Seplat leads Nigerian energy firms with N2.37tn revenue in first half of 2026, power generators face challenges

Seplat Energy Plc, an oil and gas producer, demonstrated strong performance, with revenue increasing by 30 percent to $1.82bn about N2.37tn in the six months ending June 2026. This growth was attributed to higher production, averaging 139,509 barrels of oil equivalent per day, and favorable commodity prices. Seplat's profit after tax surged by 498 percent to $164m, and the company repaid $200m of an outstanding $300m Advance Payment Facility, strengthening its financial position.

Seplat also increased its quarterly dividend to 12 cents per share. In contrast, power generators Geregu Power Plc and Transcorp Power Plc experienced revenue declines. Geregu Power's revenue fell by almost 79 percent to N18.66bn, while its profit after tax dropped by 88 percent to N2.50bn.

The company also briefly defaulted on a bond payment but later settled the N6.03bn obligation. Transcorp Power's revenue decreased by 11.6 percent to N181.96bn, although its balance sheet strengthened with total assets growing by 8.9 percent. Transcorp Power also noted N72.2bn in unrecognised interest income from delayed payments under its Power Purchase Agreement with Nigerian Bulk Electricity Trading Plc.