Nigeria’s listed energy companies posted a record combined revenue of about N2.57tn in the first half of 2026, with Seplat Energy leading the pack on the back of higher production and stronger commodity prices.
Seplat, the country’s foremost indigenous oil and gas producer listed on both the Nigerian Exchange and the London Stock Exchange, drove the bulk of the sector’s revenue growth, with its own first-half earnings climbing 30 per cent to $1.82bn, from $1.398bn in the same period of 2025. Converted at an exchange rate of roughly N1,300 to the dollar, this alone came to about N2.37tn, accounting for the largest share of the combined figure. Profit after tax at the company surged 498 per cent to $164m, cash generated from operations rose to $985.9m, and production averaged 139,509 barrels of oil equivalent per day, up 4 per cent year-on-year.
The strong showing from the oil and gas side, offset weaker results from the sector’s two listed power generators, whose revenues came under pressure from operational setbacks during the period.
Transcorp Power, a subsidiary of Transnational Corporation Plc, saw revenue decline 11.58 per cent to N181.97bn, from N205.81bn a year earlier, as recurring vandalism of transmission infrastructure limited its ability to evacuate generated electricity. Despite the drop in turnover, the company held on to stronger margins, with pre-tax profit easing by a smaller 6.37 per cent to N54.99bn, from N58.73bn, while profit after tax fell to N38.50bn from N44.05bn.
Geregu Power suffered the steepest decline of the three, with revenue plunging 78.71 per cent to N18.66bn, from N87.63bn, largely attributed to a turbine maintenance programme that curtailed generation. Gross profit fell 81 per cent to N6.93bn, while profit after tax dropped 88 per cent to N2.50bn, from N20.28bn. The company also briefly defaulted on a coupon and principal payment tied to its N40.09bn bond before settling the outstanding N6.03bn obligation. Its total assets declined to N243.62bn, from N305.01bn, while shareholders’ equity fell to N38.63bn, from N58.63bn.
Combined, the three companies’ first-half earnings brought the energy sector’s total revenue to approximately N2.57tn, a record high driven overwhelmingly by Seplat’s oil and gas performance.
