OPINION
REVISITING SEPLAT, AFTER SIX YEARS

By Okey Ikechukwu –
History was made, nearly a decade ago, in the oil and gas and financial services industries, with the simultaneous listing of the ordinary shares of Seplat Petroleum Development Company Plc on the main market of the London Stock Exchange (“LSE”) (LSE:SEPL) and the Nigerian Stock Exchange (“NSE”) (NSE:SEPL).
Back in 2014 when this page said that Seplat “enjoys the rare distinction of being the first Nigerian company operating strictly in the upstream oil and gas sector to be simultaneously listed on the London Stock Exchange (LSE), as well as the Nigerian Stock Exchange (NSE),” the celebratory write-up, “Dangote, Seplat and Who Next?” was urging Nigerian big firms to follow bold examples and register viable presence in the global economic space. Seplat’s move was then described as: “…suggestive of not just credibility but pedigree and strategic positioning for global relevance. No company becomes a player in the global business environment because the government likes or dislikes it. It is an inclement environment, where no one gets piggy backed across tough terrains. If anything, those who make it unto the platform must break out of the protection and restricting paradigms of particularistic national economies… the core focus of the strategic footwork is to expand the economic space and create opportunities (not charities) for a mix of competent players.”
One major feature of the global economic space is that it tolerates only serious economic actors and commercial interests with good governance templates. It is for players with proven capacities for creating, drawing and redrawing new boundary lines in product and service quality, as well as service delivery. Seplat’s continued relevance (especially with its 2020 balance sheet) is defined by measurable contributions and verifiable impact. The news is that the company has always had a sound corporate governance framework, as well as an organizational culture that rests squarely on a board of directors and management team with very commendable records. This, perhaps, explains its many successes under the rigorous scrutiny of the UK’s Financial Conduct Authority (FCA). Notwithstanding this fact, the firm was recently in the news over some alleged debt with a related company. The curious thing in the, perhaps contrived, media controversy is that a man who is not owing a company in which he has equity, who received no dividends, who took no pay or loans from the company, who is not part of the board and management and who even lost money in the venture is being arm-twisted to take responsibility for what falls outside his plate. A quoted public liability company is always guided by laws regarding its dealings and relationships with its subsidiaries. The very definition, and treatment, of debt is part of the deal and the courts are looking into the matter.
But Seplat is not new to controversy at all. Relatively early in the life of the company, it was wrongly mentioned in a media report about irregularities in the granting of Pioneer Status Incentive to “undeserving companies by NIPC between 2010 and 2014, leading to a revenue loss of $20 billion.” The authorities looked into the matter and quickly came out with a Statement of Exoneration for Seplat jointly signed by the Nigerian Export Promotion Council (NIPC), the Federal Inland Revenue Service (FIRS), the Ministry of Trade and Industry (MITI), and the Revenue Mobilisation and Fiscal Commission (RMAFC). The processes leading up to the granting of Pioneer Status Incentive to over 400 Nigerian companies, including Seplat, was thereby diligently explained and clarified. The government further showed that the “publication did not distinguish between pioneer status from other forms of fiscal incentives” and that the Pioneer Status Incentives granted to Marginal Oil Field Operators/Nigerians owned oil companies is in line with the Local Content policy of the government to promote Nigerian Content Development, local capacity and capabilities. It noted, further, that there was no loss of $20 billion, describing the figure as unrealistic, purely speculative and lacking in any material basis whatsoever, given the existing financials at the time. The joint statement wondered and noted as follows: “The motive behind the publication is difficult to understand, yet it remains very disturbing when one considers its negative impact on the reputation and integrity of the highly reputable Nigerian company, Messrs Seplat Petroleum Development Company Plc that had attained the enviable status of being listed and successfully trading in the Nigerian and London Stock Exchanges”
For the record, the Approval from the NIPC, regarding the Pioneer Status incentive, was found to have been duly and properly conveyed to Seplat, indicating Corporate Tax Holiday on eligible product/service, for five years. This was also found to have been duly followed by a letter from the FIRS and the Ministry of Trade and Industry conveying same. The application was made in 2013, while the Pioneer Status was granted in February 2014, with the FIRS in tow. Seplat’s credibility has since made substantial mileage from the fact that the savings the company has from tax incentive has been utilized in driving dramatic increase in gas supply to the domestic market, as over $300 million in gas development occurred within the tax holiday period granted by the federal government. The company also recorded substantial increase in oil production, from 14,000 barrels in 2010 to 70,000 in 2015 alone. Add the foregoing to the conspicuous upward movement of Royalty payments from $40 million in 2010, to $145 million in 2014, as well as continued funding of the NPDC/Sepalt JV, despite huge outstanding cash calls. There are also records of job creation and community development, with over 300 new jobs. The multiplier effects of Seplat’s over $700 million which has gone into the system through Nigerian contractors brought in another 1000 jobs. This boils down to aggressive reinvestment of proceeds, significant increase in oil and gas production and the tripling of Royalty and tax payments, as well as, post Pioneer Status.
