Seplat posts 144% revenue growth to $2.73bn

The revenue of Seplat Energy Plc for the 2025 financial year surged 144.2 per cent to $2.73bn (N4.14tn) compared to $1.12bn (N1.65tn) in 2024, reflecting what the company called a full year of contribution from its offshore assets.

This was disclosed in its audited results for the year ended 31 December 2025, filed with the Nigerian Exchange Limited on Thursday.

The PUNCH reports that Seplat Energy Plc is an independent energy company listed on the Nigerian Exchange and the London Stock Exchange.

In the year under review, cash generated from operations stood at $1.17bn, up 276 per cent. Cash capex was $266.8bn. At the end of the year, the balance sheet remained robust, with net debt of $673.3m, down 25 per cent year-on-year from $897.8m. In returns to shareholders, the declared dividend for the fourth quarter was 8.3 cents per share, up 11 per cent quarter-on-quarter and 20 per cent YoY, consisting of 5.0c and 3.3c as special dividends. The total dividend declared for 2025 stood at 25.0c per share, equivalent to $150m and a 52 per cent increase on 2024.

On the operational front, the group production averaged 131,506 boepd (barrels of Oil Equivalent Per Day), up 148 per cent from 2024 (52,947 boepd), reflecting the first full year of offshore consolidation and within revised guidance. Onshore delivered 14 per cent production growth YoY, supported by the completion of the Sapele Gas Plant and new well inventory. The ANOH gas plant achieved its first gas in January 2026; production is stable at 50-70 MMscfd, with ~60 kbbl of condensate currently in storage. The group recorded only one Lost Time Injury on its operated assets in 2025 and has been at 11.4 million hours without LTI since September (2024: 11.0 million hours).

On the results, Seplat Energy Chief Executive Officer Roger Brown said, “In 2025, we clearly illustrated our ability to operate at scale. We benefited from the 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.

“At our CMD in September, we laid out our long-term ambition to ‘Build an African Energy Champion’, with a clear roadmap to grow working interest production to 200 kboepd by 2030. In 2025, we delivered the IGE replacement project offshore and the Sapele gas plant onshore. In recent weeks we were delighted to achieve first gas at the ANOH Gas Plant and are on track to double joint venture gas volumes at Oso-BRT to 240 MMscfd in 2H2026. Drilling will be a decisive factor in meeting our long-term growth ambitions, and I am pleased to announce that the first jack-up drilling rig is contracted, in-country and set to arrive at Oso in 3Q to commence a multi-year, multi-well drilling campaign.

“Finally, the cash generative nature of our asset base is clearly evident in our results, and by raising dividends by over 50 per cent to 25 cents per share alongside continued strengthening of our balance sheet and delivery of our work programmes, we are already well positioned to deliver on our planned $1bn cumulative return of capital to shareholders by 2030. Furthermore, the strength of the enlarged group has resulted in a notable lowering of our cost of debt, providing additional scope for long-term value creation.”

MTN Nigeria posts N5.2tn revenue, boosts economy

MTN-new-logo-e1663465256894MTN Nigeria has reaffirmed its position as a critical driver of the non-oil economy, posting a service revenue of N5.2tn in its 2025 audited financial results.

Beyond the impressive top-line growth, the company emphasised that its financial success is deeply intertwined with national development, standing firmly as one of the country’s largest corporate taxpayers and ensuring its profitability supports the Federal Government’s infrastructure and social welfare programmes.

The 2025 financial year, according to a statement from the firm, was described as a remarkable period of recovery and resilience for the company.

The Chief Executive Officer, Dr Karl Toriola, noted that 2025 marked a significant turning point with a return to profitability and a resilient balance sheet, which ultimately supported “accelerated network investment to enhance quality of service and user experience.”

To back up its commitment, MTN revealed that it invested a N1tn in capital expenditure in 2025 for network expansion. This massive CAPEX deployment serves as physical proof of its economic patriotism, ensuring that billions in retained earnings are poured directly back into building base stations, laying fibre optics, and creating thousands of local jobs.

