Seplat Energy, co-founded by Austin Avuru, to invest up to $3 billion in Nigeria

Seplat Energy Plc, the energy conglomerate co-founded and partly owned by Nigerian energy tycoon Austin Avuru, plans to invest between $2.5 billion and $3 billion in the country over the next five years. The move comes as the company consolidates its position following the landmark acquisition of ExxonMobil’s shallow-water assets, completed late last year. 

The deal transferred Mobil Producing Nigeria Unlimited (MPNU) to Seplat in what Chief Executive Officer Roger Brown called “a truly transformational step,” turning the company into one of the largest energy producers in Nigeria. “The acquisition of MPNU has made Seplat a larger, stronger and more diversified company,” Brown said during the firm’s Capital Markets Day presentation on Sept. 18.

Focus of the $3 billion investment

Under its 2026–2030 plan, Seplat intends to spend most of the $3 billion on oil and gas projects. About 70 percent will fund drilling new wells and expanding offshore infrastructure, while 20 percent will focus on gas monetisation, including the ANOH Gas Plant and development of the Yoho field for LNG exports.

The balance will go into asset integrity, safety and sustainability. The push aligns with Nigeria’s drive to boost crude output and expand domestic gas use to fill the country’s power and industrial supply gap. Seplat said it expects joint-venture gas sales to hit 1 billion standard cubic feet per day by 2030.

Early results from ExxonMobil assets

The ExxonMobil acquisition is already paying off. Since closing the transaction in late 2024, Seplat has revived 29 idle wells, lifting production by almost 26,000 barrels per day. Offshore output in June hit its highest level in nearly three years. 

“These assets have the resources and the people. What was missing was the right owner — and that owner is now Seplat,” said Oladotun Isiaka, managing director of the company’s offshore business. 

The enlarged portfolio now includes four offshore oil mining leases, more than 200 producing wells, and over 1,500 kilometers of pipelines. It also gives Seplat stakes in major terminals such as Qua Iboe and Bonny River. 

Seplat said the investment program will be financed entirely from operating cash flows, avoiding the need for new equity. The company expects to generate $5 billion to $6 billion in cash flow between 2026 and 2030, supporting free cash flow of $2 billion to $3 billion and cumulative dividends of at least $1 billion. 

A growing energy footprint

Founded in 2009 by Avuru and Ambrosie Orjiako, Seplat has grown into Nigeria’s largest publicly listed energy company, with deep ties to the Niger Delta. Avuru holds an 8.5 percent stake — about 50 million shares — cementing his status among the country’s top private investors in oil and gas. 

The company reported revenue of $1.4 billion in the first half of 2025, more than triple the $421.6 million it posted a year earlier. Growth was fueled by higher oil sales and expanded offshore operations. 

Beyond oil and gas, Seplat is also moving into power. In June, it announced plans to deploy modular gas-to-power systems aimed at rural electrification and last-mile energy access. Earlier this year, it completed the installation of gas infrastructure with a capacity of 850 million scfd to boost local supply and cut Nigeria’s reliance on imported fuels.