The company’s 2020 full year financial results show that, notwithstanding the fact that the year was a challenging one, Seplat demonstrated resilience, creative management and an admirable ability to break new grounds, against all odds. Its ability to perform well and deliver relatively above par on production, in line with guidance and despite operating with minimal incidences of COVID-19 cases, say a lot. It is a matter of record that the company invested in Asa North and Ohaji (ANOH) and voluntarily paid down $100 million of debt from the $330 million of cash generated from operations. Seplat’s current sheets shows an increase in capital investment, despite facing the lowest oil prices in its 10-year history. It has not yet failed to honour its commitment to shareholders, ensuring a regular income stream on their investment and maintaining shareholder trust and loyalty.
Among other things, the company has final dividend of $0.05 per share recommended ($0.10/share for full year), operating profit of $121 million (before non-cash impairments and unrealized fair value losses), a strong cash position of $259 million after $100 million RCF repayment, among other positives. The other positives include liquids production of 33,714 bopd, gas production of 101 MMscfd Low unit cost of production at $8.90/boe, with cost-cutting initiatives ongoing, particularly at OML40/Ubima. Seplat has drilled/completed nine wells and brought eight onstream in 2020. There is also the creation of New Energy unit to manage gas processing and future low carbon to zero carbon initiatives, as well as the AGPC financing signed in February 2021, $260 million raised, with commitments for $450 million. Furthermore, the Board Directive to eliminate Related-Party Transactions by end of 2021 holds the prospect of a rebirth of sorts. The company is now looking at a full-year production guidance of 48-55 kboepd, subject to market conditions; with a focus on gas projects and an exploration well to meet reserves replacement targets.
The company knows that gas is the lower-carbon feedstock for affordable electricity, especially with Nigeria’s galloping demographics. Seplat is quietly leading the country away from huge expenditures on imported, expensive, high-emission diesel-generated energy. Its desire to present the necessary baseload for a functioning electricity grid that will promote and project renewable energy, the way it exists in more technologically advanced nations, is a project on its own. The ultimate goal is to create a balance between environmental sustainability and the social agenda of a growing modern state; as Nigeria transits in its energy needs and use. The flagship ANOH project is now fully funded. Seplat has made visible giant strides in these trying times. Major gas processing units are expected to arrive in the third quarter of this year and installation is to commence before the end of the year. The mechanical completion and pre-commissioning is expected to take place in the first quarter of 2022, with the first gas flow to customers is expected to commence within the year.
All said, and after nearly seven years of full operations here and beyond our shores, Seplat Petroleum Development Company Plc has given a good account of itself, by providing shared values to the industry, the nations and to its stakeholders. As for questionable controversies, they usually collapse when confronted by the truth.
OPINION
Tinubunomics: Stabilisation First, Growth Must Follow

Why Okonjo-Iweala Was Right
Dr. Ngozi Okonjo-Iweala’s statement that President Tinubu deserves credit for stabilising the economy is not just diplomatic—it’s analytically sound. Stability is the prerequisite for any meaningful reform. Without it, growth is impossible.
But unfortunately, many Nigerians appear to have misread Mrs. Okonjo-Iweala, leading to misguided backlash. Let us break down the reality using the analogy of doctors in an emergency unit of a hospital:Economic triage analogy: Nigeria was haemorrhaging from reckless monetary expansion, subsidy fraud, and forex arbitrage. Tinubu’s early actions—removing fuel subsidy, halting money printing, and unifying forex markets—were akin to emergency surgery to stabilise patient Nigeria.
Inflation containment: Inflation, while still high, has stopped its dangerous upward spiral. July 2025 figures show a cooling to 21.88%. This is stability.
Forex rationalisation: The naira now trades within a stable band (N1,500–N1,600), eliminating arbitrage opportunities that previously drained public funds.
This is stability.
But Stabilisation Is Not a Cure
Stability is the floor, not the ceiling. Without growth and social cushioning, patient Nigeria risks slipping into economic coma. Let us put two of the flagship policies of Tinubunomics under the X-ray
Fuel subsidy removal: While it stopped treasury looting, it hasn’t yet catalysed domestic refining.
NNPCL refineries remain idle, and Dangote’s monopoly lacks pricing pressure.
Forex unification: It ended arbitrage but made imports prohibitively expensive.
No clear import substitution strategy has followed.
