Seplat Energy Generates Over $2bn in Taxes to Nigerian Government

Seplat Energy has contributed over $2 billion in taxes to the Nigerian government in the past decade.

This was revealed by the CEO, Roger Thompson Brown, during a speech at the Nigerian Exchange Group (NGX) to mark the company’s ten-year dual listing on the NGX and the London Stock Exchange (LSE).

The CEO highlighted that Seplat has paid a total of $2 billion in taxes since its Initial Public Offering (IPO) ten years ago, with an additional $2.8 billion paid when the company first began operations in Nigeria 13 years ago.

The breakdown of the tax payments includes $1.54 billion in Royalty, $329 million in Petroleum Profit Tax (PPT), $259 million in withholding tax, $276 million in Niger Delta Development Commission (NDDC) and other taxes, $273 million in Value Added Tax (VAT), and $126 million in Pay As You Earn (PAYE).

In addition to tax contributions, Seplat has invested $1.6 billion in Nigeria, raised $535 million in equity, and paid out $575 million in dividends.

The company has also allocated $50 million towards Corporate Social Responsibility (CSR) initiatives in the communities where it operates.

The NGX Group CEO, Temi Popoola, and Chairman, Dr.Umaru Kwairanga, commended Seplat Energy for its contributions to the Nigerian economy and emphasized the importance of partnerships between the NGX and companies like Seplat in driving economic growth.

Seplat Energy’s Chairman, Udoma Udo Udoma, reiterated the company’s commitment to supporting Nigeria’s energy transition policy and maintaining the highest standards of corporate governance.

Acting CEO of NGX, Jude Chiemeka, highlighted Seplat’s impressive growth in the past decade and its role in wealth creation for investors.

Minister of State for Petroleum Resources, Heineken Lokpobiri, praised Seplat Energy for its achievements and pledged the government’s support for the company’s future investments.

Seplat Energy continues to focus on driving value for shareholders, pursuing strategic acquisitions, and championing sustainable practices in the energy sector.

With ongoing projects like the acquisition of Mobil Producing Nigeria Unlimited and the development of the ANOH Gas processing plant, Seplat Energy remains a key player in Nigeria’s energy sector, contributing to the country’s energy security and economic development.

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