NNPC to acquire Seplat’s 10% JV for $281.6m

NNPCSeplat Energy Plc has announced an agreement to sell a 10 per cent interest in the NNPCL-SEPNU Joint Venture to the Nigerian National Petroleum Company Limited for $281.6m, saying the transaction is expected to enhance shareholder returns and strengthen its balance sheet.

The company disclosed this on Thursday in its unaudited financial results for the six months ended June 30, 2026, noting that the deal is due to be completed in the second half of the year.

According to Seplat, the headline transaction value of $281.6m represents about 25 per cent of its acquisition costs to date. It added that, upon completion, the proceeds would be split approximately equally between a special dividend for shareholders and debt repayment.

“The agreement reached with NNPC Limited to sell a 10 per cent interest in the NNPCL-SEPNU Joint Venture is expected to further enhance shareholder returns, bringing the total expected dividend for 2026 to USD 68.3 cents/share ($410m),” the company stated.

Providing further details, Seplat said, “Agreement reached to sell a 10% interest in NNPCL-SEPNU JV to NNPC Ltd. The headline transaction value of $281.6m represents 25 per cent of Seplat’s acquisition costs to date. Completion is expected in 2H 2026. Upon completion, proceeds will be split ~50:50 between a transaction dividend and debt repayment.”

The company said its 2026 production guidance remains unchanged at between 135,000 and 155,000 barrels of oil equivalent per day, adding that production is tracking towards the midpoint of the range.

It also retained its capital expenditure guidance of between $360m and $440m for the year, although spending is expected to be weighted towards the second half of 2026.

Seplat, however, revised its unit operating cost guidance upward to between $14.5 and $15.5 per barrel of oil equivalent, saying the increase was driven by higher Yoho restoration costs.

The transaction announcement came as the company reported strong financial performance for the first half of 2026. Revenue rose by 30 per cent year-on-year to $1.82bn from $1.398bn, while profit after tax surged by 498 per cent to $164m. Adjusted EBITDA increased by 28 per cent to $939m, while cash generated from operations climbed 29 per cent to $985.9m.

The company also reduced its net debt by 45 per cent to $370.7m at the end of June from $673.3m at the end of 2025 after repaying and cancelling $200m under its Advanced Payment Facility.

Commenting on the results, Seplat’s Chief Executive Officer, Roger Brown, said the company’s offshore assets had strengthened its confidence in the portfolio and positioned it for the next phase of growth.

“Our first-half performance benefited from a supportive commodity price environment, translating into strong cash generation. Given the limited visibility on how long these elevated prices may persist, we prioritised balance sheet strength during the quarter, repaying $200m of our outstanding APF debt, equivalent to 20 per cent of gross debt. At the same time, robust cash flows enabled us to continue enhancing shareholder returns.

“Our declared quarterly dividend of USD 12.0 cents per share represents a new quarterly high-water mark, up 33 per cent on 1Q 2026 and 161 per cent higher than 2Q 2025. With continued strong business performance and the announced sale of a 10 per cent interest in our offshore JV to NNPC Limited, it means that total dividends paid for the current financial year are expected to represent nearly 50 per cent of all previous dividends paid to shareholders,” Brown stated.

Brown, who will hand over as chief executive on August 1, said the company’s offshore business had reinforced confidence in the quality and scale of its assets.

BUA Foods Grows Profit by 12% Despite Revenue Dip, Expands Manufacturing Investments

BUA Foods Plc posted a 12 per cent increase in profit after tax for the first half of 2026, demonstrating resilience in a challenging operating environment as improved cost efficiency, stronger margins and disciplined execution offset a decline in revenue.

 

The food manufacturing giant reported a profit after tax of ₦292.27 billion for the six months ended June 30, 2026, up from ₦260.1 billion recorded in the corresponding period of 2025. Profit before tax rose by 14 per cent to ₦314.9 billion, while operating profit climbed 13 per cent to ₦320.5 billion.
Revenue, however, declined by 16 per cent to ₦765.12 billion, compared with ₦912.51 billion in the first half of last year, reflecting moderated pricing across key product categories amid inflationary pressures and changing market conditions.

 

Despite the lower turnover, the company improved profitability through tighter cost controls, enhanced supply chain efficiency and lower finance costs, resulting in significant expansion in operating margins.

 

Managing Director of BUA Foods, Ayodele Abioye, said the company’s performance underscored the strength of its operating model and its ability to navigate economic headwinds.

