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As part of the refinancing process, Seplat has also launched a tender offer allowing investors to sell back their 2026 notes before the March 18, 2025, deadline.
Since his appointment, Falade has led Aradel through a period of substantial transformation, positioning the company as a powerful force in Nigeria’s energy industry.
As Seplat ramps up production, it aims to deliver long-term value to stakeholders while addressing Nigeria’s energy needs.
The NNPCL announced on May 30, 2024, the formalization of an agreement that transfers ExxonMobil’s interests in Mobil Producing Nigeria Unlimited (MPNU) to Seplat.
Investor confidence remains shaky due to ongoing legal and regulatory issues.
Since its IPO on the Nigerian Exchange and London Stock Exchange in 2014, Seplat Energy has generated $1.7 billion in cash flow.
In light of its impressive financial performance, Seplat Energy’s board of directors has proposed a final dividend of $0.03 per share, along with a special dividend at a rate of $0.03 per share.
Orjiako, a former director of the Lagos-based energy conglomerate, holds a 6.43-percent stake in Seplat Energy.
Rone said the facility will be an enabler of industry expansion.