Furthermore, the company’s leadership highlighted that its ability to aggressively fund its CAPEX obligations while navigating economic storms is an indicator that government policies are working.

MTN commended the government for its progressive policies, noting that its primary focus remains on keeping millions of Nigerians connected. This capital-intensive stability serves as an example that companies can indeed return to profitability, survive, and build critical infrastructure in Nigeria.

Consequently, MTN is leveraging its position as the most valuable company on the Nigerian Exchange to encourage local wealth creation.

With millions of direct and indirect Nigerian investors, the company has actively encouraged young Nigerians to bet on the country’s digital future by buying its shares, promising that robust CAPEX strategies will continue to deliver attractive long-term shareholder returns.

Transcorp reports N136bn PAT, up 44%

Indigenous conglomerate Transnational Corporation Plc has reported a 44 per cent rise in its Profit After Tax to N135.9bn compared to N94.1bn in the corresponding period of the previous year.

This was indicated in its audited full-year 2025 results filed with the Nigerian Exchange Limited on Thursday.

The PUNCH reports that Transcorp has investments in the power, hospitality and energy sectors of the economy.

In the period under review, the conglomerate also crossed the N1tn in total assets milestone for the first time in the group’s history. Revenue increased 33 per cent to N544bn compared to N408bn in FY 2024. Profit Before Tax rose 31 per cent to N179.5bn from N136.7bn in 2024. A closer look at the figures indicated that its power subsidiaries’ revenue grew 38 per cent to N483.97bn, driven by enhanced generation capacity and improved gas supply. In the hospitality sector, Transcorp Hotels Plc’s revenue increased 38 per cent to N97.04bn, supported by strong demand across rooms, conferencing, food & beverage, and premium guest experiences.

For the group, shareholders’ funds increased 47 per cent to N353.4bn as total borrowings reduced 15 per cent to N75.5bn, with a gearing ratio of 13 per cent.

In a statement accompanying the audited results released on the NGX, the chairman of Transcorp, Tony Elumelu, said, “Our 2025 results are not just strong; they are decisive. They reflect the power of a deliberately diversified portfolio, disciplined execution, and our unwavering belief in Nigeria’s long-term potential. In power, hospitality and energy, we are building platforms that deliver both commercial returns and social impact. In power, our integrated energy strategy is translating directly into measurable capacity growth and improved reliability.

“Transcorp Power increased available capacity to 625 MW, while TransAfam Power tripled peak generation capacity to 270 MW. These are not incremental gains; they are structural contributions to Nigeria’s energy security and industrial competitiveness. In hospitality, we continue to set the standard for excellence. The Transcorp Centre, Abuja, is redefining Nigeria’s capacity to host global events at scale and positioning our Group to capture significant future growth. We remain focused on one outcome: sustainable, long-term value creation. For our shareholders. For our partners. And for Nigeria’s economic transformation.”

The President/Group Chief Executive Officer, Dr Owen Omogiafo, added, “Transcorp Group’s FY2025 performance reflects disciplined strategy execution and operational excellence across our portfolio. Crossing the N1tn total assets milestone is a defining achievement, a validation of the strength of our platform and the confidence of our investors. With 47 per cent growth in shareholders’ Funds and sustained profitability, we have closed the year with strong momentum.

“Guided by our purpose to ‘improve lives and transform Africa’, we continue to optimise our businesses to deliver superior stakeholder value. We provide investors with structured access to the Nigerian growth story and remain firmly committed to delivering sustainable returns while advancing broader economic development.”

Akpata gives reason some Edo LP members moved to ADC

Former Labour Party governorship candidate in Edo State, Olumide Akpata has disclosed why some members of the Party in the state chose to move to the African Democratic Congress, ADC.

Speaking in an interview on Channels Television’s Politics Today monitored by DAILY POST on Wednesday, Akpata said they moved to support former Anambra State governor, Peter Obi.