 

He noted that disciplined cost management, continuous improvements in supply chain execution and a more efficient product portfolio enabled the company to expand margins while delivering double-digit growth in key profitability indicators.

 

According to him, the focus in the second half of the year will be to translate operational gains into stronger sales volumes, sustain profitability improvements and increase market share while delivering long-term value to shareholders.

 

The company’s operational performance remained robust, with gross profit rising seven per cent to ₦363.23 billion. Gross profit margin improved significantly to 47.5 per cent, compared with 37.2 per cent in the corresponding period of 2025, while operating profit margin increased to 42 per cent from 31 per cent, reflecting stronger operational efficiency.

 

BUA Foods also strengthened its balance sheet during the period, with total assets increasing by 20 per cent to ₦1.67 trillion, while shareholders’ equity rose by 41 per cent to ₦1.01 trillion, providing additional capacity to finance future expansion.
The strong financial performance comes as the company accelerates one of the largest investment programmes in its history.

 

 

Ongoing projects include the expansion of wheat milling capacity, completion of its edible oils business, entry into the noodles segment and further investments in integrated manufacturing operations.

 

The company said the expansion is expected to boost domestic food production, reduce dependence on imports and support Nigeria’s long-term food security objectives.
Looking ahead, BUA Foods said it would continue to pursue growth through increased production capacity, innovation, operational excellence and market expansion, while maintaining a disciplined approach to profitability and shareholder value creation.

Seplat Energy Posts 498% Profit Surge, Unveils Record Dividend Payout

Seplat Energy Plc has delivered a strong first-half performance for 2026, with profit after tax soaring by 498 per cent to $164 million, driven by higher oil prices, improved production and stronger operational efficiency, as the company declared a 12.0 US cents dividend per share for shareholders.

 

The dual-listed energy company, quoted on the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE), reported revenue of $1.82 billion for the six months ended June 30, 2026, representing a 30 per cent increase from $1.40 billion recorded in the corresponding period of 2025.

 

Gross profit climbed 68 per cent to $815.9 million, while adjusted EBITDA rose 28 per cent to $939 million. Cash generated from operations also increased by 29 per cent to $985.9 million, underscoring the company’s strong cash-generating capacity.

 

Seplat’s production averaged 139,509 barrels of oil equivalent per day (boepd) during the period, up four per cent year-on-year and within its full-year production guidance of 135,000–155,000 boepd. Second-quarter production rose to 149,070 boepd, reflecting stronger contributions from its onshore operations.

 

The company attributed the improved operational performance to sustained output from its West, East and Elcrest assets, continued success of its idle well restoration programme and robust growth in natural gas liquids production.

 

Despite higher operating costs linked mainly to the Yoho restoration project, Seplat strengthened its balance sheet by repaying $200 million under its Advanced Payment Facility ahead of schedule, reducing outstanding obligations to $100 million. Consequently, net debt declined by 45 per cent to $370.7 million, while cash at bank increased to $433.8 million at the end of June.

 

In line with its improved earnings, the board declared a second-quarter dividend of 12.0 US cents per share, comprising a core dividend of 5.0 cents and a special dividend of 7.0 cents, amounting to a total shareholder distribution of approximately $72 million.

 

The company also announced plans to pay a total dividend of 45.0 US cents per share for the 2026 financial year, representing an 80 per cent increase over the previous year.

 

Subject to the completion of the sale of a 10 per cent interest in the NNPCL-SEPNU Joint Venture to NNPC Limited, Seplat expects to pay an additional 23.3 US cents per share as a transaction dividend, bringing the total projected 2026 dividend to 68.3 US cents per share, valued at about $410 million.

 

The proposed transaction, valued at $281.6 million, is expected to close in the second half of the year, with proceeds to be shared between a special dividend for shareholders and further debt reduction.

 

Commenting on the results, Chief Executive Officer, Roger Brown, said the company’s first-half performance reflected the strength of its diversified asset base and disciplined financial management.

 

According to him, stronger commodity prices, improved production and prudent capital allocation enabled Seplat to reduce debt significantly while enhancing shareholder returns.
Brown, who will hand over as Chief Executive Officer on August 1 to Effiong Okon, expressed confidence in the company’s future, noting that Seplat remains on course to achieve its production targets and unlock further value from its offshore assets.

 

 

The company also announced board changes, with Tony O. Elumelu set to succeed Senator Udoma Udo Udoma as Chairman from January 2027, while Independent Non-Executive Director Dr. Emma FitzGerald will retire at the end of the year.

