Seplat Energy Plc says it is positioning to ramp up oil and gas production following the acquisition and integration of Mobil Producing Nigeria Unlimited assets, which the company described as a high-quality portfolio with significant reserves and output potential.

Chief Executive Officer Roger Brown stated this during a fireside chat titled ‘Assets Acquisition Success Strategies: Seplat Energy’ at the recent Africa Energy Week in South Africa.

According to a release, Brown said the acquisition had strengthened Seplat’s operations by combining its onshore experience with decades of offshore expertise from the new team, resulting in improved performance and higher cash flow from day one.

“The recent reserves upgrade shows we have acquired a high-quality asset with significant production potential in both oil and gas, and much of this is within easy reach, close to export infrastructure that we control. We are confident we can increase production, and that aligns with the government’s target to increase liquids production to three million barrels per day and to increase gas production for both domestic energy and export markets,“ he said.

Brown noted that the company’s focus after the acquisition had been to quickly re-engage wells and facilities to deliver immediate results, invest early in asset reliability to reduce downtime, and integrate both systems and people.

“We found strong cultural alignment with our new colleagues, and that’s been key to seamless performance. We’ve welcomed their expertise and insights, and the entire group is benefiting from them,” Brown stated.

He added that Seplat’s growth strategy had been built on acquiring assets where its operating capability could unlock hidden value, particularly mature fields that required a more agile operator.

“We’ve already proven we can acquire assets onshore and bring them up to high levels of production while keeping tight control of costs,” he said.

The Seplat boss emphasised that maintaining safety, operational excellence, and a disciplined cost structure remained central to the company’s performance.

Describing the company as a low-cost operator, he said, “We can be profitable at good oil prices, and we’ve proven we can survive periods of low prices and prolonged lock-ins.”

On financing, Seplat’s Chief Financial Officer, Eleanor Adaralegbe, said the company had raised over $4bn in debt to develop operations while maintaining a leverage ratio below 1.5 times through the cycle.

She explained that Seplat had relied on a mix of financing instruments, including its Initial Public Offer, Revolving Credit Facility, Bonds, Advance Payment Facility, and project financing, notably the $320m facility for ANOH Gas Processing Company, its joint venture with the Nigerian Gas Infrastructure Company.

“We knew that we had to become a first mover and shape our credit profile to appeal to a wider group of banks and investors. We are the first and only dual-listed Nigerian oil and gas company,” she said.

Adaralegbe added that Seplat had consistently refinanced its obligations to extend maturities and lower borrowing costs, supported by asset diversification, steady production, and strong financial governance.

The Securities and Exchange Commission has announced plans to transition Nigeria’s capital market from a T+3 to a T+2 settlement cycle to enhance market efficiency, reduce risks, and strengthen investor confidence.

The Director-General of the Commission, Emomotimi Agama, disclosed this at a Trade Associations Roundtable on ‘Ensuring Stakeholder Readiness for T+2 Settlement’ held in Abuja on Wednesday.

Agama said the transition represents a major milestone in aligning Nigeria’s capital market operations with international best practices, noting that it would make the market more competitive and resilient.

“A shorter settlement cycle is a hallmark of a mature, dynamic, and competitive market. It directly addresses several key objectives: it significantly reduces counterparty risk and market exposure. The less time between trade execution and final settlement, the lower the potential for a default to ripple through the system,” he stated

The SEC boss added that the new system would also boost market liquidity by returning capital to investors more quickly, allowing for its redeployment and fostering greater market activity.

“It aligns our market with international best practices, enhances our attractiveness to foreign investors, and reinforces Nigeria’s position as a key player in the global financial arena. Ultimately, a more efficient and safer settlement system strengthens the bedrock of our market, investor confidence,” Agama said.

He explained that by shortening the time between trade execution and final settlement, the T+2 system would lower market exposure and minimise potential defaults, adding that faster settlement would improve liquidity by returning funds to investors sooner, thereby enabling reinvestment and greater trading activity.

Agama noted that several advanced economies have already moved toward T+1 settlements, stressing that Nigeria must continue to evolve to remain globally relevant.