It could be recalled that Akpata was formally received into the ADC earlier in the week. During the ceremony, that there was an assassination attempt on Peter Obi and other ADC chieftains.

“I moved to the ADC because I belong to a group who believe that a better Nigeria is possible.We were members of the Labour Party. December 31, 2025, the leader of that group moved to the ADC.

“Those of us in the Edo State Labour Party sat down and decided that the journey to a better Nigeria that we think is possible would be best traveled on this platform to continue to support Peter Obi.

“This is because we recognised that supporting him at the level of the Labour Party will come to nought if we are not able to help him achieve the objective of becoming the presidential candidate of the ADC,” he said.

Wike not APC member but works for Tinubu govt – Ajibola

National Secretary of the All Progressives Congress, Ajibola Basiru, has said the Minister of the Federal Capital Territory, FCT, Nyesom Wike, works for the administration of President Bola Tinubu.

Basiru clarified that although Wike is not a member of the APC, he is working for the APC-led federal government headed by Tinubu.

Featuring on TVC’s Beyond The Headlines, Basiru said the level of infrastructural development witnessed across the Federal Capital Territory over the past two and a half years contributed significantly to the party’s success in the recent FCT local government elections.

He noted that the improvements were evident not only in urban centres but also in suburban communities, describing the minister’s performance as “sterling.”

Basiru added that the minister’s administrative efforts, alongside the party’s strategic engagement and careful selection of candidates with credible political track records across different parties, played a key role in the APC’s electoral victory in the FCT.

He maintained that the effective delivery of democratic dividends under the current FCT administration cannot be separated from the party’s success at the polls.

According to Basiru: “Wike is not a member of our party, but he works for an APC government headed by Tinubu.

“When you see the massive infrastructural development that has occurred in the FCT, not only in the urban areas, but even in the suburbs.

“In the past two and half years, you’ll discover that the sterling performance of the FCT Minister together with the engagement that our party has done and the careful selection of candidates who have the history of a sterling different political parties have contributed to APC’s victory in the FCT local government elections.

“So you can’t discountenance effective administrative deployment of the dividends of democracy in the FCT under the present FCT administration from the success of our party in that election.”

Jigawa Governor, Namadi takes custody of Walida from DSS

Jigawa State Governor, Umar Namadi has taken custody of Walida Abdulhadi Ibrahim, the girl whose disappearance and subsequent recovery sparked controversy,.

Walida had since been held at the Department of State Services (DSS) headquarters in Abuja.
The handover took place late last night in the presence of senior officials from the Jigawa State Government, representatives of civil society organisations, and religious bodies, including the Nigerian Supreme Council of Islamic Affairs (NSCIA) and the International Federation of Women Lawyers (FIDA).

Walida, a native of Hadejia Local Government Area of Jigawa State, was reportedly taken away by a woman identified as Mariam before later resurfacing in Abuja in the company of a DSS agent. Her family had sought legal intervention after efforts to regain custody were unsuccessful. A petition was filed by her uncle at the DSS headquarters in Abuja, and thereafter, the family approached a court in Jigawa State. The court directed that Walida should be released to her parents, but the DSS filed a counter-motion, insisting that they were investigating the matter.

The raging controversy revolved around Walida’s alleged abduction and conversion to Christianity and suspected sexual exploitation of a minor.

Governor Namadi said the state government would assume responsibility for Walida’s welfare and protection while legal proceedings continue to address the circumstances surrounding her disappearance.

“Our major concern is that she was taken away from her home. The matter will be resolved through the courts, and the state government will ensure that justice is done,” he said.

He explained that Walida would remain under government supervision in Abuja for now and would be provided with security and psychosocial support to help her recover.

“Taking her into our custody does not automatically mean that she will be taken back to Jigawa. Walida will be kept in Abuja for now and provided with adequate security,” he added.

