Seplat fixes N1,358.34/$ exchange rate for Q3 2026 dividend payment

Seplat Energy Plc has fixed an exchange rate of N1,358.34 per dollar for determining the naira equivalent of its Q3 2026 interim and special dividend payments to shareholders receiving their dividends in naira.

The company disclosed this in a corporate notice published on the Nigerian Exchange (NGX) on November 12, 2026, titled SEPLAT ENERGY PLC-CURRENCY EXCHANGE RATE FOR Q3 2026 DIVIDEND.

The rate, based on the Nigerian Foreign Exchange Market (NFEM) rate published by the Central Bank of Nigeria on November 11, 2026, will be used to convert the dollar-denominated dividends into naira payments.

Seplat fixes N1,358.34/$ dividend rate

In the disclosure, the company explained that the N1358.34/$ rate was determined in line with its dividend payment procedures, which provide for the use of the NFEM rate published by the Central Bank of Nigeria.

• “Seplat Energy Plc (“Seplat Energy” or the “Company”) today announces the applicable exchange rate for determining the Naira equivalent of the Q3 2026 interim dividend and special dividend payable to shareholders who have elected to receive their dividend in Naira (₦),” the notice read in part.

Under the arrangement, shareholders will receive their dividends in the currency applicable to their registered payment preference. Those who have elected to receive payment in naira will have their dollar-denominated entitlements converted at the announced rate.

For instance, a shareholder entitled to a $100 dividend would receive N135,834 at the announced exchange rate. Seplat also directed shareholders to its October 29, 2026 announcement for details on the definition of the default currency under its dividend payment procedures.

Seplat profit rises 142% in 9M 2026

The exchange rate announcement follows a strong financial performance by Seplat in the first nine months of 2026, with profit after tax rising by 142.47% to N355.55 billion from N146.64 billion recorded in the corresponding period of 2025.

The company’s unaudited financial results for the nine months ended September 30, 2026, also showed higher revenue and operating earnings, supported by stronger crude oil prices and increased production in some areas.

• Profit before tax increased by 52.75% to N1.34 trillion from N878.99 billion, while revenue grew by 12.51% to N3.78 trillion from N3.36 trillion.
• Adjusted EBITDA, a measure of earnings from core operations before interest, taxes, depreciation and amortisation, rose by 21.93% to N2.09 trillion from N1.71 trillion. Operating profit also increased by 33.05% to N1.46 trillion.
• Average realised crude oil prices rose by 34%, although crude oil and condensate lifting volumes declined by 8% to 25.7 million barrels.
• Gas revenue increased by 19%, while natural gas liquids (NGL) revenue rose by 276%, benefiting from improved product recovery at the company’s EAP complex.

The results reflect stronger earnings from oil and gas operations despite the decline in crude oil and condensate lifting volumes.

Seplat declares $0.19 Q3 dividend

Seplat’s production performance also supported its dividend distribution, with average daily working interest production increasing by 7% to 144,999 barrels of oil equivalent per day (boepd) during the nine-month period.

Onshore production rose by 22% to 67,445 boepd, while the company recorded average production of more than 155,000 boepd in the third quarter of 2026.

• Chief Executive Officer Effiong Okon said the third-quarter performance put the company on track to achieve the upper half of its full-year production guidance.
• Seplat realised an average crude oil price of $100.4 per barrel during the third quarter, which was $10.2 above the average Brent price for the period.

The board declared a Q3 2026 dividend of $0.19 per share, comprising a core dividend of $0.05 and a special dividend of $0.14.

The distribution brings Seplat’s total dividends declared year-to-date to $0.40 per share. Management also said the third-quarter payment would take cumulative dividends declared since the company’s initial public offering (IPO) to more than $1 billion when paid.

The qualification date for the Q3 dividend was November 12, 2026, while the register of shareholders closes on November 13, 2026.

The announced exchange rate will therefore determine the naira equivalent payable to shareholders who elected to receive their dividends in the local currency.