Economy
Seplat to Boost Nigeria’s Oil Production With Mobil Assets Acquisition
By Adedapo Adesanya
Seplat Energy Plc will revive hundreds of Nigerian oil wells laying fallow after completing the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil.
The company said it aims to lift oil output to about 200,000 barrels a day, a move that will help boost Nigeria’s oil production levels, as it aims to reach 2 million barrels per day next year.
The transaction, according to Seplat, “is transformative for Seplat Energy, more than doubling production and positioning the company to drive growth and profitability, whilst contributing significantly to Nigeria’s future prosperity.”
The completion of the Seplat-ExxonMobil deal has created Nigeria’s leading independent energy company, with the enlarged company having equity in 11 blocks (onshore and shallow water Nigeria); 48 producing oil and gas fields; 5 gas processing facilities; and 3 export terminals.
Recall that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in October approved the deal as part of a series of approvals, while it blocked Shell’s asset sale of up to $2.4 billion to the Renaissance consortium.
The acquisition of the entire issued share capital of MPNU adds the following assets to the Seplat Group: 40 per cent operated interest in OML 67, 68, 70 and 104; 40 per cent operated interest in the Qua Iboe export terminal and the Yoho FSO; 51 per cent operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant; 9.6 per cent participating interest in the Aneman-Kpono field; and approximately 1,000 staff and 500 contractors will transition to the Seplat Group.
MPNU adds substantial reserves and production to Seplat Energy; 409 million barrels of oil equivalent (MMboe) 2P reserves and 670 MMboe 2P + 2C reserves and resources as at 30 June 2024 and 6M 2024 average daily production of 71.4 kboepd (thousand barrels of oil equivalent).
Business Post reports that Seplat will be part of the payment this year, and will defer some to next year,
Speaking on the transaction, the Chairman of Seplat Energy, Mr Udoma Udo Udoma commended President Bola Tinubu for supporting this transaction and appreciated the support and diligence of the various ministries and regulators for all the work to reach a successful conclusion.
“We are delighted to welcome the MPNU employees to Seplat Energy. We are excited to begin our journey in a new region of the country, and we look forward to replicating the positive impacts we have achieved within our communities in our current areas of operations.
“Seplat’s mission is to deliver value to all our stakeholders, and we treasure the good relationships we have developed with the government, regulators, communities and our staff.”
On his part, the chief executive of Seplat Energy, Mr Roger Brown, described the acquisition as a major milestone, adding, “I extend my thanks to the entire Seplat team for their hard work and perseverance to complete this transaction.
“MPNU’s employees and contractors have a strong reputation for safety and operational excellence, and I welcome them to the Seplat Energy Group.
“We have acquired a company with one of the best portfolios of assets and related infrastructure in a world-class basin, providing enormous potential for the Seplat Group. Our commitment is to invest to increase oil and gas production while reducing costs and emissions, maximising value for all our stakeholders.
“MPNU is a perfect fit with our strategy to build a sustainable business that can deliver affordable, accessible and reliable energy for Nigeria alongside attractive returns to our shareholders”.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited ended the first trading session of the week on a positive note after it chalked up 0.66 per cent on Monday.
The gains recorded yesterday were boosted by the 3.42 per cent rise by the insurance sector, the 1.44 per cent surge by the banking index, and the 1.30 per cent leap by the industrial goods counter. They offset the 0.20 per cent loss posted by the energy sector and a 0.11 per cent decline suffered by the consumer goods industry.
Consequently, the All-Share Index (ASI) closed higher by 1,273.78 points to 196,263.55 points from 194,989.77 points, and the market capitalisation appreciated by N805 billion to N125.969 trillion from N125.164 trillion.
Business Post observed that investor sentiment turned bearish during the session after Customs Street ended with 34 price losers and 33 price gainers, representing a negative market breadth index.
Fortis Global Insurance gained 10.00 per cent to trade at 66 Kobo, Okomu Oil expanded by 10.00 per cent to N1,605.60, Fidson rose by 9.90 per cent to N95.50, NPF Microfinance Bank rose by 9.89 per cent to N6.89, and Infinity Trust Mortgage Bank jumped 9.84 per cent to N17.30.
On the flip side, The Initiates weakened by 10.00 per cent to N17.55, Deap Capital deflated by 9.97 per cent to N6.86, LivingTrust Mortgage Bank went down by 9.92 per cent to N5.90, Multiverse lost 9.92 per cent to close at N22.70 per cent, and Ellah Lakes shrank by 9.77 per cent to N11.55.
Yesterday, market participants traded 1.3 billion shares worth N31.5 billion in 95,091 compared with the 820.5 million shares valued at N28.3 billion in 63,507 deals last Friday, indicating an increase in the trading volume, value, and number of deals by 58.44 per cent, 11.31 per cent, and 49.73 per cent apiece.