Growth Requires Sectoral Activation
Mrs. Iweala’s call for growth and safety nets is a roadmap. Here’s what’s needed
Sector Reform Needed
Agriculture – Security for farmers, mechanisation, irrigation
Industry – Power supply, tax reform, infrastructure
Energy & Power – Attract private sector operatorship of TCN for grid upgrades and modernisation, unbundle the DISCOs and re-award licences to more competent operators. Boost crude oil production: The US has 50 billion bbls in reserves and producing 13 million bbls per day. Nigeria has 38 billion bbls in reserves but producing less than 2 million bbls.
Infrastructure – Roads, rail, broadband. 35 states are still not connected to the federal capital by rail.
Digital Economy – Rural connectivity, start-up support
Health & Education – Primary care, public health, hospital infrastructure, healthcare workers’ welfare, school infrastructure, teachers’ welfare.
Fiscal Capacity and Private Sector Involvement
Given a federal budget of approximately $35 billion, Nigeria’s fiscal space is severely constrained. This allocation must cover a wide array of obligations—from debt servicing and recurrent expenditure to essential public services—leaving limited room for strategic investment in growth-driving sectors such as infrastructure, manufacturing, and innovation.To bridge this gap, the active participation of the private sector is not optional—it is imperative. Unlocking private capital, fostering public-private partnerships, and creating a predictable investment climate are critical to achieving sustainable development and inclusive economic expansion. The government must focus on enabling policies, while the private sector drives execution and scale.
Conclusion: Stabilisation Is Not Success.
Tinubu’s reforms have stopped the bleeding. But healing requires sustained treatment—growth, jobs, and protection for the vulnerable – which must come with speed! Okonjo-Iweala’s assessment is not just correct; it’s a call to action.
Nick Agule is a Nigerian citizen and public affairs analyst passionate about the development of Nigeria.
Email: nick.agule@yahoo.co.uk
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Facebook: Nick Agule, FCA
OPINION
President Bola Tinubu: Establish a National Bureau for Ethnic Relations and Inter Group Unity

By Wilfred Uji
I once wrote an article based on a thorough research that all the states of North Central of Nigeria, Kwara, Niger, Kogi, Benue, Plateau and Nasarawa States, share a great deal of historical relations, resources, ethnicity and intergroup relations. These states have a common shared boarders with common security challenges that can only be effectively managed and resolved from a regional perspective and framework.
The exercise at the creation of states have overtime drawn arbitrary boundaries which in contemporary times are critical security and developmental issues that affects the sub region.
Firstly is the knowledge and teaching of history that can help grow and promote a regional unity and intergroup relations.
As far back as the pre-colonial era, the North Central of Nigeria had a plethora of multi ethnic groups which co-existed within the framework of mutual dependence exploiting indigenous peace initiatives. The diverse ethnic groups comprising of Nupe, Gwari, Gbagi, Eggon, Igala, Idoma, Jukun, Alago, Tiv, Gwanadara, Birom, Tarok, Angas, etc were independent state sovereignties before the advent of British colonial rule by the first quarter of the twentieth century.
Secoundly that British colonialism for economic and political exigencies almagamated all these ethnic groups under the Northern Region with headquarters first at Lokoja and later moved to Kaduna.
The indirect rule policy placed all the traditional political chiefdoms of the sub region under the political supervision, for the convience of taxation and draft labor, under the Sokoto Caliphate.
The indirect rule political structure was not intended to be a game changer that would enforce the dominance and hegemony of the Sokoto Caliphate over the people, land and resources of the sub region.
Thirdly, in the realization of the above, the British colonial state first created the Munchi Province and later the Benue Province as a political and state framework that could accommodate all the ethnic diversity of some of the North Central people.
State creation which ought to allow room for minority representation and expression, over time, has been turned upside down, by some ethnic groups as a vehicle of the exclusion of some minority groups.
For instance, the creation of Benue State in 1976 and Nasarawa State in 1996, does not signify and imply the exclusion of the Tiv and Idoma from Nasarawa State as well as the exclusion of the Alago and Jukun from Benue State.
These ethnic groups, long before state creation, had indigenous roots in all the states of the North Central of Nigeria. Historically, it is misleading and erroneous for these ethnic nationalities to be regarded as tenant settlers in the states where they are located.
The term tenant settlers have been used by the ruling political class of some states of the North Central of Nigeria as a staging point for land grabbing, genocide, land claims and struggles that has created a night mare for the security landscape of the region. In contemporary times, there is no denying the fact that there is an ethnic question in the North Central of Nigeria where there has been a revival of ethnic nationalism by some irredentist groups reinforced by revisionist historians. The ethnic nationalism which on one hand is a cultural revival but on the other promotes a hate agenda, is dangerous and antithetical to the inter group relations and unity of the North Central of Nigeria.
Ethnic hate, the idea that some ethnic nationalities do not belong or have indigenous roots in a state, has been responsible for some of the modern genocide and massacre in the history of modern Nigeria.