“The global financial landscape is constantly changing, driven by technology and investor demand for efficiency. The transition to T+2 is, therefore, a strategic imperative to keep our market competitive and future-ready,” he said.

He emphasised that the success of the T+2 transition would depend on the collective readiness of all market participants, from brokers and custodians to clearing houses and investors.

“Your readiness and that of your members is the single most important determinant of our success. This means recalibrating back-office operations, upgrading technology systems, streamlining settlement processes, and ensuring that all market participants are informed and prepared,” he added.

Agama assured stakeholders that the Commission would work closely with trade associations, market operators, and Financial Market Infrastructures such as the Nigerian Exchange Limited and the Central Securities Clearing System to ensure a smooth and coordinated transition.

He also said the SEC would intensify investor education and awareness campaigns to ensure that all market participants understand the implications and benefits of the change.

“The move to T+2 is a necessary leap forward for the Nigerian capital market. It is a testament to our collective ambition to build a market that is efficient, resilient, and globally competitive,” he said.

Agama urged stakeholders to engage constructively and collaboratively to identify potential bottlenecks, share best practices, and agree on a clear roadmap for implementation, reaffirming the Commission’s commitment to providing the necessary regulatory support and guidance.

He described the move to T+2 as a “resounding step toward efficiency and global competitiveness”, positioning Nigeria’s capital market for sustained growth and improved investor confidence.

The Nigerian Exchange Limited on Wednesday extended its gaining streak as the equities market added N20bn in value, bringing the total market capitalisation to N93.8tn at the close of trading.

The benchmark All-Share Index advanced by 31.24 points, or 0.02 per cent, to settle at 147,742.20 points, reflecting sustained investor interest across key sectors despite a slowdown in market activities.

At the close of trading, investors exchanged 388.93 million shares worth N12.36bn in 22,986 deals. This represented a 21 per cent decline in volume, a 29 per cent drop in turnover, and a 10 per cent fall in the number of deals compared with Tuesday’s session.

A total of 127 listed equities participated in the trading, ending with 33 gainers and 28 losers. Skye Shelter Fund led the gainers’ chart with a 9.88 per cent rise to close at N418.75 per share. Royal Exchange followed with a 7.37 per cent gain to end at N2.33, while International Energy Insurance and Julius Berger appreciated 6.05 per cent and 5.51 per cent, respectively, to close at N2.98 and N134 per share

On the losers’ chart, Tripple Gee and Company emerged as the worst-performing stock, shedding 9.91 per cent to close at N4.91. Industrial and Medical Gases dropped 9.87 per cent to N32.40, UAC of Nigeria lost 6.46 per cent to settle at N68, while Ellah Lakes declined  4.66 per cent to N13.30 per share.

Fidelity Bank recorded the highest volume of trade for the day with 46.9 million shares valued at N942.31m, followed by Chams with 24.8 million shares worth N101.42m. Zenith Bank traded 20.8 million shares valued at N1.42bn, while Access Holdings accounted for 19.2 million shares worth N495.35m.

In terms of value, Zenith Bank topped the chart with N1.42bn, followed by Nigerian Breweries with N1.27bn, Fidelity Bank with N942.31m, GTCO with N869.05m, and Stanbic IBTC with N723.52m.

Performance across major market indices was largely positive. The NGX Top 30 Index by 0.07 per cent, and the Consumer Goods Index gained 0.09 per cent, while the NGX Pension Index and Industrial Index appreciated 0.09 per cent and 0.08 per cent, respectively.

Meanwhile, the Premium Index closed higher by 0.04 per cent, buoyed by renewed interest in banking and industrial stocks.

Overall, the market has recorded a one-week gain of 1.39 per cent, a four-week rise of 4.38 per cent, and a year-to-date growth of 43.54 per cent, indicating sustained bullish sentiment among investors.

Analysts noted that despite profit-taking activities in some counters, market fundamentals remained strong, supported by impressive third-quarter earnings expectations and increased positioning by institutional investors.