The governor also stated that the child she delivered would be placed under the care of the Jigawa State Government pending the outcome of ongoing investigations and legal processes.

On his part, Director-General of the DSS, Adeola Oluwatosin Ajayi, said the agency acted within the framework of the law and prioritised Walida’s safety throughout the investigation.

He confirmed that a DSS officer allegedly linked to the case, Ifeanyi Onyewuenyi, remains in custody and would face appropriate legal consequences if found guilty. “He will face the music when found wanting. We have rules guiding our operations,” Ajayi stated.

According to him, several agencies, including law enforcement, civil defence, women’s rights organisations, and the Federal Ministry of Women Affairs, are working together to ensure proper handling of the case.

Governor Namadi assured that all outstanding issues, including the circumstances surrounding her disappearance, would be determined through due legal process, while reaffirming the government’s commitment to protecting her rights and wellbeing.

‘Don’t congratulate me, it’s huge burden’ – Tunji Disu list what he’ll do as IGP

Newly appointed Inspector-General of Police, IGP, Tunji Disu, has said that this is not the right time to start receiving congratulatory messages.

The new IGP said that the burden placed on his shoulder is a heavy one and that he must swing into action immediately.

Disu stated this after he was decorated by President Tinubu on Wednesday to take over as the 23rd Indigenous Inspector-General of Police.

Disu is replacing Kayode Egbetokun who was earlier asked to resign by President Bola Tinubu .

He highlighted the areas of focus and added that he would not waste or treat the confidence reposed in him carelessly.

“I am dedicated to supporting and maintaining it until it meets the standards expected by His Excellency and the hopes of Nigerians, making sure that the safety and belongings of every lawful citizen and all residents throughout the country are protected,” he said.

Disu said he had received thousands of congratulatory messages already, stressing that “I firmly believe that it’s not the right time for me to be praised yet. It’s not the right time yet because a big responsibility has been given to me and my coworkers.

“It’s not the right time yet because I understand the expectations are really high. It’s not the right time yet because I believe we shouldn’t just meet expectations, but aim to go beyond them.

“I want to let all the officers and men of the indefatigable Nigeria Police know that Tunji Disu, as most of you call me, is first and foremost a police officer before being the Inspector-General of Police.

“This includes the fresh recruits who are still learning the weight of the uniform, as well as the veterans who have given decades of quiet service. I really value this and want to keep it going.

“I see you, I respect you, and I’m right here with you. I know what it feels like to stand on duty in the rain. I know there are dangers in answering any emergency call. I know what it’s like to work for people who sometimes cheer for you and sometimes don’t trust you.

“Those experiences aren’t behind me; they will influence every choice I make in this office. By the favor of Almighty God, I have been given this position to guide you with honesty and faithfulness, and to work for the benefit of our beloved country, Nigeria.

“It’s good to see that our Service has a lot of strong capabilities that are always ready to use when needed to deal with today’s security challenges.

“We can proudly say that Nigeria has overcome many tough challenges thanks to the courage, skill, deep knowledge, strong dedication, and great strength of its officers.

“I am also aware that we all have injuries: a lack of trust from the communities we are supposed to protect; old systems, not enough resources, and in some places, a culture of wrongdoings that has damaged the badge many of us wear with pride.

“These are not comfortable truths. But these are realities we need to confront with determination in order to rebuild the Nigeria Police as a highly trusted and people-focused institution. My time in this role will be based on three clear promises.

“We will take this Service and bring it up to date in a professional and modern way. How we do our work will be guided by smart policing, detailed investigations, digital technology, and using evidence to make decisions. Not threatening, not taking easy paths, not using power unfairly.

“We will invest in the people who do this work. A skilled officer, who is well-prepared and truly appreciated, is the strongest tool this Service has for stopping crime.

“I want to be clear about this, so there’s no misunderstanding: the time for getting away with things is over. The badge shows that people trust the public. Anyone who handles it differently will have to deal with the complete effects of our discipline procedures.

