Connect with us

Business

Seplat workers begin indefinite strike over welfare concerns

info

Published

on

1646128834258blob.png

Workers at Seplat Energy began an indefinite strike on Friday, a move that could disrupt production at a time of rising global oil prices and mounting pressure on Nigeria to boost supply.

The workers, under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), embarked on the industrial action following a breakdown in negotiations over the 2026 collective bargaining agreement and broader welfare concerns.

The union communicated its grievances in two letters addressed to the company’s Chief Executive Officer, Reuters reported on Friday.

The workers said the strike would continue “until further notice.”

Seplat Energy had not issued an official response as of the time of filing this report.

However, PENGASSAN indicated that its members would scale down operations, including production reporting and export activities, while maintaining only essential safety and power functions.

PT WHATSAPP CHANNEL

The strike affects the company’s onshore and offshore assets, joint venture operations, and offices nationwide. Junior workers, represented by a different union, are not part of the action.

The industrial action comes despite the company’s strong operational performance in 2025. Seplat reported a 150.4 per cent increase in revenue to N4 trillion, driven by a significant expansion in output and its first full year of offshore operations.

Average daily production rose by 148 per cent to 131,506 barrels of oil equivalent per day (boepd), representing roughly 7 to 9 per cent of Nigeria’s total liquids output.

Onshore production also grew by 14 per cent, supported by upgrades to the Sapele Gas Plant, which increased processing capacity to 90 million standard cubic feet per day.

Despite the surge in revenue, profit growth remained constrained by rising costs, including substantial tax obligations.

The company projects production to increase to 155,000 boepd, underscoring the potential impact of any prolonged disruption.

“We benefitted from successful execution of several key offshore activities that kick-started life for Seplat as an offshore operator, while at the same time delivering onshore production performance that was the strongest in recent memory,” the CEO, Roger Brown, said.

ALSO READ: Seplat Energy appoints two independent non-executive directors

He added that drilling would remain central to the company’s long-term growth strategy, with plans to deploy its first jack-up drilling rig in the third quarter of the year.

Seplat, which is dual-listed in Lagos and London, also declared a fourth-quarter dividend of 5 cents per share and a special dividend of 3.3 cents. Mr Brown said the firm is on track to deliver cumulative returns of $1 billion to shareholders by 2030.

The strike comes amid ongoing geopolitical tensions in the Middle East that have tightened global oil supply, heightening the potential impact on Nigeria if the disruption persists.

Seplat is a major supplier of gas to power generation companies across the country. Any sustained disruption to its operations could further strain the electricity supply nationwide.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Supreme Court Upholds APP’s Registration, Ends Deregistration Battle Ahead of 2027 Elections

info

Published

on

By

Images 11.jpeg

BY NKECHI NAECHE-ESEZOBOR—The Supreme Court has brought an end to the legal dispute over the status of the Action Peoples Party (APP), affirming that the party remains duly registered and eligible to take part in the 2027 general elections.

The apex court struck out Appeal No. SC/CV/248/2026 after the appellant, Mr Blessing Elujiuba, voluntarily withdrew the case, bringing the challenge to a close.

This decision leaves intact earlier judgments delivered by both the Federal High Court and the Court of Appeal, which had upheld the party’s legal recognition.

The ruling was delivered on May 12, 2026, by a five-member panel of the Supreme Court led by Justice John Inyang Okoro, who noted that the matter was withdrawn without objection from other parties.

The court subsequently dismissed the appeal following its withdrawal, formally ending the proceedings at the apex level of the judiciary.

The case involved the Independent National Electoral Commission (INEC), the Action Peoples Party (APP), and the party’s National Chairman, Uche Kingsley Nnadi.

The initial legal action had sought to force INEC to remove APP from its register on the allegation that it failed to meet constitutional requirements under Section 225A of the 1999 Constitution.

However, earlier rulings had found that APP met the necessary legal conditions for continued registration, citing evidence of electoral participation and victories at local government level.

The courts also upheld the interpretation that fulfilling any of the conditions outlined in Section 225A is sufficient for a political party to retain its registration status.

With all tiers of the judiciary aligned in its favour, APP’s legal standing remains intact, clearing the party to continue preparations for the 2027 elections without any outstanding court challenge.

The post Supreme Court Upholds APP’s Registration, Ends Deregistration Battle Ahead of 2027 Elections appeared first on Business Today NG.

Continue Reading

Business

EXCLUSIVE: Nigeria’s nuclear power programme plans still alive – IAEA DG

info

Published

on

By

49192998138 b79149c0ac h.jpg

MTN ADVERT

The Director General of the International Atomic Energy Agency (IAEA), Rafael Grossi, said discussions on Nigeria’s nuclear power programme remain alive, amid continuous technical engagements with concerned authorities in the West African country.

Mr Grossi disclosed the progress made on the nuclear power arrangement with Nigeria while responding to a PREMIUM TIMES’ enquiry at an IAEA programme in Vienna, Austria.

The IAEA DG said the agency continues to work with Nigeria on its nuclear power plan and IAEA officials had held visits and technical meetings with relevant stakeholders to actualise the dream.

In May 2024, while on a visit to Nigeria for a seminar on ‘Promoting Cancer Awareness and Advocacy Programmes’, Mr Grossi expressed the agency’s readiness to support Nigeria’s efforts to develop a nuclear power programme during meetings with senior government officials, including the Secretary to the Government of the Federation, George Akume.

Speaking during the visit, he described Nigeria’s pursuit of nuclear energy as “a logical move for a country of your (Nigeria’s) size and importance.”

PT WHATSAPP CHANNEL

When this newspaper asked Mr Grossi about the progress of the discussions and technical meetings since the visit two years ago, the IAEA DG reassured that discussions are still ongoing.

“We have continued working with Nigeria, I have to tell you. It’s not that after that visit, things stopped. We have continued at technical levels, some visits, and technical meetings,” the IAEA DG said.

He noted, however, that no final decision has been taken on the programme, adding that Nigeria’s status as a big crude oil-producing nation makes its situation quite different from other economies.

“There hasn’t been a decision yet. There is like a pre-decision to explore the alternative. Of course, your country (Nigeria) is a big oil producer country, an exporter, etc. So the discussion in your country is different from that in other countries,” the DG said.

The IAEA boss insisted that the conversation around the programme is still alive, but Nigeria’s energy options are quite diversified.

“It’s a matter of diversification more than a matter of need, maybe. But the conversation space is pretty much alive, I must say,” Mr Grossi said.

Nigeria’s nuclear energy programme operates under the guidance and safety standards of the International Atomic Energy Agency (IAEA), aiming to add clean, stable nuclear electricity to the national grid. The programme is managed primarily by the Nigeria Atomic Energy Commission (NAEC) and is said to be advancing through the foundational infrastructure phases and planning stages.

READ ALSO: Survival logic of nuclear deterrence: The Iranian, Israeli, and American conundrum, By Jacob Edi 

Earlier in September 2023, Nigeria signed its Country Programme Framework (CPF) for the period of 2024–2029 on the margins of the General Conference. A CPF is the frame of reference for the medium-term planning of technical cooperation between a Member State and the IAEA and identifies priority areas where the transfer of nuclear technology and technical cooperation resources will be directed to support national development goals.

Nigeria has been an IAEA Member State since 1957 and, according to the agency, its 4th CPF covering the period 2024 – 2029 identifies five priority areas, such as nuclear and radiation safety and security; food and agriculture; health and nutrition; water and environment; as well as energy planning and development.

Continue Reading

Trending