Japaul ended the session as the busiest stock after selling 474.0 million units worth N2.0 billion, Chams traded 51.5 million units for N221.3 million, Jaiz Bank exchanged 48.3 million units for N566.9 million, Secure Electronic Technology transacted 46.3 million units worth N68.8 million, and Mutual Benefits sold 42.5 million units valued at N242.5 million.
By Adedapo Adesanya
The first trading day in the currency market in Nigeria ended bearish for the Naira as its value further weakened against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday by N2.92 or 0.22 per cent to N1,349.24/$1 from the N1,346.32/$1 it was traded last Friday.
Also in the spot market, the Nigerian currency depreciated against the Pound Sterling by N6.62 during the trading day to close at N1,821.87/£1 versus the preceding session’s N1,815.25/£1, and lost N6.80 on the Euro to settle at N1,591.42/€1, in contrast to the previous rate of N1,584.62/€1.
At the GTBank forex desk, the Nigerian Naira crashed against the greenback yesterday by N1 to quote at N1,357/$1 versus the preceding session’s closing value of N1,356/$1, but in the black market, the Naira appreciated by N5 to close at N1,365/$1 compared with the preceding trading day’s N1,370/$1.
The Naira slide came amid renewed pressure as weekly inflows declined, as Bureaux De Change (BDC) operators were unable to purchase Dollars from banks two weeks after the Central Bank of Nigeria (CBN) reopened the official FX Market window to them.
It had been expected that BDCs would help to further deflate the parallel market premium, but according to reports, BDC operators had yet to commence FX purchases from commercial banks, two weeks after the apex bank said legitimate agents can access up to $150,000 from the banks.
There were no FX inflows from the CBN during the past week, according to a report by the research department of Coronation Merchant Bank.
Meanwhile, Nigeria’s external reserves, which provide the CBN with firepower to support the naira, rose to $48.77 billion as of February 19, 2026.
Meanwhile, the cryptocurrency market was in the red as a broader risk-off shift tied to an emerging “AI scare trade” in equities is weighing on crypto markets.
This is leading traders to sell, while the sharp liquidation events that typically attract dip buyers have seen no such move recently, with Bitcoin (BTC) down by 3.2 per cent to $62,901.86.
Further, Ethereum (ETH) depreciated by 2.5 per cent to $1,821.13, Cardano (ADA) slid 1.9 per cent to $0.2571, Litecoin (LTC) went down by 1.9 per cent to $50.45, Solana (SOL) shrank 1.8 per cent to $76.54, Dogecoin (DOGE) declined by 1.7 per cent to $0.0912, Ripple (XRP) slumped 1.2 per cent to $1.32, and Binance Coin (BNB) lost 0.6 per cent to sell for $589.88, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Adedapo Adesanya
Crude oil eased on Monday ahead of a third round of nuclear talks between the US and Iran, and amid increased economic uncertainty after the latest US tariff upheaval.
According to data, Brent crude futures lost 27 cents or 0.38 per cent to close at $71.49 a barrel, while US West Texas Intermediate (WTI) crude futures fell 17 cents or 0.26 per cent to per barrel $66.31.
Iran has indicated its preparedness to make concessions on its nuclear programme in return for sanctions lifting and recognition of its right to enrich uranium.
The Iranian government, facing pressure at home with a growing opposition and globally with threats of a US military strike, appears ready for a third round of Omani-mediated talks with American negotiators this week.
According to reports, the Foreign Minister of Oman, Mr Badr Albusaidi, on Sunday said talks would resume on Thursday, February 26, in Geneva “with a positive push to go the extra mile toward finalising the deal” over Iran’s nuclear program.
In separate remarks, the Iranian government suggested talks in the Swiss city on that date. However, there has been no confirmation from the US officials.
The US administration has been pressuring Iran to agree to curtail its nuclear program, which Iran insists is intended for peaceful, civilian purposes, such as electricity generation. The US, along with Israel and others in the West, has accused Iran of intending to build atomic weapons.
US President Donald Trump has dispatched two aircraft carrier strike groups, with dozens of fighter jets and bombers to the region, and other military planes and supporting forces have been spotted flying into air bases in the Middle East.
President Trump said on Saturday that he would raise a temporary tariff from 10 per cent to 15 per cent on US imports from all countries, the maximum allowed under the law.
This came after a US Supreme Court ruling last week struck down key parts of President Trump’s tariff plans, rekindling uncertainty among investors and businesses.
Goldman Sachs lifted its Q4 2026 Brent forecast to $60 and WTI to $56 per barrel, citing lower-than-expected OECD stock levels.
The bank still projects a 2.3 million barrels per day surplus in 2026, assuming no major supply disruptions.
Meanwhile, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) may resume production increases in 2026 amid limited inventory builds and shifting market dynamics.
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