“This rule applies to everyone, no matter their rank, even those who are closest to me. I won’t ask people to trust a service unless it takes responsibility for its actions first. We will improve our internal checks, make our procedures clearer, and ensure that when we talk about the rule of law, we really mean it.

“No police department anywhere in the world has ever been able to create real and lasting safety by working against the community instead of being part of it. We will go to the people.

“To the markets, the town halls, the schools, and the informal settlements. Not to lecture, but to listen. Community policing is not a programme. It’s a way of thinking, and it will guide how this Service works from the inside out.

“To my officers, I will expect the best from you, because the people we serve deserve nothing less.

“Integrity. Compassion. Courage. These are not optional qualities. They are the job. But I promise you this: I will work hard to protect your well-being, respect your dignity, and ensure you have the right conditions to do your job properly. You won’t be asked to do anything that’s impossible without any help.

“Starting today, leadership in this Service needs to be clear, responsible, and deserving of people following them. To the people of this country,

I ask for just one thing more than anything else.

“Your partnership. Report crime. Engage with your local officers. Hold us responsible when we don’t meet the standards, and support us when we do things right. We are not your adversaries. We are your neighbors in uniform, and the only way to know if we’re doing our job right is by how safe you stay.

“The path forward isn’t easy, and the changes we need to make also won’t be simple. There will be resistance, tough decisions, and times when the easier choice seems better. I plan to choose the more difficult option each time. My door will be open. My ears will be attentive.

“My promise to turn this Service into one that every citizen can trust and every officer can be proud to work in will never change. This is not the end of the ceremony. This is the beginning of work! Let us get to it, together. God bless our Police Service. God bless the Federal Republic of Nigeria.”

You’ve up to Friday to meet our demands – Labour warns Nigerian Govt

Organised labour in the federal public service has given a Friday deadline to the federal government to meet its demands of three months’ outstanding wage award and other pending allowances owed workers in ministries, departments and agencies, MDAs.

Giving this ultimatum on Wednesday, the leadership of the Joint National Public Service Negotiating Council, JNPSNC, (Trade Union Side), warned that failure to meet its Friday, February 27, 2026, deadline would compel the eight unions in the civil service to take decisive action.

The unions alleged that the federal government is deliberately withholding funds meant for workers, despite agencies reportedly being ready to process payments once funds were released.

According to the unions, the wage award dispute, which has lingered for over two years, followed the federal government’s approval of a N70,000 minimum wage after the removal of fuel subsidy.

The unions disclosed that while partial payments were made after sustained pressure, three months remained unpaid since July 2024, creating growing tension within the federal workforce.

Addressing the matter in a letter to the Minister of Finance and Coordinating Minister of the Economy, the union stated: “This wage award has dragged on for over two years now since the implementation of (N70,000) Minimum Wage Payment was approved.”

They also recalled that the wage award was approved as a cushioning measure, following fuel subsidy removal and was to run until the commencement of the new minimum wage implementation in July 2024.

“It is beyond the imagination and expectations of federal workers that federal government left five months unpaid abinitio, not until there was much pressure, there and then, federal government effected the staggered payment of two months, leaving the balance of three months since July, 2024 unpaid,” it added.

 

Kano suspends doctor for allegedly working under influence of alcohol

The Kano State Hospitals Management Board has suspended a medical doctor (name withheld) attached to one of its secondary health facilities for allegedly reporting to work under the influence of alcohol and engaging in unprofessional misconduct.

The incident, which occurred at a government-owned hospital in the state, was reported to the Board’s management, prompting an immediate preliminary review. The initial assessment reportedly indicated misconduct, leading to disciplinary action.

Executive Secretary of the Board, Dr. Mansur Mudi Nagoda, approved the issuance of a formal query to the doctor and directed his suspension pending the outcome of a detailed investigation.

