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.

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.

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.

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.

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

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.

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.

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