profitability as profit after tax in three months grew to N6.8 billion from N11.3 billion loss in the corresponding period of last year.
The company said during the period under review, it recorded gas revenues of $85.9 million up by 11 percent year-on-year (2016: $77.4 million); while its peak daily output reached 352 MMscfd (gross) in Q3.
It said new gas sales agreements are being agreed upon to increase offtake and diversify counterparties, pointing out that significant progress was made in formalising an incorporated joint venture relationship between Seplat and government to deliver the 300 MMscfd ANOH gas processing plant.
It noted that in light of this, Seplat FID will now be aligned with NNPC approvals with both parties expected to take FID within the next three to six months.
Seplat said Its Q3 working interest production within guided range; full year working interest production guidance of 17,000 to 19,000 bopd and 105 to 115 MMscfd (or 35,000 to 38,000 boepd) was maintained.
Also, the uptime on the Trans Forcados System during Q3 was 84 percent; average reconciliation losses in Q3 significantly reduced to below 3 percent from previous average of around 10 percent.
In addition, the Amukpe to Escravos pipeline commercial contracts are in advanced stage with scope of work and costs of connection to the terminal agreed.
The firm said the pipeline will be under joint management between the pipeline owners Pan Ocean/NAPIMS and the Seplat/NPDC JV.
Timetable slightly delayed to ensure that tie-in works are fully funded prior to commencement which is now anticipated before the end of 2017. The pipeline is expected to be commissioned in H1 2018, the firm said.
Commenting on the results, the chief executive of Seplat, Mr Austin Avuru, stated that, “I am pleased to report a sharp improvement in Seplat’s operational and financial performance which has resulted in a welcome return to profitability during the third quarter.
“The improved cash flow is translating into a stronger balance sheet and, based on current levels of production and sales, we maintain full year production guidance of 35,000 to 38,000 boepd.
“Looking ahead, we plan to build on this performance in the coming quarters focusing on regular and predictable revenues as we start to unlock further value from our portfolio of production and development opportunities.”
By Adedapo Adesanya
MTN Nigeria Communications Plc is awaiting regulatory approval from the Central Bank of Nigeria (CBN) to complete the planned transfer of a 60 per cent stake in its fintech businesses to its parent company, MTN Group, before the end of 2026.
The transaction involves MoMo Payment Service Bank Limited (MoMo PSB) and Y’ello Digital Financial Services Limited (YDFS), two businesses within MTN Nigeria’s financial technology portfolio.
The development follows the company’s earlier announcement in April that MTN Group, through its fintech subsidiary, would acquire a 60 per cent stake in both companies for N95.5 billion, as part of a restructuring aimed at reducing MTN Nigeria’s exposure to the loss-making fintech operations.
Under the proposed structure, MTN Nigeria would retain a 40 per cent interest, while MTN Group Fintech would hold 60 per cent.
The company had said the transaction would be implemented in two phases, with the second phase involving the creation of a financial holding company, Fintech HoldCo, which would ultimately own 100 per cent of MoMo PSB and YDFS.
However, the completion of the restructuring is subject to CBN approval, which Business Post gathered is expected to be concluded in the second half of 2026.
The proposed transaction is designed to redistribute the financial and operational risks associated with the fintech businesses between MTN Nigeria and its parent company.
MTN Nigeria had explained that the restructuring would allow MTN Group Fintech to share future capital requirements, losses, regulatory obligations and execution risks associated with the businesses, while MTN Nigeria would maintain a significant minority stake.
The planned investment has an implied value of N152.06 billion in capital injection into the fintech companies, with the N95.5 billion transaction value based on an intra-group debt-free and cash-free valuation.
MoMo PSB operates as a payment service bank, providing services including deposits, payments, transfers and digital wallets to individuals and small businesses through digital and mobile platforms.
YDFS, meanwhile, operates as a licensed super-agent, providing agency banking services such as cash deposits, withdrawals and bill payments through the MoMo network.
MTN’s decision to restructure the businesses comes as the telecommunications company continues to invest heavily in its core connectivity operations amid growing demand for data and digital services.
