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.

 Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell plc, together with Sunlink Energies and Resources Limited, have taken a final investment decision (FID) on the HI gas project offshore Nigeria.

When completed, the project will supply 350 million standard cubic feet (approximately 60 thousand barrels of oil equivalent) of gas per day at peak production to Nigeria LNG (NLNG; Shell interest 25.6%), which produces and exports liquified natural gas (LNG) to global markets. Production is expected to begin before the end of this decade.

“Following recent investment decisions related to the Bonga deep-water development, today’s announcement demonstrates our continued commitment to Nigeria’s energy sector, with a focus on Deepwater and Integrated Gas,” said Peter Costello, Shell’s Upstream President. “This Upstream project will help Shell grow our leading Integrated Gas portfolio, while supporting Nigeria’s plans to become a more significant player in the global LNG market.”

The increase in feedstock to NLNG, via the Train 7 project that aims to expand the Bonny Island terminal’s production capacity, is in line with Shell’s plans to grow its global LNG volumes by an average of 4-5% per year until 2030. It will also bolster NLNG’s contribution to Nigeria’s national economic development goals, including jobs in construction and operations.

The HI field was discovered in 1985 and lies in 100m of water depth around 50km from the shore. The current estimated recoverable resource volumes of the HI project are approximately 285 mmboe (million barrels of oil equivalent). 

Access Bank Plc has taken a major step toward seamless intra-African payments with the recent integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship mobile application, AccessMore. This strategic move underscores Access Bank’s commitment to enhancing cross-border payment experiences for its customers across the continent.

To mark the launch, the Chief Executive Officer of PAPSS, Mike Ogbalu III, paid a courtesy visit to the Bank’s head office in Lagos, where he held high-level discussions with Chizoma Okoli, Deputy Managing Director of Access Bank, and Seyi Kumapayi, Executive Director for African Subsidiaries at Access Bank. The discussions centered on deepening collaboration and optimizing the capabilities of PAPSS within the AccessMore ecosystem to deliver real-time, cost-effective, and secure cross-border transactions.

Speaking on the partnership, Chizoma Okoli, Deputy Managing Director, Access Bank said, “The integration of PAPSS into the AccessMore app is a significant milestone in our mission to unify Africa’s payment landscape. With Access Bank’s extensive footprint across the continent, this collaboration ensures that millions of our customers can now experience fast, efficient, and transparent cross-border payments like never before.

Our goal is to leverage what we are building together to unlock innovations that seamlessly connect the continent, and we are delighted to partner with PAPSS in making this vision a reality”

Mike Ogbalu, Chief Executive Officer (CEO) Pan-African Payment and Settlement System (PAPSS), commenting on the collaboration said, “Our partnership with Access Bank is a game-changer for cross-border trade and payments across Africa. With the integration of PAPSS on AccessMore, we are enabling customers, individuals, SMEs, and corporates alike to transact effortlessly across borders, thereby supporting the goals of the African Continental Free Trade Area (AfCFTA).
We’ve created a rail, and Access Bank has the network and customers. Within that, our rail can be used for all sorts of innovations. Access Bank can create products that we can carry on our network for every customer to use”.

Also speaking on the broader strategy, Seyi Kumapayi, Executive Director, African Subsidiaries at Access Bank, commented, “Access Bank’s vision is to be the world’s most respected African bank, and collaborations like this are essential to achieving that. By embedding PAPSS into AccessMore, we’re unlocking a new era of financial connectivity for our customers across our subsidiaries in over a dozen African markets.

PAPSS is significantly cost effective for cross border transactions, which makes it a highly valuable opportunity. To fully harness its potential, we need greater communication, stronger engagement, and coordinated rollouts across multiple countries at the same time. With the right momentum, we can accelerate adoption and achiever the scale this innovation deserves.”

This partnership between Access Bank and PAPSS is a step forward in realizing a fully interconnected Africa, where payments and trade move without friction. Customers can now enjoy a simplified, reliable, and faster method to send and receive money across African borders—directly from their AccessMore app.

The Access Bank Payments and Remittances Group manages AccessAfrica — the Bank’s proprietary cross-border payments platform — and oversees all remittance activities between Access Bank’s subsidiaries and international money transfer partners. At the core of its operations, AccessAfrica simplifies global transactions with speed, affordability, and reliability.

Currently available in Nigeria and 11 Access Bank subsidiaries across Africa, AccessAfrica enables cross-border payments to over 140 destinations worldwide through multiple channels, including branches, AccessMore, USSD, and Internet Banking. Access Bank is a leading force in African cross-border and remittance solutions, we facilitate a broad spectrum of international transfers — P2P, P2B, B2P, and B2B — reaching over 140 countries, connecting with more than 20,000 banks, and operating in over 20 global currencies. The Group also drives remittance services in partnership with licensed International Money Transfer Operators (IMTOs), enabling customers worldwide to send funds to beneficiaries in Nigeria either as cash payouts or direct bank credits.

The Organisation of the Petroleum Exporting Countries has retained its global oil demand and supply forecasts for 2025, according to its Monthly Oil Market Report released on Monday.

While keeping its overall projections unchanged, the oil cartel provided new insights into product-level consumption trends, identifying jet fuel as a major driver of demand growth in 2025, while gasoline is expected to lead consumption expansion in 2026.

OPEC said the rebound in international air travel and sustained mobility demand in emerging markets would continue to underpin the medium-term outlook for global oil consumption.

A report by Argus said the group continues to expect oil demand to rise by 1.29 mn b/d to 105.14 million barrels per day in 2025 and by a further 1.38 million barrels per day to 106.52 million barrels per day in 2026.

It made small downward revisions to its 2025 demand growth projections for China and India compared with last month’s report, but stronger forecasts for other parts of Asia, as well as Africa and Latin America, offset the changes, keeping the overall non-OECD growth estimate broadly steady at around 1.2 million barrels per day.

Jet/kerosene is forecast to lead global demand growth in 2025, rising by 380,000 barrels per day year-on-year, followed by diesel and gasoline at 300,000 barrels per day and 280,000 barrels per day, respectively.

LPG and naphtha are expected to add a combined 510,000 b/d, driven by petrochemical demand, while heavy distillates are projected to decline by 120,000 b/d.

For 2026, gasoline is forecast to lead growth at 430,000 b/d, followed by jet/kerosene at 360,000 b/d. Diesel demand growth is projected to slow to 190,000 b/d. LPG and naphtha demand is forecast to increase by a combined 400,000 b/d.

On the supply side, OPEC left its non-OPEC+ output growth forecasts unchanged, at 810,000 b/d in 2025 and 630,000 b/d in 2026, led by the US, Brazil, Canada and Argentina.

Opec+ crude output, including Mexico, rose by 630,000 b/d on the month to 43.05 mn b/d in September, based on an average of secondary sources including Argus.

The group estimates the call on OPEC+ crude at 42.5 mn b/d in 2025 and 43.1 mn b/d in 2026, unchanged from its previous report.