
Nigeria’s listed energy companies achieved a combined revenue of about N2.57tn in the first half of 2026. Performance diverged across sectors, with oil and gas producer Seplat Energy reporting strong expansion while power generation firms experienced lower revenue.
Seplat Energy led performance after recording a 30 per cent surge in revenue to $1.82bn (approximately N2.37tn at an exchange rate of N1,300 per dollar). The growth was propelled by average daily output reaching 139,509 barrels of oil equivalent per day, up 4 per cent year-on-year. Consequently, Seplat’s profit after tax increased 498 per cent to $164m, up from $27.4m recorded in H1 2025.
Chief Executive Officer of Seplat Energy, Roger Brown, noted that market volatility prompted a focus on debt reduction and balance sheet resilience.
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“Given the limited visibility on how long these elevated prices may persist, we prioritised balance sheet strength during the quarter,” Brown stated in the financial report.
During the period, Seplat repaid $200m of its $300m Advance Payment Facility arranged with ExxonMobil Financial Investment Company Limited in December 2024 to support its acquisition of ExxonMobil’s Nigerian upstream assets. The repayment reduced the outstanding balance on the facility to $100m.
In contrast, power generation companies encountered operational headwinds in the domestic market.
Geregu Power reported a 79 per cent drop in first-half revenue to N18.66bn, compared with N87.63bn in the corresponding period of 2025. Its profit after tax dropped 88 per cent to N2.50bn.
Transcorp Power reported an 11.6 per cent decline in revenue to N181.96bn from N205.81bn in H1 2025. Despite top-line contraction, profit before income tax reached N54.99bn, supported in part by a N4.45bn impairment loss reversal in the second quarter.
Transcorp Power disclosed that interest arising from delayed payments under its Power Purchase Agreement with Nigerian Bulk Electricity Trading Plc reached an estimated N72.2bn for 2025, though the board opted not to recognise the amount until receiving a formal government commitment.