Osun guber: Police raids targeting senior officials — State govt

Osun State Government has accused the Nigeria Police of carrying out coordinated raids on the residences of senior government officials, alleging that the operations amount to intimidation ahead of the forthcoming governorship election in the state.

In a statement issued on Wednesday by the Commissioner for Information and Public Enlightenment, Kolapo Alimi, the government claimed that the latest operation involved the residence of the Secretary to the State Government, SSG, Teslim Igbalaye, where police officers reportedly arrested individuals attending a political meeting.

According to the government, “the ward officials were meeting within the premises of the SSG’s residence while Igbalaye himself was attending the Independent National Electoral Commission (INEC) stakeholders’ forum elsewhere in Osogbo when police officers entered the property.”

Alimi alleged that the operation was led by the Deputy Commissioner of Police in charge of Operations, adding that members of the SSG’s family were also taken away during the raid.

“The SSG’s residence was bursted by a combined team of police officers led by the Deputy Commissioner for Operations, with family members of the SSG taken to unknown destinations,” the statement said.

The state government further alleged that the operation formed part of a series of similar actions targeting members of the administration, claiming that the residences of about six commissioners and other senior government officials had also been searched by security operatives.

It also claimed that the residence of the Commissioner for Energy, Festus Adeyemo, in Ikire was raided on Tuesday, alleging that officers searched the premises and damaged property during the operation.

According to the government, “several other commissioners had reported surveillance around their homes, while some residences were allegedly entered despite, it claimed, the absence of any unlawful activity.”

The statement alleged that a number of members of the Accord had been detained at the Criminal Investigation Department of the Osun State Police Command without being granted bail following recent security operations.

Describing the development as an attack on democratic institutions, the government said, “These raids on the SSG and our commissioners are an aggravated assault on the government and people of Osun State. This campaign of repression constitutes grave danger to democracy.”

The government also accused the Osun State Police Command of acting in a partisan manner, alleging that the security agency had become “a direct tool in the hands of Osun APC” and was undermining constitutional principles.

It argued that the timing of the operations, which coincided with the visit of the Chairman of the Independent National Electoral Commission for election-related engagements, could negatively affect public confidence in the electoral process.

The government appealed to the Inspector-General of Police, the Nigeria Police Service, the National Security Adviser, President Bola Ahmed Tinubu and traditional rulers to intervene, urging them to halt what it described as targeted actions against government officials and members of the Accord Party.

“Our governor has consistently tasked the populace to calm down and not to take law into their own hands. The situation is reaching a boiling point. We must save our democracy from these lawless elements within the Nigerian police,” the statement added.

The government’s reaction came after an earlier announcement by the Osun State Police Command confirming the arrest of several suspects, including Secretary to the State Government Teslim Igbalaye, during an operation linked to an investigation into alleged vote buying in Osogbo.

The police’s disclosure was contained in a statement issued by the command’s spokesperson, DSP Abiodun Ojelabi, on behalf of the Commissioner of Police, Ibrahim Gotan.

2027: ADC fumes as Abia govt slams heavy campaign charges on candidates

African Democratic Congress, ADC, has rejected the new campaign fees announced by the Abia State Structure for Signage and Advertising Agency, ABSSAA.

DAILY POST recalls that the agency placed N200m and N150m outdoor campaign fees on presidential and governorship candidates, respectively.

The Abia advertising agency also placed N150m, N50m and N20m on Senatorial, House of Representatives and House of Assembly candidates.

The Chairman of the ADC in Abia State, Kalu Kalu, who was present on Wednesday when the new campaign regime was announced, questioned the rationale behind the charges.

Kalu who was accompanied by the ADC House of Assembly candidate for Arochukwu constituency, Francess Ogbonnaya Tabitha, raised the alarm that the humongous fees contravened the provisions of the Electoral Act, as regards campaign expenditure limit.

He also alleged that the campaign fees, if allowed to stay, could affect the chances of the candidates of the opposition parties, as well as destroy fair play during the 2027 polls in Abia.

“Has it not exceeded the election expenses that are provided by the Electoral Act,” the Abia State ADC Chairman fumed.

He advised the Abia agency to reduce the campaign fees to acceptable rates, noting that the agency must avoid actions that contravened the Electoral Act.

But unveiling the new campaign fees on Wednesday in Aba, the agency said no political party was being discriminated against in the advertising policy.

