Business
Seplat workers begin indefinite strike over welfare concerns
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.
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.
Africa’s richest man, Aliko Dangote, has revealed how entrenched interests benefiting from Nigeria’s fuel import and subsidy regime tried to frustrate the construction of his $20 billion refinery, describing them as a powerful “mafia” determined to preserve a lucrative subsidy system.
Mr Dangote said the resistance came from traders, shippers and local beneficiaries of Nigeria’s long-running petrol subsidy arrangement who saw the refinery as a threat to billions of naira in profits.
Speaking in an interview with Nicolai Tangen, chief executive officer of the Norwegian Sovereign Wealth Fund, he said these interests worked to delay access to project land and frustrate the refinery’s take-off.
“All this would have been blocked by what you call the mafia in oil business to make sure that we don’t come and address these issues,” he said.
He said securing land to build his world-class refinery took five years, with one site delayed for three and a half years and another for one and a half years, as vested interests sought to stop the project.
“But we were not deterred at all. We were actually focused. We knew what we were doing,” he added.
Mr Dangote explained that for decades Nigeria spent huge sums importing refined petroleum products despite being a major crude producer, creating a system that enriched a few players at the expense of the wider economy.
He said subsidy payments alone reached nearly $10 billion annually.
“The people who were actually benefiting because Nigeria was giving almost about $10 billion every year as subsidy… there are shippers who are making tonnes of money, there are traders who are making tonnes of money,” he said.
He added that a small group also profited from local product allocations under the subsidy regime.
“So these are the people that are not agreeing for us to settle down because they believe that no, we are coming here to displace them. Of course, that’s what we have done now,” he said.
The refinery, which required the construction of an entirely new port, roads and water infrastructure, employed 67,000 people during construction, the African billionaire said.
Mr Dangote said the project became far larger and more difficult than initially imagined, but abandoning it was never an option.
READ ALSO: Dangote rejects NNPC’s bid for bigger refinery stake, pushes for wider ownership
“When you get to the middle of the ocean, you realise that the tide was bad. When you go forward, it’s bad. When you go backwards, it’s bad. So you have to work forward,” he said, using the analogy to paint a broader picture of the difficulties he encountered while building the refinery.
He said the refinery has now changed the market structure and significantly reduced the influence of those who depended on imports and subsidy payments.
The plant currently sources over half of its crude from Nigeria while also importing from Angola, Libya and the United States.
“We source about 56 per cent from Nigeria and some from Angola. We buy quite a bit from Angola, we buy from Libya, and we buy from the US. At one point, we were doing about seven to eight cargoes of WTI from the US. But we’re getting more of Nigeria’s crude now, he said.
Mr Dangote explained that the refinery is currently buying 21 cargoes every month in Nigeria. “That’s how big we are,” he added, stating that they are more than doubling the refinery.
“You know, in the next 30 months, we will be at 1.4 million barrels per day, which is huge,” he noted.
BY NECHI NAECHE-ESEZOBOR—The Securities and Exchange Commission has said it is placing artificial intelligence, data analytics and technology-driven regulation at the centre of Nigeria’s capital market reforms to attract both local and foreign investments.
Speaking at the FSDH Investor Conference 2026 in Lagos, the Director-General of the SEC, Emomotimi Agama, said the future of global investing would increasingly depend on the quality of intelligence, data and technology supporting investment decisions rather than the size of capital alone.
According to him, the era of “intelligent investing” has already arrived, driven by artificial intelligence, real-time analytics, distributed ledger technology and algorithmic systems that are reshaping how investments are priced, allocated and protected globally.
He said, “We are at the threshold of what scholars and practitioners are calling the era of intelligent investing — a paradigm in which data does not merely inform decisions, but actively participates in them.”
Agama noted that the SEC had embarked on what he described as the most comprehensive regulatory reform agenda in its history to ensure Nigeria remains competitive in the evolving global investment environment.
He explained that the Commission’s reforms were aimed at creating a forward-looking market structure capable of supporting intelligent investing through faster settlement systems, tokenised securities and deeper derivatives markets.
According to him, the Commission’s seven-pillar capital market infrastructure vision includes plans to achieve T+1 settlement cycles, expand digital assets regulation and build a comprehensive framework for tokenised securities.
The SEC boss said the Commission was also developing governance frameworks for artificial intelligence applications in the capital market to ensure transparency, accountability and investor confidence.
“We are developing AI governance frameworks for capital market participants — frameworks that demand explainability, accountability and algorithmic fairness. An investor in Nigeria deserves to know not only what decisions were made on their behalf, but how those decisions were reached,” he said.
Agama stated that intelligent investing must be inclusive and accessible to ordinary Nigerians, adding that the SEC’s fintech-bank integration strategy targets about 20 million retail investors across the country.
He said technology and data-driven investing tools could democratise access to wealth creation opportunities for small businesses, artisans and low-income earners who had previously been excluded from formal investment systems.
The SEC DG also stressed the importance of collaboration between regulators, financial institutions, fintech firms and investors in building a resilient and technology-driven market ecosystem.
According to him, Nigeria’s capital market reforms and adoption of intelligent investing frameworks would strengthen investor confidence, improve market transparency and position the country as a leading investment destination in Africa.
He added that the Commission was strengthening investor protection through enhanced enforcement mechanisms, financial literacy programmes and the establishment of a dedicated Investor Protection Department.
Agama said, “Confidence is the ultimate asset in a capital market. Every disclosure we enforce, every fraud we prosecute, every investor we educate adds to the stock of market confidence.”
He further noted that Nigeria’s growing role in African capital market integration and digital finance initiatives would help channel long-term investments into infrastructure, gender finance and other critical sectors of the economy.
The SEC DG commended FSDH Merchant Bank for creating a platform for stakeholders to discuss the future of intelligent investing, adding that collaboration and data-sharing among market participants would be critical to building globally competitive financial markets in Nigeria.
The post SEC positions AI, data-driven regulation to attract investments appeared first on Business Today NG.
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