MTN Nigeria also said it had invested more than N1.6 trillion in network infrastructure since the beginning of 2025, including N620.5 billion in the first half of 2026 alone.
The company’s data business has also expanded significantly, with data revenue rising by 38.4 per cent to N1.70 trillion in the first half of 2026, overtaking voice revenue of N993 billion.
The growth in data services has been supported by a 9.3 per cent increase in active data subscribers to 55.7 million, while smartphone penetration rose to 66.4 per cent.
MTN’s Chief Financial Officer, Mr Modupe Kadri, said the company remained focused on maintaining investment in its core operations while managing cost pressures and strengthening its balance sheet.
The company’s fintech restructuring therefore comes against the backdrop of a broader strategy to optimise its businesses, allocate capital more efficiently and ensure that investments are aligned with areas offering stronger growth prospects.
Once approved by the CBN, the transaction will allow MTN Nigeria to reduce its direct financial exposure to the fintech businesses while retaining a 40 per cent stake and continuing to participate in their future growth.
The company is expected to provide further updates on the transaction as the regulatory approval process progresses, with completion targeted before the end of 2026.
By Dipo Olowookere
The local stock exchange recorded a 0.12 per cent week-on-week expansion last week as a result of the gains achieved by 26 equities on the platform. The number of price advancers, however, was lower than the 33 posted in the preceding week.
In the five-day trading week, there were 63 price losers, higher than 56 of the previous week, while 58 stocks closed flat versus 58 stocks of the earlier week.
The price advancers were led by AVA Capital, which grew by 33.33 per cent to N11.00. FCMB gained 13.10 per cent to trade at N12.95, First Holdco appreciated by 12.23 per cent to N145.40, Fortis Global Insurance soared by 11.11 per cent to N2.60, and Linkage Assurance went up by 10.63 per cent to N1.77.
On the flip side, Thomas Wyatt shed 26.71 per cent to close at N3.21, Trans-Nationwide Express crashed by 23.76 per cent to N2.15, CMFC dropped 22.68 per cent to settle at N3.00, Ecobank stumbled by 18.94 per cent to N71.20, and Consolidated Hallmark lost 16.51 per cent to N6.98.
Last week, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited rose by 0.12 per cent to 245,573.60 points, and the market capitalisation also chalked up 0.12 per cent to finish at N158.513 trillion.
Similarly, all other indices finished higher apart from the main board, insurance, consumer goods, energy, Lotus II, industrial goods, growth, sovereign bond, and commodity indices, which depreciated by 0.83 per cent, 3.31 per cent, 1.75 per cent, 0.03 per cent, 0.46 per cent, 0.17 per cent, 2.14 per cent, 0.09 per cent and 0.01 per cent, respectively.
In the week, market participants transacted 5.359 billion shares worth N139.053 billion in 261,869 deals compared with the 5.119 billion shares valued at N404.762 billion traded in 285,223 deals a week earlier.
Data showed that the Financial Services space led the activity chart with 3.469 billion shares sold for N73.013 billion in 117,509 deals, contributing 64.73 per cent and 52.51 per cent to the total trading volume and value, respectively. The energy counter followed with 1.023 billion shares worth N18.900 billion in 17,680 deals, and the ICT sector recorded a turnover of 232.368 million shares worth N14.624 billion in 31,866 deals.
Japaul, Fortis Global Insurance, and FCMB accounted for 2.562 billion units valued at N14.173 billion in 6,645 deals, contributing 47.80 per cent and 10.19 per cent to the total trading volume and value, respectively.
Economy
Trump Earned over $1 billion Through Cryptocurrency; How Can an Ordinary Investor Earn $17,700?
Trump publicly criticized Bitcoin in 2021 but rapidly shifted his stance during the campaign, proposing to make the United States the “global cryptocurrency capital.”
After returning to the White House, he signed an executive order supporting the development of the digital asset industry. Meanwhile, reports indicate that Trump and his associated businesses have generated over $1 billion in gains through cryptocurrency.
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