Kaduna killings: CAN calls for permanent security presence in vulnerable communities

The Christian Association of Nigeria (CAN), Kaduna State Chapter, has called for the establishment of permanent security formations in vulnerable communities following the killing of more than 30 residents of Narido (Kizakoro) community in Kamaru Ward of Kauru Local Government Area.

In a statement signed by its State Chairman, Rev. Caleb Bawa Ma’aji, the association condemned the attack, describing it as a barbaric assault on innocent civilians and a serious violation of the sanctity of human life.

CAN expressed deep sorrow over the massacre.

According to the association, the attackers showed a complete disregard for humanity by targeting peaceful residents, including men, women, children and the elderly.

The association said the latest attack was another painful reminder of the repeated violence suffered by the community.

It recalled that seven people were killed in a similar attack in August 2025, while another nine residents lost their lives and 11 others were injured in June 2026.

According to the statement, the fresh killings have once again forced the community to prepare for another mass burial.

“These recurring attacks show that existing security measures are not enough. We urge the government to establish permanent security formations and rapid response mechanisms in vulnerable communities to better protect innocent residents.”

It also urged authorities to deploy more security personnel, sustain military operations against criminal hideouts, improve intelligence gathering and strengthen collaboration between security agencies and local communities.

“While we acknowledge the efforts of the Kaduna State Government, the Federal Government, security agencies and other stakeholders in addressing insecurity, the continued loss of innocent lives shows that more decisive action is urgently needed,” the statement said.

CAN further called for the arrest and prosecution of those responsible for the attack, including anyone found to be sponsoring or supporting the perpetrators.

It urged residents to remain peaceful, law-abiding and vigilant while cooperating with security agencies by providing useful information that could help prevent future attacks.

CAN also encouraged religious and community leaders to continue promoting unity, reconciliation and peaceful coexistence despite the repeated violence.

Police bar Amotekun, vigilantes from Osun governorship election security

The Nigeria Police Force has barred the Western Nigeria Security Network, codenamed Amotekun, vigilante groups and other unauthorised security outfits from participating in security operations during the 2026 Osun State governorship election.

The directive was announced by the Assistant Inspector General of Police in charge of Zone XI in a statement made available to journalists on Wednesday through the zone’s Public Relations Officer, SP Ojedele Olanrewaju.

The police said only constitutionally recognised security agencies would be allowed to provide security before, during and after the governorship election.

According to the statement, the police, working with other authorised security agencies, will be responsible for maintaining law and order throughout the election period.

“As part of efforts to maintain law and order throughout the election period, the Nigeria Police Force, in collaboration with other constitutionally recognised security agencies, will be solely responsible for the provision of security before, during and after the election,” the statement declared.

The police also said all security personnel deployed for election duties must be properly identified and wear their approved official uniforms.

The AIG stressed that Amotekun, vigilante groups, neighbourhood watch organisations, political groups and other quasi-security outfits have no role in election security operations.

According to the statement, “Only constitutionally recognised security agencies are authorised to participate in election security operations. Amotekun, vigilante groups, quasi-security outfits, political organisations, neighbourhood watch groups or any other unauthorised body are not eligible to perform security functions, provide crowd control or interfere with the electoral process.”

The police warned that anyone or any group found carrying out unauthorised security duties or attempting to intimidate voters, electoral officials or other stakeholders would face legal consequences.

The command also appealed to political parties, candidates and their supporters to conduct themselves peacefully and obey the law throughout the election period.

It urged residents of Osun State to report suspicious movements, acts of violence, voter intimidation or any breach of the peace to the nearest police station or other authorised security agency.

The statement added, “The Nigeria Police Force, Zone XI Headquarters, remains committed to protecting lives and property, safeguarding the electoral process and providing a secure environment that will enable eligible voters to exercise their constitutional rights without fear or intimidation.”

Sustain aggressive posture against terrorists – Mutkut to North-East troops

The Commander Infantry Corps of the Nigerian Army, Major General Godwin Mutkut, has urged troops of the 27 Task Force Brigade, Sector 2 of Joint Task Force Operation HADIN KAI, to remain aggressive, professional and committed in the ongoing fight against Boko Haram terrorists and the Islamic State West Africa Province (ISWAP) in the North-East.

The Corps Commander gave the charge during an assessment visit to the brigade headquarters in Buni-Gari, Gujba LGA of Yobe State.

A statement signed on Wednesday by the Acting Assistant Director, Army Public Relations, Lieutenant Tasi’u Abdullahi Abbas, said the visiting General commended officers and soldiers for their courage, resilience and sacrifices in safeguarding Nigeria’s territorial integrity despite prevailing operational challenges.