For political and security reasons, there is scanty research in this regard, the study of modern genocide backed by state action. Or where such research exist, it is often play down and watered as inter group conflicts and violent hostilities that should be treated with kids gloves and palliatives. This liberal and pessimistic approach to conflict management has been a responsible factor in the decimal reoccurrence of violent ethnic conflicts of the North Central States. The Liberal approach to conflict management, looks at the symptoms instead of the treatment of the disease.
Ethnocentrism is both an African and Nigerian reality that over time and space has been fueled and exploited by the ruling political class and elites. It is one of critical challenge of nation building in Africa that appears to be a curse of a continent and people.
All nations of the world have their share of the nightmare of ethnic and racial bigotry at one point or the other in their national history and transformation.
In the United States of America, it was dubbed the race question in the post emancipation era, the politics of the color line as William Dubios described the racial tension and phenomenon of his prevailing age and society. The race question sparked many reactions including the establishment of societies and organizations for the protection of the African American as well as the defence of the fundamental civil rights of the “American Negro”.
One of such initiative adopted by the State in America which was aimed at the improvement of the welfare and wellbeing of the African American as as his integration into main stream society was the establishment of the Bureau For Freed Men on race relations. The Bureau as a Federal institution was designed for the reconciliation of the inequality and segregation of the African American inorder for him to access equitable development and national resources, but, more importantly, political representation at both state and national level.
Subsequently, the Bureau came up with a number of proactive programmes and policies including the Affirmative Action as well as Federal Character Quota Systems that ensured the equitable and just integration of African Americans in main stream society and politics.
In recent years, Nigeria has established some regional frameworks that can translate into the creation of a Bureau for Ethnic Relations. One of such regional framework is the establishment of the North Central Development Commission by President Bola Ahmed Tinubu.
The Development Commission if strategically placed and positioned, can create a Bureau For Ethnic Relations that will help promote and reconcile inter-ethnic relations and development within the North Central of Nigeria.
I am limited as to the mandate of the commission interms development and the transformation of the North Central of Nigeria.
If the commission suffers from a deficit to manage ethnic relations along the lines of affirmative action and federal character principle, then, the federal government should as a matter of social priority establish an Bureau For Ethnic Relations of the six geopolitical units of Nigeria.
Let me end this write up by using the words of William Dubios that the challenge of Nigeria in the twenty first century is that of ethnic relations, it is that of the ethnic content, that of fairer skin races to that of the dark skin races.
Prof. Uji Wilfred is from the Department of History and International Studies, Federal University of Lafia
Education
Varsity Don Advocates Establishment of National Bureau for Ethnic Relations, Inter-Group Unity

By David Torough, Abuja
A university scholar, Prof. Uji Wilfred of the Department of History and International Studies, Federal University of Lafia, has called on the Federal Government to establish a National Bureau for Ethnic Relations to strengthen inter-group unity and address the deep-seated ethnic tensions in Nigeria, particularly in the North Central region.
Prof.
Wilfred, in a paper drawing from years of research, argued that the six states of the North Central—Kwara, Niger, Kogi, Benue, Plateau, and Nasarawa share long-standing historical, cultural, and economic ties that have been eroded by arbitrary state boundaries and ethnic politics.According to him, pre-colonial North Central Nigeria was home to a rich mix of ethnic groups—including Nupe, Gwari, Gbagi, Eggon, Igala, Idoma, Jukun, Alago, Tiv, Birom, Tarok, Angas, among others, who coexisted through indigenous peace mechanisms.
These communities, he noted, were amalgamated by British colonial authorities under the Northern Region, first headquartered in Lokoja before being moved to Kaduna.
He stressed that state creation, which was intended to promote minority inclusion, has in some cases fueled exclusionary politics and ethnic tensions. “It is historically misleading,” Wilfred stated, “to regard certain ethnic nationalities as mere tenant settlers in states where they have deep indigenous roots.”
The don warned that such narratives have been exploited by political elites for land grabbing, ethnic cleansing, and violent conflicts, undermining security in the sub-region.
He likened Nigeria’s ethnic question to America’s historic “race question” and urged the adoption of structures similar to the Freedmen’s Bureau, which addressed racial inequality in post-emancipation America through affirmative action and equitable representation.
Wilfred acknowledged the recent creation of the North Central Development Commission by President Bola Tinubu as a step in the right direction, but said its mandate may not be sufficient to address ethnic relations.
He urged the federal government to either expand the commission’s role or create a dedicated Bureau for Ethnic Relations in all six geo-political zones to foster reconciliation, equality, and sustainable development.
Quoting African-American scholar W.E.B. Du Bois, Prof. Wilfred concluded that the challenge of Nigeria in the 21st century is fundamentally one of ethnic relations, which must be addressed with deliberate policies for unity and integration.