In a statement issued by the board’s Public Relations Officer, Samira Sulaiman, the management described the alleged misconduct as unacceptable and contrary to the ethical standards expected of medical practitioners.

The statement stressed that healthcare workers are entrusted with the responsibility of protecting patients’ lives and must maintain professionalism, discipline, and sound judgment while on duty.

Dr. Nagoda reaffirmed the Kano State Government’s commitment to strengthening accountability and professionalism in the health sector, noting that any action capable of undermining public confidence would be met with appropriate sanctions.

The board assured the public that investigations are ongoing and that necessary measures would be taken in line with civil service rules and medical ethics.

Lafarge Africa rewards top partners with SUVs

Lafarge Africa Plc has celebrated its outstanding trade partners at the 2025 Customer & Transporter Awards, rewarding top performers with brand-new vehicles and other high-value prizes.

The ceremony, held in Lagos recently, brought together customers, transporters, and key stakeholders, including the Lagos State Commissioner for Housing, Moruf Akinderu-Fatai; the Cross River State Commissioner for Women Affairs; members of the Board of Lafarge Africa Plc – Mrs Adenike Ogunlesi, Mrs Olusola Oworu, and Mrs Elenda Osima-Dokubo – as well as management and staff of the company.

This was contained in a statement made available to our correspondent on Wednesday, signed by Ginikanwa Frank-Durugbor, Head, Corporate Communications, Lafarge Africa.

The annual awards, regarded as the apex of Lafarge Africa’s commercial calendar, recognised customers and transporters whose performance, resilience, and integrity strengthened the company’s market leadership in 2025 despite evolving economic realities.

Elder Ubong Bassey Obot of Ubotex Nigeria Limited emerged as the National Volume Champion and received a 2026 Toyota Land Cruiser. Igwe Cosmas Ezeumeh Chizoba of C.C. Umeh and Sons Limited and Chief Etim Effiong Okon of Batoframoje Enterprises secured the first and second runners-up positions, receiving a 2026 Toyota Prado and a 2026 Toyota Fortuner, respectively.

B.I.G MultiQuest Nigeria Limited was recognised as the National Winner, Best Transporter category, and was awarded a 2026 Toyota Hilux. Two National Growth Champions received 15KVA generating sets, while four regional champions were rewarded with Toyota RAV4 vehicles each. Other prizes included a Changan CS55, GAC S3, Hyundai Creta cars, 13KVA solar inverters, 80-inch Hisense televisions and deep freezers.

Welcoming guests, the Group Managing Director/CEO, Lafarge Africa Plc, Lolu Alade-Akinyemi, expressed appreciation to partners for their loyalty and commitment.

“We are here to honour partnership. We want to thank our customers for partnering with us in 2025. In 2025, we expanded our retail presence and focused on customer experience.

“We strengthened our ready-mix business, launched new products, including Ecoplanet Elephant and Ecocrete, our low-carbon cement and concrete solutions, and walked the talk on innovation, using technology as a competitive advantage. We could not have done this without our customers and partners,” he said.

The Commercial Director, Lafarge Africa Plc, Gbenga Onimowo, described customers and transporters as “trade champions.”

“You are a vital part of our business, ensuring our products are visible and accessible across the country. Your contribution merits daily appreciation. Tonight’s expression of thanks is special because it gives us the opportunity to celebrate our wins together, in person. While we celebrate tonight’s winners, we acknowledge that every partner here has contributed meaningfully to our success. We believe this recognition will inspire even greater achievements in the year ahead,” he said.

Also speaking, the Logistics Director, Lafarge Africa Plc, Osaze Aghatise, described transporters as the critical bridge between the company and its customers.

“You are the bridge that guarantees efficient distribution and nationwide availability of our innovative building solutions. These awards recognise your excellence and encourage you to keep raising the bar,” he added.

The ceremony featured the announcement of various award categories and entertainment by notable artists, providing a platform for networking and reinforcing the collaborative spirit that continues to drive Lafarge Africa’s growth across Nigeria.