He emphasized that sustained operational pressure remains key to denying terrorists freedom of action.

“The troops must maintain a high level of vigilance, discipline, combat readiness and offensive spirit in all operations.

“There should be no room for complacency in the theatre,” he said.

The Corps Commander also admonished personnel to remain law-abiding and disciplined in the discharge of their duties, while warning against social media misconduct, disclosure of operational locations, smoking, drug abuse and other vices capable of undermining operational effectiveness and the image of the Nigerian Army.

General Mutkut reassured the troops of the Nigerian Army’s commitment to their welfare, noting that good leadership remains a cornerstone of operational success.

The Commander 27 Task Force Brigade, Brigadier General Mukhtar S. Mukhtar, who received the Corps Commander, said the visit would boost the morale of troops.

He reaffirmed the Brigade’s commitment to sustaining aggressive operations aimed at eliminating the remnants of terrorist elements within its area of responsibility.

JAMB registrar Oloyede bows out, Aina takes over Friday

JAMB registrar Oloyede bows out, Aina takes over FridayThe Joint Admissions and Matriculation Board will on Friday formally usher in a new era in its leadership as its outgoing Registrar, Prof. Ishaq Oloyede, hands over to his successor, Prof. Segun Aina.

The board announced that the official handover ceremony would hold on Friday, July 31, 2026, by 10am with a live broadcast on its official social media platforms.

In a notice released on Wednesday, JAMB invited the public to witness what it described as a significant milestone in the board’s leadership journey.

“Join us for the live broadcast of the official handover ceremony as Prof. Is-haq Oloyede, the outgoing Registrar of JAMB, formally hands over to Prof. Segun Aina,” the announcement reality

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Newly appointed JAMB registrar, Prof. Segun Aina

The ceremony marks the end of Oloyede’s tenure as registrar, which expires on July 31, and the official commencement of Aina’s leadership of the examination body.

PUNCH Online had earlier reported that President Bola Tinubu appointed Aina as the new Registrar of JAMB to succeed Oloyede.

The appointment was announced in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

According to the Presidency, Aina is a Professor of Computer Engineering at Obafemi Awolowo University, Ile-Ife, with expertise in digital infrastructure, national examination systems and institutional reforms.

The Presidency noted that Aina holds a Bachelor of Engineering in Computer Systems Engineering from the University of Kent, as well as a Master’s degree in Internet Computing and Network Security and a PhD in Digital Signal Processing from Loughborough University, United Kingdom. He also completed the Senior Management Programme at Lagos Business School.

It added that the incoming registrar has more than 15 years of experience advising federal and state governments on digital transformation, institutional reforms and systems design.

Aina has also served as a consultant to examination bodies, including the National Examinations Council and the National Business and Technical Examinations Board, particularly on ICT systems and examination integrity.

The Presidency further described him as one of Nigeria’s youngest professors of Computer Engineering, noting that he would become the youngest registrar in JAMB’s history.

Tinubu expressed confidence that Aina would consolidate on the reforms and achievements recorded under Oloyede’s administration and further strengthen the operations of the examination body.

Non-oil exports drive autonomous FX inflows to $71bn

CBNHigher earnings from non-oil exports helped push foreign exchange inflows from autonomous sources to $70.54bn in 2025, reinforcing the growing role of non-oil sectors in Nigeria’s external earnings, according to the Central Bank of Nigeria.

The CBN’s 2025 Annual Report and Accounts showed that autonomous foreign exchange inflows increased 25.12 per cent from $56.38bn in 2024. The inflows accounted for 64.21 per cent of Nigeria’s total foreign exchange receipts of $109.86bn during the year.

According to the apex bank, the increase was driven mainly by stronger non-oil export proceeds and higher over-the-counter foreign exchange purchases, particularly capital importation.

The report indicates that autonomous sources continued to dominate Nigeria’s FX supply as reforms in the foreign exchange market encouraged greater participation outside official channels.

By contrast, inflows through the CBN declined 2.08 per cent to $39.32bn in 2025, representing 35.8 per cent of total FX inflows. The decline was largely attributed to lower receipts from government debt and foreign exchange swap transactions.

The stronger performance from non-oil exports comes amid the CBN’s broader efforts to improve transparency, liquidity and price discovery in the foreign exchange market through reforms, including the implementation of the willing buyer-willing seller framework and the introduction of the Nigeria Foreign Exchange Code.